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Saturday, September 25, 2021

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Binance wants to break the fence of financial supervisors

Binance, one of the largest cryptocurrency trading platforms, has been under suffocating pressure from financial supervisors for weeks.

The last to join the list has been the Italian, who this Thursday warned that Binance does not have authorization to operate in the country. A warning that was collected by the CNMV on its website.

Previously, it was the British regulator that prohibited the crypto-asset platform from conducting activities in the United Kingdom. And the Netherlands have also joined in on these alerts. Japan and Germany They were among the first to show their concern about the use of cryptocurrencies in money laundering.

Step forward from Binance

Suffocated by regulators, managers of Coinbase They have taken a step forward by announcing that, with immediate effect, it will demand more rigorous controls from its clients to reinforce the effort it is making against money laundering.

This platform, whose holding company is registered in the Cayman Islands, has reduced its product offering and assured that it wants to improve relations with regulators.

Binance users will need to complete a verification process to access its products and services, the company reported on its website. Those who do not, will only be able to withdraw funds, cancel orders and close positions.

The move represents a big change for Binance. Until now, the platform barely controlled the clients that operated on it.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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