Regulators Crack Down on Crypto Exchange Binance in UK, Japan, Germany, and Ontario, Canada (wsj.com) 41
The Wall Street Journal reports:
Authorities in the U.K. and Japan took aim at affiliates of Binance Holdings Ltd., the world's largest cryptocurrency exchange network, in the latest regulatory crackdown on the wildly popular trade in bitcoin and other digital assets. The U.K. Financial Conduct Authority, the country's lead financial regulator, told consumers Saturday that Binance's local unit wasn't permitted to conduct operations related to regulated financial activities...
Binance Markets Ltd., the company's U.K. arm, applied to be registered with the Financial Conduct Authority and withdrew its application on May 17. "A significantly high number of cryptoasset businesses are not meeting the required standards" under money-laundering regulations, said a spokesperson for the FCA in an email. "Of the firms we've assessed to date, over 90% have withdrawn applications following our intervention."
Japan's financial watchdog issued a statement on June 25, saying that Binance isn't registered to do business in the country...
As of April, Binance operated the largest cryptocurrency exchange in the world by trading volume, allowing tens of billions of dollars of trades to pass through its networks, according to data provider CryptoCompare. It was founded in 2017 and initially based in China, later moving offices to Japan and Malta. It recently said it is a decentralized organization with no headquarters... The FCA move doesn't ban customers from using Binance completely; U.K. customers can continue to use Binance's non-U.K. operations for activities the FCA doesn't directly regulate, such as buying and selling direct holdings in bitcoin.
The Financial Times called the move "one of the most significant moves any global regulator has made against Binance" and "a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection." But more countries are also taking action, Reuters reports: Last month, Bloomberg reported that officials from the U.S. Justice Department and Internal Revenue Service who probe money laundering and tax offences had sought information from individuals with insight into Binance's business. In April, Germany's financial regulator BaFin warned the exchange risked being fined for offering digital tokens without an investor prospectus.
And CoinDesk adds: Binance is no longer open for business in Canada's most populous province, apparently choosing to close shop rather than meet the fate of other cryptocurrency exchanges that have had actions filed against them for allegedly failing to comply with Ontario securities laws.
Binance Markets Ltd., the company's U.K. arm, applied to be registered with the Financial Conduct Authority and withdrew its application on May 17. "A significantly high number of cryptoasset businesses are not meeting the required standards" under money-laundering regulations, said a spokesperson for the FCA in an email. "Of the firms we've assessed to date, over 90% have withdrawn applications following our intervention."
Japan's financial watchdog issued a statement on June 25, saying that Binance isn't registered to do business in the country...
As of April, Binance operated the largest cryptocurrency exchange in the world by trading volume, allowing tens of billions of dollars of trades to pass through its networks, according to data provider CryptoCompare. It was founded in 2017 and initially based in China, later moving offices to Japan and Malta. It recently said it is a decentralized organization with no headquarters... The FCA move doesn't ban customers from using Binance completely; U.K. customers can continue to use Binance's non-U.K. operations for activities the FCA doesn't directly regulate, such as buying and selling direct holdings in bitcoin.
The Financial Times called the move "one of the most significant moves any global regulator has made against Binance" and "a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection." But more countries are also taking action, Reuters reports: Last month, Bloomberg reported that officials from the U.S. Justice Department and Internal Revenue Service who probe money laundering and tax offences had sought information from individuals with insight into Binance's business. In April, Germany's financial regulator BaFin warned the exchange risked being fined for offering digital tokens without an investor prospectus.
And CoinDesk adds: Binance is no longer open for business in Canada's most populous province, apparently choosing to close shop rather than meet the fate of other cryptocurrency exchanges that have had actions filed against them for allegedly failing to comply with Ontario securities laws.
From other sources.. (Score:3)
https://www.reuters.com/world/... [reuters.com]
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so they're okay if Binance continues with unregulated activity?
No [theblockcrypto.com], because Binance withdrew their application for the crypto-assets register.
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Binance is a casino of Shitcoins. You don't need it anyway.
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Someone, supposedly Winston Churchill, answered this:
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June 27 (Reuters) - Britain's financial regulator has ordered Binance, one of the world's largest cryptocurrency exchanges, to stop all regulated activity and issued a warning to consumers about the platform which is coming under growing scrutiny globally.
Hmm... "stop all regulated activity," so they're okay if Binance continues with unregulated activity?
Yes. That's generally how regulations work...
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They're a bit coy on that.
https://www.fca.org.uk/news/ne... [fca.org.uk]
If feels they lack the authority or remit to intercede on the 'range of goods and services' offered via the binance.com website but generally disapprove.
Fear not, crypto will always have the same... (Score:1)
Re: Fear not, crypto will always have the same... (Score:3)
Right on (Score:2)
Yeah banks would never stoop to such levels.
https://www.reuters.com/articl... [reuters.com]
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Only if that can be done without exchanges. For BTC, for example, it cannot.
HODL!! (Score:2)
...because, uh, now you kinda don't really have a choice.
Binance should have known (Score:4, Insightful)
The established financial criminals don't like competition.
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Problem here is this is very similar to hospitalisation rates for unvaccinated people.
Those may be the same numbers but they have a different meaning. 95% of cases not requiring hospitalization among unvaccinated people means 50 out of 1000 people get hospitalized. The vaccine being 95% effective means that among vaccinated people this number is 95% lower, so only 2.5 out of 1000 people would get hospitalized (20x less than the unvaccinated control group).
Besides the Guardian article says 93% of the people in that age group are vaccinated, so even if 50% of the deaths are vaccinated, the
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Sorry but when 43% of all the covid hospital deaths are of people that had both jabs in a population where less than half the population have both jabs that means the vaccination is doing fuck all.
half the population vaccinated
half the deaths are vaccinated people
= the vaccination is not working against the delta variant.
The other stuff you said does not add up when you comprehend that simple fact.
The news the other day said the hospitals are filling up again, with half the population vaccinated, that shoul
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Just shut the fuck up, you don't have a clue what you're talking about and even just skimming your posts gives me serious douche chills.
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Sorry but when 43% of all the covid hospital deaths are of people that had both jabs in a population where less than half the population have both jabs that means the vaccination is doing fuck all.
That would be the case if the vaccination was given to random people. But it isn't. Vaccinations were first given to the most vulnerable people. People who drop like flies from Covid. Over 60 you are at high risk. Without a vaccine, you'd have 99% of deaths among over 60's.
With the vaccination, you have 50% unlucky vulnerable people who caught Covid even though they were vaccinated, and 50% people who would have been at low risk, but are now in the group with the highest infection rate, because they didn
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Yes the vaccination started with older people but in the UK they have worked the way through all age groups and they are currently vaccinating teenagers. So whilst this will make a difference because older people are a bit more likely to get vaccinated I don't think the affect on the figures is a big one overall.
I think the numbers you are stating are massively exaggerated. https://www.theguardian.com/wo... [theguardian.com]
The case rates by age group suggest that age is not a dominant factor in the way you suggest, far more
No government controlllll!!!! (Score:2)
But, but crypto is supposed to be free of government regulation! It's DECENTRALIZED!
This was such a pipe dream. Time to wake up.
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Crypto-currencies are still is 100% free of government regulation. Unfortunately, governments control fiat money and as such can prevent you from exchanging crypto for fiat and vice-versa.
Well, that is pretty much it (Score:2)
Regulation is the death of any exchange. I have some idea what they actually need to do to comply with the respective laws. One thing is that they will have to reliably identify all users. Another is full record-keeping of any and all exchanges, to be archived for 10 years. Another is yearly audits. And some more.
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Regulation is the death of any exchange. I have some idea what they actually need to do to comply with the respective laws. One thing is that they will have to reliably identify all users. Another is full record-keeping of any and all exchanges, to be archived for 10 years. Another is yearly audits. And some more.
Well they wanted their little tokens to be treated like a currency.
Be careful what you wish for.
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Indeed
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One thing is that they will have to reliably identify all users. Another is full record-keeping of any and all exchanges, to be archived for 10 years. Another is yearly audits. And some more.
The identification will be required upfront, and specific proof of identity and/or proof of address will be required once the customer hits a specific transaction threshold. The archival period of the transactions will vary based on the specific implementation of PSD2 (or divergence from it after BREXIT). At the moment, it is 5 years after the end of the contractual relationship between the exchange and the customer but can be extended to 10 years by the local regulator. The game then becomes one of definit
Just another nail... (Score:2)
Regulation is another nail in the coffin of crypto-currencies just like, scammers, ponzi schemes, energy, diminishing returns, unscalability.
What will finish them of in the next few years are
Quantum machines, which will render them crypto-currencies worthless in the next few years.
The holders are starting to wise up this threat which is why they are desperately pumping them up and dumping them.
People should expect them to halve in value in each of the next few years, until they reach the level were they are
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My opinion (Score:1)
crypto trade (Score:1)