Binance is considered as a major cryptocurrency exchange, that has been targeted by financial regulators around the world. The unauthorized operations send cautions to users. Furthermore, some have disqualified the platform from several activities.
People throw a lot of questions to the biggest exchange platform in the world, Binance. From regulators and here are the answers to some of their important questions.
Some measures considers this as the biggest platform worldwide. According to the CryptoCompare data, Binance’s trading volumes were $455 million in July. As a result, it is a third lower from the earlier month but still number 1 worldwide.
With volumes excelling $1.4 trillion in July that is the overall market’s share of 55%, crypto derivatives trading were also led by Binance.
Changpeng Zhao, also known as “CZ,” is the founder and CEO of Binance. Users may access a variety of services on the exchange, including bitcoin spot and futures trading, loans, and non-fungible tokens.
There is also an exchange that lets users directly trade with each other. This is called “decentralized” exchange. BNB coin being the third biggest platform in the world, its own cryptocurrency has a worth of $68 billion in circulation.
Binance is not completely clear as to where they are based. Furthermore, Cayman Islands registers its obscure corporate structure. Having said that, this is as per Malaysia’s securities watchdog and British court documents.
The company is “decentralized”. Therefore, it works with a lot of regulated organizations around the globe. according to a Binance spokesperson.
Thelegream is one of the channels on the social media app for users in over 30 countries. Therefore, the platform has reached a massive following around the world.
As of the moment, Binance lists over 1,000 vacant positions on LinkedIn. The news spread from Britain and the Netherlands to Hong Kong, Singapore and Taiwan.
Binance Scrutinized by Regulators?
Absolutely – all around the globe.
Binance did not comply with the anti-money laundering and anti-terrorist financing law, as per the Dutch central bank on Monday.
In the past few weeks, regulators from Japan, Britain, Germany, Italy, Hong Kong, and Malaysia have sent warnings against Binance.
In a report, the US Justice Department and Internal Revenue Service are investigate Binance.
According to Binance, it has been seriously complying with the obligations and is strictly following all the required regulations in every place it operates.
It is difficult to say where Binance has hit its business as the platform does not provide financial data.
Although Binance has already made some remarkable actions in the trail of pressure from the regulators.
Last month, CZ wishes the relationship with the regulators improves. Their approval will be sought by the exchange to establish regional headquarters.
Binance has also controlled the derivative trading by users in Hong Kong. This explains that the move was in accordance with their commitment to compliance.
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