Tag: Binance

Binance under fire as co-founder Yi He defends company

As regulatory scrutiny and legal challenges mount against Binance, one of the world’s largest cryptocurrency exchanges, its co-founder Yi He commented on the situation to Bloomberg. Accused of operating illegally and falling short on compliance by U.S. financial watchdogs, binance is under investigation not only in the U.S., but also in other countries. Yi He, a major financial stakeholder in binance along with CEO and co-founder Changpeng “CZ” Zhao, had a significant influence in marketing binance during its early days. In a recent series of interviews, Yi He argued that…

The SEC is targeting Coinbase, Binance as proxies in its war on crypto

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Imagine your daily commute to work, uninterrupted by traffic lights or stop signs, allowing you to sail smoothly. Suddenly, a new red stop sign disrupts your route, turning a main intersection into a four-way stop overnight. That evening, a letter from local law enforcement shocks you with a hefty retroactive fine for every time you passed the spot where the new sign stands today. Absurd as it seems, this analogy encapsulates the United States Securities and Exchange Commission’s approach in its lawsuits against Coinbase and Binance. The SEC throws a…

Binance Application for German Operational License Denied by BaFin

The denial of a custody license in Germany poses significant challenges for Binance, as Germany represents one of Europe’s largest and most influential markets. Germany’s Federal Financial Supervisory Authority (BaFin) has reportedly denied the Binance exchange’s application for a crypto custody license. Finance Forward, a news publication, has reported that BaFin has communicated this decision directly to the exchange. The decision signifies a regulatory setback for the crypto trading platform. A custody license would have allowed Binance to legally offer crypto custody services to its German customers, ensuring compliance with…

Binance Continues to Focus on Future Growth Aspects despite Regulatory Hurdles

In Binance’s peer-to-peer (P2P) platform, ML technology is employed to identify suspicious language in communications. By utilizing ML in P2P chat, feedback, and advertisements, potential payment scams, customer service impersonation, and malicious messaging can be detected. This technology has proven effective in preventing thousands of scams. For the know-your-customer (KYC) process, Binance utilizes a combination of computer vision (CV) and AI. These technologies aid in verifying documents and videos submitted by users during the registration process. The implementation of CV and AI has significantly strengthened the verification process, enabling the…

Binance Loses Paysafe as EUR Banking Partner amid Regulatory Concerns

Binance informed its users that it is working to find another payment service provider.  Binance, a leading cryptocurrency exchange, has lost its banking partner Paysafe in Europe. Binance partnered with Paysafe in January 2022 after losing Barclays and Santander as banking partners in 2021. Since then, the exchange has been trying to expand its presence and reach in Europe. Consequently, Paysafe’s decision will set back the exchange’s European plans. Paysafe Is Wary of Regulators Paysafe and Binance partnered Paysafe owns Skrill and Neteller, two popular e-wallet services that let users…

Binance Market Share Drops in June after SEC Lawsuits

SEC lawsuits on crypto exchange Binance and founder Changpeng Zhao has dented the company’s business operations with trading volumes taking a hit. The world’s largest cryptocurrency exchange by trading volume – Binance – saw a drop in its market share this month in June following the regulatory action by the US Securities and Exchange Commission (SEC) on the exchange and its chief Changpeng Zhao. The lawsuit has particularly affected the US affiliate of the crypto exchange i.e. Binance.US. Blockchain data and research firm Kaiko reported that Binance’s share in the…