Binance and Coinbase Have Been Sucked Into a Regulatory Turf War
1 year, 8 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 Futures Trading Commission, with breaking commodities laws—because, the CFTC says, popular crypto assets are commodities. That two different exchanges can be sanctioned by two different regulators for alleged violations of entirely different regulatory regimes shows the increasing complexity of the operating environment for crypto firms in the US, as a turf war between the SEC and the CFTC escalates. In January, the regulator charged crypto exchange Gemini and crypto lender Genesis Global Capital over a service that allowed US customers to earn interest on their tokens, which the agency alleged was an unregistered securities offering.

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History of this topic

The Last Man Standing in Crypto
11 months, 1 week ago

The Last Man Standing in Crypto

Live Mint  

Coinbase Global, the cryptocurrency exchange he co-founded in 2012, is one of the last big digital-asset companies standing after a string of high-profile collapses and government crackdowns. Assuming the judge allows the SEC’s suit to go forward, the company could litigate it into 2025 or longer before any trial is held, Paul Grewal, Coinbase’s chief legal officer, said in an …

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 …

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 …

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 …

Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’
54 years, 11 months ago

Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’

Wired  

In the state of New York, where Sam Bankman-Fried, founder of fallen crypto exchange FTX, is standing trial for fraud, the attorney general has accused a further three high-profile crypto businesses of lying to their customers. Crypto exchange Gemini, run by the Winklevoss twins, Cameron and Tyler, as well as crypto lender Genesis and its parent company, Digital Currency Group, …

The World’s Biggest Crypto Firm Is Melting Down
1 year, 2 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, 4 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, 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, 6 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 …

Regulators put the future of America’s crypto industry in doubt
1 year, 6 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 …

'Customers' Funds Are Safe': Coinbase CEO Brian Armstrong Responds To US SEC Lawsuit
1 year, 6 months ago

'Customers' Funds Are Safe': Coinbase CEO Brian Armstrong Responds To US SEC Lawsuit

ABP News  

Coinbase CEO Brian Armstrong responded to US Securities & Exchange Commission Chair Gary Gensler's lawsuit against the crypto exchange, referring to him as an "exception" and reassuring customers about the safety of their funds. In a separate lawsuit, the SEC sued Binance, the largest cryptocurrency exchange globally, accusing it of selling unregistered cryptocurrency products, inflating trading volumes, and failing to …

Explained | Why is the U.S. SEC cracking down on crypto exchanges?
1 year, 6 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, 6 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, 6 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 …

Coinbase targeted by SEC in latest shot at crypto firms for allegedly skirting securities laws
1 year, 6 months ago

Coinbase targeted by SEC in latest shot at crypto firms for allegedly skirting securities laws

Associated Press  

NEW YORK — Coinbase has been targeted by U.S. regulators in a new lawsuit Tuesday that alleges the cryptocurrency platform is operating as an unregistered securities platform and brokerage service. The lawsuit from the Securities and Exchange Commission comes only a day after it filed charges against Binance, the world’s largest crypto exchange, and its founder Changpeng Zhao are accused …

Crypto giant Binance controlled ‘independent’ U.S. affiliate’s bank accounts
1 year, 6 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, 6 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 …

SEC brings charges against cryptocurrency trading platform Coinbase
1 year, 6 months ago

SEC brings charges against cryptocurrency trading platform Coinbase

LA Times  

The Securities and Exchange Commission is charging Coinbase for operating its crypto asset trading platform as an unregistered national securities broker and failing to register its crypto asset staking-as-a-service program. “Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors,” …

Binance mishandled funds and violated securities laws, according to SEC lawsuit
1 year, 6 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, 6 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, 6 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, 6 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 …

US regulator sues top crypto exchange Binance, CEO
1 year, 8 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, 8 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 …

Coinbase warns of ‘legal threats’ amid crypto crackdown fears
1 year, 9 months ago

Coinbase warns of ‘legal threats’ amid crypto crackdown fears

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Leading crypto exchange Coinbase has said it received “legal threats” after asking US …

US regulator threatens Coinbase of a potential lawsuit
1 year, 9 months ago

US regulator threatens Coinbase of a potential lawsuit

India TV News  

The Securities and Exchange Commission is reportedly planning to sue Coinbase, one of the largest cryptocurrency exchanges in the world. The company received Well’s notice from SEC, which is an indication that the regulator believes the company has violated investor protection laws and an alert for a potential action from SEC. Following the Federal Reserve's decision on Wednesday to raise …

Crypto giant Binance offers little transparency after FTX collapse
2 years ago

Crypto giant Binance offers little transparency after FTX collapse

Live Mint  

The collapse of the crypto exchange FTX has triggered calls for transparency in the industry. Binance.US told the Journal at the time that the exchange had robust data protection and that U.S. customer data was stored on servers in the U.S. “Binance does not operate in China nor do we have any technology, including servers or data, based in China," …

Explained: How the collapse of FTX is giving Binance a chance to become the new face of crypto
2 years ago

Explained: How the collapse of FTX is giving Binance a chance to become the new face of crypto

Firstpost  

Binance began taking steps in the past year to scrub its reputation as a shadowy giant with no headquarters that doesn’t always follow the rules. “I need your help for the sake of the industry and users.” Zhao, founder of Binance, the world’s largest cryptocurrency exchange, initially agreed to provide a loan and buy FTX to save it. “They were …

Binance Has a Cunning Plan to Save Crypto—but It’s Too Late
2 years, 1 month ago

Binance Has a Cunning Plan to Save Crypto—but It’s Too Late

Wired  

Few were prepared for the dramatic collapse of crypto exchange FTX on November 11. “The weak projects are gone, and the industry is much healthier.” Zhao, who goes by CZ, says he has a plan to navigate the fallout of the FTX saga and rebuild trust. With one of Binance’s main competitors no longer in operation, the company’s voice as …

How Binance, FTX deal rocked the crypto world and then collapsed, MintGenie explains
2 years, 1 month ago

How Binance, FTX deal rocked the crypto world and then collapsed, MintGenie explains

Live Mint  

-- It’s been a tumultuous fewdays in the largely unregulated cryptocurrency world, with mudslinging on Twitter, a shock exchange takeover bid —which then collapsed —and plunging token values. The tweet followed a story from crypto news outlet CoinDesk saying that Alameda Research, a trading house owned by FTX’s founderBankman-Fried, had a lot of its assets in FTT token. A day …

One of Crypto’s Giants Just Fell
2 years, 1 month ago

One of Crypto’s Giants Just Fell

Slate  

Update, Nov. 9, 2022, at 4:32 p.m.: Binance has reportedly dropped its bid to acquire FTX, citing a due diligence review that revealed FTX’s “mishandled customer funds and alleged U.S. agency investigations.” “The issues are beyond our control or ability to help,” Binance told the Wall Street Journal. Tuesday morning—following reports that 1) FTX’s in-house token was crashing in value; …

U.S. federal prosecutors sought records on Binance CEO Changpeng Zhao for cryptocurrency money laundering probe
2 years, 3 months ago

U.S. federal prosecutors sought records on Binance CEO Changpeng Zhao for cryptocurrency money laundering probe

The Hindu  

U.S. federal prosecutors asked Binance, the world's largest cryptocurrency exchange, to provide extensive internal records about its anti-money laundering checks, along with communications involving its chief executive and founder Changpeng Zhao, according to a late-2020 written request seen by Reuters. The Justice Department's money laundering section asked Binance to voluntarily hand over messages from Mr. Zhao and 12 other executives …

Amid crypto’s Wild West, Binance says a sheriff is needed
3 years, 1 month ago

Amid crypto’s Wild West, Binance says a sheriff is needed

Associated Press  

NEW YORK — The cryptocurrency market gets likened to the Wild West by critics, and now a key player is asking for sheriffs to come to town. “This year, most of the regulators around the world are looking at crypto intently, and many of them are communicating with us,” Zhao said. When it gets to a certain scale, acknowledge that …

Explained | Binance: The crypto giant facing pressure from regulators
3 years, 4 months ago

Explained | Binance: The crypto giant facing pressure from regulators

The Hindu  

Financial regulators across the world have targeted major cryptocurrency exchange Binance. Here are answers to some key questions on Binance, the world's biggest exchange by trading volumes, as the regulatory pressure mounts. Binance also leads crypto derivatives trading, with volumes topping $1.4 trillion in July - a 55% share of the overall market. A string of other regulators - including …

UK's NatWest caps transfers to crypto exchanges over concerns of fraud
3 years, 5 months ago

UK's NatWest caps transfers to crypto exchanges over concerns of fraud

Hindustan Times  

Britain's Natwest Group has capped the daily amount customers can send to cryptocurrency exchanges, including major platform Binance, because of concerns over investment scams and fraud, a spokesperson told Reuters on Tuesday. The temporary cap, imposed by one of Britain's domestic biggest lenders on June 24, targets a number of exchanges and digital asset firms. The temporary cap, imposed by …

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