Binance faces regulatory review | PYMNTS.com



Binance faces a criminal complaint from a financial regulator in Thailand for running a digital asset business without authorization, Reuters reported Friday July 2. The Securities and Exchange Commission (SEC) in that country said in a statement, according to the outlet, that the company was conducting a digital asset transaction “in the category of a digital asset exchange” without a license. A company representative noted that the company aims to work collaboratively with watchdogs and is conscientious about its compliance obligations, according to the outlet. The commission reportedly warned the company against its actions in a letter earlier this year.

The report comes as Singapore’s financial regulator has said it will contact the local division of Binance Holdings Ltd. if necessary. Bloomberg reported Thursday July 1. Under the terms of the point of sale, Binance Asia Services Pte. has a “grace period” in Singapore as the Monetary Authority of Singapore (MAS) reviews its application for a license to offer online payment token offerings. A MAS official told the outlet that many different businesses are facing a similar assessment and may continue to operate for now.

In other news, digital money changers outside of India that have customers in the county may have to pay GST in the near future, Economic times reported Friday July 2. Almost all transactions related to the purchase of goods and services by Indian consumers are subject to GST. However, almost all exchanges beyond India do not currently pay the tax, according to the outlet. At present, the Indirect Tax Directorate is in the process of considering whether these platforms should pay tax in the nation because “they provide certain ‘data’ services”, in the terms of the point of sale.

And Bling, which allows game programmers to reward users with bitcoin, has entered into a roundtable to continue developing its platform and expanding its workforce, according to a Friday, July 2. Release. Coinbase Ventures has made a “strategic investment” in the cycle, according to the announcement. “The Bling platform has experienced tremendous organic growth in less than two years, with over 5 million registered users and over one million monthly active users,” according to the announcement. The amount of the round was not disclosed in the announcement.

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NEW PYMNTS DATA: STUDY PUTTING LOYALTY AT THE SERVICE OF SMALL BUSINESSES – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.



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