Binance Shuts Down In Hong Kong Too!

Binance Shuts Down In Hong Kong Too!

Despite plenty of allegations and criminal charges put forth by many crypto-regulated nations all over the world, Binance now starts a new strategy by withdrawing itself from those countries. Upon such countries, last week Binance announced its shutting down in Italy, Germany, and the Netherlands. Adding to the list, now Binance withdraws itself from Hong Kong.

Binance’s Hong Kong Withdrawal 

The CEO of Binance, Changpeng Zhao aka CZ declared officially that Binance will no longer accept the creation of new accounts for users based in Hong Kong. Also, the CEO took this to Twitter posting a tweet on his official page.  

Accordingly, CZ mentioned in his tweet that Binance is closing down in Hong kong. Furthermore, he puts forths that all the present active users of Binance from Hong Kong have about 90 days time to take all their assets out from their Binance accounts.

Likewise, this follows the same as it happened for Italy, Germany, and the Netherlands the previous week. 

Moreover, Binance such immediate actions are evident in the recent regulations and allegations put upon Binance by Hong Kong. In addition, the Hong Kong Regulatory Authority raised allegations upon Binance for carrying out its business without any valid license.

Besides, Binance states their actions are towards the utmost commitment they put forth for the regulations made by Hong Kong. However, this action by Binance denotes the first established cryptocurrency exchange to shut down itself in Hong Kong.

Reasons Why All Are After Binance

Binance, the world’s largest cryptocurrency exchange either a boon or a curse of its development, is quite a question now. Moreover, it’s a highly speculative question why all the crypto-regulated countries are being after Binance, always at its back, cornering the renowned crypto exchange.

On the contrary, the big question is why all the crypto-regulated countries are at the back of Binance, cornering it profusely. Moreover, many speculate to the fact that being the largest crypto exchange, cornering and taking it away from their country will automatically propel all the digital assets into fiat and legal tenders. 

On the other hand, many of these crypto-regulated countries possess their own regulated crypto exchanges based upon their own countries. Accordingly, one such example is China, which has many prominent exchanges from the country itself. 

Furthermore, if the other Chinese crypto exchanges are wagering for development, the key hurdle is Binance. Also, if Binance is out of the picture, then it automatically paves more efficient ways for those other Chinese exchanges to prevail.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.