Binance has been warned by Lithuania and Hong Kong

Syed AhadWeb Editor

17th Jul, 2021. 12:39 am

Binance was warned by the Bank of Lithuania regarding its unlicensed investment services provided in Lithuania. It required the company to ensure that the information publicly available was accurate.

Hong Kong, on the other hand, is concerned about Binance’s stock token offerings.

The Bank of Lithuania noted in its announcement that crypto-asset-related services are neither regulated nor controlled, as a preamble to the warning.

Binance was evaluated as a virtual currency exchange operator and a virtual currency wallet operator based on publicly available information.

However, It warned the firm that some of its investing services are not licensed. Binance, for example, allows clients to participate in crypto-asset-related derivative financial instruments.

These instruments are considered financial instruments under Lithuanian laws, and services must be licensed for them.

The authority stated that it would keep an eye on the country for any unlicensed activity and if such services are discovered, they will be stopped.

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