World’s Largest Cryptocurrency Exchange Takes Important Decision, War Burns By Investing.com



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Investing.com – It looks like the war between regulators and cryptocurrency markets could see further chapters of escalation, but this time the answer will come from the side that some see as the weaker side.

A few hours ago, the world’s largest cryptocurrency exchange, Binance, made a decision to prevent users of the Binance platform from depositing money in euros through banks, but the decision ruled out funding. credit and debit card accounts. “Due to events beyond our control, we are temporarily suspending euro deposits,” the popular cryptocurrency exchange said in an email.

وأضافت أكبر منصة للعملات الرقمية في العالم من حيث أحجام التداول أن القرار سيتم تفعيله على التحويلات البنكية بمنطقة المدفوعات الأوروبية الموحدة من يوم 7 يوليو 2021. وتأسست بينانس على يد مهندس البرمجيات الصيني, تشانج بند زاو, في عام 2017 بجزر كايمان وهي إحدى جزر الملاذات الضريبية In the world.

Reaction

Binance’s latest move comes a day after UK financial firm Barclays (LON 🙂 decided it would not facilitate customer payments to Binance after financial regulators warned users that the exchange operates in the UK. without an appropriate license.

A Binance spokesperson said the exchange was disappointed with Barclays’ unilateral action to block customer payments. A few days ago, the British Financial Conduct Authority said that Binance Market, the British unit of Binance, was not authorized to conduct regulated activities in the UK, CNBC reported. As of June 30, the company, which already offers cryptocurrency trading services in the UK through its website, has to add a notice in a prominent place on its website and apps.

previous crisis

The Binance exchange, the world’s largest trading platform, entered a new crisis in mid-May, but with regulators in the United States. The platform is under investigation by the US Department of Justice and the US Tax Agency, as money laundering and tax evasion investigators seek information from people with in-depth knowledge of Binance’s activities.

Forensic firm Chinalis, whose clients include U.S. federal agencies, concluded last year that among the transactions it examined, more funds related to criminal activity passed through Binance than any other. cryptocurrency exchange. In 2019, about $ 756 million of the $ 2.8 billion in criminal transactions involving Bitcoin went through Binance, the company said.

“We take our legal obligations very seriously and have a cooperative relationship with regulators and law enforcement,” Binance spokesperson Jessica Jung said. She added that Binance has worked hard to put in place a robust compliance program that includes anti-money laundering principles and tools that financial institutions use to detect and deal with suspicious activity.

Not the first

At the end of April last year, Binance came into conflict with the Federal Financial Supervisory Authority in Germany. This came after allowing its non-U.S. Residents to trade a crypto version of Tesla shares, as well as a growing list of stocks, including MicroStrategy and Coinbase.

The FCA said Binance may have broken securities rules by issuing shares with tokenized shares. Tokens issued by Binance allow investors to buy the equivalent of parts of the underlying stock, which means small investors can buy stocks of large-cap companies.

Binance is growing

Cryptocurrency exchange Binance has announced plans to launch a new marketplace that will allow users to create, buy, and sell non-fungible digital tokens called NFTs. Binance said in April that its platform will operate two marketplaces: a hotspot for top auctions and fairs, and a standard trading market that anyone can use to strike new tokens.

For the premium market, she added, Binance will deduct 10% of the proceeds from large auctions, with art owners receiving 90% of the auction value. The day trading market will impose a “trading fee” of 1%. Non-fungible tokens are a type of digital asset designed as certificates of ownership for rare virtual items, which could be works of art, sports trading cards, or even tweets.

Total sales of these tokens reached more than $ 2 billion in the first quarter, according to NonFungible.com, a website that tracks data for non-fungible tokens.

change now

Binance Coin is the fourth largest cryptocurrency in the crypto market with a market value of around $ 51 billion after Ethereum and Tether.

Binance Coin managed to surpass the value of $ 100 billion to become the third currency in the world to reach that value in mid-April, but it has lost almost half of its value since the peak of the wave of massive declines. of the cryptocurrency market. .

Binance Coin is now rising by around 5% to levels of $ 335, while it is rising by around 12% in one week, while recording a 15% decline in thirty days.

Binance Coin has lost around 50% for 60 trading days, while still registering strong gains of over 783% since the start of the year.

The article does not express a recommendation or an appointment, but rather a simple monitoring of market fluctuations, as digital currency trading involves high risks, including the risk of losing all or part of the investment amount, knowing that it is not totally subject to authorities and markets.



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