Binance, a cryptocurrency exchange, is ceasing certain offerings in Norway. The announcement comes amid global regulatory pressure, which the global trading platform is attempting to alleviate. Norwegian will also be removed from the language options on the company’s website.
Binance, a cryptocurrency exchange, has suspended product and service offerings in Norway.
Binance, the world’s largest digital asset exchange by daily trading volume, has stated that it would no longer provide certain products and services in the Norwegian market. The adjustments will take effect “immediately,” according to the platform, and will affect trading pairs with Norwegian krone and NOK payment options.
The cryptocurrency exchange said on its website that it is also discontinuing Norwegian language website support. Binance also stated that it has no official Telegram or other online communication channels in Norwegian.
The corporation stated that the move is part of its ongoing assessment of its product and service offerings. Binance indicated that it welcomes changes to the regulatory environment for the crypto industry “as they present chances for market players to have stronger collaboration with the regulators,” adding that:
We are committed to participating constructively in policy development that attempts to benefit all users.
The Financial Supervisory Authority of Norway (Finanstilsynet) published a warning regarding the hazards of cryptocurrency investing and trading two months ago. The agency stated that crypto exchanges in the country are only obligated to follow its anti-money laundering (AML) guidelines, emphasizing the importance of a comprehensive legal framework.
The World’s Leading Cryptocurrency Exchange Responds to Regulatory Crackdown
Binance’s latest announcement comes as the popular cryptocurrency exchange has been subjected to regulatory action around the world. Several regulators, including those in Italy, Lithuania, the United Kingdom, Japan, Hong Kong, and Malaysia, have raised worry about certain of Binance’s offers and imposed restrictions in recent months.
Binance has responded by discontinuing certain products and services in various areas. For example, as we reported in early July, the network banned euro deposits via SEPA bank transfers. Binance removed its options and futures products from Germany, Italy, and the Netherlands earlier this month, followed by Hong Kong. With even harsher controls on the horizon, the exchange also brought an end to a number of products and services in South Korea. It also stopped trading in stock tokens.
Binance CEO Changpeng Zhao declared in July that his business intends to operate as a regulated financial institution, and the exchange made regulatory compliance its top priority in mid-August, indicating that it is hiring personnel for its compliance and legal departments. Binance made know-your-customer (KYC) procedures mandatory for all users of its products and services.
The UK Financial Conduct Authority said this week that the exchange has met the restrictions imposed in June. The FCA did highlight, however, that while the platform is permitted to provide some investing services in the country, it is not permitted to provide services linked to crypto assets, and it is also “not capable of being effectively supervised.”