Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly planning to set up shop in Switzerland. The move would see the Malta-based firm apply for a banking license with the Swiss Financial Market Supervisory Authority (FINMA).
If successful, Binance would be the first cryptocurrency company to be granted a banking license in Switzerland. The move would give the firm greater legitimacy and access to traditional financial services.
Binance is not the only cryptocurrency company looking to set up shop in Switzerland. The country has become a hotbed for blockchain and cryptocurrency startUPS, attracted by its favorable regulatory environment.
However, Binance may face some hurdles in obtaining a banking license. The Swiss government has been cautious in its approach to regulating cryptocurrencies.
In 2018, the government banned initial coin offerings (ICOs) and introduced strict anti-money laundering (AML) rules for cryptocurrency exchanges.
NOTE: Warning: Binance is currently not regulated or registered in Switzerland. Therefore, there is no guarantee that it is compliant with Swiss law. Users are advised to exercise caution when engaging in any trading activities on Binance, and should consult with legal counsel regarding the legal implications of using the platform.
It is unclear if Binance would be able to meet the requirements for a banking license. The firm has been embroiled in several controversies, including accusations of wash trading and insider trading.
Binance has also been criticized for its lack of transparency and weak Know Your Customer (KYC) procedures.
The Swiss government is unlikely to grant a banking license to a company with such a checkered history. Binance may have to clean up its act if it wants to obtain a banking license in Switzerland.
Binance is one of the world’s largest cryptocurrency exchanges, and is planning to set up shop in Switzerland.
If successful, Binance would be the first cryptocurrency company to be granted a banking license in Switzerland. However, Binance may face some hurdles in obtaining a banking license due to the company’s checkered history.
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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.
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Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is not currently banned in Canada. The Toronto-based exchange has been operational since 2017 and offers trading in a wide variety of digital assets, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Binance Coin (BNB). While Binance is not currently banned in Canada, that could change in the future.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is no longer accessible to users in China. The website of the exchange now displays a message informing users that “Binance is currently not available in your country.”
The ban appears to be part of a wider crackdown on cryptocurrency trading by the Chinese government. Earlier this week, reports emerged that Chinese authorities were planning to block domestic access to overseas cryptocurrency exchanges and ICO websites.
