Lithuania warns Binance and warns investors that crypto services are unregulated – regulation Bitcoin News

Binance’s regulatory problems continue as Lithuania is the last country to issue a warning about cryptocurrency exchanges. Lithuania’s announcement came a day after a similar warning from Italy.

Lithuania warns Binance

The Central Bank of Lithuania announced on Friday that it had warned Binance UAB about its unlicensed securities services in Lithuania. In addition, the central bank “ordered the company to ensure that its publicly available information is not misleading”.

The central bank said it had evaluated publicly available information and found that Binance “acts as a virtual currency exchange operator and custodian of virtual currency wallet operators” in the country. The bank wrote:

The Bank of Lithuania reached out to Binance UAB… warning the company about its unlicensed investment services provided in Lithuania and asking it to ensure that its publicly available information complies with legal requirements and is not misleading.

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

The central bank went on to say 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-linked crypto-assets. The central bank stressed that these are financial instruments and that the platforms they offer must be licensed as financial services providers.

However, the central bank made it clear: “Companies that are registered as virtual currency exchange operators in Lithuania are not supervised as financial service providers,” and stated:

You are also not entitled to the provision of financial services, including investment services.

Italy issued a similar warning regarding Binance on Monday. Regulators in the UK, Japan, the Cayman Islands and Thailand have also recently issued warnings about global crypto exchanges. In response, Binance has suspended GBP withdrawals and EUR deposits via SEPA wire transfers.

What do you think of all of these regulators coming to Binance? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.




source https://bidsfor.me/lithuania-warns-binance-and-warns-investors-that-crypto-services-are-unregulated-regulation-bitcoin-news/

Comments

Post a Comment

Popular posts from this blog

‘Doctor Bitcoin’ pleads guilty to operating an illegal crypto exchange in the US and faces 5 years in prison – regulation Bitcoin News

A Texas man who calls himself “Doctor Bitcoin” pleaded guilty to having operated an illegal cryptocurrency exchange business converting cash into Bitcoin. He faces five years in federal prison. Crypto Exchange Operator pleads guilty The US Department of Justice (DOJ) announced Tuesday that a Texas resident, Mark Alexander Hopkins, pleaded guilty to “illegally engaging in a business converting cash into cryptocurrency.” The 42-year-old man, who calls himself “Doctor Bitcoin,” pleaded guilty to running an unlicensed money transfer company. Acting US attorney Prerak Shah in detail: This defendant ignored federal law and allowed scammers to use Bitcoin to operate under the radar of law enforcement. We are determined to rid the Bitcoin market of anyone who knowingly helps criminal actors hide illegal profits in crypto wallets. Hopkins admitted to running a cryptocurrency exchange business and converting US dollars into cryptocurrency, primarily Bitcoin, for a fee. He also admitted...
Read more

Payments Giant NCR brings Bitcoin trading to 650 US banks and their 24 million customers – Finance Bitcoin News

Payment giant NCR and New York Digital Investment Group (NYDIG) are working together to enable 650 U.S. banks to offer Bitcoin trading to their 24 million customers through their mobile applications. 24 million customers from 650 Main Street banks could soon have access to bitcoin trading New York Digital Investment Group (NYDIG) said Wednesday when 650 banks and credit unions in the US will soon be able to offer Bitcoin trading to their customers via their mobile applications. The Bitcoin option is made possible through a collaboration between NYDIG and corporate payments giant NCR. NYDIG is a bitcoin technology and financial services subsidiary of Stone Ridge, a $ 10 billion alternative asset manager. NCR digital banking president Douglas Brown was quoted by Forbes as saying: We strongly believe in the benefits of crypto and its strategic application. And that goes for our banking relationships, as NYDIG proves, and for retailers and restaurants and the like. Founded in 1...
Read more

These are the 5 Most Expensive Crypto Economics Assets Per Unit – Markets and Prices Bitcoin News

Image
As of July 18, Bitcoin is the most valuable cryptocurrency in US dollars per unit, currently trading for $ 31,693. In addition to all the packaged Bitcoins and synthetic Bitcoin connections, the second highest crypto asset per unit is the longing for financing and the manufacturer follows. Removing market cap positions and looking at crypto assets this way gives a user a completely different perspective. A look at the top digital currencies by unit price At the time of writing, there are only two crypto assets worth five digits and only two worth four. A look at the price of each coin per unit shows how many coins are being traded in certain price ranges. The unit price recorded in this report was recorded at 8:55 a.m. EDT on Sunday, July 18, 2021. The data was collected from the crypto market aggregation sites market.bitcoin.com and coingecko.com. The five most expensive crypto assets per unit include Bitcoin, Long Finance, Maker, Ethereum, and Bitcoin Cash. The per-unit pric...
Read more