Binance to quit Netherlands after failing to register

Still, the enthusiasm for some was tempered by a report from the Wall Street Journal that Binance, the world’s largest cryptocurrency exchange, has laid off more than 1,000 people in recent weeks.

The lay-offs are ongoing and could result in the exchange losing more than a third of its staff, the report said, citing a person familiar with the matter.

“We wish to see from regulators a bit more proactive guidance and legislation rather than regulation by enforcement,” said Paolo Ardoino, chief technology officer at Bitfinex, a cryptocurrency trading company that was fined by another US regulator, the CFTC, in 2021.

It called it a “detailed and ongoing process” and said it was confident of having “the right team and measures in place to continue our discussions with regulators in Germany”.

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To be sure, the SEC has yet to approve BlackRock’s application and it has so far rejected proposed ETFs that track bitcoin from the likes of Fidelity and Cboe Global Markets.

The SEC has cited concerns about market manipulation in such products. Digital asset manager Grayscale had its proposal for a spot bitcoin ETF rejected last year.

With the advent of Initial Coin Offerings (ICOs) and Initial DEX Offering (IDOs), startups can now bypass traditional funding routes and connect with a global pool of investors.

Despite the challenges and risks associated with the cryptocurrency market, the benefits of fundraising in this manner are significant, including increased accessibility, low barriers to entry, and more efficient fundraising processes. With the continuous growth and home page maturity of the crypto market, it’s likely that more and more startups will consider crypto fundraising as a viable option for their fundraising needs.

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“Sticky inflation and economic recession concerns are still longer-term risks that we have to be cautious about,” said Youwei Yang, chief economist at bitcoin miner BTCM.

ASIC’s investigation, first confirmed in February, concerns the misclassification of retail investors as wholesale.

The former are entitled to a higher level of regulatory protection.

Top token bitcoin last week hit $31,818, its highest for a year, and is up more than 80% in price so far in 2023. However, the asset remains less than half its all-time high of $69,000.

(Reporting by Tom Wilson in London; Editing by Sharon Singleton)

User funds have been and always will be safe and secure on all Binance-affiliated platforms.”

A Binance spokesperson said in a statement on Saturday: “Although we maintain that the SEC’s request for emergency relief was entirely unwarranted, we are pleased that the disagreement over this request was resolved on mutually acceptable terms.

A slew of crypto firms, including the world’s biggest exchange Binance, have already registered with the AMF. Licensed firms, however, are subject to more onerous rules in areas including corporate governance, IT and compliance.

Securities and Exchange Commission’s move this month to sue crypto giants Coinbase Global and Binance, alleging violation of its rules. The moves have revived investor interest in cyptocurrencies, which have been in the doldrums after a series of crypto company meltdowns including the sudden collapse of exchange FTX late last year.

Compounding negative sentiment has been increased regulatory scrutiny, including the U.S. The pair deny the allegations.

Most crypto companies dispute the SEC’s jurisdiction. They argue cryptocurrencies are more like commodities than securities, and want Congress to write laws making that clear.