Browsing:BNB

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

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

Binance Says It Never Operated as Unregistered Exchange
12 months ago 2 mins read

Binance Fights Back Against SEC Lawsuit

Crypto exchange Binance has expressed its disappointment with the recent allegations made by the US Securities and Exchange Commission (SEC) regarding fund mishandling, unregistered exchange operations, and the sale of unregistered securities. In response to the SEC’s lawsuit, Binance, CEO Changpeng Zhao, Binance.US, and BAM Trading issued statements denying the allegations and criticizing the SEC’s approach to regulation. Binance’s Disheartenment and Unilateral Action: Binance stated that it had engaged in extensive discussions with the SEC in an effort to reach a negotiated settlement and resolve the investigations. However, the SEC chose to act unilaterally and initiate litigation instead of pursuing

Binance Faces $231M Net Outflows as Users Fear SEC Action
12 months ago 2 mins read

Binance Users Rush to Withdraw $231M Funds Amid SEC Charges

In response to the recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance and its CEO, Changpeng “CZ” Zhao, cryptocurrency traders have been withdrawing funds from the exchange. Blockchain data reveals a significant net outflow of funds from Binance, indicating a shift in investor sentiment. This article explores the withdrawal trend and highlights key details from the SEC lawsuit. Net Outflows from Binance: Blockchain data analysis from Nansen, a blockchain intelligence platform, indicates that Binance experienced approximately $231 million in net outflows over the past hour. During this period, traders withdrew around $322 million in digital

Binance is planning to lay off 20% of its workforce in June
12 months ago 1 min read

Binance to Lay Off 20% of Workforce This Month Amid Regulatory Scrutiny

Binance, the world’s largest cryptocurrency exchange, is planning to lay off 20% of its workforce in June. The layoffs come amid growing regulatory pressure on the cryptocurrency industry. Binance CEO Changpeng Zhao said that the layoffs are necessary to “focus on talent density.” He said that the company is “overstaffed” in some areas and that the layoffs will help to “ensure that we are best positioned for long-term growth.” The layoffs come at a time when Binance is facing increasing regulatory scrutiny. The company has been banned from operating in several countries, including the United States and the United Kingdom.

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