Banks in the United Kingdom continue to crack down on Binance cryptocurrency exchange, with banking giant HSBC becoming the latest bank to cut payment channels to the platform. A series of HSBC clients reported on Twitter this Monday that HSBC UK had suspended credit card payments to Binance. According to an announcement on the service suspension, HSBC UK made the decision “due to concerns about possible risks” to its customers. “We take our duty as a responsible lender seriously and want to do everything we can to protect you. We’ll continue to monitor the situation and let you know if …

The lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission, or SEC, now involves major crypto exchange Binance after a recent filing on behalf of Ripple CEO Brad Garlinghouse. According to court documents filed in the Southern District of New York on Monday, Garlinghouse’s legal team has requested documents “relevant to the case and unobtainable through other means” from Binance Holdings Limited, the Cayman Islands-based subsidiary of the major cryptocurrency exchange. The filing cited U.S. laws concerning the Department of State and the Hague Convention and asked the court to issue a letter of request for the Central …

Malaysia is the latest regulatory theater to come after Binance as authorities in the country have accused the exchange giant of continuing to operate in the country illegally. According to an announcement released on Friday, the Securities Commission (SC) Malaysia has served a public reprimand against Binance, calling for the exchange and all of its entities to cease operations in the country. The SC stated that Binance continued to operate in Malaysia despite previous warnings. Indeed, back in July 2020, Cointelegraph reported that Binance was not permitted to operate in Malaysia. At the time, the SC published an "Investor Alert …

Troubled global cryptocurrency exchange Binance continues moving fast in curbing services to respond to the ongoing regulatory scrutiny worldwide, partly shutting down derivatives trading. Binance officially announced Friday that it would suspend its derivatives trading across the European region, starting with Germany, Italy and the Netherlands. The company clarified that users in mentioned countries cannot open new futures accounts on Binance effective immediately. We're continually evaluating our products and working with our partners to meet our users’ needs. Today we’re announcing that we plan to wind down our derivatives products offerings across the European region, commencing with the Netherlands, Germany, …

Binance, the world’s biggest cryptocurrency exchange by trading volumes, continues its efforts to maintain dialogue with global regulators by introducing withdrawal limits and a new tax reporting system. The company officially announced Tuesday a major update to its Know Your Customer policies, significantly reducing maximum withdrawal amounts for users who have not completed full identity verification. Effective immediately for new Binance accounts, users who have completed only basic account verifications will be unable to withdraw more than 0.06 Bitcoin (BTC) per day, worth roughly $2,400 at the time of writing. Previously, the maximum daily withdrawal amount was capped at 2 …

Changpeng Zhao, the chief executive officer and founder of Binance, has said he wants the major cryptocurrency exchange to work with local regulators as it establishes regional headquarters. According to a Tuesday report from Reuters, Zhao, also known as CZ, hinted Binance would depart from its decentralized approach to finance and wanted the exchange to coordinate with regulators as the company expands. "We want to be licensed everywhere," said CZ. "From now on, we’re going to be a financial institution." Zhao reiterated that he might be willing to step down as CEO should someone "with a strong regulatory background" be …

Binance’s NFT marketplace has announced it is teaming up with the Saint Petersburg-based State Hermitage Museum to issue tokenized collectibles depicting the works of renowned artists including Leonardo da Vinci and Vincent van Gogh. On July 27, Binance revealed it is partnering with the museum to create and issue the nonfungible tokens at the end of August. All Binance users will be able to participate in the auction. The blog post attributes the idea to tokenize the artworks to The Hermitage, with the auction slated to launch limited edition NFT copies of Da Vinci’s Madonna Litta, van Gogh’s Lilac Bush, …

A renewed sense of optimism has returned to the cryptocurrency ecosystem on July 26 as Bitcoin’s (BTC) recovery above $38,900 has sparked a market-wide rally in the altcoins. Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours are Amp (AMP), Venus (XVS) and Reserve Rights (RSR). Five out of the top seven gainers fall into the decentralized finance (DeFi) sector, a possible sign that DeFi may be heating up for another major run in 2021. AMP/USD The top performer over the past 24-hours has been Amp (AMP), a digital collateral token protocol …

Global cryptocurrency exchange Binance continues restricting support for some of its trading services amid an ongoing regulatory crackdown. Binance officially announced Monday that the exchange would delist margin trading pairs for three fiat currencies: the euro, the Australian dollar and the British pound sterling. According to the announcement, Binance will suspend the mentioned fiat trading pairs on Aug. 10 and then switch to automatic settlement and cancel all related pending orders. The isolated margin trading pairs will have been entirely delisted from the exchange by Aug. 12. Binance Margin to Delist $AUD, $EUR & $GBP Pairshttps://t.co/gyBP8XzITI — Binance (@binance) July …

Binance, the world’s largest cryptocurrency exchange, continues adopting new leverage trading restrictions on its futures platform in a move to expand consumer protection. After introducing a 20x leverage limit for new users on July 19, Binance Futures is preparing to apply the same limit for existing users soon, Binance CEO Changpeng Zhao announced Sunday. “We didn’t want to make this a thingy,” the CEO said, noting that the new restrictions will be applied “over the next few weeks.” .@binance futures started limiting new users to max 20x leverage last Monday, Jul 19th, 7 days ago. (We didn't want to make …

Crypto trading platform FXT (not to be confused with Sam Bankman-Fried's FTX) announced the launch of a BEP-20 token after its ERC-20 token witnessed an impressive 1,500% growth since its launch back in January. The new token, which is built on Binance Smart Chain, is designed to reduce transaction costs and settlement times compared with its Ethereum-based predecessor. In addition to increasing the altcoin’s overall performance in efficiency and utility, FXT intends to list its token across several crypto exchanges to make it globally available. Given FXT’s lower price threshold and a history of massive returns on investment, FXT foresees …

Binance US, a United States-based cryptocurrency exchange operating separately from Binance, is looking to go public despite the ongoing regulatory crackdown on Binance. Changpeng Zhao, founder and CEO of the global exchange Binance, talked about its ongoing regulatory issues and future plans at the blockchain virtual summit REDeFiNE Tomorrow 2021 on Friday. The CEO expressed confidence that Binance is set to face heavy regulations in the future, noting that the company “is in the mindset of shifting from a tech startup to a financial service.” Zhao reiterated that Binance had been aggressively increasing its compliance efforts, including hiring former regulators. …