Binance Faces Bans in Multiple Countries for Regulatory Non-Compliance
Italy, India, Japan, Netherlands, Nigeria, Philippines, and the United Kingdom have all taken action against Binance, the world’s largest cryptocurrency exchange, for various regulatory violations. From operating without a license to concerns over money laundering and investor protection, the bans have put a spotlight on the company’s compliance issues.
Italy: After being blocked from operating in July 2021, Binance gained regulatory approval in May 2022 to provide digital asset services in Italy.
India: The Financial Intelligence Unit recommended blocking Binance for non-compliance with money laundering laws, leading to the removal of the Binance app from Indian app stores.
Japan: The Financial Services Agency warned Binance twice for operating without registration in Japan.
Netherlands: Binance faced a €3.3m fine for offering services without registration, leading to the company’s decision to leave the country.
Nigeria: The Securities and Exchange Commission declared Binance’s activities in Nigeria as illegal, instructing the company to cease all operations in the country.
Philippines: The SEC moved to block Binance’s website over concerns about investor fund security, seeking assistance from tech companies to restrict access.
United Kingdom: The FCA ordered Binance to stop regulated activities in the UK and canceled its permissions to provide regulated products in June 2023.
The bans highlight the challenges Binance faces in complying with regulations across different jurisdictions, raising questions about the future of the cryptocurrency exchange in the global market.
