The platform hold 12 registrations and five licenses with supervisory authorities across the globe. These include an operational MVP license from Dubai's Virtual Assets Regulatory Authority and a license with Japan’s Financial Services Agency via its ownership of Sakura Exchange.
The only other exchange that comes close to that quantum is Crypto.com, with 13.
One Step Forward**
worked with US law enforcement to take down suspected money launderers.
disclosed its onchain asset holdings post FTX, publishing a list of wallets across multiple blockchains. In tandem, it has provided information on its Merkle Tree auditing procedures, and permitted user verification of assets.
Proof of Reserves page, which details the platforms’ and its customers’ assets and ratios. It is genuinely one of the best resources out there on exchange assets.
Hoptrail’s Solvency Transparency Index measures the financial health of crypto exchanges by assessing disclosures and auditing procedures_
discussed this pivot in August last year, pointing to the compliance and regulatory hires the exchange was making.
This all helped. Binance moved up on Hoptrail’s AML Leaderboards, from 77.13 in February 2022 to 85.55 in August.
Two Steps Back**
A string of regulatory notices throughout 2021 was underpinned by US Department of Justice and Internal Revenue Service investigations for alleged money laundering and tax offences.
a EUR 3.3 million fine from Dutch regulators.
A snippet of Binance Integrity section on Hoptrail’s Leaderboards._
Licensing Strength**
Inferences about Binance’s alleged poor AML controls can be drawn from its licensing data.
And nothing in some of the marquee jurisdictions including Singapore, Hong Kong, UK, and Switzerland.
Crypto.com also has a VARA license, and holds registrations in France, Italy, Spain and Australia. But Crypto.com also holds the coveted license Major Payment Institution Licence from the Monetary Authority of Singapore, following an in-principle approval last year.
How does this look in practice?
If you’d like to find out more about our platform, or how we collect and curate our data, get in touch with the team at_info@hoptrail.io_**or reach out to ushere_._**