With central banks getting ever closer to the day when in a desperation attempt to overhaul the failing monetary system they will all issue their own digital currencies - which despite the name have absolutely nothing in common with cryptocurrencies and in fact seek to eliminate every last trace of user privacy while enabling central banks to remotely program the digital "currency" as they wish - the war against actual, real cryptocurrencies and the exchanges they trade on is getting more real by the day. One such exchange in the regulators' bulls eye is Binance, which unlike the US-focused Coinbase which has long ago been institutionalized, is much more of the "wild west" with its unbridled focus on other countries and as a result, has long been the worlds biggest bitcoin exchange.
It's also why every move that Binance makes is closely scrutinized to determine if central banks and regulators are winning the war of attrition against crypto exchanges.
Which is why many were surprise to learn moments ago in order to get on the regulators' good side, Binance - which is generally known for its "free far all" approach and lack of strict KYC protocols - said it was establishing new withdrawal limits for those who have completed only basic account verification. According to the update, new account registrations and users with only basic account verification will have a daily withdrawal limit of 0.06 BTC, effective immediately, down from 2 BTC. The adjustment, for existing users will be made effective in phases beginning at midnight on Aug. 4 and completed by midnight on Aug. 23. And, as is the case with Bitcoin, clients can increase withdrawal limits by completing a process of identity verification.
Additionally, Binance said that to encourage responsible trading, leverage has been limited to a maximum of 20x for accounts opened within 60 days on Binance Futures.
To encourage responsible trading, leverage has been limited to a maximum of 20x for accounts opened within 60 days on Binance Futures.— Binance (@binance) July 27, 2021
More information here⬇️https://t.co/EuQKZA9R1X
And to make sure that local tax authorities are happy, Binance also launched its tax-reporting tool API.
Below is a list of the full measures implemented by binance as relayed by founder CZ, who summarizes today's developments as follows: "Binance is ready to assist regulators from around the world and together find the optimal way to set a fair playing field - consumer protection is important to all of us. We want to create a sustainable ecosystem around blockchain technology."
(Thread) We just hosted a 1-hour press conference to share the active steps we’re taking to build upon our efforts to be more compliant with local regulations everywhere.— CZ 🔶 Binance (@cz_binance) July 27, 2021
I’d like to share these updates with you now too.
We have commenced processes for licenses & approvals where there is an existing legal framework for crypto exchanges. This includes on-going work across Asia-Pacific, EMEA and Latin America.— CZ 🔶 Binance (@cz_binance) July 27, 2021
We will actively work with regulators as more crypto-specific frameworks are introduced.
As I shared earlier this week, Binance Futures has been limiting new futures accounts opened within the past 30 days to 20x leverage from July 19.— CZ 🔶 Binance (@cz_binance) July 27, 2021
From 27 July we will extend the limit to accounts opened within the past 60 days.https://t.co/rhIsY3LV8X
We are actively hiring leadership with regulatory and compliance experience.— CZ 🔶 Binance (@cz_binance) July 27, 2021
There are no immediate plans to replace me as CEO. (Journalists like to mis-quote this). I always humbly invite everyone @binance or outside to raise their hand at this job. 🙋♀️🙋♂️
More to come. Stay tuned.— CZ 🔶 Binance (@cz_binance) July 27, 2021
Binance is ready to assist regulators from around the world and together find the optimal way to set a fair playing field - consumer protection is important to all of us. We want to create a sustainable ecosystem around blockchain technology.