Binance ist auf den wichtigen japanischen Markt zurückgekehrt, was zugleich ein großer Schritt für den Expansionskurs der Kryptobörse in Asien ist.
Südkorea stellt Haftbefehle gegen ehemalige Kollegen von Do Kwon aus
Neben Mitgründer Daniel Shin wurden noch gegen sieben andere Personen aus der Führung von Terraform Labs Haftbefehl erlassen.
Brasilien verabschiedet Gesetz: Krypto könnte zu Zahlungsweg werden
Das Gesetz muss noch vom brasilianischen Präsidenten unterzeichnet werden, damit es in Kraft treten kann.
Gemini and Nexo get regulatory approval in Italy
Gemini and Nexo have joined crypto exchanges Coinbase, Binance, and Crypto.com in getting regulatory approval from Italy’s Organismo Agenti e Mediatori (OAM).
KEY TAKEAWAYS
- Both Nexo and Gemini can now offer virtual asset services to Italian citizens.
- Nexo also plans to use expected EU laws on crypto to passport their license across member states.
- Besides Italy, Gemini has also received registration approval in Greece.
In Italy registration with the OAM’s Registry is considered mandatory for all Virtual Asset Service Providers (VASPs) looking to offer services to Italian citizens. The OAM is the one that manages the country’s list of registered financial agents and credit brokers.
Being a European-based firm, Nexo plans to legally issue cryptocurrency lending services to Italian citizens as it expands its services across EU member states.
In a statement after getting the regulatory approval, the co-founder and managing partner of Nexo, Antoni Trenchev, said:
“This registration in Italy is part of our master plan to strengthen our presence in the country and improve the robustness of our compliance across Europe.”
Gemini gets registered in Italy and Greece
Gemini has landed regulatory approval in both Italy and Greece as it aims to get closer to becoming a global crypto company.
In July 2019, the New York Department of Financial Services (NYDFS) gave an opinion letter after Gemini applied for a BitLicense saying that “Gemini does not meet the definition of a virtual currency business as defined by Section 225(c)(1)(B)(iii) of the Federal Reserve Act.” this is because according to the department, Gemini “does not engage in activities that involve exchanging cash or other instruments for virtual currency; instead, they only serve as a payment processor with no other role within their operations.”
Both Gemini and Nexo aim at tapping into one of the largest regions for cryptocurrency and blockchain products by gaining access to the European market.
Besides, the European Union is set to pass crypto laws that will enable crypto companies to passport their license across the 27 member countries.
The post Gemini and Nexo get regulatory approval in Italy appeared first on CoinJournal.
Binance re-enters the Japanese market with purchase of SEBC exchange
Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.
KEY TAKEAWAYS
- SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
- By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
- At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.
Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.
Expanding into Japan
In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.
The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.
In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:
“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”
At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.