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Binance Bitcoin Open Interest Surges Despite Legal Scrutiny

Binance Bitcoin Open Interest Surges Despite Legal Scrutiny

Asad Gilani
by Asad Gilani
4 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Open interest and liquidity across Binance crypto and Bitcoin derivatives markets have vastly improved, suggesting investors’ confidence in the sector.

As such, 2020/2021 for Binance has been a breakthrough for derivatives markets. Such hiccups have led to the current meteoric rise of Binance Futures.

Binance Faces Regulation Defaults

While Binance luxuriates on this achievement, it is beleaguered with various legal accusations. The accusations range from issues connected with money laundering, tax evasion, unauthorized service offering, and more.

Related Reading | Bitcoin Water Trust Raises $1.4 Million, And Counting

In addition, the world’s biggest cryptocurrency exchange has had its payment activities halted by Barclays just a day ago.

Various other financial regulatory bodies in places like Ontario, Thailand, Japan, Cayman Islands, and even the UK have all publicly clamped down.

The prominent exchange recently had issues concerning offering financial services in their country without obtaining authorization from the respective authority.

Issues on regulation about the UK, just last month (June), the cryptocurrency exchange-Binance, was issued a warning by the country’s financial regulator.

Binance UK’s Indictment

The financial body for the State FCA (Financial Conduct Authority) sanctioned that the blockchain company cannot operate any “regulated activity” in the UK.

In addition to the embargo laid, it also advised people to be wary of adverts promising high returns on Bitcoin investments.

Bitcoin chart showing current price from TradingView.com

Bitcoin tethers along $34,000 range as interest grows | Source: BTCUSD on TradingView.com

Nonetheless, despite the unfriendly action, the FCA was not at any rate seeking to regulate Binance or cryptocurrencies. On the contrary, the financial body only requires exchanges like Binance to register with them before carrying out financial operations.

Binance has yet to register with the regulators and thus it’s not allowed to run an exchange in the UK.

Bitcoin Thrives Despite Binance Financial Ordeal In The U.S.

The crypto exchange, since two months back, has been engulfed in investigative waters of the US justice departments. The issues are similar to elsewhere: money laundering, unauthorized services offering, and tax evasion.

Related Reading | Is New York’s Seneca Lake Too Hot Because Of Bitcoin Mining? We Beg To Differ

As part of the probe into Binance’s operations, the US officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance’s business.

However, like the blockchain industry it operates in, the exchange has prospered because of the lack of government control.

Despite the FCA, US Justice Department, and other world regulators’ push against Binance and other crypto-platforms. The Bitcoin market future gets more substantial amidst the turbulence.

Like it once said, the regulator’s activities are indeed having “no direct impact” on the services it provides from its website Binance.com.

Binance Bitcoin Open Interest Spikes

According to Arcane Research, Binance’s dominance in the Bitcoin prospect markets is at an all-time high. A share of the global open interest currently sits at 25% of the total open interest in the futures market-a record-breaking achievement for Binance.

Binance Bitcoin Open Interest Surges Despite Legal Scrutiny

While Binance undergoes scrutiny, research shows that Bitcoin Interest is on the rise | Source: Binance Futures: Open Interest (Bitcoin) on Arcane Research

Since last year, open interest increased from $2.5 billion on January 1st to $4 billion by January 31st.  Presently, open interest in BitMEX, OKex, and Huobi dominates the industry, adding up to 80% of the industry.

Meanwhile, newcomers like Binance Futures have recorded fast-growing open interest across all of its crypto futures offerings.

Featured Image by Pixabay - Chart by Arcane Research
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Asad Gilani

Asad Gilani

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Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

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