Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
United Kingdom-based Binance customers have had their operations suspended once again as the exchange platform has been forced to suspend withdrawals for the British island.
According to a report from Financial News, the exchange sent out notifications to United Kingdom customers informing them that withdrawals have been temporarily suspended as a result of a partnership withdrawal. While no other details have been offered, the platform did inform customers that it was working to find a resolution and allow operations to continue as usual.
This is not the first time Binance customers in the UK have had their accounts suspended. In June, the platform issued notifications that it had suspended cash payouts following cautions from the country’s financial watchdog. After the UK Financial Conduct Authority (FCA) warned the platform about operating in the country without the necessary license, Binance customers felt the regulatory strain. While the platform was able to resume withdrawals at the beginning of this month, the latest news places Binance customers under limited operations once again.
Binance in the UK has also recently lost partnerships with payments services in the country, including Clear Junction and the platform took a knock when major UK banks Barclays and Santander’s ceased support for the exchange following the FCA warnings.
Binance, as the leading cryptocurrency exchange in terms of volume, has been facing regulation issues not only in the United Kingdom. The exchange has fallen under scrutiny within Japan, Poland and Ontario in Canfa recently and the storm isn’t showing signs of letting up. CEO and prominent Bitcoin bull Changpeng ‘CZ’ Zhao commented on the wave of regulation, saying “compliance is a journey” and there’s uncertainty in the industry to contend with:
“Compliance is a journey — especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with the growth comes more complexity and more responsibility… Binance still has a lot of room to grow. Binance has grown very quickly and we haven’t always got everything exactly right, but we are learning and improving every day. We hope to clarify and reiterate our commitment to partner with regulators, and that we are proactively hiring more talent, putting in place more systems and processes to protect our users.”