Weekly Round-Up #55 | Binance Making Headlines, Not Positively Though ??

Belgian Regulator Takes a Swing at Binance, Threatens Criminal Sanctions

Belgium, known for its waffles, chocolates, and now, its beef with Binance!?

The Financial Services and Markets Authority (FSMA) of Belgium has dropped the hammer on Binance, ordering the immediate cessation of all cryptocurrency services offered by the exchange.?

The FSMA is cracking down on Binance's exchange services between virtual and legal currencies, as well as their custody wallet services in Belgium, both of which originate from countries outside the European Economic Area (EEA). This is prohibited under Belgian law, and violations of this prohibition may lead to criminal sanctions related to money laundering and terrorist financing. Talk about throwing down the gauntlet!

The FSMA was not impressed with Binance's entourage, flagging 27 companies allegedly involved in the operational and technical aspects of Binance's offerings, nineteen of which were outside the EEA. These companies failed to provide the required legal documentation and proof of their EEA-based legal entities authorized to offer such services in Belgium.?

The FSMA also discovered that Binance couldn't even verify that their services in Belgium were carried out by entities governed by the law of another EEA member state and authorized by their home member state.?

This led to the FSMA declaring Binance's activities in Belgium a blatant violation of the prohibition. And with that, ordered the mega exchange to pack up and leave the Belgian market, effective immediately.

The FSMA isn't satisfied with just kicking Binance out of Belgium. They also want all cryptographic keys and virtual currencies held on behalf of Belgian clients returned promptly. The FSMA insists that these assets should be returned directly to the clients or transferred to entities governed by the law of an EEA member state, all done securely.?

The FSMA has also given the Crown Prosecutor of Brussels a little heads-up about potential criminal offenses...and that's like waving a red flag in front of a bull.?

Binance can't seem to catch a break, facing regulatory troubles in Europe, the USA, and Brazil. Their U.K. subsidiary had a little falling out with the country's Financial Conduct Authority (FCA) and canceled its registration. And let's not forget their failed attempt to conquer the Dutch market. The exchange called it quits after failing to secure registration as a virtual asset service provider (VASP) and getting fined €3.3 million in July 2022 for unlicensed operations.

The US SEC on June 5, accused Binance of commingling billions of dollars of customer funds and covertly transferring them to a separate company controlled by its CEO, Changpeng Zhao.?

Meanwhile, French authorities have been giving Binance the side-eye since February 2022. Allegations of "aggravated money laundering" and operating without a license between 2020 and 2022 have put Binance in the hot seat.?

Events like this make us wonder why crypto companies aren't following the rules. But we also need to ask why countries and regulators can't agree on clear rules for the crypto industry.

Catch up on our published articles for the week!

NEWS

● Hong Kong’s Financial Secretary Reaffirms Commitment to Digital Innovation and Blockchain Technology >>> Read more.

● ? Transparency Concerns Arise as Crypto.com Faces Allegations of Concealing Internal Trading Activities >>> Read more.

● ? CertiK Receives $500,000 Bounty from Sui Network for Uncovering Critical Blockchain Threat >>> Read more.

●? Mitsui and Animoca Brands Join Forces to Promote Web3 Technology in Japan >>> Read more.

●? ASX Study: One-Third of Young Australian Investors Engage in Cryptocurrency Trading Despite Risk-Averse Stance >>> Read more.

● ? Terraform Labs CEO Do Kwon Found Guilty of Passport Forgery, Sentenced to Prison in Montenegro >>> Read more.

● ? Binance Begins the Integration of Bitcoin Lightning Network for Swift and Seamless Transactions >>> Read more.

● ? Safe Harbor Concept Could Have Saved Ripple Millions in Legal Fees, Says Pro-Ripple Attorney John Deaton >>> Read more.

● ? Crypto Enthusiast, Joseph Tsai, Named Chairman in Alibaba’s Leadership Reshuffle >>> Read more.

● European Investment Bank Launches First Blockchain-based Green Bond with Environmental Incentives >>> Read more.

●? Deutsche Bank Seeks Registration as Digital Asset Custody Provider >>> Read more.

●? Hong Kong Government Study Calls for Accelerated Web 3.0 Development in Response to Regional Competitors >>> Read more.

●? WisdomTree Follows BlackRock’s Lead, Resubmits Bitcoin ETF Application to U.S. SEC >>> Read more.

● US Lawmakers Propose National AI Commission to Regulate the AI Sector >>> Read more.

●? Core Scientific Submits Chapter 11 Bankruptcy Plan, Seeks Consensus for Restructuring >>> Read more.

●? Bank for International Settlements Endorses Tokenization as Future of Monetary Systems, Proposes Unified Ledger for CBDCs and Tokenized Assets >>> Read more.

●? Department of Homeland Security Launches Task Force to Combat Dark Web Crimes and Cryptocurrency Offences >>> Read more.

● Ripple Secures Regulatory Approval in Singapore to Offer Digital Asset Payments Services >>> Read more.

●Binance Brazil Director Summoned to Brazilian Parliament for Investigation Into Alleged Pyramid Schemes >>> Read more.

● NFT Tech and UneeQ Join Forces to Revolutionize Brand Engagement with AI-Powered Digital Humans >>> Read more.

● IBM’s AI Technology to Enhance Fan Interaction at 2023 Wimbledon Championships >>> Read more.

● Foundation Resolves Self-Destruct Capability Threatening NFTs on its Platform >>> Read more.

● Faroe Islands Launches Innovative Collection of Digital “Crypto Stamps” as Blockchain-based NFTs >>> Read more.

● Binance.US Resolves U.S. Dollar Withdrawal Issues Amidst Ongoing U.S. SEC Dispute >>> Read more.

● Gemini Launches Ethereum Staking in the UK, Expands Global Services >>> Read more.

● Crypto.com Receives Regulatory Approval from the Bank of Spain, Expands Cryptocurrency Services in the Country >>> Read more.

● JPMorgan Enhances JPM Coin to Facilitate Euro Transactions for Business Clients >>> Read more.

ARTICLES

●? Bitcoin Ordinals Explained: Everything You Need to Know >>> Learn more.

● The Great Debate: Are Cryptocurrencies Securities or Commodities? >>> Learn more.

ICYMI…

JP Morgan Chase Launches JPM Coin for Euro Transfers, Revolutionizing EU Payments

JP Morgan Chase has hit a new milestone, allowing clients to utilize its blockchain-based payment system, JPM Coin, for euro transactions within the European Union. The first successful euro-denominated transfer was conducted by Siemens AG, a prominent multinational conglomerate.?

JPM Coin's blockchain technology enables 24/7 transfers, providing advantages such as timely payments, efficient liquidity management, cost savings, and increased interest income on deposits. This latest development underscores JP Morgan's commitment to innovation and follows their previous blockchain-related efforts, including interbank settlements in India and a public blockchain transaction in Singapore.?

JPM Coin, available to institutional clients since 2019, has already processed $300 billion in payments, demonstrating its growing influence. The introduction of JPM Coin for euro transfers marks a milestone in revolutionizing EU payments and showcases the importance of embracing emerging technologies in the financial industry.

Spotlight on interesting projects?

BetDEX

The BetDEX Exchange is a sports betting exchange built on the Monaco Protocol, allowing for peer-to-peer wagering.?

The Exchange is licensed and regulated under the jurisdiction of the Isle of Man via the Gambling Supervision Commission. BetDEX is a key contributor to the Monaco Protocol, a permissionless decentralized and open-sourced protocol built on the Solana blockchain, supporting prediction and betting markets.?

For more information, visit https://www.betdex.com/.?

If you want more content like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, ?Medium. and CoinMarketCap Community.