Binance said that despite trying for several alternatives to serve the Dutch residents as per the Dutch regulations, it failed to secure the VASP license.
Banks said that they are torn between the development push of Hong Kong’s crypto sector as well as handling anti-money laundering or know-your-customer issues.
The two have reached a compromise wherein Binance.US will be able to continue its operations without freezing the funds.
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Cameron Winklevoss stated that youth votes are absolutely very critical for the Democrats to win the next Presidential election and as tough regulatory stand on cryptocurrencies could deter their prospects of winning.
Binance.US is now preparing to transition itself into a crypto-only exchange as banking partners hint at cutting ties to avoid friction with the SEC.
The banking giant said that amid the rapidly rising interest in cryptocurrencies scammers are capitalizing on these trends and diverting funds to crypto exchanges.
The SEC said that the restraining order is necessary to “prevent the dissipation of available assets for any judgment, given the Defendants’ years of violative conduct, disregard of the laws of the United States.”
The SEC has accused crypto exchange Coinbase for operating as an unregistered securities broker and violating the federal securities laws.