12/2/2023 0 Comments Crypto exchange binance![]() ![]() ![]() "Since they are doing it on a voluntarily basis, regulators do not know whether they have the authority to supervise the identity check, and no one can look whether they are doing it properly."īinance's corporate structure is opaque though its holding company is registered in the Cayman Islands, according to British court documents and Malaysia's securities watchdog. "It is a nice marketing statement, but from the regulators' perspective, this is not enough," he said. Still, some lawyers were sceptical over whether Friday's move to tighten checks would placate regulators.įinancial watchdogs would need to know which of Binance’s local entities run the know-your-customer process to audit and check if it complies with local laws, said Alireza Siadat, partner at law firm Annerton in Frankfurt. Treasury criminal investigator as its global money laundering reporting officer. The Securities and Exchange Commission had sued cryptocurrency exchange Binance, alleging in a civil. This is especially true when you consider that new users are only required to provide an email address to get started. The main reason for this is that users are trading crypto-to-crypto products and thus, regulations are somewhat unclear. "We aim to work more collaboratively with policy-makers to improve global standards and discourage bad actors," he added in a separate statement.īinance said this week it had appointed a former U.S. The exchange agrees to keep assets in the country and under Binance.US executives’ control. Binance is a global cryptocurrency exchange that has traditionally accepted users from all nation states. ![]()
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