"Four years ago when we started it, we wanted to embrace the decentralized model so we wanted to have decentralized teams everywhere. Now Binance appears ready to set down roots - though where is still not clear. But regulators have been skeptical of that stance. The global troubles raise a question: Where is Binance? The company has long said it doesn't have a headquarters, preferring to be a decentralized company, a structure inspired by the headless nature of cryptocurrencies.
Though Binance has largely moved itself out of Beijing's reach, China's continued tightening of crypto trading rules inevitably affects customers in the country who might try to use the exchange.
In August, Binance shut down access in the country.
Malaysia's financial regulator took an enforcement action against Binance and ordered it to stop operating in the country. Binance shut down Korean language support and Korean-currency trading pairs in August. South Korean regulators did not publicly come after Binance, but they did warn crypto exchanges to register. Thailand's financial agency in July filed a criminal complaint against Binance, accusing it of operating a digital asset exchange without a license. In July, Binance said it would no longer offer the tokens, though CM-Equity's CEO told the Block that it was a "business decision" and Binance wasn't forced to stop. Germany's financial regulator said the tokens would violate European Union securities laws. The tokens were being offered through CM-Equity AG, an established company that would hold the underlying stocks. Binance earlier this year launched stock tokens, a sort of synthetic instrument that gives commission-free exposure to traditional stocks such as Apple and Tesla. Binance in July said it would suspend deposits from the European Union's Single Euro Payments Area network. Japan's financial agency warned the company for operating without permission. affiliate was operating without approval. The Financial Conduct Authority said Binance's U.K. The Justice Department and the IRS are also reportedly examining Binance's role in money laundering and tax evasion. Regulators at the Commodity Futures Trading Commission are looking at whether Binance engaged in insider trading or market manipulation by "trading on customer orders before executing them", according to Bloomberg. Regulators in many of those countries have said Binance is operating without permission. Originally founded in China, Binance reportedly pulled its employees and any official presence out of the Chinese market in 2017 after China banned ICOs.īut Binance has launched quickly around the world in many countries.
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