World’s leading cryptocurrency exchange Binance seems to be unfazed amidst the flurry of regulatory tussles it has engaged lately. CryptoCompare released data recently, showing that the Derivatives volumes on Binance have surged to $1.7 trillion, which is a 25% increase from June. Spot crypto trading volume on the platform has also increased in September to $789 billion from the $454 billion recorded the previous month.
Regulators Put More Pressure On Crypto Exchanges
Crypto exchanges, and especially Binance, have come under fire by regulators all over the world. While many expected the regulatory issue to harm Binance, the September monthly volume shows otherwise.
Regulators have been expressing their concerns over the standard of anti-money laundering checks and consumer protection. As a result, some have intensified their scrutiny on crypto exchanges. Regulators in Japan, Hong Kong, Germany, and Britain have all intensified their pressure on Binance, with some threatening sanctions against the crypto exchange.
Some have already banned the exchange from carrying out certain operations while others issued stern warnings, saying it wasn’t licensed to operate in their region.
Binance To Maintain High Regulatory Compliance Standards
While Binance’s trading volumes keep increasing, the crypto exchange has also been making serious executive moves. In September, the company appointed Zane Wong as Director of Know Your Customer (KYC) compliance. The move, according to the exchange, was to ensure the highest regulatory compliance standards.
To stay in line with the regulators’ order, Binance has limited its product offering and tightened its anti-money laundering checks.
As a result, Binance restricted its service in Singapore, dropping services like sport cryptocurrency trading and fiat deposits. It also suspended the purchase of liquid swaps on Binance.com and the purchase of crypto assets through fiat channels on the platform.
The decision came only weeks after the exchange stopped all Singapore dollar-based services from its peer-to-peer exchange. It has also carried out similar restrictions in Hong Kong, where the company is facing an outright ban.
Binance has also shut down some of its derivatives businesses across Europe and demanded more stringent background checks to improve the fight against money laundering. It has also stopped its offerings of digital tokens tied to stocks.
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World’s main cryptocurrency alternate Binance appears to be unfazed amidst the flurry of regulatory tussles it has engaged recently. CryptoCompare launched knowledge lately, displaying that the Derivatives volumes on Binance have surged to $1.7 trillion, which is a 25% enhance from June. Spot crypto buying and selling quantity on the platform has additionally elevated in September to $789 billion from the $454 billion recorded the earlier month.
Regulators Put Extra Stress On Crypto Exchanges
Crypto exchanges, and particularly Binance, have come beneath hearth by regulators everywhere in the world. Whereas many anticipated the regulatory concern to hurt Binance, the September month-to-month quantity reveals in any other case.
Regulators have been expressing their considerations over the usual of anti-money laundering checks and client safety. Consequently, some have intensified their scrutiny on crypto exchanges. Regulators in Japan, Hong Kong, Germany, and Britain have all intensified their stress on Binance, with some threatening sanctions towards the crypto alternate.
Some have already banned the alternate from finishing up sure operations whereas others issued stern warnings, saying it wasn’t licensed to function of their area.
Binance To Keep Excessive Regulatory Compliance Requirements
Whereas Binance’s buying and selling volumes preserve rising, the crypto alternate has additionally been making critical government strikes. In September, the corporate appointed Zane Wong as Director of Know Your Buyer (KYC) compliance. The transfer, in response to the alternate, was to make sure the very best regulatory compliance requirements.
To remain according to the regulators’ order, Binance has restricted its product providing and tightened its anti-money laundering checks.
Consequently, Binance restricted its service in Singapore, dropping providers like sport cryptocurrency buying and selling and fiat deposits. It additionally suspended the acquisition of liquid swaps on Binance.com and the acquisition of crypto property by means of fiat channels on the platform.
The choice got here solely weeks after the alternate stopped all Singapore dollar-based providers from its peer-to-peer alternate. It has additionally carried out related restrictions in Hong Kong, the place the corporate is going through an outright ban.
Binance has additionally shut down a few of its derivatives companies throughout Europe and demanded extra stringent background checks to enhance the struggle towards cash laundering. It has additionally stopped its choices of digital tokens tied to shares.
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