Binance, one of the largest U.S. crypto exchanges, has been in the news a lot over the past week. The company has been facing intense scrutiny from regulators, and has had to make some changes to its business lines and regions. This week, Binance cut ties with five sanctioned Russian banks listed on its peer-to-peer service for transferring funds in rubles. Additionally, Binance has discontinued its crypto-backed debit card in Bahrain and Latin America, and has launched a new crypto-based program Send Cash that will allow users in nine Latin American countries to transfer money directly into friends’ and family members’ bank accounts in Colombia and Argentina. In Belgium, Binance has been ordered to cease operations by the country’s local regulator, but customers can continue using the exchange via a Polish entity. On the trading side, Binance announced that it would offer “T+3” daily options contracts allowing traders to bet on the BNB token over a three-day period. The BNB token has been volatile this year, falling recently to a one-year low. Binance and its CEO Changpeng “CZ” Zhao were sued by the SEC in June, accused of offering unregistered securities to the general public allowing for commingling of customer funds, along with other violations of securities laws. According to ByteTree, a research firm, Binance’s share of global crypto exchange trading volume has slid to about 45%, from 64% six months earlier.
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| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇧🇭 🇧🇪 🇵🇱 🇨🇴 🇦🇷 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Changpeng Zhao, Mastercard, CZ Zhao, SEC, ByteTree. |
| Companies | Binance, Mastercard, Reuters, SEC, Wall Street Journal |
| Currencies | Ethereum, Bitcoin, mastercard, Russian Ruble, BNB |
| Securities | None |
