Last was Binance come under pressure from regulators around the world. Now the largest crypto exchange wants to take the pressure off the boiler with a bundle of measures.
United Kingdom, Japan, Canada, the Cayman Islands, Thailand, the USA and Germany – the list of countries whose regulatory authorities have targeted Binance has recently become longer and longer. One of the problems: Binance doesn’t have a real headquarters, at least not an official one. In Germany, the offer of shares deposited with crypto tokens has been criticized by the financial market supervisory authority. Consumer protection also plays a role. Binance is now taking countermeasures.
Binance throws after criticism of shares Token out
On Monday, the world’s largest crypto exchange announced that it would reduce the maximum leverage on its futures platform. In addition, the criticized share tokens are to be removed from the offer. Instead, the focus will be on other products, as CNBC also writes. On Tuesday, Binance CEO Changpeng “CZ” Zhao added one more time. In a one-hour press conference, CZ announced a whole series of further measures with which the crypto exchange intends to meet the requirements of the regulatory authorities in the future.
So Binance wants a number of regional branches around the globe Set up solutions and purchase licenses there, so that is possible. However, the Binance CEO did not want to say anything about the current disputes with the regulatory authorities. Only this much: they will work actively with the authorities in order to stay within the crypto-specific legal framework at all times. Users with a basic account should now only be able to transfer 0.06 instead of the previous two Bitcoin per day.
Also a new tool that allows users to keep an overview of possible taxes on their crypto Should keep transactions, mentioned CZ via Twitter. This can be connected to third-party control tools via an API. CZ denied an alleged withdrawal from the CEO position, which some media had reported, but did not rule out that it would make way for a subsequent person. In any case, Binance is looking for employees with experience in regulation and compliance.
Binance: Consumers: Interior protection is important to us
“Binance is ready to support regulatory authorities from all over the world and work with them to find the best way to create fair conditions, ”said CZ via Twitter. Consumers: after all, interior protection is important to everyone, including Bincance. In any case, the crypto exchange wants to create a sustainable ecosystem around blockchain technology.
