Binance continues to be in a state of flux as it shuts shop in Norway
Binance, one of the largest crypto exchanges in the world, which has been hit hard by regulatory actions all around the world over the last few months has decided to basically shut down its operations in Norway as well.
Though it has not directly specified so, it has informed its users in the region that it has removed all NOK-related trading pairs and also removed Norwegian language support as well. This would effectively mean that there would be no trading specific to the region and the users in Norway would have to, at their own risk, try and take part in the trading of the cryptos in Binance like any other international user. This follows the warning from the local regulators in Norway that users in the country should not be trading digital assets as they are not regulated and are also subject to extreme volatility.
This is another region where the exchange has been forced to shut operations as it had rapidly expanded into regions that had few crypto regulations at that time and it is now paying the price for such rapid expansion as it struggles with its operations in such regions and even in those regions where it has been allowed to operate, the exchange has come under a lot of scrutinies.
While this has been going on, it has been making progress in certain areas as it continues to appoint CEOs for its operations in various countries, who have a strong regulatory background so that it can gain back some of the confidence from the various regulators. It has also been looking to sell some of its shares with the shares expected to come from its founders. It is reported that it is seeking funds from Vertex Ventures which is a subsidiary of the sovereign wealth fund in Singapore, Temasek. The valuation for this investment is expected to be in the range of $200 billion which shows that it continues to have a strong business in many regions of the world despite its regulatory issues.
The exchange is likely to be in a state of flux over the next few months as it undergoes a lot of restructuring during this period with the appointment of CEOs in each region that it plans to do business and with CZ, the founder, also choosing to take a backstage role and allowing the show to be run by people with strong regulatory background to keep the exchange afloat.