💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Binance Under Fire, Allegedly Fails to Meet Regulations

Published 06/23/2021, 10:42 AM
Updated 06/23/2021, 11:01 AM
Binance Under Fire, Allegedly Fails to Meet Regulations

  • Binance allegedly failed to meet bank regulations.
  • South African bank — Absa, has blocked its users from purchasing cryptos on the exchange.
  • The accused admits to no non-compliance, instead suggests other possibilities.

Absa, a South-African bank took the step to block the use of all its users’ credit cards for purchasing cryptos on international exchanges. This decision was made after some texts claiming account suspension on a certain exchange.

In detail, the bank received claims from clients from a financial firm. The clients claim that they got texts about suspensions from online payments made to the crypto exchange — Binance.

The bank, in turn, says that it recently implemented this new measure, specifically, on June 18, 2021. Moreover, it did so because Binance fails to comply with regulations. This action took place right after the IFWG chose to realign the country’s crypto regulation.

It was clear that South African citizens and businesses were ...

This article was first published on coinquora.com

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.