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CATEGORY: sec binance


US CFTC Officials File Lawsuit Against Binance, CEO 'CZ' Responds 'Disappointed' - Because they Got EVERYTHING WRONG...

Author: noreply@blogger.com (Silicon Valley Newsroom)
United States
Mar 29, 2023 12:35

US CFTC Officials File Lawsuit Against Binance, CEO 'CZ' Responds 'Disappointed' - Because they Got EVERYTHING WRONG...


Video Courtesy of CNBC

The lawsuit just filed in the U.S. District Court for the Northern District of Illinois alleges that Binance operated a derivatives trading platform in the U.S. without registering to do so.

The suit also alleges that the company directed its employees to take measures to prevent internal communications from being saved, encouraged US citizens to simply use a VPN to get around IP address restrictions blocking US traders from the platform, which the CFTC calls "a willful evasion of U.S. law".

At one point they even accuse CEO Changpeng Zhao of being the “owner of approximately 300 separate Binance accounts” implying the purpose is for manipulating markets and insider trading. 
Zhao responded in a blog post pointing out the company's massive 750+ person compliance team includes "many with prior law enforcement and regulatory agency backgrounds", basically stating the CFTC got it all wrong, adding his 'disappointment' in the events, also insisting the CFTC's count of 300 accounts was inflated by 298 writing that he only has "two accounts" one for his Binance crypto-to-fiat card and the other for HODLing crypto.

The most likely outcome: Binance settles and pays a fine (they can afford it).

However, there is one big unknown -  the future of Binance US. An agreement to settle by paying a penalty often will include the violator agreeing to stop all operations within the US and not return in the future.

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Adam Lee / Asia Newsroom
Global Crypto Press Association
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Jun 25, 2023 05:50

Binance’s ‘Provocative’ Motion Against SEC Could Expedite Criminal Charges, Warns Former SEC Official

The U.S. Securities and Exchange Commission (SEC)’s former head of internet enforcement has warned that Binance’s recent motion accusing the regulator of ethical violations could expedite criminal charges against the crypto exchange. “Binance’s motion is provocative and Binance’s antagonistic, arrogant, accusatory, and unorthodox ethics battle-cry could fan the flames of whatever Binance-related criminal prosecution is [...]

The post Binance’s ‘Provocative’ Motion Against SEC Could Expedite Criminal Charges, Warns Former SEC Official appeared first on Crypto Breaking News.

Hong Kong govt pressures banking giants to accept crypto clients: Report

Author: Cointelegraph By Tom Mitchelhill
United States
Jun 15, 2023 08:20

Hong Kong govt pressures banking giants to accept crypto clients: Report

Hong Kong’s central bank reportedly asked major banks including HSBC, Standard Chartered and Bank of China why they aren’t accepting crypto exchanges as clients.

SEC, Gensler-themed memecoins surge amid Binance and Coinbase lawsuits

Author: Cointelegraph By Tom Mitchelhill
United States
Jun 07, 2023 08:20

SEC, Gensler-themed memecoins surge amid Binance and Coinbase lawsuits

Memecoins that draw their likeness from Gary Gensler and the SEC have rallied significantly since the regulator sued Binance and Coinbase.

Jun 07, 2023 05:50

SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%

The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours as crypto investors reeled from the United States securities regulator’s recent legal actions against cryptocurrency exchanges Coinbase and Binance. According to aggregated data from CoinGecko, total daily trading volumes on Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum) and [...]

The post SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444% appeared first on Crypto Breaking News.

Jun 06, 2023 01:26

Report: Binance Controlled Bank Accounts Belonging to Its US Affiliate Between 2019 and 2020

Between 2019 and 2020, crypto exchange Binance controlled bank accounts belonging to its U.S. affiliate including one holding funds of American clients, a new Reuters report has said. According to the report, employees of the crypto exchange’s U.S. affiliate had to get Binance executive Guangying Chen to sign off on payments including payroll. Binance U.S.

The post Report: Binance Controlled Bank Accounts Belonging to Its US Affiliate Between 2019 and 2020 appeared first on BTC Ethereum Crypto Currency Blog.

Jun 06, 2023 05:55

US SEC Identifies 12 Crypto Tokens as Securities in Binance Lawsuit

The U.S. Securities and Exchange Commission (SEC) has identified 12 crypto tokens as securities in a new lawsuit filed against Binance and its CEO, Changpeng Zhao (CZ). The securities regulator asserted that Binance platforms “have made available for trading on them crypto assets that are offered and sold as investment contracts, and thus as securities.” [...]

The post US SEC Identifies 12 Crypto Tokens as Securities in Binance Lawsuit appeared first on Crypto Breaking News.

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