• Home
  • News
  • AMA’s
  • Calendar
  • Tutorials
  • Videos
  • Advertising
  • Contact Us
  • Disclaimers
    • Careers
    • About BSCTimes
    • Privacy Policy
    • CCPA
    • DMCA
    • Terms of Use

Featured Articles

News

Robinhood Promotes Scam Token on BNB Chain

January 27, 2023By BSCTimes2 Mins Read
News

BUSD Sees Large Market Cap Decrease

January 26, 2023By BSCTimes2 Mins Read
News

Binance Holds User Funds and Reserve Tokens in Exchange Wallet

January 24, 2023By BSCTimes1 Min Read
News

Uniswap Poll Shows Overwhelming Support to Move to BNB Chain

January 23, 2023By BSCTimes2 Mins Read

Subscribe for Updates

Get the latest cryptocurrency news, information and updates.

Tuesday, January 31
Latest
  • Robinhood Promotes Scam Token on BNB Chain
  • BUSD Sees Large Market Cap Decrease
  • Binance Holds User Funds and Reserve Tokens in Exchange Wallet
  • Uniswap Poll Shows Overwhelming Support to Move to BNB Chain
  • Binance Makes Strict Rules for NFT Listings
  • Uniswap Voting to Deploy on BNB Chain
  • Anonymous Crypto Wallet Moves $50M of Ethereum to Binance
  • Universities in the Philippines to Offer Bitcoin and Crypto Services with Binance
  • Voyager Hoping to Expedite Binance Takeover
  • Binance Partners with Mastercard to Launch a Crypto Prepaid Card in Argentina
Twitter YouTube Reddit RSS
BSC🔶Times BSC🔶Times
Switch to PolygonTimes
  • Home
  • News
  • AMA’s
  • Tutorials
  • Token Prices
  • Get In Touch
    • About BSCTimes
      • Contact Us
      • Careers
    • Advertising
      • Press Kit
    • Publisher Center
      • Cart
      • Checkout
    • Disclaimers
      • Cookie Policy
      • Privacy Policy
      • CCPA
      • DMCA
      • Terms of Use
BSC🔶Times BSC🔶Times
Home»News»General Market News»Binance Braces for Regulatory Rigor
General Market News

Binance Braces for Regulatory Rigor

Ranjan YadavBy Ranjan YadavSeptember 19, 20213 Mins Read
binance image
Share
Reddit Twitter Email Facebook

Start-up to a regulated financial institution, Binance embraces global compliance

Binance Holdings Limited has been subjected to regulatory scrutiny across jurisdictions quite often lately. Globally, regulators are duly checking if or not Binance is operating as a licensed, registered, and regulated crypto exchange. Ensuring consumer protection and curbing illicit activities are major regulatory interests of the authorities. Regulators have objected to Binance, without first seeking licenses, permitted the residents of various jurisdictions to trade. These include Cayman Islands, Japan, Malaysia, Malta, the Netherlands, Thailand, and the United Kingdom (UK).

Emerging as a true market leader, the world’s largest cryptocurrency exchange has embraced a new organizational establishment stance. Binance CEO Changpeng Zhao has shared interesting details about the cryptocurrency exchange’s future growth plans. Getting interviewed by South China Morning Post (SCMP) on September 16 (2021), Zhao discussed operating as a licensed financial institution. He expressed plans of Binance transforming into a globally regulated crypto exchange with centralised headquarters. 

Moving forward, Zhao says Binance would maintain “clear records of stakeholders’ ownership, transparency and risk controls.” But, centricity in itself is a conceptual antonym of the very nature of blockchain technology—“to disintermediate centralised authorities.”

Apparently, organizing a centralised entity with dedicated headquarters would potentially negate the foundational rationale of blockchain. Binance has related entities with Cayman Islands incorporations but their operations don’t pertain to cryptocurrency.

Crypto exchanges’ soaring market capitalization has reached US$2 trillion (Binance’s own trading volume is US$2 billion), pinging the regulators to act. Now, operating merely by “hosting their matching engines on the cloud or by operating without a registered office” is not enough, SCMP reports.

Binance is mindful of the augmenting regulatory scrutiny as it plans to set-up multiple global headquarters. It also intends to apply for licenses in every jurisdiction where it operates.

Binance is also boosting its compliances and resources’ strength. It has already discontinued or limited its high-risk products. Cryptocurrency margin trading also is not permitted in particular currencies. New users’ trading leverage for cryptocurrency futures is also curtailed. Binance’s futures and derivatives products are not offered in Germany, Italy, and the Netherlands. Limited access is available for new derivatives products in Hong Kong and Australia.

Given the mounting transparency and illicit activity concerns pertaining to the cryptocurrency sector. The Financial Action Task Force (FATF) and other EU and U.S. authorities advocate standard regulation and supervision for the cryptocurrency sector. These authorities want crypto exchanges to have minimal jurisdictional leeway.

Binance has revised customer verification requirements for fresh and incumbent customers. These customers should now submit government ID and succeed in a facial verification for the “Intermediate” verification level. Only then can they use Binance’s products and services.

Join @BSCTimes on Telegram
Binance featured Featured Articles global compliance Regulatory trade

Related Posts

News

Robinhood Promotes Scam Token on BNB Chain

January 27, 2023By BSCTimes
Read More
News

BUSD Sees Large Market Cap Decrease

January 26, 2023By BSCTimes
Read More
News

Binance Holds User Funds and Reserve Tokens in Exchange Wallet

January 24, 2023By BSCTimes
Read More

Comments are closed.

en English
af Afrikaanssq Shqipam አማርኛar العربيةhy Հայերենaz Azərbaycan dilibe Беларуская моваbn বাংলাbg Българскиca Catalàzh-CN 简体中文zh-TW 繁體中文hr Hrvatskics Čeština‎da Dansknl Nederlandsen Englisheo Esperantotl Filipinofi Suomifr Françaiska ქართულიde Deutschel Ελληνικάgu ગુજરાતીht Kreyol ayisyeniw עִבְרִיתhi हिन्दीhu Magyaris Íslenskaig Igboid Bahasa Indonesiaga Gaeligeit Italianoja 日本語kn ಕನ್ನಡko 한국어ku كوردی‎lo ພາສາລາວla Latinlv Latviešu valodalt Lietuvių kalbalb Lëtzebuergeschmk Македонски јазикms Bahasa Melayuml മലയാളംmr मराठीmn Монголmy ဗမာစာne नेपालीno Norsk bokmålps پښتوfa فارسیpl Polskipt Portuguêspa ਪੰਜਾਬੀro Românăru Русскийsm Samoansr Српски језикsd سنڌيsk Slovenčinasl Slovenščinaso Afsoomaalies Españolsu Basa Sundasw Kiswahilisv Svenskata தமிழ்te తెలుగుth ไทยtr Türkçeuk Українськаur اردوuz O‘zbekchavi Tiếng Việtcy Cymraegyi יידישyo Yorùbázu Zulu

Featured Articles

News

Robinhood Promotes Scam Token on BNB Chain

January 27, 2023By BSCTimes
News

BUSD Sees Large Market Cap Decrease

January 26, 2023By BSCTimes
News

Binance Holds User Funds and Reserve Tokens in Exchange Wallet

January 24, 2023By BSCTimes
News

Uniswap Poll Shows Overwhelming Support to Move to BNB Chain

January 23, 2023By BSCTimes
BSC🔶Times
  • Homepage
    • News
      • AMA’s
        • Tutorials
  • BSCT Twitter
    • BSCT YouTube
      • BSCT Telegram
        • BSCT Reddit
          • BSCT Google News
  • Advertising
    • Publisher Center
      • Checkout
        • Cart
  • Disclaimers
    • Privacy Policy
      • Cookie Policy
        • Terms of Use
  • About BSCTimes
    • Contact Us
      • Press Kit
Copyright © Crypto Times Network 2023. All Rights Reserved.
BSCTimes.com | PolygonTimes.com

Type above and press Enter to search. Press Esc to cancel.