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Unauthorized use: Binance’s dwindling international market

Binance is the largest cryptocurrency exchange in the world, having nearly 60% larger volume than their closest competition ZG.com (based on 24h volume in June). However, this could soon change as more countries are announcing that Binance doesn’t have authorization to conduct regulated activity. Most recently, the United Kingdom released a statement banning the use of Binance for regulated activity in the country. In addition, Japan recently announced for the second time that Binance isn’t registered to conduct business, yet Binance is still operating in the country. Binance has also made Ontario, Canada a restricted jurisdiction to avoid dealing with possible legal repercussions that many other cryptocurrency exchanges faced for violating province security laws. Binance is also based in the Cayman Islands, but recently, the Cayman Islands financial regulator announced “Binance Group and Binance Holdings Limited are not registered, licensed, regulated or otherwise authorized by the Authority to operate a cryptocurrency exchange from or within the Cayman Islands.”

Binance is no stranger to reproductions from countries about violating regulations. The exchange bans United States users from accessing the resource. This was in response to massive legal repercussions being targeted at rival exchange BitMex. Losing a massive demographic, Binance created a separate entity, Binance.US, dedicated to following U.S. customs and regulations to still allow U.S. users access to the exchange; however, multiple states still don’t allow the use of the platform. As more countries and regions oppose the use of Binance for violation of laws and customs, we may see a rise in subsidy Binance branches that are dedicated to allowing users in various regions. In addition to Binance.US, there is also Binance JEX and Binance KR, for Korean users. The recent regulations and bans might foretell other similar futures for cryptocurrency exchanges as no exchange is able to comply with every country’s policies.

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