“Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. “Binance US is looking at the IPO route,” he said. He recently disclosed that Binance US, which operates separately from Binance, was looking to go public. The Enforcement Directorate is investigating allegations that Chinese-operated betting apps laundered a portion of funds through WazirX.ĬEO Changpeng Zhao remains optimistic about the future of Binance despite the recent regulatory issues faced by the exchange. Malaysia’s securities regulator also urged citizens to desist from trading with crypto exchanges operating in the country illegally.īinance-owned exchange WazirX is also being investigated by authorities in India to determine whether it was complicit in alleged money-laundering conducted by betting apps, which collected more than $134 million in the past 10 months. The announcement also mandated Binance CEO Changpeng Zhao to ensure full compliance with the order. The order demands that Binance disables its website and mobile apps in Malaysia alongside ceasing “all media and marketing activities”. To read media release□ /bH圎KJyEDGīinance has been given 14 business days from July 26 to comply. Media Release: SC Takes Enforcement Actions on Binance for Illegally Operating in Malaysia. The announcement follows Binance’s recent removal of high leverage trading products from its product offerings and a seemingly relentless wave of scrutiny and oversight from global regulators. “The European region is a very important market for Binance, and it is taking proactive steps towards harmonising crypto regulations, which is a positive sign for the industry,” wrote Binance in a tweet.īinance also said it does “not actively market Futures and Derivatives Products locally” and that they plan to start “further scaling down” access to these products within Europe. The discussion marks Binance’s continued efforts to collaborate with local and national regulators on the necessary requirements to operate in these areas. īinance confirmed that if existing users have any open positions in these markets, they are advised to close them, noting that a further announcement would be made at a later date to confirm a 90-day period in which to close open positions.īinance clarified the importance of European markets to their offerings and invited regulators to open a dialogue to discuss the requirements necessary at local levels. © 2023 StoneX Group Inc.#Binance will wind down its futures and derivatives products offerings in Germany, Italy, and the Netherlands. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. References to exchange-traded futures and options are made on behalf of the FCM Division of SFI. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. SFI does business as Daniels Trading/Top Third/Futures Online. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided.
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