![]() ![]() Zhao and other Binance executives’ internal communications regarding fraud and. ![]() The US affiliate of Binance halted dollar deposits last week and gave customers a deadline of June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets. Make no mistake, Binance’s apparent conflicts of interests and willingness to flaunt regulations is abhorrent. Under other provisions in the proposed agreement, Binance.US will create new crypto wallets to which the global exchange’s employees have no access, provide additional information to the SEC and agree to an expedited discovery schedule, the filings said. User funds have been and always will be safe and secure on all Binance-affiliated platforms.” “Given that Changpeng Zhao and Binance have control of the platforms’ customers’ assets and have been able to commingle customer assets or divert customer assets as they please … these prohibitions are essential to protecting investor assets,” Gurbir Grewal, director of the SEC’s enforcement division, said in the statement.Ī Binance spokesperson said in a statement on Saturday: “Although we maintain that the SEC’s request for emergency relief was entirely unwarranted, we are pleased that the disagreement over this request was resolved on mutually acceptable terms. The SEC said in a statement released on Saturday that the emergency relief order secured for Binance.US customers will protect their assets and ensure that they can continue to withdraw those assets. Under the agreement, which does not resolve the SEC lawsuit, 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 access to Binance.US’s Amazon Web Services tools, the court filings showed. The suit and one filed by the SEC the following day against major US exchange Coinbase represented a dramatic escalation of a crackdown on the industry by US regulators. customers from its platform and misled investors about its market surveillance controls. The SEC on June 5 sued Binance, its CEO and founder Changpeng Zhao and Binance.US’s operator, alleging that Binance artificially inflated its trading volumes, diverted customer funds, failed to restrict U.S. (2 min) The Securities and Exchange Commission on Monday sued global crypto exchange Binance, its founder Changpeng Zhao and its American affiliate Binance.US. To make certain that US customer assets do not go offshore, the agreement allows only Binance.US employees access to these assets. The agreement, disclosed in court papers filed late on Friday, still requires the approval of the federal judge overseeing the litigation. The move is a shock, with even industry veterans amazed to see how things played out.Binance, the world’s biggest cryptocurrency exchange, and Binance.US have entered into an agreement with the US Securities and Exchange Commission to ensure that US customer assets remain in the United States until a sweeping lawsuit filed this month by the regulatory agency is resolved. As the SEC revealed, Zhao treated Binance.US as a puppetas described by the subsidiary’s own former CEOwhile instructing two of the platform’s market makers, which he secretly controlled, to. Arguably, CZ published the tweet knowing that it’d likely cause a mass of withdrawals from one of his closest competitors and that this would test whether the exchange was indeed solvent.Įither way, this is a bad look for the industry and shows the real issue of a lack of transparency in the space. This will have significant impacts on the crypto industry from regulators. policymakers, donated heavily to politicians, and testified in several congressional hearings centred around crypto policy. Its co-founder, Sam Bankman Fried (‘SBF’), has built strong relationships with U.S. Things have come full circle, and ’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for (pending DD etc.).- SBF NovemWhy This MattersįTX is one of the biggest crypto exchanges. 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. 1) Hey all: I have a few announcements to make. A Reuters Special Report How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers For five years, the world’s largest cryptocurrency exchange Binance served as a. 2 days ago &0183 &32 Friday, 16 June 2023 11:22 AM EDT Print The U.S. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |