Binance in Malaysia ban as it ends derivatives trading in Germany, Italy, Netherlands
World’s biggest cryptocurrency exchange steps up compliance and cuts product offerings, with a ban in Malaysia and end of lucrative derivatives business in three EU nations.
Despite recent moves to bolster regulatory compliance, Binance very much remains in regulators’ crosshairs, with Malaysia becoming the latest country to ban it. Anticipating more regulatory trouble elsewhere, Binance has also closed its lucrative derivatives business in Germany, Italy and the Netherlands.
According to an announcement dated July 30, Malaysia’s securities regulator said it had issued a public reprimand to Binance for illegally operating a digital asset exchange in the country. The reprimand was issued against Cayman Islands-registered Binance Holdings Ltd., Binance CEO Changpeng Zhao and three other Binance entities UK-registered Binance Digital Ltd., Lithuania-registered Binance UAB and Singapore-regis
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Here’s what would happen if Binance loses the race that DailyCoin meets
Regulators around the world are looking at the Binance exchange despite increasing rules.
The lack of rules about the cryptocurrency space creates controversy among exchanges in different jurisdictions.
Regulatory repression of exchanges hinders users of existing platforms despite the lack of a legal framework.
They want to fill Gemini, Kraken and other crypto exchanges to question Binance’s dominance.
Binance is being monitored after regulators continued to find irregularities in their business practices. In addition, cryptocurrencies are a new class of assets, and the legal framework is yet to be installed. Each country is working on its own position by turning the exchange around digital assets into a model that is difficult to achieve. Interacting with speculative assets is dangerous in more ways than one, as market interaction is not fully advocated.
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