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Regulators Going After Binance: Real Threat For The Crypto Industry or Just FUD?
Binance, the world's largest cryptocurrency exchange by trading volume for recent years, has faced lots of scrutiny from various watchdogs lately.To get more news about GEMINI, you can visit wikibit.com official website.
Keeping in mind that it‘s one of the most important companies in the crypto industry, as of today, it’s worth exploring what could be the impact of this threat for the entire industry, or whether its just a temporary FUD.
The Growing List of Regulators After Binance
Founded in 2017 following a successful $15-million ICO, Binance exchange quickly rose to fame by attracting a massive market share in terms of spot, and later, derivatives trading volume. With the impressive growth, though, came the attention from global regulators, some of which have issued warnings or officially taken actions against the exchange.
The situation escalated recently with the United Kingdoms Financial Conduct Authority (FCA) leading the pack. The watchdog issued a warning to Binance Markets Limited and the Binance Group, indicating that they could not operate in the country.
Shortly after, though, the popular exchange responded by highlighting that “BML is a separate legal entity and does not offer any products or services via the Binance.com website.” Basically, nothing had changed, the company said.
Despite the firms reassurance, though, more watchdogs joined the trend. Japan was among the first, Singapore followed, and during the first day of July, Cayman Islands joined the list – stating that “Binance is not authorized to operate in the islands.”
Just a day later, on July 2nd, 2021, Thailands SEC took it a step further. Instead of just issuing a warning, the regulator filed a criminal complaint against the exchange for operating a digital asset business without a license.
Real Threat or Just FUD？
Having multiple watchdogs going after you sounds like a major hurdle. The exchange faces extreme scrutiny amid the 2020 – 2021 bull market that saw prices within the entire space skyrocketing by triple-digit percentages in months. However, such claims against one of the largest companies in the business could bring it all to a halt.
According to industry analyst Adam Cochran, all of these developments dont seem like coordinated attacks.
Instead, Cochran outlined a few more plausible scenarios. In the first one, he points out that a larger nation might be trying to build a case and has “called in favors” from other regulators. On the other, theres a collaboration to some extent to go after a criminal organization that used Binance.