• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Nexo

Gemini Exchange Sticks The Boot In As Regulatory Woes Pile On For Binance

Samuel Wan by Samuel Wan
1 year ago
in News
0
Advertisement

As global regulators show no let-up on Binance, Cameron Winklevoss takes the opportunity to remind everyone, Gemini, which he co-founded in 2015, is fully regulated to operate in the U.S, including in New York.

Gemini Exchange has always marketed itself as an above-board, regulated exchange that works closely with regulators. Now the net is closing in on Binance, Winklevoss said:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“We’re playing the long game. We’re trying to be the fastest tortoise in the race. The long game pays off over time.”

With talk of class action lawsuits against Binance, the world’s largest exchange by trading volume may soon find itself in a whole new heap of trouble.

Binance Feels The Heat From Global Regulators

Over the past few weeks, a total of six global regulators have sounded the alarm on Binance.

The Cayman Islands Monetary Authority, the UK’s Financial Conduct Authority, Japan’s Financial Services Authority, and Singapore’s Monetary Authority Service issued investor warnings that Binance is not regulated to operate in their respective jurisdictions.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Whereas more serious action was taken by the Financial Services Regulatory Authority of Ontario, who forced Binance to withdraw its services from the Canadian province.

Similarly, Thailand’s Securities and Exchange Commission filed a criminal complaint on the grounds Binance is operating a crypto exchange without a license. Thai police are said to be involved with the notice.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

The upshot to this has seen partner firms cut ties with Binance, leading to problems for U.K and European customers ramping on and off the exchange.

Joining in on the lynching, U.K banks have stopped payments to crypto businesses, with several specifically mentioning Binance. The list includes Santander, Barclays, Monza, TSB, Nat West, Metro Bank, HSBC, and Lloyds.

It Never Rains But It Pours

According to The Verge, May’s crypto crash did more than inject FUD into the markets. On May 19, as Bitcoin and the rest of the markets crashed, Binance users were locked out of their accounts and were unable to exit positions.

This outage has united affected users who intend to bring legal action against Binance. But as Binance has no official headquarters, users are at a loss on where to send the paperwork.

“There are apparently two groups trying to figure out how to sue this company, one in France working with 700 people and one in Italy.”

As well as that, the May 19 crash also showed flaws in Binance Leveraged Tokens (BLVTs). This derivative product gives leveraged exposure to crypto-assets. It differs from margin trading in that users can get leveraged exposure but without putting up collateral or being liquidated when the trade goes too far the other way.

However, BLVTs, can, of course, lose value.

The May 19 crash saw several BLVTs act inconsistently to how they were supposed to. For example, LTCDOWN should have spiked higher in price as the markets crashed. But it fell along with Litecoin, leading to unfair losses.

Victims have labeled BLVTs as defective derivative products. Like the locked-out users, they also seek some form of redress from Binance.

Binance CEO Changpeng Zhao recently issued a letter admitting mistakes have been made. He attributes this to the speed at which the platform has grown.

Although the letter didn’t address any specific case, Zhao said he and his firm are committed to protecting users. But it will take time to get things right.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

Elon Musk

Elon Musk To Twitter: Let’s Do A Public Debate On Bots!

2 days ago
Barcelona

Barcelona FC And Socios.com Sign $100 Million Deal For Web3 Push

1 week ago
digital payments

 Restrictions On Cash Payments In Israel Prompt Shift To Digital Payments

1 week ago
Ethereum

Ethereum Creator Says Facebook’s Metaverse Attempt Will Fail

1 week ago
Axie

Axie Infinity CEO Denies Claims Of Insider Trading; Game Token’s Value Down To Zero

1 week ago
Miami

Miami Boosts Crypto Image With Release Of 5,000 NFTs With Mastercard, Time And Salesforce

2 weeks ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.