[ad_1]
Binance: A whale attacked by piranhas
- Binance, the world’s largest cryptocurrency exchange, has been set on fire by regulatory agencies around the world.
- IRS, DOJ and CFTC Research is underway into Binance’s operations in the US.
- Regulatory agencies in the United Kingdom and Japan they itota exchange operations to request written permission to operate.
- The reason for Binance’s global “repression” could be an attempt to regulate the decentralized cryptocurrency sector.
Founded in 2017, Binance has won the hearts of cryptographic users, making it the most widely used cryptocurrency exchange in the world. Binance regularly exceeds daily trading volumes of $ 10 billion, with competitors such as Coinbase and Huobi Global.
Since its launch, Binance has entered a tug-of-war with regulatory agencies around the world.
In recent months, incidents have arrived with agencies in the US, Canada, Japan and Thailand, launching investigations into the platform and drowning their operations. As Binance faces one of the most turbulent moments in its history, cryptocurrency experts are confident that Binance will tread its path.
Binance Under Fire in the US
Binance has had a relationship with the US, and as a result, Binance.US has been created, an arm of Binance that allows it to operate in certain U.S. jurisdictions. IRS, DOJ and CFTC.
In particular, the IRS and the Department of Justice are concerned about applying the exchange as a vehicle for money laundering and tax evasion, Binance Holdings Ltd. to make a decision to investigate.
Binance has strongly denied allegations that it is quiet about money laundering, after confirming that it has “worked hard to build a strong compliance program that includes anti-money laundering principles.”
Binance Holdings Limited is also looking into the Commodity Future Trading Commission (CFTC) to worry about the U.S.’s ability to trade derivatives.
Mounting pressure around the balloon
The bond around the neck of Binance is getting tighter and tighter after the announcement by the Financial Conduct Authority, which prevented the exchange from carrying out regulated activities in the UK.
In addition, Binance had to show a clear reduction in FCA platforms. Meanwhile, in the Far East, the Japan Financial Services Agency (FSA) has also warned Binance that it is not allowed to do business in the country.
The exchange recently announced its decision to close Ontario operations in strict compliance with Ontario securities laws.
The announcement states that “Binance cannot continue to provide service to Ontario users” and advised users to close their active positions by December 31, 2021.
On the flipside side
- Despite its size, Binance has proven to be fast and quick when it comes to making decisive decisions. growth and survival.
- Binance has previously shown its ability to change headquarters and its corporate structure to meet regulatory demands.
Can Binance make the storm?
The main question in the minds of cryptocurrencies is whether Binance can deal with this regulatory attack. One thing remains a clear sign of hope: Binance is driven by dynamic leadership, which is a big advantage in such turbulent times. Binance’s size and global reach will also be key to survival.
With large daily volumes, experts believe that Binance is too big to fail, but some changes need to be made to deal with the storm.
To keep up with the good books of regulatory agencies, Binance will need to adjust and adapt its setup. The whole community is watching with great interest to see how the situation develops.
EMAIL BULLETIN
Join to get the crypto side
Upgrade your inbox and get our DailyCoin editor options delivered directly to your inbox once a week.
[contact-form-7]
You can always unsubscribe with a single click.
[ad_2]
Source link
