Although the AMF extended its transitional period for compliance to December 2025, which allows Binance to operate in France until then, beyond this point, a MiCA license will be required to maintain EU market access.
Despite Zhao plea and the severity of the charges, Binance continues to thrive in the booming cryptocurrency market, with over 40 million new users in 2023, up 30% from the previous year.
The liquid staking feature makes it so that users can engage in decentralized finance activities in quite the unusual way.
One significant point in Zhao’s favor is his extraordinary acceptance of responsibility. According to the court document, the Probation Office has recognized his conduct as “remarkable” and “exceptional”.
Former Binance CEO alias CZ will be sentenced on April 30, with the DoJ seeking a harsher punishment of 3 years.
While the $50 million penalty for Binance remains, the DOJ pushes for an aggressive stance against Binance and its top executives.
Binance said it now allows users to take up dual roles on the platform. Users can register for both lead and copy trading.
Once the farming window is closed, Binance will list the token for trading on April 30.
Apart from these setbacks in the US and the Philippines, Binance is also faced with several other regulatory hurdles threatening its operations.
Binance is gradually losing its global trading market share to its many regulatory problems and increasing competition from other exchanges.
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