BNB rises despite negative news from regulators

Binance Coin (BNB) is on the advance against the Binance crypto exchange despite new blows and strict regulations in many countries.

BNB is rising despite negative news from regulators

At 07:24 UTC, the BNB, which ranks 4th by market capitalization, was trading at $ 335, up nearly 5% in one day, making it the second best asset in the top 10 right now, the price is up despite negative news from regulators and banks has risen 11% in a week and has reduced its monthly loss to less than 15%. The price is still around 50% below its all-time high recorded in May.

The exchange has weathered a tough few weeks – and has encountered regulatory issues in the UK, Germany and elsewhere. Singapore regulators have vowed to step up scrutiny of the platform, while Cayman Islands financial authorities have denied reports that Binance is operating from their territory. Thai regulators have also initiated legal proceedings against the unlicensed platform, while the exchange has also received warnings from Japanese regulators.

In a new series of steps back, the platform informed its European customers that it would “temporarily suspend” UTC euro bank deposits as of Wednesday morning, admitting that the development was due to “events beyond our control” despite SEPA withdrawals “Untouched”.

Reuters reports that the exchange is telling its customers:

“Any deposit made via SEPA in the meantime will be refunded within seven working days.”

BNB rises despite negative news from regulators as Binance’s head devises new growth plans

But the manager tried to offer positive developments on recent developments in an open letter to customers.

He writes that “more regulation” is “a positive sign that an industry is maturing because it lays the foundation for a large population to feel safe engaging in cryptocurrency.”

However, CZ concluded that “Binance’s lofty vision would not be possible without the support and guidance of regulators and policy makers who understand that innovation has an impact”.

In both cases, the CEO added that the exchange is taking three key steps to expand its compliance capabilities:

Expand its international compliance team. Binance plans to “double the size of our team with qualified and experienced consultants by the end of the year”.

Form “naturally strong compliance partnerships” with technology partners and agencies such as the United Nations Office on Drugs and Crime and Interpol.

“Locate” “our activities and our business to comply with local regulations”.

The exchange’s CEO wrote, “We look forward to continuing our efforts to work with regulators to respond to their concerns as the industry continues to develop.”

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