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Reuters, the renowned news agency, has recently highlighted the unprecedented growth of XRP in the wake of a significant regulatory clearance by the US court. In a groundbreaking report, Reuters sheds light on how XRP has become an unexpected powerhouse in the crypto market, defying regulatory challenges and reigniting the interest of investors worldwide. The […]
Binance, the largest cryptocurrency exchange by trading volume, mixed up customer funds with company revenue between 2020 and 2021, Reuters reported on Tuesday, citing “three sources familiar with the matter.” The act violates the US financial laws that require both funds to be separated, the outlet said.
‘Billions of Dollars’ Commingled?
One source that had direct knowledge of the crypto exchange’s group finances, told the news agency that Binance blended its earnings with its customer’s money, with the figure running into “billions of dollars.” The source further said that the violation occurred “almost daily” in accounts held by Binance at now-liquidated US lender Silvergate Bank.
Earlier, Reuters had reported in February that Binance had secret access to a bank account held by its United States arm, Binance.US, through which the CEO, Changpeng Zhao between January and March 2021 moved over $400 million to a trading firm called Merit Peak Limited.
For its latest investigation, Reuters noted that while it could not independently confirm the source’s figures, it obtained a bank record showing that Binance on February 10, 2021, mingled $20 million from a corporate account with $15 million from an account dedicated to receiving customers’ funds. Furthermore, Reuters said it could not find evidence that customer funds were lost as a result of the commingling.
Providing Binance's reaction to the allegations, Reuters said that the exchange's spokesperson denied its finding, saying that the accounts were not used to receive user deposits. Instead, the spokesperson told Reuters, the accounts were deployed to aid users’ purchases.
“There was no commingling at any time because these are 100% corporate funds,” the spokesperson said.
Binance Blasts Reuters Report
Meanwhile, reacting to the report, Patrick Hillmann, Binance’s Chief Communication Officer, on Twitter described the story as “weak,” noting that Reuters wrote “conspiracy theories” on what the exchange had previously clarified was false. Moreover, Hillmann said the news agency lacked “zero evidence other than a ‘a former insider.’”
“We’ve been very public about where the company had regulatory shortcomings in the past, there’s no reason for a respected news outlet like Reuters to continue making stuff up,” Hillmann wrote.
Let me explain just how desperate a journalist @Reuters is to publish a negative story. The whole base of their story this morning, is that when users purchased BUSD (Paxos) from Binance, they were taken to a transaction page that had the term “deposit” on it. Users were making a…
— Patrick Hillmann (@PRHillmann) May 23, 2023Reuters’ report comes less than two months after the US derivatives market regulator charged Binance with operating an illegal digital assets exchange in the country. Furthermore, the Commodity and Futures Trading Commission accused Zhao of running Binance via several entities and through “an intentionally opaque common enterprise.”
Hidden Road taps Crossover Markets; Equiti in Uganda; read today's nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.
The metaverse hosted Colombia's Magdalena Administrative Court's February 15 session. Maria Quinones, the court's Magistrate, called it "realer than a video call." (Read More)
The lawyers didn’t specify the date or time when the incident took place, and claimed that security personnel was unable to get the license plate details.
Binance’s US arm has rolled out a feature for US customers called "Pay" which was launched by its global parent to users outside the US in 2021.
Binance and its executives could be facing charges including unlicensed money transmission, money laundering conspiracy, and criminal sanctions violationsif prosecutors can agree on filing them. Reuters vs. Binance The FTX...
The Justice Department reportedly asked for company records that were labeled as documents [to] be destroyed, altered, or removed from Binances files or transferred from the United States. DOJ Sought...
This is the statement of Binance after Reuters published an article that claimed the company as a hub for hackers and fraudsters.
The post Binance Answers Reuters’ Money Laundering Allegations: It Purposely Misleads General Public appeared first on BitPinas.
Crypto exchange Binance denied all allegations of facilitating around $2.4 billion in illicit funds from world-acclaimed criminal organizations like Lazarus Group and Hydra. (Read More)
Click here to read our crypto digest.
In a recent report, Reuters has accused the world's largest cryptocurrency exchange, Binance, of facilitating the movement of at least $2.35 billion in illicit funds between 2017 and 2021.
Binance exchange has denied allegations by Reuters that a Russian subsidiary has close ties to the country’s financial regulator called Rosfinmonitoring by agreeing with sharing users' data. (Read More)
The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There’s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? Also, how does this relate to Bitcoin? Do we present a valid case in the following article? Is this “China’s Lehman moment,” as the pseudonymous Bitcoin analyst suggests? Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course What we know for sure is that “China’s major banks have been notified by the housing authority that Evergrande Group won’t be able to pay loan interest due Sept. 20,“ according to Reuters. Plan B’s comment sets the tone, and the video shows the intensity of the situation: China's Lehman moment. The money printing will be massive, I repeat MASSIVE! This is good for #bitcoin https://t.co/lAdSMhnk3L — PlanB (@100trillionUSD) September 15, 2021 Check yesterday’s date. Well, on September 15th, 2008, Lehman Brothers filed for bankruptcy. Let’s quote Investopedia for a quick recapitulation. “At the time of its collapse, Lehman was the fourth-largest investment bank in the United States with 25,000 employees worldwide. It had $639 billion in assets and $613 billion in liabilities. The bank became a symbol of the excesses of the 2007-08 Financial Crisis, engulfed by the subprime meltdown that swept through financial markets and cost an estimated $10 trillion in lost economic output.” Is China living through a similar situation right this minute? How Did China Evergrande Get Here? A few days ago, on September 13th, the South China Morning Post seemed cautiously optimistic about the situation. They explained the root of the issue: “Reports about missed payments to contractors, attempts to reschedule payments on wealth management products, and failure to sell assets have prompted Chinese regulators and the central bank to intervene to prevent a shock to the financial system.” At the time, the big news was that they hired “Houlihan Lokey and Hong Kong-based investment bank Admiralty Harbour Capital to assess its capital structure, evaluate the liquidity and explore ways to ease its current liquidity crunch.” And you know what that meant: “Hiring such financial advisers means Evergrande has come to a serious stage of listing what it owns, what it owes and what are the best plans” to extricate itself, said Lung Siu-fung, an analyst with CCB International. The writing was on the wall. Evergrande price chart on HKEX | Source: 3333 on TradingView.com Where Are We Now? Is China Really In Trouble? Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there’s a chance they won’t be active ever again. They might be worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year. Completing the story, CNBC informs: “The company warned investors twice in as many weeks that it could default. On Tuesday, Evergrande said it’s at risk of a cross default, which means such risks could spill into other related sectors. Evergrande said Tuesday its property sales would continue to deteriorate significantly this month, adding to its severe cash flow problems.” Is there a possibility that Evergrande’s problems are the symptom of a widespread disease? That’s the $1M question. Is China’s real state sector really in trouble? For that answer, we have to go to ZeroHedge’s report: “Country Garden, the nation’s largest developer by sales, plunged 16% in the past two days, while Gemdale slumped 12% as a gauge of property shares in Shanghai tumbled almost 5% in the period, with valuations firmly below book value. Following the news, Guangzhou R&F Properties drops 10.8% to the lowest since Dec. 2008 while Greentown China -9.1%. At this point, one can safely call it a crisis.” How Does Evergrande Relate To Bitcoin? China’s Bitcoin policy doesn’t make sense. Regulating themselves out of the leadership position in the most important industry of our times is beyond comprehension. There has to be something else going on. We at NewsBTC have been on the case. We explored the Digital Yuan CBDC angle. We looked at ads selling small hydropower stations. We discovered China’s dominance over the Bitcoin hashrate was waning before the ban. And we detailed the so-called new “China Model.” The guaranteed outcome of fractional reserve banking: Impairment of promises. It's just a matter of when and at what magnitude. The impairment of credit will cascade to other balance sheets unless central planners debase the currency via QE, UBI, and/or debt forgiveness. BRRRRR — Preston Pysh (@PrestonPysh) September 15, 2021 Under Plan B’s original tweet, two comments attract attention. Investor and podcaster Preston Pysh feels that the situation is “The guaranteed outcome of fractional reserve banking: Impairment of promises. It’s just a matter of when and at what magnitude.” And the person behind Documenting Bitcoin goes conspiratorial and says, “They knew this was coming. Perhaps this is why they “banned” bitcoin.” That, as you might imagine, opens a huge can of worms. Related Reading | Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting Full of confidence, Plan B responds, “Yes, and they closed the exits, typical they always do that.” Bad for the people in China but, in general, bullish for Bitcoin. To recap: the government saw this coming from a distance. They knew the crisis was going to repeatedly hit the country and banned Bitcoin mining to scare the population into not buying the hardest asset ever created. Bitcoin, the true hedge against the collapse of every economy. In any case, the Chinese government will probably try to print its way out of this one. And somehow it’s going to use this crisis to unveil their Digital Yuan CBDC. Does the theory sound coherent to you? Or is there even more to this story? Featured Image by Li Yang on Unsplash - Charts by TradingView
The U.S. government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off two failed American financial institutions, Silicon Valley Bank (SVB) and Signature Bank (SNBY), this week, with bids due by March 17. However, sources familiar with the matter said the qualifications to purchase the banks are stringent, and reportedly, the purchasers cannot deal [...]
The post Report: US Government Auctions Off Failed Banks SVB and SNBY, Crypto Restrictions Apply appeared first on Crypto Breaking News.
Cryptocurrency regulation tests aiming to help shape crypto laws in Zambia that simulate the real-world use of crypto are on track to finish by June. In an April 12 Reuters interview, Zambia’s innovation, science and technology minister, Felix Mutati, said the purpose of conducting the tests was to help the government “see what would happen [...]
The post Zambia’s crypto regulation tests to be wrapped by June: Report appeared first on Crypto Breaking News.
Standard Chartered Bank, a global banking giant, has adjusted its previous forecast for Bitcoin’s price and predicts a surge to $50,000 by the end of this year and $120,000 by the following year. The bank’s analysts attribute this upward projection to miners’ anticipated increase in Bitcoin hoarding. The revised prediction comes as Standard Chartered Bank […]
Meta partners with Reuters in its first major AI news deal, bringing real-time Reuters content to its AI chatbot on platforms such as Facebook, Instagram and WhatsApp.
The plaintiff's brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed "a fictitious financial expert" and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.
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