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The decision from Binance will begin with immediate notice and see initial changes implemented in Germany, Italy, and the Netherlands. Users were unable to open new futures or derivatives accounts as of 30 July.
In a forthcoming notice from the team at Binance, users with open positions will be given no more than 90 days to conclude the relevant trades.
“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts,” the cryptocurrency exchange announced via official channels. “With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions.”
It would appear so. In a notice dated the 26th of June, the United Kingdom’s Financial Conduct Authority explicitly stated:
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group). Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”
Days later, Japan’s top financial regulator, the Financial Services Agency, responded in kind, issuing a warning to Binance Holdings Ltd via an official and public document.
We’ve seen similar murmurs coming out of Germany, and indeed the U.S, with Bloomberg reporting Binance is under investigation by the U.S. Justice Department and Internal Revenue Service.
However, the reality seems to be that there is no real regulatory clarity, and while warnings persist, Binance is seemingly taking every step to be in line with regulatory frameworks. The recent closure of the futures market by Binance appears to be another step toward institutional alignment.
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Synapse Protocol has added a new network pool to its mainnet. The Arbitrum network is now live on the cross-chain liquidity protocol, permitting users to easily make cross-chain transfers with a single transaction from the network.
With the addition of Arbitrum pools, the protocol now has support for five different networks, including Binance Smart Chain (BSC), Ethereum, Polygon, and Avalanche pools. The introduction was announced on 21st September via Twitter.
According to the tweet, the Arbitrum pool will bridge faster transfer of assets, starting with ETH transfers back to the Ethereum network.
“We’re introducing support for @Arbitrum today to the Synapse Network, starting with ETH transfers. This is the first ETH fast withdraw bridge back to Ethereum. Move ETH to & from Arbitrum within minutes,” tweeted Synapse.
Users can now visit the Synapse pools page to view the five supported chains and enjoy fast cross-chain withdrawals. With over $15,000,000 in total liquidity, Synapse is the most liquid fast withdrawal bridge from Arbitrum.
Liquidity providers stand to earn fees and $SYN incentives when they supply nETH and Arbitrum ETH. Synapse announced the reward system in a Tweet thread.
“$SYN incentives are live for the @Arbitrum nETH <> ETH pool,” Synapse wrote on Twitter.
According to the tweet thread, users need to utilize the nETH <> Arbitrum ETH pool to get $SYN rewards. In addition, the tweet also disclosed how users would get rewards from providing liquidity on the Arbitrum ETH pool.
“nETH is minted by bridging ETH from mainnet to nETH on Arbitrum using Synapse."
Once you have nETH on Arbitrum, pair it with native Arbitrum ETH to provide liquidity.
As the pool balances change, arbitragers will be incentivized via a deposit bonus to rebalance the pool,” the tweet disclosed.
Synapse is a trustless cross-chain bridge and stableswap that allows users to bridge assets across all chains, swap assets, earn yield, and more. The platform supports Ethereum, BSC, Polygon, Avalanche, and Arbitrum networks and ensures that users easily transfer assets across any supported chains.
Where to find Synapse:
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The MeDIA eYe NFT Portal is coming to Ethereum and Binance Smart Chain markets this October, putting the power of Non-Fungible Tokens (NFTs) in your hands by unlocking their limitless potential for creators, collectors and promoters all over the globe. We believe that the new world is going to be built on blockchain and that Decentralized Finance (DeFi) and NFTs will lead that revolution.
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The MeDIA eYe team has been developing ways to further enhance the NFT industry. Our portal will be the first to introduce a cross-chain subscription-based model and an NFT launcher capable of reaching an unlimited size audience across multiple blockchains cost-efficiently. Our developers are always working on a solution to reduce gas fees for artists, collectors and buyers alike!
As a platform, we harness the power of NFTs and further work to increase their utility for our users. We ensure that artists and users of our platform enjoy an easy-to-use and moderated NFT marketplace that will allow them to enhance their experiences and connect with NFTs as never before. MeDIA eYe strives to increase the utility of NFTs, by combining DeFi with NFTs and placing NFTs in the center of an event or campaign.
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In what appears to be a bid to comply with prospective regulations, Binance has decided to close their Futures and Derivatives Product Offerings in yet more EU nations.
The decision from Binance will begin with immediate notice and see initial changes implemented in Germany, Italy, and the Netherlands. Users were unable to open new futures or derivatives accounts as of 30 July.
In a forthcoming notice from the team at Binance, users with open positions will be given no more than 90 days to conclude the relevant trades.
“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts,” the cryptocurrency exchange announced via official channels. “With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions.”
It would appear so. In a notice dated the 26th of June, the United Kingdom’s Financial Conduct Authority explicitly stated:
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group). Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”
Days later, Japan’s top financial regulator, the Financial Services Agency, responded in kind, issuing a warning to Binance Holdings Ltd via an official and public document.
We’ve seen similar murmurs coming out of Germany, and indeed the U.S, with Bloomberg reporting Binance is under investigation by the U.S. Justice Department and Internal Revenue Service.
However, the reality seems to be that there is no real regulatory clarity, and while warnings persist, Binance is seemingly taking every step to be in line with regulatory frameworks. The recent closure of the futures market by Binance appears to be another step toward institutional alignment.
