Enhanced Screening Process
Binance is cracking down on US traders by implementing stricter screening measures. They’re working with prime brokers like FalconX and Hidden Road to verify the location of clients’ offices, founders, and employees. This move aims to ensure compliance with regulatory expectations and exclude US investors.
Stricter Token Listing Requirements
Beyond client screening, Binance has also tightened its rules for listing new digital tokens. They’ve extended the “cliff period” where tokens can’t be sold, increased coin allocation to market makers, and instituted security deposits. This is to protect investors from scams and improve oversight of token listings.
Global Regulatory Challenges
While Binance is focusing on US compliance, it’s also facing regulatory hurdles in other countries. In Nigeria, the government has accused the exchange of harming the national currency and detained two of its executives. Binance is under pressure to provide transactional data on its top users in Nigeria.
BNB Price Holds Steady
Despite the regulatory turbulence, Binance’s native token, BNB, has remained above $500. It’s currently trading at $516, despite a slight dip in the last 24 hours.
