Following an unbelievable 2021 where it faced a series of regulatory probes, Binance has kicked off 2022 with good news for the crypto community. The largest crypto exchange in the world has announced the launch of a spot grid trading service.
Binance further disclosed that the newly released feature will automate the buying/selling of virtual currencies by keeping track of market trends 24/7. Binance notified that this feature will stop FOMO and enact strategic decisions that will favor traders. The new feature has been integrated into the platform already.
Binance Continues To Face Backlash From Regulators
Binance may have started the new year well with the launch of the spot grid trading feature. However, it still faces the same old issues, a carryover from 2021. Even when it adopted a more regulator-friendly strategy, China and Turkey are still at their backs.
Last December, the crypto platform suspended C2C services in Mainland China and handed over responsibilities to one of its partners Pexpay due to pressure from the Chinese authorities. As if that wasn’t enough, Binance Turkey was involved in an 8M lira scandal, amounting to roughly $750k within the same week.
After due investigation, Turkey’s financial authority MASAK, slammed a fine on Binance for violating the new crypto laws signed by the Turkish government. The new law mandates crypto exchanges to monitor user information effectively for tax purposes. The new law is similar to the
U.S. Crypto Reporting Requirements in the Infrastructure Bill signed last November.
Binance Continues Its Global Expansion
The regulatory hits won’t deter Binance from its vision to continue to expand to other countries. It’s evident that some regulators are displeased with how Binance pilots affairs in their countries, but the exchange is more than determined to grow beyond its current level.
Following its application withdrawal from Singapore, the exchange orchestrated a ploy by entering into an agreement with Bahrain to centralize its operations in the South Asia region. Bahrain’s C.B. disclosed that it had agreed with Binance in principle to operate within its jurisdiction until it’s fully approved to run its services.
While it seems that Binance will be pitching its tent in Bahrain, a few weeks earlier, the crypto firm collaborated with MDI to bring crypto services in Indonesia, another Southeast Asian country. While celebrating the partnership, its C.E.O. Changpeng Zhao disclosed that his objective is to drive the growth of blockchain technology in the country.
Binance also announced a partnership with Dubai World Trade Center Authority to make Dubai a blockchain hub. Binance will even aim for bigger achievements in 2022, as it still prioritizes maintaining its friendly approach to wade off regulators from its back.