Lithuania Joins the Crackdown Against Cryptocurrency Exchange Binance


Lithuania and Hong Kong’s markets regulator SFC have joined a growing list of countries that have issued warnings against Binance, including Italy, Poland, Canada, and Japan.

July 16, 2021, | AtoZ Markets – It's no secret that the largest cryptocurrency exchange in the world has recently been experiencing a number of difficulties associated with the reaction of various financial regulators to its activities.

Yesterday, Italy was added to this list, and today Lithuania and Hong Kong have joined the infectious flash mob.

Central Bank of Lithuania says Binance is unlicensed on its territory

Binance has received another warning. This time from the side of the Central Bank of Lithuania. The regulator said that the largest cryptocurrency exchange provides unlicensed investment services on its territory and demanded that the trading platform make sure that the publicly available information published by the company does not mislead potential users of the platform.

Read also: Binance Stops Support for Securities-Based Tokens

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According to the statement of the representative of the Central Bank of Lithuania, services related to cryptoassets are not regulated in any way by law, and therefore, users should be prepared to lose all their investments.

It is also noteworthy that the reason for the dissatisfaction of the regulator was not even the spot trading of cryptocurrencies, but the provision of Binance services for investing in derivative financial instruments such as futures and options. According to the authorities, such activities should be licensed and based on the regulations on transactions with securities.

In a related development, the Securities and Futures Commission (SFC) announced Friday that no entity in the Binance Group is registered to conduct any regulated activity in Hong Kong.

We remind you that over the past few weeks, financial regulators from countries such as Italy, Japan, UK, the Cayman Islands, and others have opposed the largest cryptocurrency exchange.

As AtoZMarkets reported on Wednesday, Binance suspended withdrawals of pounds sterling after Faster Payments ended its agreement with the cryptocurrency exchange.

What do you think about the Binance latest news? Let us know in the comment section below.

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