On LinkedIn, Binance currently lists over 1,000 vacant positions, spread from Britain and the Netherlands to Hong Kong, Singapore and Taiwan.ĪND IT'S COMING UNDER SCRUTINY FROM REGULATORS? Its holdings company is registered in the Cayman Islands, according to British court documents and Malaysia's securities watchdog.Ī Binance spokesperson has said the company is "decentralised" and that it "works with a number of regulated entities around the world".īinance has built up a huge following across the world, with channels on the Telegram social media app for users in more than 30 countries. Its own cryptocurrency, Binance Coin, is the third-biggest in the world, with some $68 billion-worth in circulation.īinance's corporate structure is opaque. It also runs a "decentralised" exchange that allows users to trade directly with each other. The exchange offers a wide range of services to users across the globe, from cryptocurrency spot and derivatives trading to loans and non-fungible tokens. Its trading volumes in July were $455 million, down almost a third from a month earlier amid cooler crypto markets but still No.1 globally, according to data from CryptoCompare.īinance also leads crypto derivatives trading, with volumes topping $1.4 trillion in July - a 55% share of the overall market.īinance is headed by Changpeng Zhao, a Canadian known as "CZ". Here are answers to some key questions on Binance, the world's biggest exchange by trading volumes, as the regulatory pressure mounts.īy some measures, it's the biggest platform in the world. Some have banned the platform from certain activities, while others have warned consumers that it was unlicensed to operate. With its latest decision, Binance joins fellow crypto exchanges OKX and dYdX, which announced their intention to depart Canada earlier this year due to the shakeup in regulations.LONDON, Aug 19 (Reuters) - Financial regulators across the world have targeted major cryptocurrency exchange Binance. Binance is confident that it will return to Canada once its regulators allow citizens to access a broader range of digital assets. While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework.”Īs for the exchange’s Canadian customers, the tweet clarified that they received emails containing comprehensive information regarding the impact of the latest development. In the tweet, the exchange thanked the Canadian regulators who collaborated with the exchange to address regulatory concerns. The exchange explored reasonable avenues to protect its Canadian users, but all efforts were futile. The crypto exchange stated that Canada was a relatively small market, but held sentimental value given that it is the home country of founder and CEO Changpeng Zhao. The regulations reportedly made Canada untenable for the firm to operate in. The tweet blamed Canada’s new guidance related to stablecoins and investor limits published for crypto exchanges for the firm’s decision to exit the country. Binance: Canada Is No Longer A Tenable MarketĪccording to a recent tweet from Binance, the crypto exchange is proactively withdrawing from the Canadian marketplace. Binance announced earlier today that it will be winding down its operation in Canada, citing the challenging regulatory environment created by the enhanced investor protection commitments that were introduced by the Canadian Securities Administrators. The world’s largest crypto exchange is set to exit the Canadian crypto market.
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