Former US SEC Chief Calls Binance’s Fiat Withdrawal Issue “Disturbing”
Former US SEC enforcement chief John Reed Stark criticizes Binance for suspending fiat withdrawals for customers in the Euro area. He suggests that the SEC and FINRA should investigate the issue and refers to Binance’s lack of registration in the Eurozone.
Binance Suspends Euro Withdrawals and Deposits via SEPA
Binance has suspended Euro withdrawals and deposits through SEPA, with no specific timeframe for when these services will be restored. The exchange advises customers to use alternative methods such as Visa cards or P2P services for buying and selling crypto.
Binance Faces Challenges in the US
Binance may face a lawsuit from the US Department of Justice following recent lawsuits by the US SEC and CFTC. Binance has asked for the CFTC lawsuit to be dismissed, claiming lack of jurisdiction. Binance and BinanceUS are also challenging the US SEC’s overreach in the lawsuit.
Binance’s Registration Canceled in European Countries
Binance has canceled its registration in several European countries, including the Netherlands, Germany, and Austria. MiCA regulation allows crypto exchanges to receive passport rights in all Eurozone countries with approval in a single country.
Hot Take
Binance’s suspension of fiat withdrawals in the Euro area and the lack of clarity surrounding when these services will be restored raises concerns for customers. The issue highlights the need for regulatory oversight and accountability in the cryptocurrency industry. Binance’s challenges in the US further add to the regulatory scrutiny surrounding the exchange.
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