![]() ![]() 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. The exits come as the exchange faces intense regulatory pressure. In August 2021, SEC chair Gary Gensler said investors weren’t adequately protected in crypto markets, calling them more like the “ Wild West.” Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao Monday on allegations the company knowingly. June 17 (Reuters) - Binance, the worlds biggest cryptocurrency exchange, and Binance.US have entered into an agreement with the U.S. Binance.US chief risk officer and head of legal design have stepped down a day after CEO Brian Shroder resigned. 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. Binance.US is the crypto trading platform for US residents where you can buy, sell, and trade cryptocurrencies and alt coins with some of the lowest fees in the US. 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. At 09:26 UTC Tuesday, the BTC/USD pair listed on Binance.US traded at a nearly 650 premium to its Coinbase-listed counterpart and to Binances bitcoin-tether pair (BTC/USDT) a significant. 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. The legal tussle between the SEC and Binance US took an important turn today as District of Columbia District Court Magistrate Judge Zia Faruqui approved the SECs motion to unseal certain documents. 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. Binance US and the SEC Agree to Unseal Documents.
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