![]() In the UK, Financial Conduct Authority (FCA) is warning consumers about Binance. Binance is one exchange platform that is facing regulation crackdown in the three countries. The Ontario Securities Commission served the world’s largest digital asset. In the past weeks, countries that include Japan, Canada, and the UK have begun cracking down on crypto exchange platforms. Binance stopped doing business in Ontario, Canada’s largest province, after its financial regulators cracked down on Bybit and other crypto trading rivals. said it has received an order from one of Canada’s securities regulators to investigate whether the platform attempted to find a way around local regulations and compliance controls while seeking approvals in the country. Last year Japan’s market regulator also said Binance was illegally operating in the country. The Thai commission says that it had warned Binance about this in April but received no response this could end up with a jail sentence for Binance executives. Six days later, Thailand’s main financial watchdog filed a criminal complaint asserting that Binance was operating a digital asset business without a license. On June 26, 2021, the U.K.’s Financial Control Authority issued a statement saying “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.” While Britons are not strictly prohibited from buying and selling cryptocurrencies via Binance, they can’t put in or take out their investments in pounds sterling, which makes it hard for Binance to do business in one of the world’s largest crypto markets. Nonetheless, Binance brings a lot of baggage to the table. Photo: Akio Kon/Bloomberg via Getty Images Jun 26, 2021. Zhao Changpeng, CEO of Binance, speaks during a Bloomberg Television interview in Tokyo, Japan, in January 2018. ![]() It’s not clear if the proposed merger will be approved-there are regulatory agencies around the world that could potentially have a say-or how the merged company will be structured. Binance, world’s largest crypto exchange, exits Ontario amid regulatory crackdown. The August/September issue of FORTUNE magazine put Bankman-Fried on its cover, comparing him to Warren Buffett: attorneys in Seattle reportedly asked financial firms to hand over records of communication with Binance because of its proximity to its collapsed competitor.This is a huge shock, because for much of this year, FTX and Bankman-Fried have been buying up the distressed assets of crypto companies that have been destroyed by declining crypto prices over the last year. Currently, the OSC has only greenlighted only six crypto exchanges to operate in Ontario, and you’ll notice that Binance isn’t one of them. Japan-headquartered crypto exchange bitFlyer is implementing tough anti-money laundering measures in line with global financial. Investigations picked up after the bankruptcy of mega crypto exchange FTX last November. Crypto exchange Binance has confirmed to the Ontario Securities Commission (OSC) that it will no longer open accounts for new customers in the Canadian province of Ontario. Just in April, lawyers hit Binance boss Changpeng Zhao and his exchange with a $1 billion civil lawsuit for allegedly touting unregistered securities and paying celebrities to help do so. The CFTC, SEC, and IRS have all opened investigations into the exchange and Department of Justice prosecutors in December were reportedly weighing up whether to aggressively go after the exchange or take time to review more evidence. Major regulators-mainly American ones-have been on Binance’s tail for some time now. In the May 18 filing, Binance adds that the “investigation order has no legitimate purpose” and that the exchange has already exited Ontario and Canada.Ī hearing on whether the investigation will be dropped will take place on June 2, according to Capital Market Tribunal documents.īinance isn’t the only crypto firm to find Canada a difficult place to do business: yesterday, digital asset exchange Bybit said it was leaving the country, and OKX in March announced it was pulling out, citing “new regulations.” The exchange asked the Securities Commission to then drop the investigations-claiming it was “extremely broad” and “issued without any actual factual basis.” $0.04548977 -1.61% Terra Classic (Wormhole)īinance days later announced that it was leaving the country due to “new guidance related to stablecoins and investor limits.”
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