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World’s leading cryptocurrency exchange Binance seems to be unfazed amidst the flurry of regulatory tussles it has engaged lately. CryptoCompare released data recently, showing that the Derivatives volumes on Binance have surged to $1.7 trillion, which is a 25% increase from June. Spot crypto trading volume on the platform has also increased in September to $789 billion from the $454 billion recorded the previous month.
Regulators Put More Pressure On Crypto Exchanges
Crypto exchanges, and especially Binance, have come under fire by regulators all over the world. While many expected the regulatory issue to harm Binance, the September monthly volume shows otherwise.
Regulators have been expressing their concerns over the standard of anti-money laundering checks and consumer protection. As a result, some have intensified their scrutiny on crypto exchanges. Regulators in Japan, Hong Kong, Germany, and Britain have all intensified their pressure on Binance, with some threatening sanctions against the crypto exchange.
Some have already banned the exchange from carrying out certain operations while others issued stern warnings, saying it wasn’t licensed to operate in their region.
Binance To Maintain High Regulatory Compliance Standards
While Binance’s trading volumes keep increasing, the crypto exchange has also been making serious executive moves. In September, the company appointed Zane Wong as Director of Know Your Customer (KYC) compliance. The move, according to the exchange, was to ensure the highest regulatory compliance standards.
To stay in line with the regulators’ order, Binance has limited its product offering and tightened its anti-money laundering checks.
As a result, Binance restricted its service in Singapore, dropping services like sport cryptocurrency trading and fiat deposits. It also suspended the purchase of liquid swaps on Binance.com and the purchase of crypto assets through fiat channels on the platform.
The decision came only weeks after the exchange stopped all Singapore dollar-based services from its peer-to-peer exchange. It has also carried out similar restrictions in Hong Kong, where the company is facing an outright ban.
Binance has also shut down some of its derivatives businesses across Europe and demanded more stringent background checks to improve the fight against money laundering. It has also stopped its offerings of digital tokens tied to stocks.
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