Bitcoin News and Finance
Lithuania Issues Warning to Binance, Warns Investors Crypto Services Are Not Regulated Skip to main content

Lithuania Issues Warning to Binance, Warns Investors Crypto Services Are Not Regulated

Lithuania Issues Warning to Binance, Warns Investors Crypto Services Are Not Regulated

Binance’s regulatory troubles continue with Lithuania being the latest country to issue a warning about the cryptocurrency exchange. Lithuania’s announcement came one day after Italy issued a similar warning.

Lithuania Warns Binance

Lithuania’s central bank announced Friday that it has issued a warning to Binance UAB about its unlicensed investment services provided in Lithuania. The central bank also “ordered the company to ensure that its publicly available information is not misleading.”

The central bank explained that it has assessed publicly available information and found that Binance is “acting as a virtual currency exchange operator and a custodian virtual currency wallet operator” in the country. The bank wrote:

The Bank of Lithuania addressed Binance UAB … and warned the company about its unlicensed investment services provided in Lithuania as well as requested it to ensure that its publicly available information complies with legal requirements and is not misleading.

In addition, the Bank of Lithuania noted that “crypto-asset related services are not regulated or supervised, thus consumers risk losing all their investments.”

The central bank further detailed that some online crypto exchange platforms allow their customers to invest in cryptocurrency derivatives (such as futures and options), contracts for difference (CFD), or crypto-assets linked to securities. The central bank emphasized that these are considered financial instruments and the platforms offering them must be licensed as financial service providers.

However, the central bank clarified, “Companies that are registered in Lithuania as virtual currency exchange operators are not supervised as financial service providers,” elaborating:

They also have no right to provide any financial services, including investment services.

On Monday, Italy issued a similar warning about Binance. Regulators in the U.K., Japan, Cayman Islands, and Thailand also recently issued warnings on the global crypto exchange. In response, Binance has suspended GBP withdrawals and EUR deposits via SEPA bank transfers.

What do you think about all these regulators coming after Binance? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory