Recently, there has been a steady increase in countries enforcing bans and restrictions in a similar pace to the emergence of cryptocurrency trading, these events have even resulted in raising firms that exchange cryptocurrency on alert lists. One Cryptocurrency exchange platform that has been notoriously prominent for getting into trouble with legalities and regulations within certain jurisdictions that they serve, is Binance.
Binance has been the most significant in recent for coming under fire from regulators. Cases range from not following regulations in their operating jurisdiction to not trading legally. According to reports, Binance’s US branch operates separately from the rest of their global operations. Despite Binance US as a different entity, the media attention drawn to the main company’s regulatory antics, has resulted in US investors pulling out millions of dollars from their investments.
The CEO of Binance, Changpeng Zhao, released a statement claiming that Binance US has made plans to pursue an Initial Public Offering (IPO) which is set to go ahead within the next three years. Hosted through a Zoom conference, the CEO further detailed that Binance US will follow in the steps of its competitor Coinbase to achieve service worldwide. Also confirmed by Zhao during the conference was the strong progress of a private funding round which is expected to conclude in a few months.
As previously addressed, Binance’s main exchange was scrutinised heavily from an array of authorities for regulatory violations. Countries including the United Kingdom, Brazil, South Korea and Hong Kong have all established stringent regulatory policies in an attempt to monitor and control trading platforms such as Binance. However, as the US branch of Binance is separate, it can better adhere to the regulatory criteria of the United States.
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