Binance Disengages From Rendering Crypto Trade Services in Few European Countries

The leading and top crypto trading company of the world Binance has announced its disengagement from rendering crypto trade services in a few European countries such as Germany, Netherlands, and Italy. The decision has been taken against the actions taken by the national regulators of these countries towards Binance’s future products and derivatives. Binance was of the further view that this is only the beginning of the plan as the company would like to suspend its crypto trading and services arms in other parts of Europe.

Binance was subjected to allegations and objections by its concerned supervisory and regulatory authority in multiple regions of the world. National regulators of Asia, Europe, and the UK had questioned crypto trade services of Binance within their jurisdictions. Resultantly, regional customers were warned by their respective regulatory authorities to refrain from engaging with Binance. This badly brought down Binance’s reputation and prestige all over the worth.

But being a globally leading crypto trading company, people expected Binance to settle the issues amicably. However, the firm’s latest announcement turned to be quite opposite to what people were thinking of.

It has been announced by Binance that it is immediately suspending its crypto services in a few of the European countries. These countries include Germany, Netherlands, and Italy as well. As per the announcement, the firm revealed that it will be packing up its entire business from these countries. The consumers from these countries will not be able to engage with any crypto business from the platform of Binance. In addition, they will not be allowed to utilize Binance’s service indirectly. Binance said that all branches of Binance within these three countries will be completely wound up.

Soon after the announcement, none of the consumers from these regions were allowed to trade in any of Binance’s products. It was reported that customers were barred from opening any trade positions from Binance’s platforms. Instead, the customers from Germany, Netherlands, and Italy have been apprised to close the positions they have locked within a period of 90 days. After 90 days period, the firm will not be responsible if they happened to suffer any loss or financial injury.

After the announcement, Binance took the matter to Twitter and revealed the same fact in a tweet post. It also told in a Twitter message that winding up in three European countries is only the beginning. The company has further plans to suspend its crypto trade operations and services throughout the European region. However, later on, the tweet post was deleted by Binance which talked about winding up of services in the entire European region.

For the past 60 days, Binance had been under strict scrutiny radar of various national regulators. All of them are claiming the same thing that Binance is not complying with their regulations and rules. In Japan and UK too, the situation with Binance is also the same.