Looks like there is finally some good news for Binance? Read this article from Forkcast. This time coming from the UK. Seems that the UK Financial Conduct Authority (FCA) has given Binance Market Limited the green light and officially stated that they have fully with all aspects of their requirement. It was in June this year that the FCA had imposed restrictions on the activities of Binance Market Limited. And this is looking very good for Binance. Shows that if they want, they can easily fully government and state requirements.
And it seems that Binance has rolled out compulsory verification for their international services as well. So if you have not done your “intermediate verification”, you should go ahead and start completing it. It shouldn’t take too long either. I remember completing mine in just under a week. If not, your account might get suspended. And honestly I don’t think it is very difficult to do KYC (Know Your Customer). Unless you have something to hide, KYC is just to ensure that you are who you are and if I am not wrong, most exchanges are starting to implement compulsory KYC already. Of course I am talking about the major exchanges. I also know that there are some people out there who don’t trust giving companies or businesses personal information. But that is the “cost” of doing business right? They are in the business of trading stocks or cryptocurrencies and not in the business of selling personal information. You should be more concerned about Google and other internet services like Facebook and Twitter. Those are in the business of selling information to the highest bidder. Exchanges like Binance will usually only provide details of their customers to the authorities if there are cases of fraud or illegal activities. There is no purpose for Binance to give away details without any reason. Of course abuses do and will happen. But I highly doubt that it will be a common occurrence for such a major exchange. Beware of smaller unknown exchanges though.
And it is a good thing for us in the cryptosphere. I mean there a lot of people who think that cryptocurrencies and those involved in crypto projects are simply anonymous hackers or criminals out there in the dark web. This actually legitimize us. Crypto will not always be associated with criminals anymore. And Binance is the largest crypto exchange in the world. More confidence in Binance also means more trading volume, which means the crypto market is more stable and less volatile. Hopefully. Of course volatility is relative.
[Updated 07-Sep-2021]MAS seems to be coming down on Binance. Sometimes it sucks to be big. But then again pretty sure that everything will be settled soon. With the kind of resources Binance has, it should not be too long to get everything resolved. Hopefully.