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U.K. Regulators: We Can’t Supervise Binance Properly

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Britain’s financial watchdog, the Financial Conduct Authority (FCA), has stated that Binance poses a significant risk and cannot be supervised effectively.

In reference to the world’s largest crypto exchange, Binance, the U.K. financial regulator, has stated that “based upon the firm’s engagement to date, the FCA considers that the firm is not capable of being effectively supervised.”

On August 25, Reuters reported that the regulator is concerned about Binance’s global reach and range of products which it considers as a “significant risk.”

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“This is of particular concern in the context of the firm’s membership of a global group which offers complex and high-risk financial products, which pose a significant risk to consumers.”

Binance Still in The Doghouse

In June, the FCA prohibited Binance from conducting any regulated activity in the United Kingdom and imposed several requirements on the platform.

Later the same month, Binance responded, stating that nothing has changed because Binance Markets Limited is not the entity offering crypto derivatives in the U.K. The FCA rules do not apply to the full spectrum of Binance Group firms which are global and beyond its reach.

As reported by Reuters, a Binance spokesperson said that Binance Markets Limited has fully complied with all the watchdog’s requirements, and it continues to engage with the FCA to resolve any outstanding issues that may exist.

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“As the cryptocurrency ecosystem industry continues to grow and evolve we are committed to working with regulators and policymakers to develop policies that protect consumers, encourage innovation, and move our industry forward,”

The regulator wants more, though, having sent two requests for information about Binance’s wider global business model and its synthetic stock tokens. It stated, “the FCA considers that the firm’s responses to some questions amounted to a refusal to supply information.”

As reported by CryptoPotato, Binance is already complying with regulations within the jurisdiction of the United Kingdom, but eyes are now on the Cayman Islands-registered global company.

It remains to be seen whether regulators in individual countries have any authority over companies that are based in other countries.

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BNB Price Update

Binance’s native token, BNB, has made 2.8% over the past 24 hours to trade at $493 at the time of writing. It has performed well during this market rally, gaining 23% over the past week and 62% over the past month.

BNB is currently down 28% from its all-time high of $686 on May 10

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Binance Suspends Spot Trading and Fiat Channels in Singapore

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Binance.com, the global cryptocurrency exchange platfrom announced the suspension of spot trading, fiat purchase channels, liquid swap, and fiat deposit functions. The suspension would come into effect from 26th October. The exchange also requested Singapore users to withdraw their tokens and cease their trades by the effective date. The exchange in its official press release said,

“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”

Binance’s trouble in Singapore began after the Securities Commission in the country put Binance.com under Investor Alert List. In the wake of the first regulatory action, Binance ceased certain product offerings in the country before suspending key crypto trading features altogether. It is also important to note that Binance’s Sister company in Singapore has applied for a regulatory license and has been granted an exception until a decision is made on its filing despite the global platform facing regulatory scrutiny.

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Binance Continue to Face Regulatory Setbacks

Singapore was considered to be the next home for Binance after facing regulatory scrutiny from nearly a dozen countries. However, the recent series of events suggest Singapore regulators are also going after the global exchange despite harbouring its sister company. The world’s leading exchange’s regulatory troubles seem to meet no end as more countries continue to enforce action against it.

The crypto exchange has taken several decisions to mend its ways with regulators over the past couple of months, right from suspending derivative offerings in several countries to on-boarding regulatory experts. However, that hasn’t changed much, now the crypto exchange plans to establish a centralized headquarters and also looking for a change of CEOs if that can help.

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Binance blocks fiat deposits and spot crypto trading for Singapore users

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Binance has announced some changes to its crypto trading services for customers in Singapore.

According to a statement on its website published on Monday, Singapore-based users will be geo-fenced from certain account functions on the Binance.com website.

Binance users in Singapore will no longer have access to fiat deposits, crypto spot trading, liquid swap and crypto purchases via fiat channels on the website.

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“We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance,” the statement added.

Based on the new directive, Binance users in Singapore have been urged to cease all related activities impacted by the announcement and to withdraw their fiat and crypto holdings to avoid any disputes.

Monday’s announcement is the latest restriction imposed by Binance on its customers in Singapore. As previously reported by Cointelegraph, Binance initially rolled back some of its product offerings in the city-state.

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At the time, the crypto exchange giant blocked Singapore dollar-denominated crypto trading following warnings from the Monetary Authority of Singapore that the platform had violated local payment laws. A similar action was also taken in South Korea back in August, with the platform halting Korean won-denominated trading.

Binance also blocked users in Singapore from downloading its mobile platform from the Google and Apple app stores.

Binance has seen significant regulatory scrutiny in many jurisdictions across the globe. Consequently, the exchange has been forced to discontinue some of its services in several countries.

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Earlier in September, Binance stated that it will stop crypto futures and options trading in Australia, with users in the country given 90 days to close their positions.

Binance has sought to smoothen these regulatory wrinkles by upscaling its customer identification compliance protocols.

Meanwhile, Binance CEO Changpeng Zhao has stated the company’s intention to comply with regulatory demands while also announcing plans for Binance.US — the exchange’s United States arm — to have gone public by 2024.

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Binance Coin Price Analysis: BNB spikes to $320, ready to slowly regain loss today?

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  • Binance Coin price analysis is bullish for today.
  • BNB/USD saw another spike lower this morning.
  • BNB is rejecting further downside as of now.

Binance Coin price analysis is bullish today as the market saw another quick spike lower this morning, with bulls starting to pick up any further selling pressure. Therefore, we expect BNB/USD to reverse over the next 24 hours and look to regain some of the loss seen over the past few days.

Binance Coin Price Analysis: BNB spikes to $320, ready to slowly regain loss today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 1.49 and 1.79 percent, respectively. Meanwhile, most of the top altcoins are in the red, with a couple of exceptions, such as UNI and LINK.

Binance Coin price movement in the last 24 hours: Binance Coin drops to $320

BNB/USD traded in a range of $320.37 – $356.37, indicating strong volatility over the last 24 hours. Trading volume has declined by 6.79 percent and totals $1.775 billion, while the total market cap trades around $58.15 billion, ranking the coin in 5th place overall.

BNB/USD 4-hour chart: BNB starts to push higher again

On the 4-hour chart, we can see the Binance Coin price action moving back above the $340 support, indicating bullish pressure over the past hours.

Binance Coin Price Analysis: BNB spikes to $320, ready to regain loss today?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has continued to trade in a bearish momentum this week. After sideways consolidation for most of the last week around the $390-$420 price area, BNB/USD had established a strong base from which to reverse.

However, BNB saw another strong push lower on Monday, quickly taking the market price to $340. A slight upward momentum followed during the middle of the week, with a lower high set around $385.

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Another spike lower to the $340 support was set on Friday. After relatively calm trading yesterday, the Binance Coin price action declined further this morning, with bulls quickly picking up any further selling pressure.

Overall, this price action development indicates we could be seeing exhaustion for bears, and BNB/USD could see a strong reversal next week.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish for today as the spike lower, seen this morning, currently gets regained as bullish pressure has increased. Therefore, we expect BNB/USD to move higher later today and look to return above $360 local resistance.

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While waiting for Binance Coin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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