Binance has come under pressure from regulators around the world due to concerns about the use of crypto in money laundering and the risks to consumers.
Report According to Zhao, “Binance.US is going to do what Coinbase did.” Binance.US is set to kick off a massive fund-raising round in the next two months, Zhao said in a Zoom interview with The Information, which would reduce his control over the board. According to Zhao, Binance made a profit of $ 800 million (about Rs 5,840 crore) to $1 billion (about Rs 7,300 crore) last year.
last month, cryptocurrency Brian Brooks, the chief executive of the US arm of the exchange, resigned just three months after taking the role. The exchange has come under pressure from regulators around the world due to concerns about the use of crypto in money laundering and the risks to consumers.
Binance said last month it would demand stricter background checks on customers to strengthen efforts against money laundering with immediate effect. The holding company of this exchange is registered in the Cayman Islands. Now Binance has reduced its product offering, which includes leveraged trading and equity-linked tokens, and said it is looking to improve relationships with regulators. The Dutch Central Bank said that Binance was not in compliance with its anti-money laundering and anti-terrorism finance laws.
Binance said on its website that users will need to complete a verification process to access its products and services. Those who have not done so will only be able to withdraw funds, cancel orders and close positions. Until now, document-based ID checks at Binance were only required for users who wanted higher limits on trading. Binance said users will now have to upload an ID card, driving license or passport to prove their identity.<!–