Binance, once heralded as the world's top exchange, has weathered a series of storms in quick succession. Most recently, De Nederlandsche Bank has forced the trading platform out of the Netherlands. The doors of this trading giant closed for the Dutch on July 17th, and by the subsequent month, all assets had to be removed. Binance has faced similar exits from Canada, Cyprus, the UK, Belgium, Austria, and Germany. It appears, for now, that Binance's European chapter has come to a halt.

Despite its worldwide operations and rapid growth, Binance's freewheeling approach has been mired in controversies. The "move fast and break things" policy might have fueled its exponential rise, but increased scrutiny, especially from American regulators, has significantly changed its trajectory. The CFTC initiated a lawsuit on March 27th, followed by the SEC on June 5th. Additionally, a money laundering investigation was opened by the French Public Prosecutor's Office on June 16th.

These mounting allegations against Binance have far-reaching implications. Partners who once turned a blind eye are now reconsidering their associations. This week marked the announcement that Binance is discontinuing its payment card services in Latin America and the Middle East. Though the exchange hasn't stated an explicit reason for discontinuing the cards—a product pivotal in regions with inadequate payment infrastructure—sources suggest Mastercard's decision to sever ties with Binance as the catalyst. It’s unlikely we'll see Binance-branded bank cards anytime soon, especially since Visa ended a similar collaboration in Europe in July.

To round up this Binance update, another judicial investigation is unfolding in the US. The Justice Department is probing whether Binance has violated sanction regulations. According to the Wall Street Journal, the exchange has allegedly provided its services to Russians through at least five sanctioned Russian banks, potentially enabling money transfers internationally. Binance, however, defends its stance, ensuring compliance with all sanction rules.

Stay tuned to feedback.io for more updates on this evolving story.