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New EU bill forces some crypto companies, including Binance, to shut down

New EU bill forces some crypto companies, including Binance, to shut down

The EU Parliament adopted a bill to prevent money laundering. It will outlaw some crypto companies.

 Why It Matters:

  • The shutdown of crypto companies could lead to the freezing or loss of their customers' digital assets
  • The remaining companies will enhance their market positions

The primary goal of the new law is to cut off unregulated crypto companies by denying them access to the EU financial system. The remaining companies will be prevented from interacting with partners beyond the law. 

To avoid being blacklisted, a crypto company must be headquartered in any jurisdiction, registered, and licensed to operate from any EU regulator country.

Most notably, the list of unreliable companies may include Binance, which has no head office and is registered in the Cayman Islands. Earlier, the British regulator has already banned Binance from operating due to the lack of a license. 

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Binance is the world's largest cryptocurrency exchange in terms of trading volume (about $2 billion daily). It was founded in 2017 by Changpeng Zhao, and in a couple of years it has grown into an entire blockchain ecosystem representing the whole spectrum of cryptocurrency products and services. These include a decentralized exchange (Binance DEX), a public blockchain with fast execution (Binance Chain) with an add-on for smart contracts and Ethereum support (Binance Smart Chain), an infrastructure development fund (Binance Labs), an information website (Binance Info), a training center (Binance Academy), a research center (Binance Research), and a nonprofit organization for achieving sustainable development goals (Binance Charity Foundation).       

Trading volume: $27.9 billion.

Number of trading pairs (markets): 1643

Legal status: registered in the Cayman Islands

Fiat currencies: over 43 (including USD, EUR, CAD)

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