Binance has garnered a slew of recent headlines as regulatory scrutiny returns to the crypto market.
Binance’s Regulator Issues
Binance apparently withdrew its Singapore application to sell cryptocurrency services last month. The investigation said that Binance does not adhere to the Monetary Authority of Singapore’s anti-money laundering and anti-terrorist financing regulations.
Binance’s difficulties in December were not it’s first; the company has already fought tough battles with various regulators across the world. Additionally, the United Kingdom and the United States have implemented limitations on Binance. Regulators reportedly tightened limits in response to suspicions of insider trading and money laundering, as well as other alleged violations.
Despite its difficulties in the UK, Binance has announced ambitions to expand its services to the country over the next six to eight months.
Binance and the Ontario Securities Commission of Canada (OSC)
Binance cooperated with officials last week in order to continue operating in Ontario, Canada. The worldwide cryptocurrency exchange had previously informed its users that it “will continue to operate in Ontario following an agreement with the provincial regulatory authority.” Binance has announced intentions to discontinue operations in the Canadian province of Ontario in June.
However, 2022 does not appear to have improved Binance’s standing with the authorities. It was stated this morning that OSC limitations on Binance Ontario users will stay in place. Ontario residents are not able to trade and are forbidden from creating new accounts, according to the article. Furthermore, the OSC will continue to prohibit Binance from selling its services to residents of Ontario.
Following Binance’s declaration last week that it will continue operations in Ontario, the company met with the Ontario Securities Commission. Binance apparently acknowledged that their prior release had a “miscommunication.”
The OSC’s comments signal that Binance may face difficulties resolving its Ontario issues in the near future. According to the report, the OSC claimed that “Binance has rescinded this pledge by issuing a message to its users without notifying the OSC.” This is intolerable.” Binance previously stated that it would prohibit new transactions involving citizens of Ontario after December 31, 2021.
Binance and its Commitment to Regulation
Binance, according to a blog post, acknowledges the breadth of duties required to become the industry leader. Binance reaffirms its commitment to working with authorities internationally and responsibly to support industry development and innovation.
To demonstrate its dedication to regulatory compliance, Binance engaged Greg Monahan in August to work out difficulties with authorities. Monahan formerly worked for the United States government as a cybercrime specialist.