As per Binance’s latest announcement, the firm has suspended several of its features which it had particularly designed for its Norwegian customers. The decision is certainly taken under immense pressure that it stemming against Binance from the worldwide regulators. One of the features designed for Norwegian customers was the “language” select option, which too has been deleted for Binance’s website.
It is becoming harder than Binance had thought as the firm has still been unable to meet the requirements of the worldwide regulators. Though the company want to meet the requirements, however, it needs time because it has establishments all over the world. The difficulty is such that every regulator has its own set of rules and regulations which are different from another regulator in another jurisdiction. Binance simply cannot comply with most of the rules described by multiple regulators simultaneously in one go, which is logical. However, it has been so far unable to bear the pressure, and succumbing to this pressure has had to take peculiar actions.
Binance has announced today that it had to suspend several of its features which it had exclusively designed for its Norwegian customers. Binance told that some of its services aimed towards Norwegian customers have been taken out while few have been permanently suspended. The consequences of the action were to take effect immediately after the announcement, suggested Binance.
The features, which Binance has taken out, include the feature of “language select option”. For the ease of convenience of its Norwegian customers, Binance had provided native language option. Those of Binance’s customers who couldn’t understand English used native language option. However, even those who could understand English, but preferred to use the services in their native language. But now this feature is no longer available to any of Binance’s Norwegian customers.
Another very important feature of Binance Norway was the Norwegian national currency pair with other fiat and cryptocurrencies. This feature was mostly utilized by those of Norwegian customers who were interested in crypto forex trading. Unfortunately, with the announcement, Binance has permanently suspended this feature. Subsequently, the national currency of Norway is now pair-less and technically knocked out from Binance’s platform.
The announcement could easily be ascertained as the exact replication of what Binance had announced recently for other countries.
At the end of its announcement, Binance also informed Norwegian customers to beware of any Binance associated social media accounts. Binance clarified that it neither has any Telegram or other social media account operating in Norway.
The decision is certainly going to hurt both i.e. Binance as well as its Norwegian customers. However, Binance does not want to take any chances because of its non-fulfillment of commitments towards the regulator. The firm has however suggested that it is in the process of ensuring compliance with the regulators. Once it is done, then the business of Binance will work normally as it usually does throughout the world.