Kategorie: Crypto News

Binance’s Turkey unit was recently slapped with a fine for not abiding by financial surveillance reports requirements

Binance, the world’s largest crypto exchange by daily trading volume, has received the regulator’s green light in Bahrain and Canada. The exchange secured in-principle approval in Bahrain and also earned an MSB license to offer more than crypto services in Canada. Both authorisations were received today from the Central Bank of Bahrain (CBB) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), respectively.

Changpeng Zhao, Binance’s founder and chief executive, celebrated the achievement, posting on Twitter, “Tide is turning.”

The filing for regulatory approval in Canada outlined that Binance’s Canadian subsidiary will run as Binance Canada Capital Markets. In addition to facilitating the trading of digital assets, the platform will also be involved in foreign exchange and money transfer activities. The unit became authorized to operate as a domestic entity at the start of the month, with the current licence set to expire at the end of 2024.

Binance intends to cement its place in the Middle East market

Bahrain is the smallest country in the Gulf region but has proven to be a trailblazer in the cryptocurrency sector in recent years. The in-principle authorisation of Binance in Bahrain makes the CBB the first financial authority to give approval to a subsidiary of the exchange in the Middle East North Africa (MENA) region.

Following the regulatory nod, Binance posted an announcement detailing that it was now approved to offer cryptocurrency services in the country.

“The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class. The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain,” Changpeng Zhao said in a press release. “

Binance also noted that it was working on completing the application process and obtaining full approval in due time. Abdulla Haji, director for licensing at Bahrain’s central bank, seemed to imply that full approval wouldn’t take long. He stated that the final nod was only “a matter of formalities” upon completion of the required checks. He further described Bahrain as the ideal location for Binance to set up regional headquarters. 

The decision to obtain approval in Bahrain accentuates the exchange’s interest in the Middle East market. Last week, Binance revealed it would be working together with the Dubai World Trade Centre Authority to establish a virtual assets hub.

A rollercoaster of a year for Binance

2021 has undoubtedly been full of ups and downs for Binance. The exchange got entangled in regulatory issues in different jurisdictions at some point. Despite facing compliance issues, Binance has since managed to get on the right side of several authorities and also expand its reach.

The latest approval news come on the heels of an 8 million Turkish lira (about $750,000) fine that was levied on the exchange’s Turkish unit BN Teknoloji by the Financial Crimes Investigation Board (MASAK) at the end of last week. The exchange was accused of non-compliance with digital currency legislation relating to consumer information.

The post Binance scores regulatory approvals in Canada and Bahrain ahead of the new year appeared first on Coin Journal.

The Iranian government is worried some regions in the country may suffer blackouts when energy needs become high during the winter months

Iranian authorities have once again instructed authorised cryptocurrency mining companies to break off mining operations in the country, according to a report by the Islamic Republic of Iran Broadcasting. Energy needs shoot up significantly during the cold months, and the government contends that cutting down on energy consumption is the best approach to avoid deficits.

Iran’s Power Generation, Distribution, and Transmission firm Tavanir fears that, if not halted, the mining operations will lead to blackouts during the winter season. The company has also implemented other measures outside crypto mining.

“The Energy Ministry has been implementing measures since last month to reduce the use of liquid fuels in power plants, including cutting licensed crypto farms’ power supply, turning off lampposts in less risky areas and stringent supervision of consumption,” Mostafa Rajabi Mashhadi, Tavanir’s managing director and chairman of the board said.

The measures are akin to those taken during summer

This is not the first time local energy authorities have resorted to this measure. In May, Tehran officials ordered mining farms in the region to suspend their operations amidst similar concerns –insufficient supply and high demand for electricity. The licensed were allowed to recommence their activities in September when authorities felt that the power grid was stable because of decreased energy consumption.

The Grid Management Company hopes that it will save energy for the coming months characterised by low temperatures. Mashhadi reiterated that it was crucial to curtail energy consumption and appealed to locals to cut on their gas and electric use. The measures will potentially benefit the country as estimates show they will lower energy consumption by over 40%.

Illegal crypto miners are a menace

Iran contributes 4.5% to 7% of the world’s Bitcoin hash rate, making it one of the biggest crypto mining nations. The previous suspension of mining between May and September was met with negative feedback by the crypto mining community. The apple of discord was that authorised miners use up about 300 MW – 10x less the figure (3,000 MW) consumed by illegal miners

The war waged on illegal crypto miners by the Iranian government is far from over as local authorities are still hunting and shutting down these illegal operations. At the end of last month, the authorities confirmed that they had confiscated more than 220,000 mining equipment. Nearly 6,000 illegal crypto farms in the country were also closed down, with their operators subsequently being charged.

The post Iranian authorities ask miners to halt mining activities again – Here’s why appeared first on Coin Journal.