In a resignation letter, Coinbase’s board representative did not mention Binance.US but claimed the association was “not interested in the membership criteria we had worked to establish to underpin the mission of this organization.” and a founding member, ditched the group after its board voted to welcome its archrival. Coinbase, the biggest crypto exchange in the U.S.
In a further sign of its quasi-independent nature, Binance.US just raised $200 million at a $4.5 billion valuation. (There was also the bizarre misstep this week that involved creating a Twitter emoji that looked like a swastika.) Setting up Binance.US as a separate company was meant to sidestep those troubles. Binance has grappled with serious regulatory challenges worldwide, including in the U.S., Europe and Japan.The Blockchain Association said it “wishes Binance.US the best of luck as they build out their operation in Washington.” Binance.US, which is technically an entity owned by Binance CEO Changpeng Zhao that leases technology from Binance, will need some luck, given its main partner’s troubled history with regulators globally.
Good luck have fun! Binance.US said it will do its own lobbying and set up its own team “to actively engage in direct and constructive dialogue with U.S. The American arm of the world’s biggest crypto exchange now has to spin up its own government-affairs team - no easy feat when everyone else is trying to line up financial regulatory experts - at the exact moment when the industry is reeling from major regulatory challenges. The regulatory landscape for cryptocurrency in Australia is tightening, and exchanges like Binance continue to adapt their operations to comply with these evolving standards.In ditching the Blockchain Association, Binance.US said, “It’s time we had a clear voice.” But the weakening of the industry’s key lobbying group makes it muddier than ever to define who speaks for crypto in Washington.
Users are also reminded that in case of any translation discrepancies, the original English announcement will prevail. The move further exemplifies Binance's ongoing adjustment to changing regulatory norms in Australia.īinance urges users to stay updated and make necessary changes in line with these amendments to ensure smooth trading experiences. This action was necessitated by a decision from their third-party payment service provider. This announcement follows a recent tweet from Binance on May 18, 2023, informing users of an immediate halt to PayID AUD deposits.
#BINANCE AMERICA UPDATE#
Additionally, it's crucial for those using trading bots on the aforementioned pairs to update or cancel them before the given date to avoid potential losses. The affected pairs include ADA/AUD, AUD/BUSD, AUD/ USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD.ĭespite this shift, the platform reassures users that they can continue to trade these cryptocurrencies via other trading pairs available on the exchange.
In an ongoing adaptation to tighter Australian regulations, Binance, the world's largest cryptocurrency exchange, has announced significant changes affecting its Australian users.įirstly, Binance will cease trading on several spot trading pairs tied to the Australian Dollar (AUD) effective from June 1, 2023, at 06:00 (UTC).
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