![]() AND IT'S COMING UNDER SCRUTINY FROM REGULATORS? On LinkedIn, Binance currently lists over 1,000 vacant positions, spread from Britain and the Netherlands to Hong Kong, Singapore and Taiwan. 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. WHERE IS IT BASED?īinance's corporate structure is opaque. Its own cryptocurrency, Binance Coin, is the third-biggest in the world, with some $68 billion-worth in circulation. ![]() 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". HOW BIG IS BINANCE?īy some measures, it's the biggest platform in the world. Here are answers to some key questions on Binance, the world's biggest exchange by trading volumes, as the regulatory pressure mounts. Some have banned the platform from certain activities, while others have warned consumers that it was unlicensed to operate. Interestingly, Binance withdrew its application for a Financial Conduct Authority (FCA) registration earlier.LONDON, Aug 19 (Reuters) - Financial regulators across the world have targeted major cryptocurrency exchange Binance. Moreover, the Securities and Commission Exchange’s actions against rival Coinbase have made the future of the other exchanges skeptical in the country.īinance’s Chief Strategy Officer, Patrick Hillmann, recently revealed that the exchange is now considering seeking regulatory permission in the United Kingdom. ![]() The US Commodity Futures Trading Commission also filed a legal complaint against the exchange and its CEO for violating an array of local regulations. “We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.”įurthermore, Binance is facing regulatory backlash in the United States. ![]() “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,” Binance added. Still, it had ‘sentimental value’ for the exchange giant as its CEO, Changpeng Zhao, is a Canadian national, despite his Chinese descent. ![]() On top of that, Binance highlighted that Canada is a small market. Gemini, Coinbase, and Kraken were among the top crypto exchanges to file for Canadian registration. However, several exchanges are cementing their positions in the Canadian markets. Big names like Paxos and OKX have already announced their decision to shutter their services for Canadians. Last December, the Canadian Securities Administrators (CSA) issued a notice labeling stablecoins as ‘securities and/or derivatives.’ This has prohibited regulated crypto exchanges in the country from offering services with stablecoins, which is a significant part of the industry.įurther, Canada, especially the regulator in the state of Ontario, mandated the registration of all cryptocurrency exchanges operating within the country.īinance, the largest cryptocurrency exchange in trading volume, is not the first to exit Canada. ![]()
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