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Chile warns Binance in its territory for this reason

Following its recent ban in Malaysia, Chile has now marked the firm as an unsupervised entity to provide services in its territory. The details

It is Binance the new cryptocurrency kid? Regulators in the United States, United Kingdom, Canada, Japan, Thailand, and the Cayman Islands issued warnings and even criminal complaints against the cryptocurrency exchange. Even Poland came onto the scene, as its financial regulator warned citizens to exercise “extra caution” when using Binance’s trading services.

The most recent was Malaysia, where, according to a published announcement, the country’s Securities Commission (SC) issued a public reprimand against the exchange, requiring it to all its entities stop operating in the country. Now, a new nation could increase the signing of its territory and is South American.

Is about chili, where the Commission for the Financial Market (CMF) reported that Binance, together with financial and trading entities Omegapro and Swedencap, are not regulated or listed in the agency’s records, as indicated by it on its website.

In the case of Omegapro, which offers investment services, it was branded by the CMF as a unauthorized entity to provide financial services in Chile.

“This entity is on the black list of the French Financial Market Authority and that also the Spanish National Securities Market Commission made a warning to the public informing that Omegapro does not have authorization to provide investment services, “they clarified on their site.

Particularly regarding the exchange, they affirmed that it is an unsupervised entity, so it does not have authorization to provide services in the country, the same case as for Swedencap.

“Also the Financial Conduct Authority (FCA) from United Kingdom made an alert last month given that Binance Markets Limited and Binance Group do not have authorization from said regulator to provide investment services, “they added, and gave the case of the European state as an example.

In addition, the public entity recommended to its investors that, prior to making an investment, seek more information about the products and companies with which you are considering investing.

The Chilean commission warned Binance for

The Commission for the Financial Market (CMF) of Chile reported that Binance is not regulated or listed in the agency’s records

The sayings of its founder

The founder of Binance Holdings Ltd., a cryptocurrency exchange that is at the center of a global crackdown on non-compliance, saw the company’s problems as partly the result of its rapid growth.

“Binance has grown very fast and we have not always done everything perfectly well, but we are learning and improving every day,” said the CEO, Changpeng “CZ” Zhao, on a blog.

“We look forward to clarifying and reiterating our commitment to collaborate with regulators, and that we are proactively hiring more talent, putting more systems and processes in place to protect our users,” he added.

The platform, the largest in the world by reported turnover, was hit by a series of measures in recent weeks. A subsidiary in the United Kingdom was the subject of a campaign by the Financial Conduct Authority (FCA, for its acronym in English), which led to Barclays Plc to suspend credit and debit card payments to Binance.

The CEO of the company came out to share his vision and position on the company

“The decision was made following the FCA’s warning to consumers, to help keep our customers’ money safe,” a Barclays spokesman slipped.

The Japan Financial Services Authority issued a warning about the bag. The Securities and Exchange Commission of Thailand filed a criminal complaint against Binance with a division of the Royal Thai Police for operating a digital asset business in the country without a license.

The Cayman Islands financial regulator He asserted that Binance was not authorized to operate in the territory. Singapore announced that it would follow up after the actions of other regulators.

Binance also had to “temporarily suspend” bank deposits in euros from one of Europe’s leading payment networks, according to Reuters, citing an email sent to users.

Binance is having problems in several countries, and that is reflected in its operations

All of this adds up to investigations in the United States, where the Department of Justice, the Internal Revenue Service and the Commodity Futures Trading Commission (CFTC) are investigating the company, although they did not accuse it of wrongdoing.

“We know that we are at the inflection point, along with the industry in general,” Zhao stressed.

In addition, he explained the steps the company took, including expanding its international compliance team and advisory council by 500% from last year, creating compliance partnerships, and locating operations and businesses to comply with local regulations.

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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