Opinion: Is your digital asset exchange adhering to regulations?
Binance, a global cryptocurrency exchange, has faced various regulatory challenges and accusations in multiple countries. Despite these issues, the company has continued to attract a significant number of users.
In Malta and Ireland, EU regulators have raised concerns about Binance evading taxes and creating fake accounts. However, this hasn’t stopped the exchange from receiving 365,000 and 3.5 million visits in each country, respectively. Furthermore, Binance conducted monthly transactions worth $90 billion in the Chinese market, which is officially banned. Despite the ban, the exchange managed to attract 4.4 million visits in China last year.
When Belgium implemented a ban on Binance in June, the company cleverly redirected its users to Poland, resulting in 6 million visits to the platform. Similarly, despite being banned in Taiwan in September, along with other unregistered foreign crypto exchanges, Binance still received an impressive 8.7 million visits from 2.2 million unique visitors in the country last year.
In Nigeria, the Securities and Exchange Commission (SEC) took action and banned Binance in July. However, this didn’t deter users, as the exchange received 9.2 million visits in the country in the same year.
Moving to 2021, Malaysia and South Africa’s financial regulators issued warnings against Binance, stating that the exchange is not authorized to operate in their respective countries. These warnings were followed by enforcement actions. Despite this, Binance managed to attract 9.5 million visitors from Malaysia and 4 million visits from South Africa last year.
