Regulatory Issues In Digital Currency News

by | Aug 27, 2021 | Finance

While cryptocurrencies are not regulated in the same fashion that other currencies are regulated, there are still some compliance requirements. The concern that many governments and experts have is the potential for money laundering and funding for terrorism that could be conducted using cryptocurrencies and blockchain technology.

To address this issue, digital currency news stories often focus on changes in regulations and the constantly evolving political debate about the regulation of cryptocurrencies. This is a political as well as an economic issue, with various countries moving to block cryptocurrencies and develop their own.

The Binance Issue

Biance is the world’s largest exchange for cryptocurrencies. In recent months, the company has come under scrutiny from both the UK and the Dutch central bank. In the UK, the Financial Conduct Authority has determined that the company cannot engage in any regulated activity within the country. However, residents of Britain can still use the exchange to both buy and sell cryptocurrencies.

There is a growing concern with Biance throughout the world. This concern is creating headlines in recent digital currency news. The Dutch central bank, De Nederlandsche Bank or DNB, has flagged the company for providing the sale and purchase of cryptocurrencies in the country without legal registration with the bank.

While the regulatory measures are the main issue for Biance in digital currency news, the lack of compliance with KYC or know-your-customer and the Anti-Terrorist Financing Act have also led to complaints from Hong Kong and the US Securities and Exchange Commission. The Ontario Securities Commission in Canada and the Financial Services Agency in Japan have also made accusations against the company for failing to meet compliance regulations.

To learn more about the latest in regulatory and digital currency news, turn to Blockchain Asset Review. More information and articles can be found at Sitename.

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