Binance has established itself as a truly global crypto exchange offering a range of services to various countries. It became quite popular for offering fiat to crypto onboarding ramps in financially troubled nations. However, in its quest to achieve global crypto dominance, the exchange overlooked certain regulatory compliance measures in several countries that have come back to haunt it now. The regulatory setback comes at a key juncture when other crypto platforms are flourishing by forging new partnerships while Binance is losing its key partners.
The leading crypto exchange had been cautioned by regulators from six countries over the past month itself, where the regulatory warning ranged from caution to criminal proceedings. Binance is currently facing the biggest challenge in the UK where the top regulatory watchdog FCA had warned local businesses from offering their service to the exchange. As a result, Binance’s key payment partner Coin Junction in Europe severed ties with the platform yesterday, leading to the suspension of Sterling Pound deposits right after.
Apart from the UK, the Thai SEC has initiated a criminal proceeding against Binance for offering their service in the country without the regulatory clearance. Japan, Cayman Islands, Canada, and Singapore have also cautioned customers in their native countries that Binance has not been cleared by them to offer the services.
Sourch
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Topic: This Crypto Exchange May Soon Overtake Binance, Here's Why (Read 584 times)