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From a regulatory point of view, Binance Coin seems to be in trouble all the time. New allegations of money laundering It was started by Reuters news agency.
Binance Coin Pitfalls Are Endless
Last January, in a long report, Reuters The Binance exchange has accused it of concealing that it has been quite lax in terms of controls on its platform. This could lead to money laundering or other illegal transactions, according to Reuters. Can be run through Binance.
A few days ago, the world’s most famous Anglo-Saxon news agency repeated and developed this concept. Binance has been accused of trying to wean itself from regulators, for example, by backdating documents and other similar ploys. Recently, however, Binance appears to be moving towards a policy of being compliant in all countries where it operates, as it recently implemented. France When Italy Even in other countries, such as recent Cyprus.
#binance Cyprus Registration of Cryptocurrency Service Providers Receives Fourth Regulatory Approval in Europe 🇨🇾
This registration will enable us to offer spot, custodian, staking and card services in the country.
Read more ⤵️https://t.co/ws98asmIAF
— Binance (@binance) October 20, 2022
In its article, Reuters recalled that in September 2021, Binance was indicted by the U.S. Department of Justice on charges of money laundering, among other things. In fact, according to news agency reports, the exchange uses its own subsidiaries to avoid scrutiny, so its actions always balance the legality and illegality.
UK problem
according to news The exchange’s biggest problem is reportedly with the London Stock Exchange regulator, the FCA, who two years ago banned the exchange from operating in the UK, citing a lack of transparency and a lack of licensing. was prohibited. In the article, Reuters talks about the exchange submitting false documents to her FCA to evade regulatory restrictions.
Officials say Binance was involved in money laundering last year. over $2 billion.
Growth of Binance Coin (BNB)
exchange founded by Zhao Changpeng In the past few years of almost non-stop growth, it is said that they have overlooked regulatory issues and even taken advantage of the vacuum that exists in the industry from a regulatory perspective.
The company’s growth is clearly demonstrated by the exponential growth of the BNB coin. The BNB coin is still able to defend itself despite the market crash, making it one of the best performing assets in the market in the face of averages over the past few months. Cryptocurrencies have collapsed 60/70% or even 90% in the past year. for example, Bitcoin down 65% from its high a year ago, ethereum is down 63%.
Clearly, investors are optimistic about the exchange’s ability to become one of the benchmarks not only for the cryptocurrency market, but for a very exciting market involving decentralized finance and cryptocurrencies. NFTs.
Binance Custody Service Gets More Secure
However, to avoid these accusations and demonstrate a more compliant behavior to protect the rules of the financial markets and its users, there is fresh news regarding the exchange’s cryptocurrency custody service. The company recently announced that he, an industry leader in blockchain analytics and intelligence technology, will integrate risk management tools from TRM Labs into its custody services.
This integration will allow Binance Custody to better ensure regulatory compliance and risk management programs by its clients, precisely through TRM’s platform.
Binance Custody will launch in December 2021 and is one of the most security- and privacy-focused user-facing services on the market. Since its inception, the company has paid close attention to security details and adherence to the highest security standards, has obtained ISO 27001 and ISO 27701 certification and SOC 2 Type 1 certification, and currently has SOC 2 Type 2 certification. I am getting
Now, with the integration of services from the TRM platform, we are trying to precisely counter phenomena related to financial crimes such as money laundering crimes, for which Binance is held responsible in multiple places.
Athena YuEVP of Binance Custody said:
“As institutional administrators, our top priority is to provide a secure and compliant service that our clients can rely on. Our custody solutions will be enhanced to enable our clients to participate securely in this fast-growing digital economy.”
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