Binance Restricts US Trading With Prime Broker Checks: Report
Key Points:
- Binance is implementing stricter checks to limit US investors’ access, following a plea deal with US authorities.
- Last year, Binance faced a $4.3 billion penalty for violating US anti-money-laundering and sanctions laws.
According to Bloomberg, Binance restricts US trading following a $4.3bn penalty for violating US laws. The crypto exchange has tightened listing requirements and is focusing on compliance.
Following last year’s plea deal with US authorities, Binance, the world’s largest crypto trading venue, has reportedly asked prime brokers to implement stricter checks to limit US investors’ access to the crypto exchange.
Binance Restricts US Trading: What Does it Mean for American Investors?
The checks involve inquiries about office locations, where employees and founders are based, and require signed attestations from respondents affirming the accuracy of their responses.
In November, Binance pleaded guilty to violations of US anti-money-laundering and sanctions laws, resulting in a landmark $4.3 billion penalty.
The Department of Justice reported that the global platform targeted US customers, including larger traders who deepened liquidity on the exchange, while refusing to comply with the relevant American legislation.
Readmore: Solana Memecoin Slerf Burns $10 Million In Presale Funds: A Novel Case Study
Leadership Transition and Binance’s Market Share Recovery
Under the new scrutiny, Binance has tightened requirements for listing new digital tokens. The exchange is fully committed to compliance, as the company stated, and has made public its assessment of end users who can access the Binance platform.
Binance’s co-founder Changpeng Zhao stepped down as CEO under last year’s plea deal, entrusting successor Richard Teng with the task of rebuilding the exchange’s reputation and market share under the US’s watchful eye.
Despite the challenges, Binance’s share of global spot crypto trading volumes has recovered to roughly 40%.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Binance Restricts US Trading With Prime Broker Checks: Report
Key Points:
- Binance is implementing stricter checks to limit US investors’ access, following a plea deal with US authorities.
- Last year, Binance faced a $4.3 billion penalty for violating US anti-money-laundering and sanctions laws.
According to Bloomberg, Binance restricts US trading following a $4.3bn penalty for violating US laws. The crypto exchange has tightened listing requirements and is focusing on compliance.
Following last year’s plea deal with US authorities, Binance, the world’s largest crypto trading venue, has reportedly asked prime brokers to implement stricter checks to limit US investors’ access to the crypto exchange.
Binance Restricts US Trading: What Does it Mean for American Investors?
The checks involve inquiries about office locations, where employees and founders are based, and require signed attestations from respondents affirming the accuracy of their responses.
In November, Binance pleaded guilty to violations of US anti-money-laundering and sanctions laws, resulting in a landmark $4.3 billion penalty.
The Department of Justice reported that the global platform targeted US customers, including larger traders who deepened liquidity on the exchange, while refusing to comply with the relevant American legislation.
Readmore: Solana Memecoin Slerf Burns $10 Million In Presale Funds: A Novel Case Study
Leadership Transition and Binance’s Market Share Recovery
Under the new scrutiny, Binance has tightened requirements for listing new digital tokens. The exchange is fully committed to compliance, as the company stated, and has made public its assessment of end users who can access the Binance platform.
Binance’s co-founder Changpeng Zhao stepped down as CEO under last year’s plea deal, entrusting successor Richard Teng with the task of rebuilding the exchange’s reputation and market share under the US’s watchful eye.
Despite the challenges, Binance’s share of global spot crypto trading volumes has recovered to roughly 40%.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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