Binance Announces New Initiatives to Comply with Regulations

The crypto exchange Binance announced that it is taking active steps to be more compliant with local regulations everywhere, on a press conference held in 27 July 2021.

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According to the exchange, it has commenced processes for licenses and approvals where there is an existing legal framework for crypto exchanges. This includes ongoing work across Asia-Pacific, EMEA and Latin America. Binance said that it is also actively hiring leadership with regulatory and compliance experience.

In addition, in order to promote user protection and risk management, the company has adjusted the daily withdrawal limits from 2 BTC to 0.06 BTC (roughly ~$2,000 USD) for account users who have only passed Basic account verification. Binance Futures has been limiting new futures accounts opened within the past 30 days to 20x leverage from July 19. From 27 July the limit has been extended to accounts opened within the past 60 days.

Moreover, the company launched a new tax reporting API tool that can be used to track crypto activities and connect to third-party tax vendors to streamline reporting requirements.

“Binance is ready to assist regulators from around the world and together find the optimal way to set a fair playing field - consumer protection is important to all of us. We want to create a sustainable ecosystem around blockchain technology,”the exchange stated.