Major cryptocurrency exchange, Binance, has been making headlines almost every day following the immense scrutiny from regulators across the globe. While the regulators of different regions revealed that they wouldn’t back down, Binance was seen making some severe changes.
The world’s largest cryptocurrency exchange was seen thriving in the crypto-verse. Binance did not shy away from entering new markets. The crypto platform veered into different countries across the globe and made sure to stay relevant throughout. Now, as the exchange continues to reside under the spotlight, it was for all the wrong reasons.
Regulators from the UK, Japan, Ontario, and the Cayman Islands have been expressing distress over the exchange’s existence in their respective regions. As they continue to allege that Binance has been functioning without a proper license, banks were complying with the regulators. UK’s prominent bank, Barclays, urged its customers to refrain from engaging in transactions with the exchange.
In more recent news, the crypto exchange sent an email to its customers pointing out that it would terminate bank transfers in euro for the time being.
Binance temporarily suspends EUR deposits through SEPA Bank Transfers
In an email sent to the users of Binance on Tuesday, the platform noted that euro deposits through the Single Europe Payments Area [SEPA] would be halted until further notice. Suggesting that the platform was enduring circumstances that were beyond its control, it said,
“Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 8 am UTC on July 7, 2021.”
However, the email did not elaborate on the reason behind the decision. But, it was quite evident that regulators, particularly the Financial Conduct Authority [FCA] were coming in strong. In a recent “A letter from our CEO: Reflecting on Progress and the Road Ahead,” CZ compared the crypto-verse to cars and pointed out that traffic and safety laws were put into place after cars were developed.
He added,
“Laws and guidelines were developed along the way as the cars were running on the road. These are frameworks and laws we take for granted today that allow this powerful technology to be used widely and safely. Crypto is similar in the sense that it can be accessible for everyone, but frameworks are required to prevent misuse and bad actors. Clarifying and building the first set of standards is critical for the industry’s continued growth. And Binance wants to be a positive contributor.”