Are Regulators in North America Unfriendly to Binance?

[MarkRoberts]

Although Binance has a worldwide footprint, the exchange has had a rocky relationship with North American authorities since its inception in 2018. As a way to appease US market authorities, the exchange has created a new company known as Binance.US, which is intended to follow American market regulations.

Binance has hired former Comptroller of the Currency Brain Brooks to head its American subsidiary, which many think would improve the parent company’s relationship with authorities. However, Federal authorities have questioned Binance Global directly, and although no proof of wrongdoing has been discovered, market watchers think the exchange is not yet off the hook.

Binance has a sour relationship with authorities due to allegations made by Forbes analysts that the exchange operates without a headquarters to avoid paying taxes, a charge that Chief Executive Officer Changpeng Zhao (CZ) has often refuted. In addition, the concerns over Binance’s availability in North America have now gotten a fresh boost, with Ontario joining the US as a restricted region on Binance Global.

[CryptoStar19]

It's not just in the US. We have seen some regulatory action against Binance recently in the UK. However Binance is well established and a reputable company and one way or another will come overcome these regulatory hurdles.