Browsing:Binance

Ex-Binance.US CEO Brian Brooks said CZ Had Full Control of the Exchange, Not him
11 months ago 1 min read

Binance.US Former CEO Brian Brooks Says CZ Had Full Control of the Exchange, Not Him

Brian Brooks, the former CEO of Binance.US, has alleged that Binance CEO Changpeng Zhao (CZ) was ultimately in charge of the exchange, even though Brooks was officially the CEO. Brooks made these allegations in court documents filed this week as part of an ongoing lawsuit between the SEC and Binance. In the documents, Brooks said that he quickly realized after joining Binance.US that CZ was still calling the shots. He said that CZ had the final say on all major decisions and that Brooks was often overruled when he tried to make changes. Brooks also said that he was never

The Securities and Exchange Commission (SEC) has released employee chat logs from Binance
11 months ago 2 mins read

US SEC leaks Binance’s employee chat logs

The Securities and Exchange Commission (SEC) has released employee chat logs from Binance, the world’s largest cryptocurrency exchange. The chat logs allegedly show Binance employees discussing ways to evade regulatory scrutiny. Binance CEO Changpeng Zhao (CZ) has condemned the SEC’s release of the chat logs, calling it “unethical” and “damaging to the crypto industry.” CZ has also demanded that the SEC explain why it released the chat logs. In a letter to Binance employees, CZ said that the SEC’s disclosure of the chat logs has had a negative impact on the exchange’s reputation. He emphasized that investigators will be requesting

Binance exchange has now announced the immediate suspension of USD deposits.
11 months ago 1 min read

Binance US Forced to Stop USD Transfers Amid SEC Investigation

The recent developments surrounding Binance US continue to bring bad news for the cryptocurrency exchange. Following the US Securities and Exchange Commission’s (SEC) lawsuit against Binance’s US arm, the exchange has now announced the immediate suspension of USD deposits. Additionally, Binance US customers have been notified that banking partners are preparing to suspend fiat (USD) withdrawal services as early as June 13. These measures are a direct result of the SEC’s aggressive tactics, which have put pressure on the exchange’s banking partners. This article explores the implications of these actions and their impact on Binance US users. Binance US has

It is also possible that the SEC is simply trying to send a message to the crypto industry. The SEC has been criticized for being slow
11 months ago 1 min read

Why is the SEC Taking a Strong Stance Against Binance and CZ? Google Bard Reveals the Answer

The US SEC has not made any statements about why they are investigating Binance or CZ. However, there are a few possible reasons for the investigation. One possibility is that the SEC is concerned about Binance’s lack of transparency. Binance is a global exchange with operations in many countries, but it has not registered with the SEC as a securities exchange. This means that the SEC does not have the same level of oversight over Binance as it does over other U.S.-based exchanges. Another possibility is that the SEC is concerned about Binance’s compliance with anti-money laundering (AML) regulations. In

U.S. Senators Urge DOJ to Probe Binance Over Alleged False Statements to Lawmakers
11 months ago 2 mins read

US Senators Ask DOJ to Probe Binance for Potential Violations of Law, Bloomberg Report

Binance crypto exchange is facing further scrutiny as two U.S. senators call for an investigation into the company’s alleged false statements made to lawmakers. According to a report by Bloomberg, Senators Elizabeth Warren and Chris Van Hollen have sent a letter to U.S. Attorney General Merrick Garland, urging the Department of Justice (DOJ) to look into Binance’s business practices. The senators’ letter suggests that Binance may have provided misleading information to lawmakers, including false claims about its affiliate, Binance.US, being a separate entity. The U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance and its CEO, Changpeng

Binance has requested that the SEC recuse its Chair, Gary Gensler, from the ongoing investigation into the exchange.
11 months ago 1 min read

Binance Exposes Gary Gensler’s Proposal to Serve as an “Informal Advisor”

Binance has requested that the Securities and Exchange Commission (SEC) recuse its Chair, Gary Gensler, from the ongoing investigation into the exchange. In a letter filed with the court, Binance’s lawyers allege that Gensler has a conflict of interest in the case due to his previous involvement with Binance. In particular, the lawyers allege that Gensler offered to serve as an informal advisor to Binance in 2019 and that he shared a draft of his testimony before Congress with Binance for feedback. The lawyers also allege that Gensler has made public statements that have been critical of Binance and other

Binance exchange has removed ten advanced trading pairs
11 months ago 2 mins read

Binance US Delists Trading Pairs in Response to SEC Allegations

In response to recent allegations by the United States Securities and Exchange Commission (SEC), Binance US, the American arm of the popular cryptocurrency exchange Binance, has made changes to its platform. The exchange has removed ten advanced trading pairs, comprising BTC and BUSD pairs, and also announced the pause of its OTC Trading Portal services in the US. Specific Trading Pairs Being Removed Among the BTC trading pairs that have been removed are ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, and XTZ/BTC. Additionally, Binance US is halting the BUSD Advanced Trading pairs HBAR/BUSD and ONE/BUSD. Streamlining of Buy, Sell &

Court documents says the SEC claims that billions of dollars of customer funds were received by Zhao and Chen through their holding company.
11 months ago 2 mins read

Binance Accused by SEC of Redirecting $12B to Companies Owned by CEO Changpeng Zhao

Binance, one of the world’s largest cryptocurrency exchanges, and its CEO Changpeng ‘CZ’ Zhao, along with Guangying ‘Helina’ Chen, are facing serious allegations by the Securities and Exchange Commission (SEC). According to court documents, the SEC claims that billions of dollars of customer funds were received by Zhao and Chen through their holding company. The regulatory body has presented evidence suggesting that the funds were funneled through an intermediary holding company called Key Vision Development Limited. Details of the Allegations: Testimony provided by Sachin Verma, an accountant employed by the SEC, forms a crucial part of the regulator’s case. The

The exploit allowed an attacker to mint 2 million BNB ($593 million)
11 months ago 1 min read

Binance Coin (BNB) faces potential $200 million liquidation on the Venus Bridge

The price of Binance Coin (BNB) has plummeted following the recent Securities and Exchange Commission (SEC) lawsuit against Binance.US and an exploit on the Binance Bridge that resulted in a potential $200 million liquidation. BNB is currently trading at $260, down by over 7% and 14% in 24 hours and the last seven days, respectively. This drop has been attributed to the recent regulatory scrutiny, as well as broader market trends. The SEC lawsuit alleges that Binance.US violated securities laws by selling unregistered securities. The lawsuit could have a significant impact on Binance.US and the cryptocurrency industry as a whole.

The US SEC has taken further action in its ongoing lawsuit against Binance.US
11 months ago 1 min read

SEC Lawsuit Alleges Binance.US and Changpeng Zhao Endangered Customer Funds

The United States Securities and Exchange Commission (SEC) has taken further action in its ongoing lawsuit against Binance.US, raising concerns about the safety of investors’ funds. In a filing submitted on June 5, the SEC alleges that the defendants, including Binance CEO Changpeng Zhao and Binance Holdings Ltd., have “enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk.” The SEC claims that the defendants deliberately sought to circumvent U.S. regulatory oversight while providing securities-related services to U.S. users, thereby jeopardizing billions of dollars of U.S. investor capital. CNBC reports that the SEC’s estimation of the

The U.S. SEC has filed a motion for a temporary restraining order against Binance
11 months ago 1 min read

SEC Seeks to Freeze Binance’s Assets in U.S.

The U.S. Securities and Exchange Commission (SEC) has filed a motion for a temporary restraining order against Binance, BAM Management, and BAM Trading. The order, if granted, would freeze the assets of Binance.US and prevent the defendants from destroying, altering, or concealing relevant records. The SEC’s motion comes one day after the agency filed a lawsuit against Binance, alleging that the company violated the Exchange Act and the Securities Act by operating an unregistered securities exchange. The SEC also alleged that Binance and its affiliates engaged in a number of other violations, including failing to register as a broker-dealer and

PepeCoin (PEPE), a popular frog-themed meme coin, led the market's daily decline with a substantial 14.9% drop since Monday.
11 months ago 1 min read

PEPE Loses 10% Amid SEC Crackdown on Binance

The crypto market faced a sharp decline, with a 3.6% drop in total market capitalization, following the announcement of a new lawsuit by the United States Securities and Exchange Commission (SEC) against Binance, a prominent cryptocurrency exchange. In the lawsuit, the SEC alleges that Binance and its CEO, Changpeng Zhao, failed to comply with regulations by allowing U.S. users to access Binance.com, engaging in unregistered crypto offerings and sales, and operating as an unregistered exchange, broker, and clearing house. The SEC’s Director of Enforcement, Gurbir S. Grewal, emphasized that the alleged actions put customers and investors at risk while prioritizing

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