The UK’s financial watchdog has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges. www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87
Crypto correction... Bitcoin $BTC: -55% Cardano $ADA: -60% Ethereum $ETH: -62% Binance Coin $BNB: -71% XRP $XRP: -75% Dogecoin $DOGE: -80% pic.twitter.com/w5IezQffNX
Combined valuations: Bitcoin Today: Ethereum $1.04 trillion Binance Coin Cardano 5 years ago: Dogecoin $13 billion XRP
26 June, 2021 - 04:07pm
Ontario's crypto exchange crackdown continues as Binance plans to end operations Dec. 31, 2021.
Binance did not return a request for comment by publication time.
In recent weeks Ontario has emerged as one of the most aggressive cryptocurrency regulators. On April 19th, the regulator introduced new prospectus and registration requirements for cryptocurrency exchanges. Last week The Ontario Securities Commission announced it would be holding hearings regarding cryptocurrency exchange Bybit “flouting” Canadian law. Additionally, the regulator took steps against two companies associated with Kucoin earlier in the month:
“KuCoin is operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives,” the OSC wrote.
Ontario regulators arn’t the only ones who have taken a closer look at Binance’s activities within their jurisdiction, however. On Friday, the Financial Services Agency (FSA) of Japan warned that Binance may be operating in the country without a license. The warning comes on the back of the governor of the Bank of Japan slamming Bitcoin as a “speculative asset” earlier in the year.
Japanese and Canadian Binance users worried about service ending in their countries might rest easier knowing that trading for some American users persisted for months on the main Binance site even after requests for users to migrate to Binance US. Additionally, Binance CEO Changpeng Zhao has admitted that Americans find “intelligent” ways to circumvent the geofence.
25 June, 2021 - 02:40pm
The most recent warning was issued Friday morning and stated that Binance has continued to provide cryptocurrency services as an exchange without properly registering with the FSA. This is the second such warning for Binance and is similar to the warning the FSA handed to Bybit in May. While the previous warning for Binance happened back in 2018, it did warn that continued operation could bring criminal charges to those involved. Binance’s response was merely to move their headquarters from Japan to Malta. Meanwhile, Binance maintains that they do not currently undertake in exchange operations in Japan nor do they target Japanese citizens. Despite that claim, Binance’s Japanese website and new user registration area are accessible from IP addresses within the country.
Japan was one of the first nations in the world to make it mandatory that cryptocurrency exchanges properly register with the FSA.
While this is the second warning from the FSA to Binance about their alleged illegal operation, Binance is no stranger to such attention from authorities. In May, the United States Department of Justice (DOJ) and the Internal Revenue Service (IRS) announced they were investigating Binance. The investigation came about after blockchain forensics firm Chainalysis, along with the DOJ and IRS, released the results of a study on Binance. The report showed that more funds tied to criminal activity passed through Binance than any other single exchange in the world.
This is a great cause for concern among investigators and officials as it is presumed much of that activity is to not only hide illegal transactions but also evade taxes. The illegal transactions in question are most likely illegal sales involving guns, drugs, or stolen property. Binance is also under fire by officials in the U.S. for allegedly accepting clients for derivatives trading.
European regulators have also been investigating Binance over a token launch earlier this year. Regulators are looking into whether the tokens complied with the rules related to transparency and corporate disclosures.
Additionally, Binance has come under fire in Hong Kong, Germany, and the United Kingdom for unlicensed or suspicious behavior. Binance maintains they have always complied with regulations of all jurisdictions in which it operates.
Worried about Uncle Sam imposing capital gains tax on your crypto? You should be. Last month, the Treasury Department announced steps to crack down on cryptocurrency markets and transactions. Any transfer worth $10,000 or more must be reported to the Internal Revenue Service. Source: Shutterstock Some investors have started to think creatively about how to protect their gains. Just like any other volatile investment, a hedge is often the smartest strategy. Buying options or gold or bonds won’t h
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