Cryptos

Binance to End Supporting Norwegian Kroner Pairs Payments and Language

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Some offers in Norway have been withdrawn by Binance cryptocurrency exchange. This news comes amid regulatory pressures all over the world that the global trading marketplace is working to resolve. The company will also remove Norwegian from its language options on its website.

Crypto Exchange Binance suspends product and service offerings in Norway

Binance, the world’s largest digital asset exchange, has announced it will no longer be offering certain products and services in Norway. These changes, which were announced by Binance on Friday, August 27, are “immediately” and apply to trading pairs using Norwegian krone or NOK payment options.

The crypto exchange announced on its website that it was also suspending support of websites in Norwegian. Binance stated that it does no maintain official telegrams in Norwegian and other online communication channels.

The company maintained that the move was part of its ongoing evaluation of its product offerings and services. Binance stated that it is open to changes in the regulatory framework for crypto industry “as these provide opportunities for market participants to have greater collaboration avec regulators”.

We are committed in constructively developing policies that will benefit all users.

Two months ago, the Norwegian Financial Supervisory Authority was established (FinanstilsynetThe ) has warned about the dangers of trading and investing in cryptocurrency. The agency pointed out that crypto exchanges in the country are only required to adhere to anti-money laundering rules. It also stressed the need for a comprehensive legal framework.

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A leading cryptocurrency exchange responds to regulatory crackdown

Binance’s most recent statement was made as the important cryptocurrency exchange faced regulatory action around the world. Many regulators, including those in Japan, Hong Kong (UK), Lithuania, Hong Kong, Japan and Malaysia, expressed concern at Binance’s offer and implemented restrictive measures. The last months.

Binance responded by stopping certain products and services from certain markets. According to Bitcoin.com News, the platform had suspended euro deposits via SEPA bank transfer in July. Binance pulled its futures and derivatives from Germany, Italy, and the Netherlands this month, and later from Hong Kong. The exchange also stopped offering products and services in South Korea due to stricter regulations. He also stopped trading equity tokens.

Binance to Stop Supporting Norwegian Kroner Pairs, Payments, and Language

Changpeng Zhao, Binance CEO stated that his company plans to be a regulated financial institution in July. The exchange revealed in mid-August that regulatory compliance was its top priority. It also revealed that it was looking for talent for its legal and compliance teams. Binance has made it mandatory to know your customer (KYC), for all its users of its products.

The UK’s Financial Conduct Authority (FCA) announced this week that the exchange had met the June requirements. However, the FCA pointed out that, while the platform may offer some investment services in the UK, it is not licensed for services related to crypto assets. They also stressed that it was not capable of “being effectively supervised”.

What do you think about Binance’s regulatory crackdown, and the stock exchange’s response? Please leave your comments below.


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