Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Mahindra on July 03, 2021, 05:15:04 PM
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(Bloomberg) — Singapore’s financial regulator said it would follow up as required with the local unit of Binance Holdings Ltd. after its parent company came under scrutiny from authorities around the world.
Binance Asia Services Pte. has a grace period during which it can operate in the city-state while the Monetary Authority of Singapore reviews its application for a license to provide digital payment token services, the regulator said Thursday. A number of other companies are undergoing a similar assessment and can continue their operations in the meantime, a MAS representative said in response to queries from Bloomberg.
“We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate,” the authority said.
The cryptocurrency sector is in the midst of a regulatory crackdown as authorities from China to the U.S. grow concerned about its potential to facilitate money laundering and fraud. In one of the most significant actions to date, an affiliate of Binance Holdings — the top global crypto bourse — was banned from doing regulated business in the U.K.
The parent company is being probed by several agencies in the US, Bloomberg News has reported, and Japan’s Financial Services Agency warned that it offered crypto services without registration.
Binance is seeking a license that would legitimise its operations in Singapore, along with crypto firms including New York-based Gemini Trust Co. LLC and Hong Kong-based Crypto.com.
Binance Asia Services is a separate legal entity and does not offer any products or services via the Binance.com website or Binance Markets Ltd., the company said by email. The Singapore entity is backed by Vertex Ventures Holdings, and focuses on growing the local blockchain ecosystem and servicing users here, it said.
“It is important to note that we take a collaborative approach in working with regulators and we take our compliance obligations very seriously,” Binance said in the email. “We are actively keeping abreast of changing policies, rules and laws in this new space.”
The MAS said it is applying “robust standards” in assessing applications, and considers a number of factors such as the applicant’s ability to implement strong measures against illicit flows, as well as fitness and propriety of shareholders and key appointment holders. information (https://sg.finance.yahoo.com/amphtml/news/singapore-to-follow-up-with-binance-in-wake-of-global-crackdown-015538313.html#referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s)
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Well, I'm also very sad to read this kind of thing because I really don't like it because this is bad news for Binance from Singapore.
It seems that Singapore does not want to be involved in Binance's rules, so Singapore creates its own rules for each cryptocurrency exchange so that in the future all users will feel safe, comfortable and fast to trade Binance.
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But if this risk continues to be traced to the root of the problem, it is certain that Binance will be able to continue to rise and be able to dominate the cryptocurrency market because the regulation was created to make it easier for users.
Singapore is now following up on the story of Binance, Binance is also trying to be the best platform and when Binance escapes the regulation, Binance will have super power.
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TBH, it's not good at current situation, but it would be the best thing for binance as well as crypto community. Though more countries will join on this global crackdown, but it's just one kind of a sign for global adoption from all over the word. They're participating into this crackdown because they know that people will continue to use bitcoin or cryptos even if they ban it. That's why they're going for regulating which sometimes good or bad, but it depends on binance. ;D
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After the harassment that Binance is suffering in some countries around the world, maybe they should consider the possibility of creating their own bank. It may sound crazy to someone, but it really isn't. By creating their own bank they would solve almost all problems in a short time and could also operate without the problems they currently have, who knows, maybe CZ and his team have already thought something similar.
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Binance uses elaborate fronts to bamboozle American regulators; Binance responded by suing Forbes.) Brooks, by contrast, had just finished a stint leading the agency that oversees the country's banks, and had years of experience dealing with regulators.
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The state of Singapore may now have the answer to everything that has happened so far from Binance because now Binance has become the largest exchange in the cryptocurrency market and this thread was written in July, which has clearly been over 5 months.
The process to find the root of the problem between Singapore and Binance must have taken about 1 month and now it has passed the 5 month period and that means this problem has been solved by finding a solution for both parties between Binance and Singapore.
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Singapore is indeed a center for business but I'm sure behind it all there are rules that fit all the Binance community so that the state of Singapore admonishes Binance to clean up the dirty system.
This dirty system is really very difficult to detect by all existing communities because I am sure that Binance will give something perfect to the community and the Singaporean state gives a different view, so this is the right step for Binance to improve itself.