tl;dr
Binance, the world's largest digital currency trading platform, has been facing regulatory pressure in multiple countries, resulting in restrictions and shutdowns of its services. The exchange recently shut down all Nigerian Naira (NGN) trading services on its platform and withdrew its application f...
Binance, the world's largest digital currency trading platform, has been facing regulatory pressure in multiple countries, resulting in restrictions and shutdowns of its services. The exchange recently shut down all Nigerian Naira (NGN) trading services on its platform and withdrew its application for an Abu Dhabi license. The German regulator BaFin also rejected Binance’s application for a license, and the exchange is currently in negotiation with Indian regulators after authorities blocked user access to the platform, citing non-compliance with money laundering regulations. All of this comes after the former chief executive of Binance confirmed that the firm had pulled back on some investments in the United States due to regulatory pressure.
Amidst all of this, Binance has also restricted its services in multiple countries around the world, completely ending operations in some due to the regulatory pressure. According to the exchange’s list of ‘prohibited countries,’ Binance is not operable in several countries, including Canada, the Netherlands, the United States, Cuba, and more. The platform has faced scrutiny from regulators in Nigeria, where it has been accused of terrorism financing and money laundering, and has also experienced regulatory challenges in Germany and India. The rejection of Binance’s application for a cryptocurrency custody license by BaFin in Germany came after regulatory action taken by the US Department of Justice and Securities and Exchange Commission (SEC).
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