Changpeng Zhao, Binance CEO tweeted today, how the crypto exchange giant believes in solving problems over engaging in debates or fights. However, none of Binance problems are close to a solution, instead, the arena of trouble has been expanding for Binance.
The number of nations that have issued some form of regulatory warning for Binance has now reached 6. Binance is globally the largest cryptocurrency trade and exchange platform with loyal investors, but 2021’s crypto decline has been a rocky road for Binance, and not the sweet kind. Japan, UK, Canada, Singapore, Cayman Islands, and Thailand; 6 countries have turned their backs on Binance.
Asian Nations Reject Binance
Binance’s regulatory concerns started off with Japan’s Financial Services Agency (FSA). FSA warned the crypto trade & exchange platform of its non-compliance status in the Nation. FSA stated that Binance has been functioning in the country without registration under new guidelines and can potentially be charged with a criminal offense. Binance faced a similar license issue with Japan in 2018, with rumors of warnings from Japan security services. Nevertheless, the news was shut down as petty crypto gossip by Changpeng Zhao.
Few days after Japan’s warning, Binance also withdrew its services from Canada’s Ontario province. Afraid of becoming prey to the global spread of crypto crackdown, Binance took the radical stance of stepping off the throne, instead of losing the war. The unceremonious withdrawal was unsurprising in lieu of multiple claims of imposing strict restrictions on crypto trade and exchange in Canada.
Singapore became the next Asian country to join the Binance ‘block’ chain in 2021. With Binance’s parent company under manifold regulatory investigations, Singapore announced inspection of native Binance Holdings Ltd. activities in the nation.
“We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate,” authorities told Bloomberg.
Thailand joined the anti-Binance club today after a criminal investigation was ordered by the Securities and Exchange Commission (SEC) against Binance. Binance is getting scrutinized for illegally offering digital trade & exchange services by finding counterparty matches and inviting local Thai investors to get into digital trade & exchange agreements. If the criminal action against the exchange is proven Changpeng Zhao could potentially get imprisoned with over 500,000 baht fine.
Indecisive Binance Crackdown in the UK
Binance was ordered to halt all trade and exchange activities on their platform in Britain. The company could only function tasks through written approval from FCA. However, the strict prohibition was lifted within days after the FCA announcement. Investors could once again use Binance services to make crypto withdrawals and deposits.
Binance vacation at the Cayman Islands come to end
Cayman Islands Monetary Authority (CIMA) ordered a probe after news of unauthorized Binance headquarters at the location. Nonetheless, Binance declined all accusations and claimed itself as a ‘truly decentralized’ cryptocurrency platform with no physical headquarters. Similar news of Binance’s unlicensed office set up in the Cayman Islands was circulated in 2017, which was later shut down.