Can Crypto Exchanges Thrive Without Following the Rules?

[Musa]

It seems like some of the big players in the crypto exchange game are playing fast and loose with the rules lately. KuCoin got slapped with charges for violating US anti-money laundering laws, while Binance found itself in hot water for aiding transactions involving sanctioned individuals, leading to a whopping $4.5 billion plea deal with US authorities back in 2023. And now, adding to the saga, BingX, a prominent exchange, has joined the fray by openly defying US sanctions. They're letting Iranian users trade cryptocurrencies without bothering with KYC verification. On top of that, they're even facilitating peer-to-peer transactions using Iranian fiat currency.

So, what's next in this rollercoaster ride? Will regulators like the DOJ and SEC crack down hard on BingX? Are we looking at a forced closure or a hefty fine? It's a risky game they're playing, and the consequences could be severe

[Abizee27]

I most certainly can assure you that no exchange can thrive without being regulatory compliant. Just watch out, if the SEC, DOJ and other bodies decide not to overlook BingX's display of non compliance with the OFAC sanction on Iran by outrightly showing their support for users in that region, then best believe that the exchange alongside the funds of their users globally would be at risk of an impending doom.

Sincerely, before that happens I'll leave the exchange for whatever it is worth and seek for a more regulatory compliant exchange. This is one reason why I admire Bitget exchange.

[Smilezcryt]

Seeing the recent news about big crypto exchanges not playing by the rules can be worrying. However, it's good to know that platforms like Bitget prioritize following the rules set by regulators. It shows that not all exchanges are the same, and some take compliance seriously, which is crucial for a safe and transparent trading experience.

[XTRAVAGANZA]

43 minutes ago, Abizee27 said:

I most certainly can assure you that no exchange can thrive without being regulatory compliant. Just watch out, if the SEC, DOJ and other bodies decide not to overlook BingX's display of non compliance with the OFAC sanction on Iran by outrightly showing their support for users in that region, then best believe that the exchange alongside the funds of their users globally would be at risk of an impending doom.

Sincerely, before that happens I'll leave the exchange for whatever it is worth and seek for a more regulatory compliant exchange. This is one reason why I admire Bitget exchange.

The need for regulatory compliance cannot be over emphasized in my opinion. It's a necessary step to protect user's asset from any impending FTX saga and it's like. Gotta commend exchanges that stick to regulations against all odds.                          I hope the SEC and DOJ does the needful sooner than later. 

[Rahul verma]

While exchanges present themselves as a safe and easy way to trade your assets, using them often comes with many serious risks, as highlighted by the recent failures of Celsius, Voyager, FTX, and BlockFi. If you want to know more about the risks of investing in cryptocurrency, read Cryptocurrency!