Binance Is in Deep Trouble
55 years ago

Binance Is in Deep Trouble

Wired  

It’s no secret that the US Securities and Exchange Commission has been investigating Binance, the world’s largest crypto exchange—which has no head office or formal address but processes $12 billion worth of cryptocurrency transactions per day. Among other allegations, the SEC claims that Binance and the company’s CEO and founder, Changpeng Zhao, had the freedom to “divert customer assets as they please” to another Zhao-owned business, Sigma Chain—an entity the SEC accuses of engaging in “manipulative trading that artificially inflated the trading volume.” The SEC also alleges that Binance and Zhao concealed the commingling of billions of dollars of customer assets, which were delivered to yet another third party, Merit Peak Limited, also owned by Zhao. “We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC chair Gary Gensler said in a statement accompanying the charges. In an email statement, Binance spokesperson Simon Matthews said the firm is “disappointed” with the SEC charges and attacked the regulator for failing to provide sufficient rules for crypto companies operating in the US—by now, a common refrain. He also said that all user assets across all Binance platforms are “safe and secure.” In a tweet published shortly after the SEC complaint, Zhao wrote “4”—a symbol he uses to dismiss allegations made against his company as baseless FUD.

Assets Sec Binance Zhao Customer Assets Deep Trouble  statement  assets  charges  crypto  sec  trading  customer  securities  zhao  binance  deep  trouble

History of this topic

I was as explicit as I could be: Binance CEO on WazirX hack
1 month, 1 week ago

I was as explicit as I could be: Binance CEO on WazirX hack

India Today  

Binance CEO Changpeng Zhao addressed WazirX’s $230 million hack from July 2024 on X, highlighting that Binance has no involvement in WazirX’s operations. Meanwhile, following the hack, WazirX founder Nischal Shetty claimed that compensation delays stemmed from Binance’s alleged control over the finances of WazirX’s parent company, Zanmai, whose unresolved acquisition deal caused a strained relationship between the two. Another …

Binance accuses WazirX CEO Nischal Shetty of misleading customers after wallet attack
3 months, 4 weeks ago

Binance accuses WazirX CEO Nischal Shetty of misleading customers after wallet attack

The Hindu  

The international cryptocurrency exchange Binance has released a statement distancing itself from the Indian exchange WazirX and accusing CEO Nischal Shetty of misleading customers, after the Indian company’s multi-signature wallet was hacked, leading to the loss of more than $230 million and bringing to light a contentious business relationship between the two exchanges. While WazirX has claimed that it was …

A timeline of the collapse at FTX
8 months, 1 week ago

A timeline of the collapse at FTX

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Here is a timeline of what led up to …

A timeline of the collapse at FTX
8 months, 1 week ago

A timeline of the collapse at FTX

Associated Press  

FTX, once among the largest cryptocurrency exchanges in the world, said this week that nearly all of its customers will receive the money back that they are owed, two years after its monumental collapse. Here is a timeline of what led up to this week’s announcement after an implosion at FTX kicked off what many had expected to become a …

FTX will return money to most customers less than 2 years after catastrophic crypto collapse
8 months, 1 week ago

FTX will return money to most customers less than 2 years after catastrophic crypto collapse

Associated Press  

FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that. FTX was the third-largest cryptocurrency exchange in the world when it filed for bankruptcy protection in November 2022 after it experienced the crypto equivalent of a bank run. “We …

Binance founder Changpeng Zhao sentenced to 4 months for money laundering: Who is ‘bitcoin Jesus’
8 months, 2 weeks ago

Binance founder Changpeng Zhao sentenced to 4 months for money laundering: Who is ‘bitcoin Jesus’

Hindustan Times  

Changpeng Zhao, founder of the world's largest cryptocurrency exchange, was sentenced Tuesday to four months in prison for looking the other way as criminals used the platform to move money connected to child sex abuse, drug trafficking and terrorism. “I deeply regret my failure, and I am sorry.” But the judge said he was troubled by Zhao's decision to ignore …

Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering
8 months, 2 weeks ago

Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering

Associated Press  

SEATTLE — Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, was sentenced Tuesday to four months in prison for looking the other way as criminals used the platform to move money connected to child sex abuse, drug trafficking and terrorism. “I deeply regret my failure, and I am sorry.” But the judge said he was troubled by Zhao’s decision …

Nigeria seeks to try crypto exchange Binance executives over alleged money laundering, tax evasion
9 months, 1 week ago

Nigeria seeks to try crypto exchange Binance executives over alleged money laundering, tax evasion

Associated Press  

ABUJA, Nigeria — Nigerian authorities asked in court Thursday for cryptocurrency exchange Binance and two of its executives to be tried for alleged money laundering and tax evasion, the first legal step following weeks of a criminal investigation into the trading platform. Only Tigran Gambaryan, an American citizen and Binance’s head of financial crime compliance, attended the court hearing as …

The Crypto Queen Pulling the Strings at Binance
1 year ago

The Crypto Queen Pulling the Strings at Binance

Live Mint  

U.S. authorities toppled the king of crypto. Since Zhao resigned last month, Yi He, 37 years old, has assumed Zhao’s mantle as Binance defender-in-chief, calling critics “mediocre and hopeless" on X, the site formerly known as Twitter. Yi He recruited volunteers called Binance Angels to spread Zhao’s gospel that crypto would liberate people from traditional finance. The Binance spokesperson said …

The Binance Crackdown Will Be an 'Unprecedented' Bonanza for Crypto Surveillance
55 years ago

The Binance Crackdown Will Be an 'Unprecedented' Bonanza for Crypto Surveillance

Wired  

One attraction of Binance, as the company grew from its 2017 founding into the biggest cryptocurrency exchange in the world, was the firm's freewheeling flouting of rules. But Binance's settlement agreements with the DOJ and the US Treasury Department also stipulate a strict new regime of data-sharing with law enforcement and regulators. And all of this new scrutiny will be …

Inside Binance’s Guilty Plea and the Biggest Fine in Crypto History
1 year, 1 month ago

Inside Binance’s Guilty Plea and the Biggest Fine in Crypto History

Live Mint  

The king of crypto’s largest outlaw empire told employees for years that he would never turn himself in. Hours earlier, Zhao and his company, Binance, agreed to plead guilty to resolve a Justice Department criminal investigation that has dogged the world’s largest cryptocurrency exchange almost since its launch. Zhao also bowed to pressure in September from the DOJ to sell …

Regulators and law enforcement crack down on crypto’s bad actors. Congress has yet to take action
1 year, 1 month ago

Regulators and law enforcement crack down on crypto’s bad actors. Congress has yet to take action

Associated Press  

WASHINGTON — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. U.S. Treasury Secretary Janet Yellen said Tuesday that existing regulations already apply to cryptocurrency at a news conference announcing the $4 billion settlement with Binance: “I think today’s actions …

World’s largest crypto exchange pays $4.3bn to settle federal cases as CEO resigns
1 year, 1 month ago

World’s largest crypto exchange pays $4.3bn to settle federal cases as CEO resigns

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. “This is best for our community, for Binance, …

CZ Has Left Binance, SBF Is in Jail. Crypto Is About to Get Boring
1 year, 1 month ago

CZ Has Left Binance, SBF Is in Jail. Crypto Is About to Get Boring

Wired  

The world’s largest crypto exchange, Binance, and its founder, Changpeng Zhao, pleaded guilty yesterday to criminal charges in the US, releasing a wave of pent-up tension that had hung over the crypto industry for years. Under his leadership, Binance grew to become by far the world’s largest crypto exchange, but frequently clashed with regulators in the US and elsewhere. The …

Why Binance, the world’s largest crypto exchange, has been linked to Hamas
1 year, 1 month ago

Why Binance, the world’s largest crypto exchange, has been linked to Hamas

Firstpost  

Binance has been accused by the US government of ‘willfully’ failing to report over 100,000 suspicious transactions from several militant groups, such as Hamas’ military arm, Al Qaeda, ISIS and others. Treasury Secretary Janet Yellen said Binance was guilty of “consistent and egregious violations of US anti-money laundering and sanctions laws.” “Binance turned a blind eye to its legal obligations …

Union Minister Rajeev Chandrasekhar applauds Indian government's crypto regulations amid Binance controversy
1 year, 1 month ago

Union Minister Rajeev Chandrasekhar applauds Indian government's crypto regulations amid Binance controversy

Op India  

On 22nd November, Union Minister of State for Electronics & Technology, Rajeev Chandrasekhar issued a stark warning on cryptocurrency-driven criminal activities. It makes you a criminal,” PM @narendramodi ji govts approach since 2022 to deterring crypto speculation has saved countless Indians from… https://t.co/9h18YAXyA4 — Rajeev Chandrasekhar 🇮🇳 November 22, 2023 Indian government guidelines for crypto trade In February 2022, Finance …

Largest crypto exchange Binance fined $4 billion, CEO Changpeng Zhao pleads guilty to not stopping money laundering
1 year, 1 month ago

Largest crypto exchange Binance fined $4 billion, CEO Changpeng Zhao pleads guilty to not stopping money laundering

The Hindu  

The U.S. government dealt a massive blow to Binance, the world’s largest cryptocurrency exchange, which agreed to pay a roughly $4 billion settlement Tuesday as its founder and CEO Changpeng Zhao pleaded guilty to a felony related to his failure to prevent money laundering on the platform. As part of the settlement agreement, the U.S. Treasury said Binance will be …

Who is Changpeng Zhao, Binance founder facing 18-month prison in historic $4.3 bn settlement?
1 year, 1 month ago

Who is Changpeng Zhao, Binance founder facing 18-month prison in historic $4.3 bn settlement?

Hindustan Times  

Changpeng Zhao, the founder and CEO of Binance, resigned from his position and pleaded guilty to violating US anti-money laundering laws. Binance founder and CEO Changpeng Zhao leaves federal court in Seattle, Tuesday, Nov. 21, 2023, after pleading guilty to violations of U.S. anti-money laundering laws. Changpeng Zhao, commonly known as CZ, is a Chinese-Canadian business executive and the founder …

The feds cracked down on Binance and Changpeng Zhao—and then insulted them!
1 year, 1 month ago

The feds cracked down on Binance and Changpeng Zhao—and then insulted them!

Slate  

The U.S. government just dropped a hammer on the biggest name left in cryptocurrency. Earlier on Tuesday, the DOJ said it was “seizing $9 million worth of Tether”—the dollar-pegged stablecoin that props up much of the cryptocurrency economy—in connection with “an organization that exploited over 70 victims through romance scams and cryptocurrency confidence scams.” This came just a day after …

Binance CEO pleads guilty, steps down from company. Who is Changpeng Zhao?
1 year, 1 month ago

Binance CEO pleads guilty, steps down from company. Who is Changpeng Zhao?

Live Mint  

Founder-CEO of Binance, the world's largest cryptocurrency exchange Changpeng Zhao, or CZ, as he is fondly known by crypto enthusiasts, has stepped down from his role after pleading guilty to breaking US anti-money laundering laws, as per a Reuters report. Zhao agreed to a $4.3 billion settlement deal in a Seattle court on November 21, including a personal payout of …

Founder of Binance, world’s largest crypto exchange, pleads guilty to anti-money laundering charge
1 year, 1 month ago

Founder of Binance, world’s largest crypto exchange, pleads guilty to anti-money laundering charge

Hindustan Times  

The founder of Binance, the world’s largest cryptocurrency exchange, pleaded guilty Tuesday to a felony charge that he failed to take steps to prevent money laundering as the company agreed to pay more than $4 billion following an investigation by the U.S. government. Binance CEO Changpeng Zhao CEO Changpeng Zhao pleaded guilty to one count of failure to maintain an …

Largest crypto exchange Binance fined $4 billion, CEO pleads guilty to not stopping money laundering
1 year, 1 month ago

Largest crypto exchange Binance fined $4 billion, CEO pleads guilty to not stopping money laundering

Associated Press  

WASHINGTON — The U.S. government dealt a massive blow to Binance, the world’s largest cryptocurrency exchange, which agreed to pay a roughly $4 billion settlement Tuesday as its founder and CEO Changpeng Zhao pleaded guilty to a felony related to his failure to prevent money laundering on the platform. As part of the settlement agreement, the U.S. Treasury said Binance …

A DOJ Settlement Would Show Binance Is Too Big to Fail
55 years ago

A DOJ Settlement Would Show Binance Is Too Big to Fail

Wired  

The exchange has attracted the attention of regulators looking to impose some control over the crypto sector. If the US were to impose criminal sanctions on Binance, says Jacob Silverman, author of Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud, it would “cause banks to retreat,” effectively choking the exchange by impeding its ability to accept regular …

Binance crypto exchange founder to step down amid US illicit finance probe
1 year, 1 month ago

Binance crypto exchange founder to step down amid US illicit finance probe

Al Jazeera  

Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, has stepped down as CEO and pleaded guilty to violating anti-money laundering laws. “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed. “In just the past month, the Justice Department has successfully prosecuted the CEOs of two of the world’s largest cryptocurrency exchanges in …

CEO of world’s largest crypto exchange pleads guilty and agrees to $50-million fine
1 year, 1 month ago

CEO of world’s largest crypto exchange pleads guilty and agrees to $50-million fine

LA Times  

Binance CEO Changpeng Zhao has agreed to step down as part of a sweeping deal with the Justice Department designed to keep the company operating. Binance Holdings Ltd. Chief Executive Changpeng Zhao pleaded guilty to criminal charges of money laundering and U.S. sanctions violations, including allowing transactions with Hamas and other terrorist groups, under a sweeping deal worked out with …

What’s Changed for Crypto After FTX? Not Much.
1 year, 3 months ago

What’s Changed for Crypto After FTX? Not Much.

Live Mint  

The collapse of crypto exchange FTX wiped out millions of its customers’ crypto holdings and turned its billionaire founder into a pariah now facing criminal fraud charges in New York. Instead, regulators have pursued a piecemeal enforcement campaign designed to impose Wall Street’s rules on crypto—a move the biggest crypto exchanges, such as Binance, are fighting in court. Another FTX …

The World’s Biggest Crypto Firm Is Melting Down
1 year, 3 months ago

The World’s Biggest Crypto Firm Is Melting Down

Live Mint  

After FTX crashed, the world of crypto seemed to belong to the largest exchange, Binance. The U.S. Justice Department has undergone a yearslong investigation that could result in criminal charges for Binance and Zhao as well as billions of dollars of fines, according to people familiar with the probe. Binance also faces a Securities and Exchange Commission lawsuit that alleges …

Binance, CEO Zhao to seek dismissal of US watchdog’s complaint
1 year, 5 months ago

Binance, CEO Zhao to seek dismissal of US watchdog’s complaint

Al Jazeera  

Binance and its CEO and founder Changpeng Zhao are planning to seek the dismissal of a US Commodity Futures Trading Commission complaint accusing the crypto exchange of violating the United States Commodity Exchange Act and certain related federal regulations. The CFTC in March sued Binance, the world’s biggest crypto exchange, and Zhao for operating what the regulator alleged was an …

Binance ordered to stop all digital currency services in Belgium
1 year, 6 months ago

Binance ordered to stop all digital currency services in Belgium

The Hindu  

Belgium's FSMA regulator on Friday ordered Binance to cease offering any virtual currency services in the country, adding to pressure on the world's biggest cryptocurrency exchange. "Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area," the FSMA …

Binance, SEC agree to allow only US employees to access customer funds: Report
1 year, 6 months ago

Binance, SEC agree to allow only US employees to access customer funds: Report

Live Mint  

US securities regulator, Binance and Binance.US have entered into an agreement that allows Binance.US employees to ccess customer funds in the short term, reported Reuters on basis of court documents. The agreement noted that Binance US will take steps to make sure that no Binance Holdings officials have access to private keys for its various wallets, hardware wallets or root …

Crypto giant Binance's U.S. affiliate fires staff after SEC charges
1 year, 6 months ago

Crypto giant Binance's U.S. affiliate fires staff after SEC charges

The Hindu  

The U.S. affiliate of crypto giant Binance has carried out a round of layoffs since regulators last week charged it with violating securities laws and sought to freeze its assets, said two people with knowledge of the dismissals and employees' social media posts. The SEC on June 5 accused Binance and its founder and CEO Changpeng Zhao of creating Binance.US …

SEC lawsuits against cryptocurrency companies raise questions about industry’s future
1 year, 7 months ago

SEC lawsuits against cryptocurrency companies raise questions about industry’s future

Associated Press  

WASHINGTON — First came the crypto winter, then the alleged fraud wrought by FTX founder Sam Bankman-Fried, and now the lawsuits. SEC Chair Gary Gensler told Bloomberg on Tuesday: “We don’t need more digital currency … we already have digital currency — it’s called the U.S. dollar.” What results from the legal battle could greatly diminish the growth of the …

SEC lawsuits against cryptocurrency companies raise questions about industry's future
1 year, 7 months ago

SEC lawsuits against cryptocurrency companies raise questions about industry's future

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. SEC Chair Gary Gensler told …

Binance.US Suspends USD Deposits After Crackdown by Regulators
1 year, 7 months ago

Binance.US Suspends USD Deposits After Crackdown by Regulators

News 18  

Crypto exchange Binance.US said on Thursday it is suspending US dollar deposits and that its banking partners are preparing to pause fiat dollar withdrawal channels as early as June 13, just days after US regulators sued Binance and its CEO Changpeng Zhao. The US arm of the world’s largest crypto exchange said in a tweet at 10:33 p.m. EDT on …

Regulators put the future of America’s crypto industry in doubt
1 year, 7 months ago

Regulators put the future of America’s crypto industry in doubt

Hindustan Times  

Taylor Swift’s record-smashing “Eras” tour could end up being one of the most lucrative in musical history, possibly even minting the world’s newest billionaire. When courted to invest in FTX, a now-defunct crypto exchange, she reportedly balked: “Can you tell me that these are not unregistered securities?” American regulators are asking similar questions. On June 6th the Securities and Exchange …

Binance CEO Changpeng Zhao Merit Peak Offshore Trading Firm Received Nearly $11 Billion In Client Assets, US SEC Claims
1 year, 7 months ago

Binance CEO Changpeng Zhao Merit Peak Offshore Trading Firm Received Nearly $11 Billion In Client Assets, US SEC Claims

ABP News  

According to a recent filing from the US Securities and Exchange Commission, Merit Peak, an offshore trading company controlled by Binance CEO Changpeng Zhao, received approximately $11 billion in client assets through a Seychelles-based firm established for customer deposits. As per a report by Reuters, the SEC's allegations include claims that Binance and Zhao utilised Merit Peak and another trading …

Explained | Why is the U.S. SEC cracking down on crypto exchanges?
1 year, 7 months ago

Explained | Why is the U.S. SEC cracking down on crypto exchanges?

The Hindu  

The story so far: The U.S. Securities and Exchange Commission is cracking down on cryptocurrency exchanges. Binance stressed its intention to defend itself “vigorously.” It pointed out that as a U.S. regulator, the SEC’s control over the trading platform was limited because Binance was not a U.S. company. “Any allegations that user assets on the Binance.US platform have ever been …

U.S. steps up crypto crackdown with Coinbase suit
1 year, 7 months ago

U.S. steps up crypto crackdown with Coinbase suit

The Hindu  

In their second major action against a big crypto player in two days, U.S. regulators sued Coinbase on Tuesday, alleging its failure to register as a securities exchange venue exposed investors to risk. The Securities and Exchange Commission charged that the largest digital currency trading platform in the United States had made billions of dollars by "unlawfully facilitating the buying …

Coinbase and Binance SEC lawsuits: How the feds are strangling crypto.
1 year, 7 months ago

Coinbase and Binance SEC lawsuits: How the feds are strangling crypto.

Slate  

Another day, another crackdown from the federal government on the cryptocurrency industry. Also on Tuesday, Coinbase chief legal officer Paul Singh Grewal testified in front of the House Agriculture Committee on “the future of digital assets” as well as a pending Republican-backed bill that, if passed, would allow certain digital currencies to be defined as commodities instead of securities, thus …

Why Binance, the world’s largest cryptocurrency exchange, is in trouble
1 year, 7 months ago

Why Binance, the world’s largest cryptocurrency exchange, is in trouble

Firstpost  

After the fall of FTX, now crypto giant Binance seems to be in hot water. Zhao and Binance publicly claimed that US customers were barred from transacting on Binance.com, but the platform “secretly” allowed high-value customers to keep trading, the SEC said. The agency said Binance’s chief compliance officer admitted that: “We do not want.com to be regulated ever.” From …

Crypto giant Binance controlled ‘independent’ U.S. affiliate’s bank accounts
1 year, 7 months ago

Crypto giant Binance controlled ‘independent’ U.S. affiliate’s bank accounts

The Hindu  

A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange’s purportedly independent U.S. affiliate, including an account that held American customers’ funds, bank records show. Juvvadi said an investigation Binance.US conducted into Reuters’ previous findings found they were “simply not true.” Reuters also reported on May 23 that Binance commingled its customers’ …

World's largest crypto platform Binance charged by US regulator
1 year, 7 months ago

World's largest crypto platform Binance charged by US regulator

India TV News  

The largest crypto trading platform in the world, Binance.com, and its founder, Changpeng Zhao, have been charged by a US regulator with a variety of securities law violations. The US' Securities and Exchange Commission in a statement on Monday said Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion …

Binance mishandled funds and violated securities laws, according to SEC lawsuit
1 year, 7 months ago

Binance mishandled funds and violated securities laws, according to SEC lawsuit

Associated Press  

WASHINGTON — The world’s largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws in a lawsuit filed by the SEC. Binance is a Cayman Islands limited liability company founded by Zhao and the charges are familiar to practices uncovered after the …

U.S. SEC sues Binance, founder Zhao alleging securities law violations
1 year, 7 months ago

U.S. SEC sues Binance, founder Zhao alleging securities law violations

The Hindu  

The world's largest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Securities and Exchange Commission on Monday for failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls, as well as for operating an unregistered securities exchange. The SEC’s complaint, filed in federal court in Washington, D.C., …

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit
1 year, 7 months ago

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit

NPR  

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit Enlarge this image toggle caption Patricia De Melo Moreira/AFP via Getty Images Patricia De Melo Moreira/AFP via Getty Images U.S. regulators are targeting more giants in the world of crypto. On Monday, it filed 13 charges against Binance, which operates the world's top crypto exchange, as well …

Binance accused in SEC lawsuit of mishandling funds, violating securities laws
1 year, 7 months ago

Binance accused in SEC lawsuit of mishandling funds, violating securities laws

LA Times  

Binance and its founder Changpeng Zhao, seen during a Zoom call, are being sued by the U.S. Securities and Exchange Commission. Binance, the world’s largest cryptocurrency exchange, and founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws in a lawsuit by the Securities and Exchange Commission. The …

Binance and Coinbase Have Been Sucked Into a Regulatory Turf War
1 year, 9 months ago

Binance and Coinbase Have Been Sucked Into a Regulatory Turf War

Wired  

On March 22, Coinbase, one of the world’s largest crypto exchanges, was sent a notice by the US Securities and Exchange Commission warning that the regulator planned to sue, alleging the company had violated securities laws. But on March 27, Binance, the world’s biggest crypto exchange, and its founder Changpeng Zhao were charged by a different regulator, the Commodities and …

US regulator sues top crypto exchange Binance, CEO
1 year, 9 months ago

US regulator sues top crypto exchange Binance, CEO

Al Jazeera  

The world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao are being sued by the Commodity Futures Trading Commission in the United States for operating what the regulator alleges were an “illegal” exchange and a “sham” compliance programme. Binance’s compliance programme has been “ineffective” and the firm, under the direction of Zhao, told employees and customers to …

Binance and founder Changpeng Zhao sued by CFTC
1 year, 9 months ago

Binance and founder Changpeng Zhao sued by CFTC

Associated Press  

Binance and its founder Changpeng Zhao are being sued by the Commodity Futures Trading Commission for numerous alleged violations of the Commodity Exchange Act and CFTC regulations. In its complaint, the CFTC claimed that cryptocurrency exchange giant Binance “allegedly chose to knowingly disregard applicable provisions of the CEA while engaging in a calculated strategy of regulatory arbitrage to their commercial …

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