Yahoo Finance Binance Continues to Expand Despite Regulatory Challenges
Crypto exchange Binance has been facing regulatory challenges in recent months. However, that hasn’t hindered the cryptocurrency exchange from its expanding its services to more countries around the world.
Binance in Talks with Indonesian Bank
Binance, one of the world’s leading crypto exchanges, is in talks with Indonesia’s PT Bank Central Asia and PT Telkom to launch a local cryptocurrency exchange. This latest development will make it easier for Binance to offer services in the Asian country.
According to Bloomberg, PT Bank Central Asia is Indonesia’s third-largest bank by total assets, while PT Telkom Indonesia is one of the largest telecoms companies in Indonesia. The two companies are publicly-listed.
Sources close to the matter told Bloomberg that Binance could form the partnership with PT Bank via one of its entities. The sources said the discussions are ongoing, and the terms of the deal could be altered.
Binance is already present in Indonesia after the company acquired a majority or controlling stake in local exchange Tokocrypto last year. However, Binance might be looking to launch its own crypto exchange in the country in the coming months.
Binance is Thriving in the Regulatory Front
Binance remains the leading exchange in the world in terms of the daily trading volume. However, it faced numerous challenges earlier this year from regulators across the world. The UK’s Financial Conduct Authority (FCA) banned Binance from operating in the region earlier this year. The ban resulted in numerous banks blocking Binance transactions in the UK.
However, Binance recently revealed that it is seeking regulatory approval in the United Kingdom. The exchange also faced tough regulatory challenges in Italy, Singapore, the Netherlands, Hong Kong and some other European countries.
Binance had to take drastic actions, and it hired former regulatory executives to help it navigate the challenges in various countries. Its regulation and compliance team is also one of the largest in the industry. The exchange pointed out on numerous occasions that it remains committed to ensuring it operates within the purview of the law.
This article was originally posted on FX Empire
