Binance has been in a state of upheaval recently
Binance announced restrictions on stablecoin transactions in the EU:
Binance announced that from June 26, 2024, users in the EU will no longer be able to use stablecoins such as USDT for any transactions.
It is reported that the restriction is due to the upcoming implementation of new stablecoin rules implemented by the EU Crypto-Asset Market (MiCA) framework. According to the new regulations of MiCA, only electronic money institutions (EMIs) and credit institutions (such as banks) can issue and provide stablecoin services within the European Economic Area (EEA). This means that many existing stablecoins will be classified as "unauthorized stablecoins" and subject to corresponding restrictions.
Faced with this sudden change, they all consulted Binance for solutions, but the response they received was disappointing. Binance stated that they will follow the regulatory requirements of MiCA and impose restrictions on all products involving unauthorized stablecoins. At the same time, they also made it clear that Binance will not bear any responsibility for losses caused by liquidation.
India's Financial Intelligence Unit fines Binance $2.2 million
Binance, the world's largest cryptocurrency exchange, was fined about $2.2 million (1.882 billion Indian rupees) for not complying with the country's anti-money laundering rules while providing services to Indian customers, India's anti-money laundering department announced on Thursday.
