• Regulators Targeting Binance Exchange
• TaxBit IRS compliant Software for Crypto Taxes
• China Mining Ban
• Malaysia Crushing Mining Rigs making Statement

Governments and regulators are busy equipping themselves with every tool to fight off Crypto.

Binance Targeted:  Regulatory moves were targeted on Binance Exchange. Binance is big. Changpeng Zhao heads the exchange, and they offer a wide range of services to users across the globe, from the crypto spot and derivatives trading to tokenized versions of stocks. Users will be able to trade directly with each other.

Reuters reported:  “Binance’s corporate structure is opaque, with its holding company widely reported to be registered in the Cayman Islands. A Binance spokesperson declined to comment on its location, saying it was “decentralized” and that it “works with a number of regulated entities around the world.”

Recently, in Britain and elsewhere, Binance is coming under regulatory scrutiny from regulators. Reports about Binance under investigation by the US Justice Department and IRS, Japanese regulators are stating that the exchange is operating illegally, German regulators are stating the exchange is risking getting fined for offering tokens connected to stocks, and more.

TaxBit, a crypto software firm, is an IRS compliant software provider for reporting on crypto taxes. It connects popular exchanges like BlockFi, Coinbase, Gemini, and more. They have been doing a great job in helping to fill the knowledge gap on Crypto. All this is to ensure that crypto traders report their taxes properly. Thus, those who do not pay their taxes and cheat the government can be narrowed down. In addition, technology is now tracking down to everyone having their crypto presence, ensuring they pay their taxes right.

China banning cryptocurrency and triggering the crash in price trends is not new. Bitcoin miners did flee overseas. Many sold out their Crypto. Mining was banned in Anhui, the latest Chinese province, to do so. Things are not the same as the 2017 ban; it just looks like it is getting severe than before in 2021. Bitcoin rigs sold like scrap. They are not leaving any stone unturned. The ban is expected to extend to stablecoins, software, influencers, and others.

A stream roller crushing more than 1,000 bitcoin mining rigs in Bizarre Police Video has gained a lot of attention.  Reportedly, 1,069 rigs were seized in the Malaysian city of Miri during six raids that happened between February and April 2021.  This happened after the police suspected the miners were stealing electricity to power their operation. This crushing was done in a way to make a public statement that the government would not tolerate mining practices that use abusive amounts of electricity in the process.

Governments are trying to take control of the entire crypto process. Authorities keep telling banks and payment platforms to support cryptocurrency transactions.