Binance stops several crypto trading services in Australia because the regulatory problems are constantly
Binance stops several crypto trading services in Australia because the regulatory problems are constantly
In a (n Announcement Headers no longer offer certain products.
An end of the derivative trade in Australia
Binance continues to examine how it can work well with global regulatory authorities. By hiring the derivative trade in Australia, Binance believes that it can be on the safe side of the law. Therefore, Australian retailers cannot complete their positions after the arrival of December 23, 2021.
In addition, the stock exchange closes every open position after the deadline. Binance has published another Directive Annustralier in August 2021. The report said Binance that it would prevent Australian users from opening an account with the stock exchange. It prevents traders from creating margin products, options and levered token accounts.
The compliance trip
The majority of the countries are against the product offers that Binance offers users. For example, the Kaiman Islands claim that the stock exchange illegally operates in the region. The regulatory authority of the island says that Binance Digital Asset Services offers without a license.
In order to host such products in the region, companies have to obtain an exemption from the Cayman currency authority. The Netherlands had a similar argument in August 2021 with Binance. According to the Dutch Central Bank, the platform offers cryptopods without official registration.
The bank also says that Binance could suspend illegal financing and money laundering activities. Other countries that are conflict with the offers of Binance are Holland, Japan and Great Britain
Centralization
This shows the latest development Binance can take over the centralization of his activities. The head of Binance, Changpeng Zhao, admits that centralization can improve compliance status. The statement means that the platform could reveal its headquarters in the future.
The disadvantage, however, is that the governments may constantly monitor the financial transactions of customers. The disclosure of such data violates the basic rules of the crypto room in relation to privacy. In the long term, the integration of financial supervisory authorities also enables Binance to work without conflict. Therefore, the stock exchange can ensure license support by global regulatory authorities.
A look at all business events of today can be found in our economic calendar.