In recent weeks, Binance has faced a wave of regulators decrying their policies and services.
One of largest cryptocurrency exchanges Binance has temporarily stopped deposits through the European SEPA network.
SEPA (Single Euro Payments Area) is the usual network for making euro payments. The network allows users of the platform to buy and sell various crypto with euros.
Binance reports “due to events beyond their control, they must suspend this service.” All payments made in the meantime will be refunded within 7 business days.
Deposits with iDeal are also still (temporarily) suspended.
Permits / Licenses Binance
Binance has attracted a lot of attention in recent weeks. According to the Financial Conduct Authority, the platform does not yet have the approval to offer these services. A similar message came out by the Canadian officials in Ontario.
From that moment on Binance received a lot of criticism. They were also hit with a criminal complaint from the Thai authorities. They were allegedly operating without having a valid license for this.
A response from Binance
CEO Champeng Zhao published a letter on Wednesday (July 7) in response to the problems Binance has faced in recent weeks.
“Establishing a first set of standards is critical, for the rapid and continued growth of the industry. And we at Binance want to make a positive contribution to this.”
Further in this letter, the CEO indicates that Binance is busy expanding its international compliance teams, localized business and operations teams, so that in the future, local regulations can be properly complied with.
Binance has grown tremendously in recent years, as has the entire cryptocurrency industry. It was therefore only a matter of time before these international regulations would be established. In the longer term, these developments can only be seen as positive.