Binance

Binance Exits UK Amid Regulatory Concerns

Published

10 months ago

June 19, 2023

Binance Exits UK Amid Regulatory Concerns

Global crypto exchange Binance has cancelled all user registrations in the UK amid increasing regulatory scrutiny over its operations. UK customers were informed of the decision on the Binance website and through email notifications over the weekend.

What caused the exit?

The exit comes after the UK’s Financial Conduct Authority (FCA) recently banned Binance from conducting regulated activities in the country. Binance faced criticism over its KYC and AML procedures, which are designed to prevent money laundering and financing of terrorism. The FCA alleged that Binance was not meeting the standards required to operate in the UK and warned users to be cautious when using the exchange.

What does this mean for UK customers?

UK users of Binance will be unable to deposit and withdraw funds on the exchange as of last week until further notice. However, they will still be able to access their wallets and trade cryptocurrency using Binance’s non-UK platforms. Binance has advised UK customers to complete all withdrawals and close their accounts as soon as possible.

How is Binance coping with the situation?

Binance has assured customers that it is working to address the regulatory concerns and remains committed to operating in a compliant manner. The exchange has also emphasised that its new CEO, who took over in May, is actively engaging with regulators and has implemented several compliance measures to strengthen the platform’s AML procedures.

What are the wider implications?

The exit from the UK is just one of the latest regulatory hurdles faced by Binance in recent months. Earlier this year, Japan’s Financial Services Agency warned Binance that it was operating in the country without proper registration. Other countries such as Thailand, Canada, and Hong Kong have also raised concerns about Binance’s operations. The situation with Binance highlights the need for greater regulatory clarity and oversight in the crypto industry to ensure the protection of investors and the prevention of illicit activities.

In conclusion, Binance’s exit from the UK highlights the importance of adhering to regulatory standards in the crypto industry. While customers may be inconvenienced by the move, it ultimately serves to protect investors and prevent illicit activities in the sector. It remains to be seen how Binance will navigate the regulatory landscape going forward, but it is clear that they will need to make significant changes to their operations to gain the trust of regulators and the wider financial industry.

Binance

BNB Price Tumbles Amidst CEO Shake-Up and Legal Turmoil

Published

5 months ago

November 28, 2023

Crispus

BNB price has recorded significant losses over the past week on the back of the legal action against Binance and its former CEO. The Binance Coin has dipped by more than 10% in the past week and 8.25% in the year to date. Its total market cap has declined to $34.4 billion during this period, while the total volume of the BNB token traded over the past 24 hours increased by more than 10%, suggesting either an increase in buying or selling of the token.

End of the Road?

BNB price has been steeply downward for the past few days amid Binance’s legal battles. Binance’s position at the top of the cryptocurrency market has been under duress after the former chief executive officer, Changpeng Zhao, pleaded guilty to federal criminal charges presented by the US Department of Justice.

Zhao pleaded guilty to a US criminal charge of failure to protect against money laundering after federal prosecutors lay open a sweeping case against Binance. The world’s largest cryptocurrency exchange was also charged with violating the Bank Secrecy Act by failing to implement an effective anti-money-laundering program and breaching international financial sanctions. Binance agreed to pay the US government $4.3 billion in fines, ending a yearlong investigation into the company.

According to data by Nansen, outflows from Binance, not including Bitcoin, have amounted to more than $1 billion since Wednesday last week, following Zhao’s plea and ouster from Binance.…

Altcoins

BNB Price Endures Two Months of Strain Following Rejection at Crucial $300 Level in June

Published

9 months ago

August 16, 2023

Crispus

BNB price has been under immense pressure for the past few weeks amid a decline in market volatility and risk appetite. The asset has crashed by nearly 5% in the past week, more than 25% in the past quarter, and 4.75% in the year to date. At press time, Binance Coin was trading lower at $234.7. BNB’s total market cap has slipped by 2% over the last day to $36 billion, ranking it the 4^th cryptocurrency. On the other hand, the total volume of BNB traded over the same period has jumped by 37.45%.

Economic Concerns

BNB price has been in the red for several weeks now amid a decline in the crypto market sentiment and a lack of momentum to sustain an upward trajectory. The global crypto market cap has plunged by nearly 2% over the last day to $1.15 trillion, while the total crypto market volume increased by 23%. Bitcoin, the largest cryptocurrency by market capitalization, has been range bound for the past few weeks, weakening the market sentiment. Most altcoins, including Ethereum, XRP, Dogecoin, Cardano, Solana, Polygon, and Polkadot, have been in the red for the past week.

The Crypto Fear and Greed Index, which measures the key emotions driving the cryptocurrency market, has declined to a Fear level of 49. A Fear reading usually indicates that investors are having doubts about the market, ramping up the selling pressure against the backdrop of a…

Binance

Binance Australia Debanked Without Warning, Claims Regional Manager

Published

10 months ago

June 27, 2023

GlobalCoinReport NewsDesk

Binance Australia Debanked Without Warning, Claims Regional Manager

Binance, one of the world’s leading cryptocurrency exchanges, has allegedly debanked its Australian customers without prior notice, according to a recent statement from Binance Australia Regional Manager, Leigh Travers.

What Happened?

In the statement, Travers claimed that Binance had suddenly deactivated Australian users’ ability to deposit funds using Australian Dollars (AUD), as well as trading pairs including AUD. The move reportedly affected both new and existing users, who were not given advance warning or any explanation for the action.

The sudden debanking has caused frustration for Australian users, who have been left without a clear solution for how to access their funds or continue trading on the platform. Many have taken to social media to vent their concerns and ask for Binance to provide more information on the situation.

What Does This Mean for Binance?

The debanking of Australian users is the latest in a series of actions taken against Binance by regulators and financial institutions around the world. In recent months, the exchange has faced increased scrutiny over its compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.

In June, regulators in the UK and Japan issued warnings to Binance for conducting business in their jurisdictions without proper authorisation. Later that month, the exchange was banned from operating in Ontario, Canada, due to its failure to comply with local securities laws.

This latest action in Australia could further damage…