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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...

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