{"id":286939,"date":"2021-06-29T23:49:34","date_gmt":"2021-06-29T20:49:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-faces-regulatory-upheaval-as-lawmakers-target-global-exchanges\/"},"modified":"2021-06-29T23:49:34","modified_gmt":"2021-06-29T20:49:34","slug":"binance-faces-regulatory-upheaval-as-lawmakers-target-global-exchanges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-faces-regulatory-upheaval-as-lawmakers-target-global-exchanges\/","title":{"rendered":"# Binance faces regulatory upheaval as lawmakers target \u2018global\u2019 exchanges"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2a6d9159e1b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2a6d9159e1b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-faces-regulatory-upheaval-as-lawmakers-target-global-exchanges\/#Japan\" >Japan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-faces-regulatory-upheaval-as-lawmakers-target-global-exchanges\/#Ontario_Canada\" >Ontario (Canada)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-faces-regulatory-upheaval-as-lawmakers-target-global-exchanges\/#United_Kingdom\" >United Kingdom<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-faces-regulatory-upheaval-as-lawmakers-target-global-exchanges\/#Germany\" >Germany<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-faces-regulatory-upheaval-as-lawmakers-target-global-exchanges\/#United_States\" >United States<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Binance faces regulatory upheaval as lawmakers target \u2018global\u2019 exchanges  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvNjE2OGU4NjktMjk2NC00MDM2LWE1Y2EtZTc3YjU4YmQwMmY4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The world\u2019s largest cryptocurrency trading platform, Binance, has faced regulatory upheaval over the past week as jurisdictions clamped down on the use of unauthorized exchanges and warned citizens against accessing them. For Binance, adopting the moniker of \u201cglobal exchange\u201d has done very little to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ease regulators that require specific licenses to offer financial services to their citizens.\u00a0<\/p>\n<p>Below is a brief recap of recent regulatory actions surrounding Binance. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Japan\"><\/span>Japan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On June 25, Japan\u2019s Financial Services Agency, or FSA,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sygna.io\/blog\/japan-crypto-regulation-history-2014-2020\/\">accused Binance of operating in the country without proper registration<\/a> \u2013 potentially setting the stage for a protracted legal battle with regulators. That\u2019s because, unlike other jurisdictions, Japan has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sygna.io\/blog\/japan-crypto-regulation-history-2014-2020\/\">carved<\/a> out specific registration and operating rules for cryptocurrency exchanges since at least 2018. Rather than comply with the directives, Binance decided to move its operations to Malta in 2018.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>$71B in crypto has reportedly passed through \u2018blockchain island\u2019 Malta since 2017<\/em><\/strong><\/p>\n<p>The FSA\u2019s warning isn\u2019t limited to Binance, either. In May of this year, the regulator warned derivatives exchange Bybit that it was in violation of registration rules. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ontario_Canada\"><\/span>Ontario (Canada)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Around the same time that Japan\u2019s FSA issued its warning, Binance announced it would cease all operations in the Canadian province of Ontario after the provincial securities regulator introduced sweeping new measures targeting cryptocurrency exchanges. <\/p>\n<p>On Apr. 19, the Ontario Securities Commission, or OSC, introduced new prospectus and registration requirements for crypto exchanges. Using that as a benchmark, the OSC singled out two crypto exchanges \u2013 Bybit and Kucoin \u2013 for allegedly \u201cflouting\u201d Canadian securities laws. Rather than comply with the new edicts, Binance decided to exit the market entirely, giving users until the end of the year to liquidate and close their accounts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"United_Kingdom\"><\/span>United Kingdom<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Binance was in the headlines again on Sunday after the United Kingdom\u2019s Financial Conduct Authority, or FCA, ordered the exchange to halt all \u201cregulated activity\u201d in the country. This was interpreted by many as a blanket ban on using Binance to buy and sell cryptocurrencies in the U.K. In the meantime, transactions in the local pound Sterling currency have reportedly been blocked, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/crypto-currency-binance\/sterling-transactions-blocked-on-crypto-exchange-binance-users-say-idUSL3N2OB3A4\" data-amp=\"https:\/\/mobile-reuters-com.cdn.ampproject.org\/c\/s\/mobile.reuters.com\/article\/amp\/idUSL3N2OB3A4\">according<\/a> to users. <\/p>\n<p>Binance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1409229415846981634\">asserts<\/a> that the FCA notice pertains to Binance Markets Limited, which is a separate legal entity acquired by the firm in May 2020. As such, it \u201cdoes not offer any products or services via the Binance.com website,\u201d the company said. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited (BML). <\/p>\n<p>BML is a separate legal entity and does not offer any products or services via the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/QILSkzx7ac\">https:\/\/t.co\/QILSkzx7ac<\/a> website. (1\/4)<\/p>\n<p>\u2014 Binance (@binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1409229415846981634?ref_src=twsrc%5Etfw\">June 27, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Nevertheless, from June 30 onward Binance must <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/06\/28\/cryptocurrency-exchange-binance-banned-by-uk-regulator.html\" data-amp=\"https:\/\/www-cnbc-com.cdn.ampproject.org\/c\/s\/www.cnbc.com\/amp\/2021\/06\/28\/cryptocurrency-exchange-binance-banned-by-uk-regulator.html\">notify<\/a> U.K. users of the FCA\u2019s restrictions on its website and mobile apps. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Germany\"><\/span>Germany<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In April of this year, Germany\u2019s Financial Supervisory Authority, or BaFin, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/germanys-financial-watchdog-warns-crypto-exchange-binance-over-stock-tokens-2021-04-29\/\">warned<\/a> Binance that it could be fined up to $6 million, or 5 million euros, for offering security-tracking tokens without an investor prospectus. Specifically, BaFin raised issues with digital tokens that track blue-chip stocks like Microsoft, Apple and Tesla. According to the Financial Times, Binance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e7b5fd75-2d93-4a21-9178-eeb79c2f80ab\" data-amp=\"https:\/\/amp-ft-com.cdn.ampproject.org\/c\/s\/amp.ft.com\/content\/e7b5fd75-2d93-4a21-9178-eeb79c2f80ab\">told<\/a> the regulator that its digital stock tokens are not securities because they are purchased through a third-party broker and cannot be transferred to other exchanges. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"United_States\"><\/span>United States<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Binance operates in the United States through a dedicated trading desk called Binance.US, but it too has faced scrutiny in recent months. In May of this year, it was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-13\/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in\">reported<\/a> by Bloomberg that Binance is under investigation by the Justice Department and Internal Revenue Service in a joint money-laundering and tax evasion probe. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Binance sued for allegedly facilitating money laundering with &#8216;lax KYC&#8217;<\/em><\/strong><\/p>\n<p>Changpeng Zhao, Binance\u2019s CEO, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1392898786607828995\">refuted<\/a> the title of the report by drawing attention to the fact that Binance cooperated with U.S. law enforcement agencies to \u201cfight bad players.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The &#8220;<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>&#8221; title is bad. Article itself isn&#8217;t so bad actually (but who reads). It described how <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@binance<\/a> collaborated with law enforcement agencies to fight bad players, but somehow made it look like a bad thing&#8230;  Anyways. Back to work.<\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1392898786607828995?ref_src=twsrc%5Etfw\">May 13, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-faces-regulatory-upheaval-as-lawmakers-target-global-exchanges\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Binance faces regulatory upheaval as lawmakers target \u2018global\u2019 exchanges &#8221; The world\u2019s largest cryptocurrency trading platform, Binance, has faced regulatory upheaval over the past week as jurisdictions clamped down on the use of unauthorized exchanges and warned citizens against accessing them. For Binance, adopting the moniker of \u201cglobal exchange\u201d has done very little to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":286940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvNjE2OGU4NjktMjk2NC00MDM2LWE1Y2EtZTc3YjU4YmQwMmY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,22974,43905,20618,70934,4966,67874],"class_list":["post-286939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-canada","tag-germany","tag-japan","tag-regulation","tag-united-kingdom","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/286939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=286939"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/286939\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/286940"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=286939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=286939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=286939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}