#Binance p2p license#

It offers a trading exchange, DeFi (decentralized finance) services, futures trading, investment in leveraged financial assets, and so on. Binance is one of the exchanges that are rapidly expanding the offerings of assets traded on them, and the claim is that some of these assets are actually securities.Īs a trading platform, Binance is a one stop crypto shop. These latter currencies are considered to be, in effect, securities, and various regulatory permits are required before they can be offered to the public.

#Binance p2p license#

These difficulties include lack of a license to operate in a country, failure to abide by money laundering prevention and 'know your customer' rules, claims of manipulation, and the claim that the exchange offers currencies that are in effect securities, without appropriate procedures.Ĭryptocurrencies are of two broad types: currencies that are considered investment assets, mainly use for accumulating value and for transfers, and currencies that offer additional functions such as voting rights, right to participate in the profits of the project that issued them, and so on. It has, however, run into difficulties with more and more regulators. Binance said that it did not want to fix its residence in any one place, but to be decentralized, in the same way as the market in which it operates is decentralized. It was founded in China, but left there when Chinese regulators banned crypto activity in the country. Binance is the world's largest crypto exchange, with 30 million customers, and a complicated and elusive ownership structure. Why is this happening, and what are the implications for Israelis who have invested via this exchange?īinance was founded in 2017 by Changpeng Zhao, who serves as its CEO, and who is one of the wealthiest people in the world. It was preceded by many other countries, among them the US, the UK, Canada, Germany and several countries in the Far East. It's only one country and so Binance isn't losing out big by suspending that specific service.Israel is not the only country in which the authorities have intervened in Binance's activity. Now they recognize them and probably told them to just shut down the service. The Netherlands didn't hold Binance accountable to P2P transactions. My guess is this: Regulations were already in place a few years ago. But to be honest, Binance isn't going to get a creditor license for you, or force you to get one, since it's much simpler to block P2P transactions over there. Not 100% sure how credible this source is. More specifically, in the Netherlands, consumer-to-consumer platforms must have a creditor license, while consumer-to-business platforms are required to get an individual release from the AFM. Maybe the Netherlands didn't change their regulations but perhaps they already had regulations in place for P2P transactions that they didn't hold Binance accountable to, but now they might.Įven though there are no specific regulations on lending-based crowdfunding in the Netherlands, there is a chance that platforms operating within this market have activities that are regulated under the Dutch Authority for the Financial Markets (AFM), which might lead to requirements such as obtaining a banking, consumer credit or investment firm license and publishing a prospectus. r/CryptoCurrencyMemes r/CryptoCurrency_Tech r/CryptoMarkets r/CryptoRecruiting r/Best_of_Crypto r/BitcoinMarkets r/BitcoinMining r/CryptoTrade r/Ethfinance r/EthTrader r/Jobs4Crypto r/Liberland r/NFT r/OpenBazaar r/GPUmining Mastering Ethereum (Open Source book) Exchanges IBM's ZeroToBlockchain (Free learning resources)

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