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- Everything you need to know about Binance Coin (BNB)
- Binance Visa Card to conquer Europe
- Binance review 2022
- Top cryptocurrency prices today: Bitcoin edges lower; Terra, Binance Coin gain up to 11%
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- Binance now lets users buy crypto with a credit card
- Binance Users Can Now Pay for Crypto With Credit Cards
- How To Deposit Money In Binance India? Step-By-Step Guide For All Your Doubts
- How to check your Binance Card details
Everything you need to know about Binance Coin (BNB)
This year has been a year of increased regulatory focus of the booming crypto market. As a result regulators and law enforcement agencies worldwide have begun to scrutinise suspect players and started to write regulations to bring those players within the blockchain arena to take control of them.
Regulators across the world are concerned over the potential for crypto to be used to launder money as well as the risks to consumers from volatile crypto trading. It is unclear if this is a coordinated effort by regulators or something closer to a domino effect. Financial regulators across the world have now targeted major cryptocurrency exchange Binance.
And this group is growing. The platform has faced warnings and business curbs from financial watchdogs who are concerned over the use of crypto in money laundering and the high risks of their products to consumers. Several countries have announced investigations in Binance and its products. While a number of countries have banned the platform from certain activities, quite a few countries have started banning it completely.
Banks are delisting Binance Not just countries, but also a growing number of banks are cutting ties with the crypto exchange as well. SEPA payments to Binance were halted.
The largest of investigations is perhaps be through the US Commodity Futures Trading Commission CFTC , with the regulator seeking to determine whether cryptocurrency derivatives were bought and sold by US citizens on the Binance platform. Cayman Islands The Cayman Islands also challenged the lack of authorization of the exchange.
They also reiterated the risk its products could pose to customers. The FCA decided to ban the exchange from conducting all regulated activity in the UK for failing to report in line with its ant-money laundering AML regulation. As a result the platform was not in compliance with the Dutch anti-money laundering and anti-terrorist financing Act. And thus Binance is illegally offering services for the exchange between virtual and fiduciary currencies as well as illegally offering custodian wallets.
This may increase the risk of customers becoming involved in money laundering or terrorist financing. It mentioned that the crypto exchange is not registered to accept business from Japanese residents, within the country, ordering to suspend operations. Binance has not taken any license to offer the services to HK residents.
Malaysia In June Binance was subject to enforcement actions by the Securities Commission Malaysia for alleged illegal operations. It was ordered specifically to disable Binance. It was also told to stop media and marketing targeting Malaysian consumers and to restrict access to Binance Telegram group. It stated that an investigation has been launched against the exchange for operating its business without a license. What is Binance? Binance also leads crypto derivatives trading, in large part by allowing people to trade crypto derivatives using high levels of leverage, or borrowed money.
Binance offers trading in over cryptocurrencies and virtual tokens. Thanks to its own cryptocurrency BNB the Binance platform has a large group of loyal customers.
The crypto exchange offers a wide range of services to users across the globe, from cryptocurrency spot and derivatives trading to loans and non-fungible tokens. It also offers services around trading, listing, fundraising and de-listing or withdrawal of cryptocurrencies.
Binance is undergoing big changes to appease regulators, who are unhappy with some of the exchange's products and its compliance with local rules. Therefor they have made regulatory compliance as its top priority.
In the wake of the regulatory pressure from various countries. Binance announced that they will be taking drastic steps to better meet financial regulations, improve user protection and manage risks, including strengthening their compliance and legal teams, banning or scaling back products, demand stricter background checks, change the business model and improve relations with regulators.
For that they unveiled a series of measures it is going to take to become what it says is a fully compliant and licensed institution in all countries it operates in, as fully licensed competitors continue to appear. The industry still has a lot of uncertainty. CEO Zhao. Binance declared that they are planning to double the size of their compliance team within this year. Recent appointments Binance recently announced it was hiring a number of former regulators to its compliance and executive teams.
Binance also appointed Samuel Lim, who has over 10 years of experience in compliance in investment banking, as chief compliance officer and Jonathan Farnell, with over 20 years of experience in the UK financial and payments sector, as director of compliance. Banning or scaling back products Binance is shifting their commercial focus to other product offerings that will better serve their users for the long term.
Binance has scaled back some of its range of crypto products that regulators may oversee. To make sure that all their products are fully compliant, Binance has been limiting their futures, derivatives products in most of Europe, with users in Germany, Italy and the Netherlands among those first affected. It has also restricted the trading of derivatives in some parts of Asia as well such as by Hong Kong users.
Binance also would stop offering crypto margin trading involving the Australian dollar, euro and sterling. These crypto products will be unavailable for purchase on Binance effective immediately. Customers who own the tokens may sell them over the next 90 days, and Binance will cease to support the products on Oct.
Reduce withdrawal limits Orders from regulatory authorities in different nations have caused Binance to reduce its non-KYC withdrawal limits. In an official announcement, Binance notified customers that the withdrawal limit for users with basic verification will drop to 0.
This is in an effort to prevent money laundering and curb broader criminal activities happening through the platform. Stricter background checks Pressure from regulators globally also forces Binance to demand stricter background checks on customers to bolster efforts against money laundering, with immediate effect. This should further enhance user protection and combat financial crime. Until now, document-based ID checks at Binance were only required for users seeking higher limits on trading.
Steps taken by crypto exchanges to make identity and background checks remain varied, with some demanding full documentation and others allowing users to sign up for accounts with as little as an email address.
Many large platforms also require users to submit ID documents, while others only require personal information for limited access to trades. From now on, Binance users will have to complete a verification process to access its products and services. Users will now have to upload an ID card, driver's licence or passport to prove their identity. Those who have not done so will only be able to withdraw funds, cancel orders and close positions.
The move represents a major shift by Binance. The company is going to have to totally overhaul its business model by institutionalising and centralising its digital asset operations. The crypto exchange has until now had decentralized operations, meaning it doesn't have headquarters of any sort. Instead they will now add headquarters around the world and work towards being licenced everywhere and become compliant as much as it can in every region where it plans to operate. Each of these headquarters would have regional CEOs as well leading to a centralized authority controlling all these subsidiaries.
While this goes against what cryptocurrencies stand for, it is necessary for Binance to stay relevant in many countries. Zhao's focus on regulation is seen as a sign of the changing times in the crypto world. The CEO asserted that new laws are necessary for the crypto ecosystem to support its further development. The firm is willing to work and communicate with regulators to bring compliance into the crypto ecosystem.
For that Binance will expand the team dedicated to working with authorities to ensure services are compliant with local regulations. Binance is also willing to meet regularly with regulators to proactively update them on what the firm is doing.
To start, Binance would share some user data with local regulators. Notwithstanding the various measures announced or taken by Binance there is still a lot of sceptics around Binance real intentions. Still, some lawyers are sceptical over whether Binance move to tighten checks would convince regulators. It is questionable if Binance is able to face the regulatory actions from so many countries and financial watchdogs at the same time. While Binance says it is intent on cleaning up its compliance image, it will take more than a few give ins to the regulators to resolve the numerous bans and restrictions that it currently faces.
What may we further expect? It is tough to say whether it is a coordinated attack on Binance with all the regulatory bodies are coming together against the exchange. Considering it is the biggest crypto exchange in the world and due to its sheer size, it may be expected that many more crypto platforms will come under intensified regulatory scrutiny.
Is this the beginning of a worldwide approach to regulate the whole crypto market? As one of the oldest and largest crypto platforms Binance symbolizes for the whole crypto eco system. What is sure, what happens to Binance may signal how regulators will approach crypto, with enforcement actions against the exchange hinting at what other platforms should expect.
It is part of a growing trend of worldwide and collaborated regulatory intervention in crypto markets. As a consequence regulations are quickly becoming the most important aspect of any company in the cryptocurrency industry. As governments around the world continue to work towards developing regulatory frameworks for crypto, companies are constantly needing to adapt to continue operating.
Kate Fortesque. Aruna Mathiyalagan. Rohas Nagpal. Blog article. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board.
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Binance Visa Card to conquer Europe
The regulator has placed Binance. MAS added that Binance Asia Services — a separate entity that operates another cryptocurrency exchange platform Binance. Binance Asia Services is currently exempted from holding a licence for provision of digital payment token services under the transitional arrangements in the Act, the spokesperson said. MAS had earlier said that this exemption applies to entities that were carrying on regulated business before the start of the Payment Services Act on Jan 28, The exemption allows an entity to continue providing its services while its licence application is being processed, and lasts until the licence application is approved, rejected or withdrawn. MAS said that it has been engaging Binance Asia Services and expects it to "immediately begin an orderly suspension of its facilitation of transfers of digital payment token assets" with Binance. It added that Binance Asia Services will inform its customers of the appropriate arrangements as soon as practicable.
Binance review 2022
Cryptocurrency exchange Binance will temporarily suspend euro bank deposits from one of Europe's key payments networks, it said in an email sent to users on Tuesday. The move was due to "events beyond our control", the exchange said in the email. SEPA withdrawals are unaffected by this suspension", Binance said. The network, which is a European Union project that aims to harmonise euro payments across the region, allows consumers to send euros across three dozen countries. Binance typically accesses SEPA through payment intermediaries. Thailand's financial watchdog filed a criminal complaint against the cryptocurrency exchange on Friday for operating a digital asset business without a licence, and Britain's financial watchdog recently barred the company from carrying out regulated activities in the country. Japan's regulator said last month that Binance was operating in the country illegally.
Top cryptocurrency prices today: Bitcoin edges lower; Terra, Binance Coin gain up to 11%
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Find out how you can use Binance Gift Card to get more referrals, celebrate special occasions and grow your digital art collection. Spice up your referrals with fresh designs, celebrate special occasions with seasonal gift card templates and grow your digital art collection. With Binance Gift Card , you can easily create and send personalized crypto gift cards to friends and family via email, social media or SMS—all with zero fees. However, did you know about all the other features available on Binance Gift Card? In addition to sending crypto, Binance Gift Card lets you:.
Binance now lets users buy crypto with a credit card
No registration, mobile apps, wallet includes. It's a simple, step-by-step guided solution to buy, sell and make auctions smart contract based for NFT. Existing solutions for BSC don't have marketplace opened for any NFT contracts and do not provide transparent auction based on smart contracts. OpenBiSea's Smart contracts:. Binance smart chain:.
Binance Users Can Now Pay for Crypto With Credit Cards
At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users. Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services.
How To Deposit Money In Binance India? Step-By-Step Guide For All Your DoubtsRELATED VIDEO: How to Add Bank Account Details to Binance
Subscriber Account active since. Bitcoin, which made its debut in , is a cryptocurrency — a digital form of money that exists without a central government or bank. Over the last few years, Bitcoin has gone from an obscure method of payment to a mainstream investment option. With its rise in popularity and the lure of massive gains, investors who may not have the largest budgets are looking for a way to get in. For some, using a credit card to purchase Bitcoin seems like a savvy way to own the cryptocurrency and use the future gains to pay off the debt and fees.
How to check your Binance Card details
Binance backed tech that will set the crypto industry on the road to becoming well-regulated. Binance, the world's largest cryptocurrency exchange, wants to expand in Russia and neighbouring states where it sees prospects for new regulations that will boost its business, an executive said. Russian politicians have pressed for a change of tack by the central bank, which has proposed restricting cryptocurrency trading and mining because of concerns it may cause financial instability. They say it should instead regulate a business which could draw in more tax revenues. President Vladimir Putin has called for the central bank to find a consensus on how to deal with the cryptocurrency business, which central banks and regulators around the globe have been grappling with.
Binance, the world's largest cryptocurrency exchange by adjusted trading volume, has just made it easier for users to buy cryptocurrencies. The exchange announced Thursday that it has partnered with Israel-based payments processing firm Simplex to enable purchases with Visa and MasterCard credit cards. These can then be traded against up to other tokens offered by the exchange.