Last year CZ’s tweets arguably contributed to the collapse of FTX, one of his company’s main rivals. Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.
#Binance usa investigation full
Promising full responses in due time, he said: He even tweeted a link to his initial response to the recent CFTC charges, which he called “unexpected and disappointing”. CZ is an outspoken advocate for cryptocurrencies and regularly tweets about the industry and his company. People visit Binance nearly 15 million times a week to trade on the over 300 cryptocurrencies it offers in more than 1,600 different markets. The regulator has pointed to chat messages as evidence of CZ and Sim’s knowledge of various criminal groups using the exchange. They are charged with taking steps to violate US laws, including directing US-based “VIP customers” to open Binance accounts under the name of shell companies. The CFTC has also levied charges against Binance’s founder and CEO, Changpeng Zhao (known as CZ) and former chief compliance officer Samuel Lim. It says Binance has prioritised commercial success over regulatory compliance. The CFTC’s lawsuit alleges that Binance violated US derivatives laws by offering its derivative trading services to US customers without registering with the right market regulators. This indicates how regulators – particularly those in the US – hope to clamp down on the cryptocurrency industry. But this particular case involves a regulator that does not directly oversee cryptocurrencies. This is not the first time a cryptocurrency exchange has been charged by a regulator. However, many of the top coins have rebounded today, and BNB’s price is up 6.5% to about $600 per coin, according to CoinGecko.The world’s largest cryptocurrency exchange, Binance, has been hit with a lawsuit by US regulator the Commodity Futures Trading Commission (CFTC). Alongside BNB’s recent success is the rising profile of the Binance Smart Chain, a blockchain platform the supports decentralized apps (dapps) including popular decentralized exchange (DEX) PancakeSwap.īinance Coin’s price was down yesterday (May 13), along with much of the rest of the cryptocurrency market, which was recoiling in part due to Tesla’s announcement Wednesday that it would no longer accept Bitcoin as payment for cars. In addition to its exchange, Binance also operates the Binance Coin (BNB), which has surged more than 15 times in value since the start of 2021 to become the third most-valuable cryptocurrency, in terms of market cap. According to crypto analytics platform Chainalysis, Binance also led the list of exchanges receiving illicit Bitcoin (BTC) tied to criminals in 2019. In response, the exchange sued the publication, but ultimately dropped the suit in February. In October, meanwhile, a Forbes report claimed that a leaked internal Binance document detailed strategies to evade regulation. In March, Bloomberg also reported that Binance is currently under investigation by the United States Commodity Trading Futures Commission (CTFC) for allowing US traders to buy and sell derivatives.
Binance.US handles far less daily trading: about $1.7 billion over the last 24 hours. In 2020, Binance launched spinoff exchange Binance.US to comply with United States regulations, and began freezing accounts of U.S. According to CoinMarketCap, Binance has handled nearly $55 billion in trading volume over the last 24 hours, almost three times higher than the next-highest exchange (South Korea’s Upbit).
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