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Binance Under Fire, Allegedly Fails to Meet Regulations

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 rapidly adopting the use of crypto. For instance, the South African crypto exchange — ChainEX, saw a stark rise in users. In particular, it surpassed 30,000 users.

In other news, South African firms have also begun to convert their cash holdings to assets such as Bitcoin (BTC). Seeing advancements like this, the IFGW took it upon itself to come up with a process that would protect its citizens in case of fraudulent activities.

In regards to Binance not following the bank’s regulations. The exchange completely denies the accusations. It stands firm on being fully compliant with all present crypto regulations in place within the region.

Instead, the exchange points at another possibility for the issue:

The block to users transactions/cards could be related to [the] South African Reserve Bank [SARB] regulation and foreign exchange regulations.

Unfortunately, the crypto space has seen many allegations of fraudulent activities due to a lack of concrete regulations. Thus, leaders everywhere are pushing their governments and neighboring nations to take the leap and protect their citizens and their assets.

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