Binance Exchange is facing significant changes – overview
2 min readBinance Exchange brings several important changes to move it forward. Most of them are mainly related to last month’s bans. As the exchange wants to remain a market leader in the provision of services around the world, it will have to make some very important adjustments that will affect each of us. In this article, we have summarized all the important changes for you so that you do not remain surprised.
Binance Exchange has had major problems lately with regulation and securities commissions. There was even speculation about the very end. In their blog Binance has made it clear that they are making great efforts to keep the stock market moving forward.
What changes are planned for Binance Exchange?
- On July 16, Binance became the first exchange to limit the maximum amount of leverage to 1:20 for new users. One week later, they announced that the limit would be extended to all new open accounts.
- During the virtual conference, the founder and CEO of “CZ” confirmed Binance’s plans to become a regulated financial institution. In addition to ensuring local licenses and compliance with regional regulations, this would also mean setting up regional directorates to deepen communication with regulators. They will also continue to increase recruitment to their compliance department.
- On July 30, they announced that they planned to end the offer of derivative products in Germany, Italy and the Netherlands. This was followed by a decision on 6 August to restrict Hong Kong users as well, making Binance the first major crypto exchange to proactively restrict access to derivative products in a financial center such as Hong Kong.
- From August 10, the latest service API update will take effect, limiting the ability creating new API keys for verified accounts only. This is to ensure a fair trading environment for all market participants and thus remain in line with the latest regulatory requirements for the cryptocurrency sector.
Binance also drew attention to various scams a fake news, who tarnish their name and claim that it is a fraud or that the stock exchange, for example, should end another month. None of this is true.
