Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. We may receive financial compensation from these third parties. Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. Allegedly, the exchange violated several federal securities laws. On June 6, it emerged the US Securities and Exchange Commission filed a lawsuit against Binance and its founder and CEO, Changpeng "CZ" Zhao. On June 14, the Cyprus Securities and Exchange Commission listed the exchange’s local arm as “under examination for application for deregistration.”īinance reported it was focused on achieving full compliance with the EU’s new Markets in Crypto-Assets (MiCA) regulation in the next year and a half. Binance announced Cyprus exitīinance also announced plans to exit Cyprus recently. To prove compliance, the exchange cited its registration in Spain, Italy, France, Sweden, Poland, and other EU countries. The country’s central bank maintained Binance had a lot of customers in the country and its daily trading volume was worth billions, which justified the fine in that amount.īinance pointed out it complies with EU laws against money laundering and terrorist financing. In April last year, the Dutch government levied an administrative fine on the exchange of over $3 million for operating on its territory without a license and registration. Binance is sending its Dutch customers emails with detailed information about what to do with their accounts now. No “avenues” to licenseĪccording to the exchange, it made many attempts to serve customers in the Netherlands in compliance with the country’s laws, but there were no alternative “avenues” to VASP registration. No further deposits, trades, or purchases will be possible. Existing clients will only be able to make withdrawals from the exchange from July 17. No new customers based in the Netherlands are allowed to open accounts with Binance, Cointelegraph reported. Its services were terminated upon announcement. Binance is leaving the Dutch market because it wasn’t issued a virtual asset service provider (VASP) license. The world’s biggest cryptocurrency exchange has terminated operations in the Netherlands.
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