Binance, the world’s largest cryptocurrency exchange by trading volume, is not registered with the U.S.
Securities and Exchange Commission (SEC), according to a recent report by The Block.
The Block’s research found that Binance is not registered as a broker-dealer or investment adviser with the SEC, and is not a member of the Financial Industry Regulatory Authority (FINRA). These findings are based on a review of public records.
Binance is not required to register with the SEC because it does not offer trading of securities, such as stocks and bonds. However, the exchange does offer trading of digital assets that are considered securities by the SEC.
NOTE: WARNING: Binance is NOT registered with the U.S. Securities and Exchange Commission (SEC) or any other regulatory body. Binance does not offer securities or other regulated financial products to its customers. Any investments made on the platform are not protected by any investor protection laws and are subject to high market risks. Investing in cryptocurrencies is highly speculative, involves substantial risk and is not suitable for every investor.
The Block’s report comes as Binance is seeking to expand its operations in the U.
, with plans to launch a new cryptocurrency exchange called Binance US. Binance US will be operated by a separate company, called BAM Trading Services, which is registered with FINRA.
Binance has been embroiled in controversy in the past over its lack of regulatory compliance. In March 2018, the Japanese Financial Services Agency fined Binance $10 million for operating an unlicensed cryptocurrency exchange.
In spite of these regulatory issues, Binance has continued to grow at an alarming rate. The exchange had trading volume of $11 billion in the 24 hours preceding The Block’s report.
The bottom line: Binance is not registered with the SEC, but this does not mean that it is unregulated. The exchange has been fined by Japanese authorities for operating without a license, but it has continued to grow rapidly nonetheless.
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