[2019.03.28] 14% of Major Crypto Exchanges Are Licensed by Regulators

[FreeEarnsActivist]

Report on the classification of exchanges for aml / kyc prepared by Coinfirm AMLT.

https://cointelegraph.com/news/study-14-of-major-crypto-exchanges-are-licensed-by-regulators

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[stompix]

Why are people always painting Greenland on maps as a desert island?
They went to the trouble of making a puzzle of Africa although nothing is certain in those countries but neah, Greenland wasn't worth the effort....

[Slow death]

this report seems more of a joke, they say Binance is a high risk exchange, but they have already stopped to think how many exchanges there are where the owners of these same exchanges are not anonymous? yobit for example, what ranking an exchange like yobit would receive? Binance is doing a good job and should receive an excellent ranking for the good service they are providing

[gentlemand]

this report seems more of a joke, they say Binance is a high risk exchange, but they have already stopped to think how many exchanges there are where the owners of these same exchanges are not anonymous? yobit for example, what ranking an exchange like yobit would receive? Binance is doing a good job and should receive an excellent ranking for the good service they are providing

Binance is unregulated and don't disclose where their servers live. They operate in countries where they should be following local regs and ignore them. Just because it's big, has a vocal owner and hasn't had any problems so far does not make them rock solid.

[dunfida]

this report seems more of a joke, they say Binance is a high risk exchange, but they have already stopped to think how many exchanges there are where the owners of these same exchanges are not anonymous? yobit for example, what ranking an exchange like yobit would receive? Binance is doing a good job and should receive an excellent ranking for the good service they are providing

Binance is unregulated and don't disclose where their servers live. They operate in countries where they should be following local regs and ignore them. Just because it's big, has a vocal owner and hasn't had any problems so far does not make them rock solid.

If some firm or institution would try to make a hole then for sure those properties that do Binance have would be shaken.For now they do able to retain because none of them do still
make some action but i agree that those things doesnt mean on making them solid.

[LeGaulois]

this report seems more of a joke, they say Binance is a high risk exchange, but they have already stopped to think how many exchanges there are where the owners of these same exchanges are not anonymous? yobit for example, what ranking an exchange like yobit would receive? Binance is doing a good job and should receive an excellent ranking for the good service they are providing

The point is about the regulations and the exchanges, not about comparing which site is best for trading.
Binance will do a good job when it will ask people their ID card, proof of address, etc the first day, and as soon as a new user registers on the platform. And only after a complete verification, in accordance with the best practices, the user can have access and use the platform. As I said a few days ago, Exchanges are generally lenients with the KYC/AML policies, even some popular sites.

[stompix]

Binance is doing a good job and should receive an excellent ranking for the good service they are providing

Binance is doing a good job at trading, and crypto deposits and withdrawals, when they will go fiat-crypto I bet they are going to experience a lot of problems, and a lot of really shady deals are going to come forth.

Ass for them being legal and licensed, this is one of my posts from 6 months ago:

Seriously, how difficult is it for Binance to obtain the proper registrations and licenses to still operate in Japan? Japan is a crazy large market that will keep bursting out of its jacket. It just points out that they aren't interested in obtaining them, or they couldn't and won't be able to pass the requirements. They have never been hacked in the way other exchanges are hacked, and money is totally not a problem, so what is the problem?

For certain the second one.
What was more troublesome was the way it unfolded.

Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them.

2:33 PM - Mar 22, 2018

The second day:

We received a simple letter from JFSA about an hour ago. Our lawyers called JFSA immediately, and will find a solution. Protecting user interests is our top priority.

That evening they were on their way to Malta, which has some very lax laws and is probably one of the last remaining tax havens in the EU.

Something deep down there at Binance is probably wrong, they might be laundering money, cooking the books or manipulating the trades but it's pretty clear they want to make sure nobody is bothering them.

Are you going to fully trust an exchange that says we have no problems, screaming "fake news" and the next day is fleeing to some off-shore heaven?
I will certainly not!

[joniboini]

Are you going to fully trust an exchange that says we have no problems, screaming "fake news" and the next day is fleeing to some off-shore heaven?
I will certainly not!

If somebody trust what an exchange says, then they don't have full experience on crypto yet. It is hard to trust anyone in this space, better learn how to verify and manage or mitigate any risk that we found. Don't "like" an exchange too much, ask them for more transparency and if they can't provide adequate transparency, then it's time to move on.

[Falgorn]

Recently, many cryptocurrency exchanges appear and will continue to appear and they are still in good demand, since the cryptocurrency market continues to evolve and this process will still take place for some time. However, states do not want to lose control over cash flows, and taking into account the anonymity of cryptocurrencies, they are trying to regulate the activities of cryptocurrency exchanges and require them to provide confidential data to their users. Many cryptocurrency owners are trying to circumvent such exchanges, and with this in mind, I think that decentralized exchanges that will be free from checking kyc will develop well and be in demand.

[mich]

This really is not a surprise to me.  Its almost monthly you read about exchanges being closed down for violating local laws.
Its much easier to start a crypto exchange then it is to keep it operating legally.
What does sort of shock me is that a country like the US is falling behind in crypto exchange volume due to regulations.

Despite being home to the NYSE and NASDAQ, which comfortably lead the rest of the planet in terms of exchange volumes, the U.S. has conceded its initial crypto exchange leadership position to Asia.
https://cryptoslate.com/u-s-is-falling-behind-in-crypto-exchange-volume-regulation-to-blame/

[FreeEarnsActivist]

this report seems more of a joke, they say Binance is a high risk exchange, but they have already stopped to think how many exchanges there are where the owners of these same exchanges are not anonymous? yobit for example, what ranking an exchange like yobit would receive? Binance is doing a good job and should receive an excellent ranking for the good service they are providing

Bro it's about KYC/AML report