Binance exchange attacked by financial regulators

Financial regulators around the world attacked the major cryptocurrency exchange Binance. Some have banned certain activities, others have pressed for a lack of licenses for certain types of work. Binance is the largest platform in the world. In July, its trading volumes totaled $455 million. That's almost a third less than the month before. But according to CryptoCompare, Binance is still ranked number one in the world.
The exchange leads cryptocurrency derivatives trading, with volumes exceeding $1.4 trillion in July, accounting for 55 percent of the total market.
Changpeng Zhao, a Canadian nicknamed CZ, leads the exchange, which offers users around the world a wide range of services, from spot trading in cryptocurrency and derivatives to loans and exchange tokens.

Binance exchange attacked by financial regulators

Its own cryptocurrency, Binance Coin, is the third-largest in the world with a turnover of about $68 billion.
Binance's corporate structure is opaque. Its holding company is registered in the Cayman Islands, according to British court documents and the Malaysian securities regulator.

On LinkedIn, Binance now lists more than 1,000 job openings, from the U.K. and the Netherlands to Hong Kong, Singapore and Taiwan.
The previous week, the Dutch Central Bank said that Binance was not complying with anti-money laundering and terrorist financing laws.
Binance is also reportedly under investigation by the U.S. Department of Justice and the Internal Revenue Service.
It's hard to determine how badly regulators have hit its business, but nonetheless, the exchange has made some notable moves under regulatory pressure.
Last month, Binance CEO Zhao said he wanted to improve relations with regulators. He said the exchange would seek regulatory approval and establish a regional headquarters.
Binance has also withdrawn some of its range of cryptocurrency products that could be monitored by regulators.
Zhao said it would restrict futures and derivatives trading across Europe, but users in the Netherlands, Italy and Germany would be the most affected.
Also restricting derivatives trading for Hong Kong users.
Binance stopped selling stock-linked digital tokens in July after regulators took tough action. Zhao said it would stop offering margin-based cryptocurrency trading involving the Australian dollar, euro and pound sterling.
The week before last, the firm appointed a former U.S. Treasury criminal investigator as its international money-laundering reporting officer.
FX24

Author’s Posts