“And I think especially given Covid, it has shown that you could do productive work from home or anywhere in the world, especially with today’s communication technology. Why FCA, di UK financial regulator ban Binance, and how di Company take respond. “You don’t necessarily need to be in the office to be productive,” CZ said. While Binance has said it’s been on the look for international headquarters, CZ said in a video the crypto exchange released last week that headquarters is “a concept.” “For similar reasons, XREX has been increasing its investments into the local offices of strategically important jurisdictions such as Singapore, India and South Africa,” Chye said. XREX is a Taipei-headquartered crypto-fiat exchange and trade technology platform.Ĭhye said setting up physical headquarters is essential, as “a robust physical presence signals a commitment by companies to furthering their investment horizon, growing talent bench-strength, and creating sustainable success in the region.” “Naturally, given the nascency of crypto technology, one would expect a reasonably longer consultative process for regulatory approvals, particularly for larger companies with wider-ranging crypto-enabled financial services,” Christopher Chye, managing director of XREX Singapore and director of product of XREX Inc., told Forkast.News. Not just with Binance, compliance has been on the minds of many crypto-related service providers around the world. In early December, Binance announced a cooperation agreement with the Dubai World Trade Centre to “help advance Dubai’s commitment to establishing a new international virtual asset ecosystem.” On May 12, Binance, the world’s largest crypto exchange, announced it was pulling out of the country because it didn’t agree with new regulations put in place by the Canadian Securities Administrators. However, the world’s largest crypto exchange seems to have some luck in the Middle East region. Even in a crypto winter, the Canadian cryptocurrency landscape remains in flux. after it was told to close down its business there back in June. Also in December, Binance CEO Changpeng Zhao told the Sunday Telegraph that the company is working to rebuild its operations in the U.K. On top of Singapore, similar regulatory actions have been taken in countries including the United States, Japan, Italy, Australia, the U.K. FTX hit a valuation of 32bn at the start of this year, with blue-chip investors including BlackRock, Canada’s Ontario Teachers. In December, Binance said its Singapore entity had withdrawn its application to the Monetary Authority of Singapore (MAS) for a license to operate a regulated crypto exchange in the country, while in the same month the company disclosed it was acquiring an 18% stake in Hg Exchange, a private securities exchange that has obtained a recognized market operator license by MAS. US-listed crypto exchange Coinbase dropped about 14 per cent. “The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others.”īinance’s latest move in Bahrain comes as a rare piece of good news as it has encountered regulatory woes in many jurisdictions over the past year. “Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption,” Changpeng Zhao (CZ), founder and CEO of Binance, said in the statement. The in-principle approval from the Middle East kingdom still requires Binance to complete the full application process, “which is expected to be completed in due course,” Binance said. Meanwhile, Binance has received in-principal approval from the Central Bank of Bahrain (CBB) as a crypto-asset service provider, according to a Dec. She said: "This comes after Japan's Financial Services Agency warned last week that Binance was conducting unauthorised trade in cryptocurrencies with Japanese citizens."īinance, however, has informed its clients the FCA ban will not have a "direct impact" on its services.īinance provides an online crypto exchange through the website OSC has given green light to six crypto trading platforms - Wealthsimple, Fidelity, Coinberry, Netcoins, CoinSmart and Bitbuy. Although the FCA does not regulate the trade of cryptocurrencies, exchanges that list virtual currencies are required to register with the FCA.īinance drew the FCA's ire by not registering with the regulator.Īccording to Alexandra Clark, Sales Trader at the UK based digital asset broker GlobalBlock, the ban effectively prevents Binance from advertising or carrying out regulated activities in the UK.
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