Binance news letter8/8/2023 ![]() ![]() Securities and Exchange Commission logo and representations of cryptocurrency with Binance's logo are seen in this illustration taken June 6, 2023. The collapse of crypto prices last year as well as the demise of several notable crypto companies - including FTX - exposed investors to billions of dollars in losses. ![]() In August 2021, SEC chair Gary Gensler said investors weren’t adequately protected in crypto markets, calling them more like the “ Wild West.” READ MORE: Amid value drops and increased regulation, what’s the future of cryptocurrency? regulators believe cryptocurrency has no room in the traditional financial system. Industry leaders say the SEC crackdown signals that U.S. The cryptocurrency industry has been marred by scandals and market meltdowns. customers and transfer assets to them within two weeks. The consent order obliges Binance to create new digital wallets for U.S. It also requires SEC oversight on any spending and prohibits the defendants from destroying records, the agency said in a statement. federal judge Amy Berman Jackson prevents the defendants from spending corporate assets other than for ordinary business expenses. It filed similar charges against the world’s other top cryptocurrency exchange, Coinbase, nearly simultaneously.īut Binance and its CEO, Changpeng Zhao, face additional charges of diverting customer funds – concealing the fact that it was commingling billions of dollars in investor assets and sending them to a third party that Zhao also owned.Īs a result, the SEC asked that the assets of Binance’s U.S. law by operating as an unregistered securities exchange. Under a consent order filed Saturday, the defendants in the June 5 lawsuit agreed to repatriate all assets held for the benefit of Binance’s U.S. Securities and Exchange Commission and Binance have reached an agreement in court that lets the world’s largest cryptocurrency exchange continue to operate in the United States as it battles SEC fraud charges. With transparency and cooperation as guiding principles, Binance strives to navigate the intricate landscape of cryptocurrency regulations while continuing to serve its vast global user base.The U.S. demonstrates the exchange’s determination to rectify any misconceptions and ensure adherence to legal standards. The cease-and-desist letter sent to the fraudulent entity operating as Binance Nigeria Limited and the ongoing dialogue with the Nigerian SEC and the settlement agreement in the U.S. Additionally, Binance established a subsidiary on the picturesque Seychelles island of Mahé in 2019, further expanding its international presence.ĭespite the recent legal setbacks and regulatory challenges, Binance remains steadfast in its commitment to maintaining a reputable and compliant operation. Founded in 2017, the company’s headquarters reside in George Town, Cayman Islands. This agreement signifies a significant turning point for the embattled cryptocurrency exchange.īinance’s global reach spans nearly one hundred nations through its website. Judge Jackson authorized the deal, resulting in the withdrawal of the previously imposed temporary restraining order freezing all Binance.US assets. ![]() SEC, and the presiding judge, Amy Berman Jackson. consumers.Ī glimmer of hope emerged for Binance on June 17 when a settlement agreement was reached between Binance.US, the U.S. Furthermore, the SEC claims that Binance and Zhao neglected to register as an exchange, broker-dealer, or clearing agency, despite amassing a staggering $11.6 billion from U.S. to Binance, and Binance agreed to an acquisition pending due diligence. ![]() The regulatory authority has filed a lawsuit against Binance and Zhao, citing 13 counts of violations.Īllegations include misrepresenting trading controls and operating an unlicensed exchange, broker, and clearing agency. Since I cowrite a daily newsletter about the crypto business, my first course. The renowned cryptocurrency exchange and its CEO, Changpeng Zhao, is embroiled in a legal battle with the U.S. However, the legal troubles for Binance continue further. Binance vehemently denies any connections to Binance Nigeria Limited, distancing itself from the fraudulent operation. □♂️- CZ □ Binance June 18, 2023ĭismissing any affiliation with the company mentioned in the SEC’s circular, Binance spokespersons assert that the organization is fully committed to collaborating with the Nigerian SEC and seeks clarification from the regulatory body. Binance have issued cease & desist notice to the scammer entity "Binance Nigeria Limited".ĭon't believe everything you read in the news. ![]()
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