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. At some point, one of the market makers blew 11 million on a yacht. 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. Meanwhile, Binance sloshed moneysome of it customer fundsbetween Binance.US, the market makers, and the parent company. to Binance, and Binance agreed to an acquisition pending due diligence. 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. Since I cowrite a daily newsletter about the crypto business, my first course. 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. This is the web version of Fortune Crypto, a daily newsletter. 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. Meanwhile, Binance sloshed moneysome of it customer fundsbetween Binance.US, the market makers, and the parent company. The renowned cryptocurrency exchange and its CEO, Changpeng Zhao, is embroiled in a legal battle with the U.S. more 449.9K 9 posts / month Subscribe Get Email Contact 4. However, the legal troubles for Binance continue further. Cayman Islands + Follow RSS Read blogs posts and Press releases about newly-launched DApps and crypto apps from Binance Labs Binance Labs identify, invests, and empowers viable b. 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. The commission has sued the world’s largest crypto exchange and its co-founder on 13 different civil charges. Securities and Exchange Commission (SEC). Binance have issued cease & desist notice to the scammer entity "Binance Nigeria Limited".ĭon't believe everything you read in the news. JBinance News: Changpeng Zhao (CZ), CEO of Binance reportedly released an internal letter discussing the employee chat evidence revealed by the U.S.
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