Binance, Exchanges

Is Binance Legal?

Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been accused by the New York Attorney General’s office of illegally operating in the state. The office claims that Binance failed to obtain the proper licenses to operate in the state and was “knowingly and actively violating” New York’s financial lAWS.

The Attorney General’s office is seeking an injunction to stop Binance from operating in the state and is also looking to recover damages for “the harm caused to New Yorkers”.

Binance has not yet responded to the accusations but has previously stated that it does not require a BitLicense to operate in New York.

The BitLicense is a license required by businesses that deal with cryptocurrencies in New York. The license is designed to protect consumers and root out money laundering.

NOTE: WARNING: It is important to note that laws and regulations concerning cryptocurrencies, digital tokens and blockchain technology vary from country to country. Therefore, it is important to determine the legality of Binance in your particular jurisdiction before using any of their services. You should also be aware of the risks associated with using Binance, including the risk of loss due to fraud, hacking or other malicious activities.

So far, only a handful of companies have been able to obtain the license. Binance is not one of them.

If the Attorney General’s office is successful in proving that Binance was operating illegally in New York, it could set a precedent that would make it harder for other cryptocurrency exchanges to operate in the state.

New York has been one of the most active states when it comes to regulating cryptocurrencies. In 2015, the state released its BitLicense requirements.

Since then, only a handful of companies have been able to obtain the license.

Binance is not one of them.

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