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ARTICLE SOURCE https://coinmarketcap.com/alexandria/article/following-hong-kong-retreat-binance-pivots-to-proactive-compliance
Published on: August 6, 2021
Written by: Leo Jakobson
CZ says Binance 'pivots from reactive compliance to proactive compliance'
Binance is “pivoting from reactive compliance to proactive compliance,” the CEO of the world's largest cryptocurrency exchange by volume announced today.
In an August 6 tweet, Changepeng “CZ” Zhao announced the new policy, shortly before news broke that it will no longer offer futures products to Hong Kong customers. Existing customers have 90 days to close their open positions.
“This is one of many proactive measures Binance is taking to help establish best practices in crypto compliance globally,” Zhao added.
He followed this up with an apology, tweeting “short-term pain… long-term gain” and claiming Binance would “lead in volume, lead in compliance.”
The news from Hong Kong is the latest in a series of withdrawals Binance has recently made in the wake of aggressive action from regulators around the world.
On July 30, Binance gave customers in Germany, Italy and the Netherlands 90 days to unwind all futures and derivatives positions. Four days earlier, it announced plans to cancel all trading in all isolated and margin trading pairs involving the euro (EUR), the British pound (GBP) and the Australian dollar (AUD). These changes will take place on August 10 and 12.
This followed announcements from regulators in Malaysia, the United Kingdom, Japan, Thailand and even the Cayman Islands that Binance would not be allowed to do business in their territories.
Compliance tools
In a nod to the growing focus on anti-money laundering (AML) and countering the financing of terror (CFT) regulations by national and international regulators, Binance has increased the amount that users with unverified (“basic”) identity accounts can withdraw reduced to just 0.06. BTC per day – while it is announced that verified customers can withdraw 100 BTC daily.
Binance also announced plans to shut down access to its new stock-token trading platform in the European Economic Area and Switzerland in mid-July, giving users the option to switch positions to German digital asset platform CM-Equity AG.
Binance also followed rival FTX's lead in July, restricting the staggeringly high levels of margin trading it offers, reducing maximum leverage from 100x to 20x.
Then, on July 28, Binance introduced a tax reporting tool designed “to enable Binance users to easily track their crypto activities to ensure they comply with reporting requirements set by their regulators.”
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