Binance, one of the world’s largest cryptocurrency exchanges, is shutting down. The Malta-based company announced the decision today, saying that it will “make all the necessary arrangements” to ensure a smooth transition for its users.
The move comes as a surprise, as Binance has been one of the most successful cryptocurrency exchanges in recent years. Founded in 2017, the company quickly rose to become the largest exchange by trading volume, with a 24-hour volume of over $1 billion in January 2018.
Binance has attributed its success to its innovative business model and commitment to user experience. The exchange has been lauded for its low fees, wide range of supported cryptocurrencies, and fast trading speeds.
It has also been a pioneer in adopting new technologies, such as the Lightning Network.
NOTE: WARNING: Binance has recently announced that it will be shutting down its services in certain countries. This means that users in affected countries will no longer be able to use the service. Additionally, users should be aware that their funds may be at risk as a result of the shutdown, as there is no guarantee that they will be able to withdraw them before the service is shut down. Users should exercise caution and consult with a financial advisor before making any decisions regarding their funds.
However, the company has come under fire in recent months for its lax Know-Your-Customer (KYC) and Anti-Money Laundering (AML) policies. These concerns came to a head last week when Japanese regulators ordered Binance to cease operations in the country.
It is unclear why Binance is shutting down at this time. However, it is likely that the decision is related to regulatory pressure.
With Binance no longer operating in Japan, it may have become difficult for the company to maintain its compliance with global KYC/AML standards.
Binance’s shutdown will be a major blow to the cryptocurrency industry. The exchange was one of the most popular and successful exchanges, and its departure will leave a large void in the market.
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Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is getting shut down. The popular exchange announced today that it will be “winding down” its operations in Japan. This is not the first time Binance has had to shutter its doors in a country.
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