Beleaguered: Where Will Binance Go?

​Binance, a leading Blockchain ecosystem and digital asset exchange, is now going through a tough time. From late June to now, more and more financial watchdogs have clamped down on this cryptocurrency exchange giant. Moreover, some banks and payment solution providers announced the suspension of processing transactions related to Binance or retail payments to Binance. This is the dilemma. It will impact the whole crptocurrency industry as well as Binance, which is the world's biggest cryptocurrency exchange. 

Tighter Regulation

On July 26, Japan's Financial Services Agency (FSA) issued a warning against Binance for offering cryptocurrency exchange service in the country without registration. This is the second warning FSA has sent to Binance, followed by the first one in March 2018 for the same reason. 

One day later, the UK Financial Conduct Authority (FCA) issued a warning against Binance for undertaking regulated activities in the UK without authorization. As detailed in the official announcement, Binance Markets Limited, a part of Binance Group, is not permitted to undertake any regulated activity in the UK.

Almost on the same day, Binance announced its decision to stop offering its services to clients from Ontario, Canada, due to mounting regulatory obligations for crypto businesses in this province.

Subsequently, the Cayman Islands Monetary Authority and Thailand's Securities and Exchange Commission (SEC) announced that Binance is not registered, licensed, regulated or otherwise authorised by the authorities to operate a cryptocurrency exchange.

Deposits Support

What's worse, Barclays and Santander UK announced that they have suspended debit and credit card payments to Binance. Also, Fazzaco reported that Clear Junction, a global payments solutions provider, announced that it will no longer process transactions related to Binance. 

Recently,  the Italian financial watchdog CONSOB , the Malta Financial Services Authority (MFSA) and Hong Kong's SFC​ issued warnings against Binance for delivering investment services and activities without authorization.

Nobody knows what will happen next. Only time will tell. Fazzaco will continue reporting updates about Binance. For more information on Binance and cryptocurrencies please see https://www.fazzaco.com/labels/4​.