Binance, second largest crypto exchange, announced plans to allow fiat-crypto trading this year through a separate Malta-based exchange, according to Cointelegraph.Binance representative clarified to Cointelegraph that “Binance.com is a pure crypto-to-crypto exchange.” They confirmed that crypto-fiat trading will only be offered through a separate local exchange the company is opening in Malta. Binance Malta will most likely begin fiat trading with a euro-Bitcoin (BTC) pair, the representative told Cointelegraph. Binance had announced the opening of an office in Malta at the end of March after receiving a warning letter from Japanese financial authorities about its unregistered status.
Wells Fargo, San-Francisco-based bank, which is the third largest bank by assets in the US, has announced that it will no longer allow its customers to purchase cryptocurrency using its credit cards.
Wells Fargo said that its customers are now prohibited from purchasing digital currency on their credit cards issued by the financial institution. A bank spokesperson said that the decision was made in order to avoid “multiple risks” associated with cryptocurrency usage. With this move, Wells Fargo joins a wave of financial institutions banning the purchase of cryptocurrency with their credit cards right after J.P. Morgan Chase, Bank of America, Citigroup and several other in Canada, India, Australia etc.
The Canadian government has released an official draft of new regulations on crypto exchanges and payment processors.
According to the draft, the new regulations seek to address a “number of deficiencies” that the Financial Action Task Force (FATF) outlined after their evaluation in 2015-16, namely in strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime (AML/ATF).
The new regulations will treat crypto exchanges and payment processors as money service businesses (MSB), which requires them to report large transactions — those over $10,000 CAD ($7700 USD) — and a new Know Your Customer (KYC) threshold set at transactions of $1000 CAD ($770 USD).
Thus, it may cause a lot of troubles for exchanges, because the process of recording all the details about every transaction is difficult to implement.