Tag: binance

Binance Crypto Exchange to Sell Its Russia Business to CommEX for Undisclosed Amount

Cryptocurrency exchange Binance said on Wednesday it will sell its Russia business to newly-launched exchange CommEX, becoming the latest company to pull out of Moscow since the country began its war against Ukraine.

Binance, the world’s largest cryptocurrency exchange, did not disclose financial details of the deal. The company said it will have no ongoing revenue split from the sale, nor will it maintain an option to buy back shares in the business.

“As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy,” Chief Compliance Officer Noah Perlman said, without referring to the war in Ukraine, which Russia calls a “special military operation.”

Binance also said that all the assets of its existing Russian users were safe and that there will be an orderly process for the migration of users. The divestment process will take up to one year, it added.

CommEX is a centralized cryptocurrency exchange backed by crypto venture capitalists, according to its website. The company only launched its exchange on Tuesday. It did not respond to a request for comment on the Binance deal.

Many Western companies, including the likes of Renault, Shell, McDonald’s and others, have agreed to sell their Russian assets or hand them over to local managers to take action to comply with sanctions over the war in Ukraine and deal with threats from the Kremlin that foreign-owned assets may be seized.

Last month, Mastercard announced that the company and Binance exchange would end their four crypto card programmes in Argentina, Brazil, Colombia and Bahrain as of September 22. The Binance cards allow users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange.

Binance is also facing legal and regulatory challenges. US regulators sued the crypto exchange and its CEO Changpeng Zhao in June for allegedly operating a “web of deception.” Binance has said it would defend itself “vigorously.”

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Mastercard, Binance to End Crypto Card Programmes in Four Countries

Mastercard and crypto exchange Binance will end their four crypto card programmes in Argentina, Brazil, Colombia and Bahrain as of September 22, a spokesperson for Mastercard said via email on Thursday.

The Binance cards allow users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange.

Mastercard’s website also lists partnerships with crypto exchanges including Gemini. The decision will not impact any of Mastercard’s other crypto card programmes, the spokesperson said.

Binance is facing legal and regulatory challenges. US regulators sued the crypto exchange and its CEO Changpeng Zhao in June for allegedly operating a “web of deception.” Binance has said it would defend itself “vigorously.”

Mastercard’s head of crypto and blockchain, Raj Dhamodharan, told Reuters in April that the company was seeking more partnerships with crypto firms. He declined to comment on Binance specifically, but said any card programme “goes through full due diligence” and is continuously monitored.

A Mastercard spokesperson declined to comment on why the Binance programme was ending or who made the decision.

Binance did not immediately respond to a comment request sent via email. The exchange’s customer support account on X, formerly known as Twitter, said earlier on Thursday that the Binance Card “will no longer be available to users in Latin America and the Middle East.”

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Binance’s Crypto Debit Cards to Stop Working in Some Regions Where Initiative Failed to Soar as Expected

Binance’s crypto debit cards will be suspended in Latin America as well as Middle East nations starting August 25. While Binance has not given a concrete reason behind its decision, it could be motivated by the lack of hype for the project in the regions. In a statement posted on X, Binance said less than one percent of its users would be affected by this decision, indicating that the cards did not see widespread adoption in these regions.

Complaints about Binance’s crypto debit cards not working properly had started to emerge on X since the beginning of this week. Binance replied to one such complaint revealing the development.

“Only a tiny portion of our users (less than one percent of users in the markets mentioned) are impacted by this. Users of this product will have until September 21, 2023, when the card will no longer be available for use,” Binance customer support mentioned in the tweet.

The crypto debit cards that Binance issues, allows its holders to pay for day-to-day utilities and purchases via a select number of cryptocurrencies. Holders can choose to buy crypto with different fiat currencies by entering the fiat amount they choose to convert and swipe the cards for purchases, the company website explains.

These crypto-supported payment cards were first announced by the exchange in April 2020. The cards still function in European nations, where they were launched around July 2020.

Binance, which is facing an SEC probe in the US over its business practices, has been realigning a lot of its operations amid shaky market conditions.

This month, the company reportedly shut down its fiat-to-crypto platform Binance Connect, a service that used to let its users process fiat-to-crypto payments.

At the time, the exchange had said that it wants to keep its focus on projects that promise long term returns.

In order to bring in more funds into the company, Binance has also been marking its entry into lucrative markets like Japan and El Salvador.

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Binance Pulls the Shutter Down on Its Fiat-to-Crypto Platform Binance Connect a Year After Launch

Binance, reeling under the scrutiny from the US Securities and Exchange Commission (SEC), is taking measures to reorganise its business strategies. In a fresh development, the crypto exchange reportedly shut down its fiat-to-crypto platform Binance Connect on Wednesday. The platform was launched just a year ago in March 2022. Its main aim was to let retailers accept payments in the form of cryptocurrencies. The exchange plans to keep its focus on projects that promise long term returns.

“At Binance, we periodically review our products and services to ensure that our resources continue to be focused on core efforts that align with our long-term strategy. We consistently adapt and modify our business approach in response to changing market and user needs,” a CoinTelegraph report quoted a company spokesperson as saying.

The move was also confirmed by Biswap, a decentralised exchange built on Binance’s BNB Chain, on X (formerly Twitter).

Binance Connect used to let its users process fiat-to-crypto payments that bridged the gap between crypto and traditional finance. The platform had listed 50 cryptocurrencies at the time of its launch and had partners like Mastercard and Visa.

After promising crypto projects like FTX and Terra collapsed last year, community members were left high and dry. This could have led to a reduction in crypto-friendly retailers processing payments via cryptocurrencies.

The company has retracted services previously as well because of various reasons. In May last year, for instance, the exchange disabled its derivatives services in Spain because the authorities there reportedly believed that such offerings triggered operational complexity for investors and exposed them to the risk of losing more than what they had invested.

Binance has been under increased regulatory scrutiny in the US, too. The crypto exchange is in the crosshairs of the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC). For now, Binance has filed for a protective court order against the US SEC, claiming that the regulator’s requests for information in its ongoing case against the exchange have been “overbroad” and “unduly burdensome.”

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Binance Lists 34 Cryptocurrencies in Japan as it Re-Enters the Country

Binance has re-entered Japan after a brief hiatus and the exchange has listed 34 cryptocurrencies for Japanese traders to invest in for the time being. The crypto exchange, based in the US, has turned its focus to Japan where the leadership has decided to take a pro-Web3 approach. Japan’s Prime Minister Fumio Kishida has been looking to churn more revenue in the nation and he has extended open invitations to crypto and Web3 players to set up shops in Japan.

“We are proud to announce the launch of Binance Japan. Previously known as Sakura Exchange BitCoin (SEBC), the licensed local cryptocurrency exchange service provider that Binance had acquired in November 2022, has undergone a business name change to become Binance Japan,” the crypto exchange announced in a formal statement on August 1.

Bitcoin, Ether, Cardano, Dogecoin, and Shiba Inu are among the 34 cryptocurrencies that have been listed by Binance in Japan for now.

With this, Binance’s native BNB token has also made a splash into the Japanese market for the first time. At the time of writing, the BNB token was trading at the price point of $245 (roughly Rs. 20,200), as per Gadgets 360’s crypto price tracker. Its total market cap currently stands at $37.7 billion (roughly Rs. 3,11,500 crore).

For the first phase of its roll out there, Binance is allowing people to deposit funds in the form of the listed cryptocurrencies or as JPY. On the other hand, withdrawals in JPY will be offered after August 20.

“By offering regulated exchange services in Japan, we’re hoping to bolster the development of the Japanese digital-asset market. The country’s drive for technological innovation and growing interest in blockchain technology make it a fantastic place to build a robust and sustainable Web3 ecosystem,” the company added in its statement.

Binance and its rival Coinbase have been facing scrutiny in the US with the Securities and Exchange Commission opening probes on their business operations.

The companies have been looking at other markets meanwhile, where the changes to boost their crypto businesses could be better.

Japan, at this point, is pitching itself as the next big hotspot to incubate Web3 projects. The country is looking to generate employment numbers to help its citizens, as well as its economy, via Web3 projects.

“Web3 is part of the new form of capitalism,” Kishida reportedly said in his keynote address for the WebX conference in Tokyo, Japan last month.

Binance withdrew its Japan operations due to lack of relevant licences in 2018. At the time, Japan’s Financial Services Agency (FSA) had insisted Binance to provide compliance proofs before resuming services in Japan.

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Coinbase Chief Brian Armstrong to Meet US Lawmakers to Discuss Crypto Future

Brian Armstrong, the CEO of Coinbase crypto exchange, is looking to meet with policymakers from the US. The agenda of Armstrong’s rendezvous with the Democrats revolves around opening discussions on the future of the digital assets sector in the US. Valued at $1.2 trillion (roughly Rs. 98,47,344 crore) as of Tuesday, July 18, the crypto sector is largely unregulated around the world and is infamous for its volatile nature that poses financial risks to its investor community.

Armstrong, is his meeting, is expected to address topics like crypto taxes, concerns around privacy and data collection, as well as the current industrial climate around crypto in the US, an Aljazeera report said, citing an anonymous New Democrat Coalition spokesperson. The date of this meeting remains undisclosed.

The development comes after Coinbase has been in a scuffle with the US Securities and Exchange Commission (SEC) since earlier this year. The SEC has alleged that the exchange along with its competitor Binance, had failed to disclose and register their complete operational portfolio with the federal agency.

On the other hand, crypto exchanges have argued that crypto tokens are not securities and hence should not fall under the oversight of the SEC.

Since the US does not have a concrete rulebook to govern the crypto sector, the Web3 industry players as well as community members are often running into legal and financial troubles, that hinders the growth of the overall sector.

Last month, Republican representative Patrick McHenry, chairman of the House Financial Services Committee had said that in the coming weeks, he intended to hold a committee vote on a comprehensive bill concerned with governing the cryptocurrency sector.

Meanwhile, the crypto sector has received scepticism in the US Senate by senior members including Senators Sherrod Brown and Elizabeth Warren.

As of February 2023, a report by Coinbase estimated that 20 percent of US residents, that make for around 50 million people, owned cryptocurrencies. For most Americans, the interest towards cryptocurrencies is on the rise because they feel that the global financial system unfairly favours the interests of the powerful.

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Binance’s European Banking Partner Paysafe to Stop Offering Wallet Solution to Crypto Exchange From September

Paysafe Payment Solutions, Binance’s European banking partner, said on Thursday it will cease offering its embedded wallet solution to the US cryptocurrency exchange across the European Economic Area (EEA) from Sept. 25.

“Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months,” Paysafe said in an email to Reuters.

Binance confirmed the news and said it would change the banking provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA) but did not reveal any details about the new partner.

“Binance will provide more information in due course,” a company spokesperson said.

Binance typically accesses SEPA via payment intermediaries.

In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com will remain unaffected, the spokesperson added.

Paysafe’s decision comes at a time when Binance is facing scrutiny from regulators keen to clamp down on money laundering.

Earlier this month, Binance and its US affiliate entered an agreement with the Securities and Exchange Commission to ensure US customer assets remain within the country until a sweeping lawsuit filed by the regulatory agency is resolved.

Binance tied up with Paysafe last year to allow its users to deposit sterling via Faster Payments, a network that oversees payments and bank account transfers in Britain. 

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Binance Said to Be Under Investigation in France for Illegal Canvassing, Money Laundering

Binance, the largest cryptocurrency exchange, is under preliminary investigation by the Paris prosecutors office for both illegal canvassing of clients and aggravated money-laundering, French daily Le Monde reported on Friday.

“In France, on-site visits by regulators and inspectors are part of regulatory obligations to which all financial institutions must adhere. We had an on-site visit last week by the relevant authorities,” a Binance spokesperson said.

“We will not comment on the specifics of law enforcement or regulatory investigations except to say that information about our users is held securely and only provided to government officials upon receipt of documented appropriate justification.”

The Paris prosecutors office did not immediately reply to a request for comment.

The reported investigation follows various setbacks for Binance including a June 5 decision by the US Securities and Exchange Commission (SEC) to charge the company with evading securities laws. Binance disputes the SEC charges.

Earlier on Friday, the company said it was leaving the Dutch market because it had been unable to meet registration requirements to operate as a virtual asset service provider.

In May last year, Binance said it had registered with France’s market regulator, adding it was seeking to open a regional headquarters in France.

A group of French crypto investors filed a criminal complaint against Binance in December, accusing it of misleading the public and promoting its services before it was legally allowed to do.

It was unclear if it was that complaint that led to the preliminary investigation by Paris prosecutors.

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Binance to Leave Netherlands After Failing to Meet Registration Requirements

Binance, the largest cryptocurrency exchange, said on Friday that it was leaving the Dutch market because it had been unable to meet registration requirements to operate as a virtual asset service provider.

It is the latest in a string of setbacks for Binance including the June 5 decision by the US Securities and Exchange Commission (SEC) to charge the company with evading securities laws. Binance disputes the SEC charges.

A spokesperson for Binance, which had been operating in the Netherlands without permission from regulators, said that the company had tried “many alternative avenues” to meet Dutch registration requirements.

“While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators,” they said.

The company said that starting July 17, trading in the Netherlands will be halted and existing Dutch users will only be able to withdraw assets from its platform.

The Dutch Central Bank (DNB), which registers financial service providers in the Netherlands said it had previously warned the company it was operating in the Netherlands without proper registration and then fined it for the same reason in January.

Binance has also recently announced plans to leave Cyprus, Canada and Australia.

The company said on Friday however that it has received registration in other European Union countries, including France, Italy, Spain, Poland, Sweden and Lithuania, and will continue to operate there.

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Binance Operations Declared Illegal by Nigerian Market Regulator, Asked to Discontinue

Nigeria’s markets regulator has ordered the world’s largest cryptocurrency exchange Binance to halt its operations in the country, saying a local unit that courted Nigerian investors through a website was illegal.

“Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” the Securities and Exchange Commission (SEC) said in a statement dated June 9. It said the company was not registered or regulated, making it illegal.

Binance could not be immediately reached for comment.

The US Securities and Exchange Commission this week sued Binance and Coinbase for allegedly breaching its rules.

Last year, Nigeria’s SEC published a set of regulations for digital assets, signalling Africa’s most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use.

That was after Nigeria’s central bank in 2021 banned banks and financial institutions from dealing in or facilitating transactions in digital currencies.

Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, for example using peer-to-peer trading offered by crypto exchanges to avoid the financial sector ban.

Meanwhile, the US affiliate of Binance said it was halting dollar deposits and gave customers until Tuesday to withdraw their dollar funds, after the US securities regulator asked a court to freeze its assets.

Binance.US, the purportedly independent partner of Binance, said in a tweet on Thursday that its banking partners were preparing to stop dollar withdrawal channels as early as June 13.

The SEC sued Binance, its CEO and founder Changpeng Zhao, and Binance.US’s operator on Monday, in a dramatic escalation of a crackdown on the industry by US regulators. The SEC sued major US exchange Coinbase a day later.

Binance.US said in the tweeted customer notice that it would no longer accept dollar deposits as part of plans to change to a “crypto-only exchange”. It called the SEC’s civil charges “unjustified” and said it would “vigorously defend” itself.

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