It’s very clear now to run a centralized exchange, you need a centralized, legal entity structure behind it.” “When we first started, we wanted to embrace the decentralized principles, no headquarters, work all around the world, no borders. Due to these hurdles, CEO Changpeng Zhao assured that the organization will part with its decentralization principles: Two months later, the company settled its problems with the agency, complying with “all aspects of its requirements.”Īpart from the UK, Binance struggled with issues in Italy, Germany, the Netherlands, and South Africa. No other entity in the Binance Group holds any form of UK authorization, registration or license to conduct a regulated activity in the UK.” “Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. In June 2021, the UK’s Financial Conduct Authority (FCA) issued a warning to Binance that it could not operate in the country the way it was until then: The trading venue had to cope with multiple issues with global watchdogs last year. The token has a market capitalization of over $345 million (according to CoinMarketCap’s data). Currently, it trades at $0.008189, which is a 10% decline compared to yesterday’s figures. The delisting negatively affected AMP’s price. The step is not final since the firm revealed it could bring back the token “until more clarity exists” around its classification. Effective from August 15, users will no longer be able to buy or sell it. Additionally, the regulator identified nine tokens listed by the exchange as securities.īinance US was quick to react and vowed to delist the only coin it supports from that club – AMP. Last week, the agency filed fraud charges of insider trading against the former manager at Coinbase – Ishan Wahi. The company’s listing process includes a Digital Asset Risk Assessment Framework – a feature that explores whether all tokens are listed according to necessary law requirements.ĭespite its due diligence procedure, Binance US operates as a flexible entity ready to satisfy the SEC’s obligations. ![]() In a recent announcement, the trading venue said it is committed to “transparency and consumer education” and supports the regulatory requests issued by the watchdogs. AMP, though, is the only one among those that Binance US provides access to. The financial regulator named nine tokens in total that classify as such. The decision comes as a result of the US Securities and Exchange Commission’s recent insider-trading case, which identified the asset as a security. The American subsidiary of the world’s leading cryptocurrency exchange – Binance US – disclosed it will no longer support the Amp token (AMP) on its platform.
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