World’s biggest cryptocurrency exchange Binance is in the headlines once again after a tweet. Changpeng Zhao, the CEO of the company was sighted in Dubai having a meeting with the officials following the failure to obtain regulatory consent in Singapore.
Today Colin Wu, Journalist from China, tweeted that many crypto exchange platforms like the Chinese Huobi have come to Dubai to establish their offices in the country. After the Wu Blockchain’s reveal, experts are expecting that Binance wants to establish its head office in Dubai like Huobi.
Amidst the huge regulatory pressure, the company announced a halt on fiat purchase channels, spot trading, liquid swap, and fiat deposit activities in Singapore in September. Binance also requested its Singapore users to withdraw their tokens and close their trades before October 26.
Binance complying actions
The Securities Commission of Singapore recently added Binance.com to its Investor Alert List, after which the company suffered a major crackdown in the country. Along with that, many other regulatory bodies around the world are targeting the exchange giant, including the UK, Japan, Hong Kong, South Africa, and many more. The company seems to be losing the game as it is finally complying.
It has also recently stopped its crypto derivative services in South Africa. The exchange giant clarified that the reason behind this ban was regulatory pressure by the local authorities.
After facing a major crackdown, the CEO has announced his plans to centralize its operations to restore its relationships with the authorities around the world.
At the end of September, Binance also informed that it is trying to talk to multiple regulatory bodies to get their approvals. The company further revealed that it is also building a centralized financial institution to provide decentralized methods.
The CEO of the company, during a talk, said that as the largest market player, they should try to cooperate with the regulators by making some alterations.