Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is now officially allowed to operate in Switzerland. The Swiss Financial Market Supervisory Authority (FINMA) granted Binance a “license to operate as a financial intermediary” on Friday.
This is a big deal for both Binance and Switzerland. Binance is the first major cryptocurrency exchange to be regulated in Switzerland, and this move could help legitimize the cryptocurrency industry as a whole.
And for Switzerland, this is part of the country’s larger effort to become a “crypto nation.”.
Switzerland has been friendly to the cryptocurrency industry for years. In 2018, the Swiss town of Zug began accepting Bitcoin (BTC) as payment for city services.
And earlier this year, the Swiss Stock Exchange announced that it would list four major cryptocurrencies as exchange-traded products.
NOTE: This is a warning note to inform the public that Binance is not allowed in Switzerland. It is illegal to use Binance or any other cryptocurrency trading platform in Switzerland. Any person found using such platforms will be subject to legal action by the Swiss government. It is recommended that people should only use services that are legally accepted in Switzerland and refrain from using any unauthorised services or trading platforms.
The FINMA license granted to Binance will allow the exchange to offer trading services for “certain types of securities” and “utility tokens.” Binance will also be able to offer custody and deposit-taking services.
In order to obtain the license, Binance had to meet a number of stringent requirements set by FINMA. These include requirements around anti-money laundering (AML) and countering-the-financing-of-terrorism (CFT).
Binance will also be subject to regular audits by FINMA.
Binance CEO Changpeng Zhao said that the company is “thrilled” to receive regulatory approval from FINMA. He added that Binance is committed to “adhering to local regulations wherever we operate.”
This is good news for both Binance and the cryptocurrency industry as a whole. The fact that Binance has been able to obtain a regulatory license in Switzerland is a positive sign that other exchanges will be able to do so as well.
And this could help legitimize cryptocurrencies and make them more mainstream.
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Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is facing a ban in Europe. The Malta-based company has been ordered to stop operating in the European Union by the Maltese Financial Services Authority (MFSA). The MFSA’s decision comes after it conducted an investigation into Binance’s activities and found that the exchange was not licensed to operate in the EU.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is expanding its operations to Europe. The Malta-based company announced on Tuesday that it had set up an entity called Binance Jersey, which will offer “fiat-to-cryptocurrency trading pairs, including the EUR/GBP pair”. The move will allow Binance to offer its services to European customers while complying with the region’s regulations.
Binance, the world’s largest cryptocurrency exchange by trading volume, may soon be banned in the European Union (EU). The Malta-based company has come under fire from the EU’s financial watchdog, the European Securities and Markets Authority (ESMA), for allegedly offering “unauthorized” investment products and services to retail investors. In a recent report, the ESMA warned that Binance was “Targeting” EU investors with its “cryptocurrency investment products and services” without being authorized to do so.
Binance is a cryptocurrency exchange that allows you to trade digital assets such as Bitcoin, Ethereum, and Litecoin. You can also use Binance to buy and sell other altcoins. Binance is one of the largest cryptocurrency exchanges in the world with a daily trading volume of over $1 billion.
