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Binanceus

All articles tagged with #binanceus

cryptocurrency2 years ago•2 min saved

SEC Investigates Binance.US for Possible Fraud: Report

The U.S. Securities and Exchange Commission (SEC) is reportedly still investigating Binance.US for potential fraud, specifically looking for evidence of a backdoor that could have allowed the exchange to control customer assets similar to FTX. Binance.US attorney Matthew Laroche has requested a federal judge to consider ending the SEC's investigation, citing the lack of evidence of asset misuse and the significant financial impact on Binance.US. Meanwhile, Binance and its CEO, CZ, have agreed to plead guilty to breaking U.S. anti-money laundering laws in a separate case. The judge has asked both parties to resolve the dispute and provide an update by December 15.

via Cointelegraph|

#binanceus #cryptocurrency #fraud

cryptocurrency2 years ago•0 min saved

Binance.US Implements Restrictions on Dollar Withdrawals, Crypto Deposits, and UK Customers

Binance.US, the American arm of cryptocurrency exchange Binance, has updated its terms of use, halting direct dollar withdrawals for its users. Customers can now only withdraw US dollar funds by converting them to stablecoins or other digital assets. The move comes after Binance.US suspended dollar deposits in early June due to the US Securities and Exchange Commission's aggressive tactics against the crypto industry. The SEC has sued Binance.US, Binance, and its founder for allegedly operating unregistered securities platforms. Additionally, Binance.US warned customers that its banking partners were preparing to pause dollar withdrawals. The update also stated that US dollar funds in Binance.US wallets are no longer protected by FDIC deposit insurance.

via CoinDesk|

#banking-partners #binanceus #cryptocurrency

cryptocurrency-regulation2 years ago•1 min saved

SEC Urges Court to Inspect Binance.US Assets Amid Custody Concerns

The U.S. Securities and Exchange Commission (SEC) has filed a court document urging an inspection into Binance.US, accusing the cryptocurrency exchange of failing to produce requested documents. The SEC's concerns include Binance's use of custody platform Ceffu, which it believes may be used to shift U.S. customer funds out of the country in violation of a previous agreement. The regulator also criticized Binance for providing inconsistent representations and slow-rolling document productions. Binance.US claims that Ceffu is an independent third-party technology service provider, but its ties to the exchange remain unclear. A hearing on the case is scheduled for later today.

via CoinDesk|

#asset-custody #binanceus #cryptocurrency-regulation

cryptocurrency2 years ago•0 min saved

Binance.US Partners with MoonPay as U.S. Banks Cut Ties

Binance.US, the American arm of the popular cryptocurrency exchange Binance, has turned to crypto startup MoonPay for on- and off-ramp services after U.S. banks severed ties with the exchange. MoonPay will provide Binance.US users with the ability to purchase and convert cryptocurrencies to fiat, depositing funds into their U.S. bank accounts. MoonPay emphasizes its rigorous KYC checks on all customers and supports various partners and exchanges with this functionality.

via CNBC|

#binanceus #crypto-startup #cryptocurrency

cryptocurrency2 years ago

Binance and CEO Zhao to Dismiss CFTC Complaint Allegations

The U.S. Securities and Exchange Commission (SEC) has alleged that some of the crypto trading activity on Binance.US, a popular cryptocurrency exchange, was a mirage. The SEC claims that Binance.US misled investors by creating the false impression of substantial trading volume and liquidity on its platform. The allegations raise concerns about the transparency and integrity of the cryptocurrency market.

via The Wall Street Journal|

#allegations #binanceus #crypto-trading

cryptocurrency2 years ago•5 min saved

Bitcoin's Price Holds Strong at $30K as Individual Wallets with 1 BTC Reach Record High

The number of individual wallets holding at least one bitcoin has reached an all-time high of 1,008,737 million, indicating increased decentralization of the network. However, Binance.US is facing liquidity issues, with its fiat pipelines suspended, leading to a 9% discount on bitcoin and Tether trading. The exchange's market depth has also significantly deteriorated, causing wild price action. Traders are taking advantage of arbitrage opportunities, resulting in a netflow of negative $16.2 million. The situation is unlikely to affect the overall market price of Tether due to its total circulation. Bitcoin's next moves will be influenced by upcoming jobless claims and CPI data, which will indicate the success of the Fed's inflation-taming efforts.

via CoinDesk|

#binanceus #bitcoin #cryptocurrency

cryptocurrency2 years ago•2 min saved

Binance.US Resolves USD Withdrawal Issues, But Warns of Potential Discontinuation.

Binance.US has resolved its U.S. dollar withdrawal issues after working with its banking partners but warns the relief may not last. The exchange has encouraged any customers that have a failed withdrawal attempt to resubmit their requests, but cautioned that the relief may not be permanent. Binance.US is also encouraging its users to use, withdraw, or convert their USD to a stablecoin to continue crypto-to-crypto trading, as it transitions to a crypto-only exchange.

via Cointelegraph|

#banking-partners #binanceus #crypto-only-exchange

cryptocurrency2 years ago•1 min saved

Binance.US downsizes staff amid SEC lawsuit and potential criminal charges.

Binance.US has laid off part of its staff after the SEC filed lawsuits against both entities, citing a "very costly litigation process." The SEC sued Binance.US, along with Binance and founder and CEO Changpeng "CZ" Zhao on allegations of offering unregistered securities to the general public. About 50 positions were cut, according to a report from Reuters.

via CoinDesk|

#binanceus #cryptocurrency #cryptocurrency-exchange

cryptocurrency2 years ago•2 min saved

Binance.US and SEC Clash Over Asset Freeze

Binance.US and the SEC have until June 15 to reach a deal that could prevent a full asset freeze for the exchange. US District Judge Amy German Jackson has encouraged the SEC to find middle ground with Binance.US, and has chosen a magistrate judge to help negotiations. The SEC has suggested a new deal that would relax certain limitations which previously demanded a total freeze of assets. The proposed agreement provides some guarantees to Binance affiliate BAM Trading, allowing the firm to maintain control over its US assets for paying salaries and fulfilling other financial obligations.

via Blockworks|

#asset-freeze #binance #binanceus

cryptocurrency2 years ago•2 min saved

SEC's crackdown on crypto exchanges threatens industry's future.

Binance.US has reportedly hired former SEC enforcement co-director George Canellos, currently with the international law firm Milbank LLP, along with three other lawyers, as part of the legal team to defend itself against allegations of operating as an unregistered securities exchange. Canellos’ addition to the Binance.US legal team comes amid the U.S. firm facing a lawsuit from the SEC alleging it failed to register as an exchange, broker and clearing agency.

via Cointelegraph|

#binanceus #cryptocurrency #george-canellos

cryptocurrency2 years ago•3 min saved

Crypto Exchanges Binance and Coinbase Face Major Setbacks in US Market.

Binance.US will suspend US dollar deposits and withdrawals as its banking partners prepare to pause the channels to withdraw US dollars from the exchange, days after regulators sued Binance and its chief executive, Changpeng Zhao. While trading, staking, deposits and withdrawals in cryptocurrencies would remain fully operational, customers would be unable to deposit or withdraw US dollars from the exchange. The US arm of the world’s largest crypto exchange said on Thursday that it was taking “proactive steps” in its transition to a crypto-only exchange for the time being.

via The Guardian|

#binanceus #changpeng-zhao #cryptocurrency

cryptocurrency2 years ago•1 min saved

Crypto Exchanges Face Challenges in the US Banking System

Bitcoin is trading at a slight discount on Binance.US after the exchange announced it would become a crypto-only platform starting June 13 and would no longer accept dollar deposits. The decision comes after the SEC asked a federal court to freeze Binance.US' assets, while suing its global entity Binance and rival exchange Coinbase for violating the federal securities law. The resulting worsening of the market depth saw bitcoin trade at a premium of more than $1,000 on the exchange at one point.

via CoinDesk|

#binanceus #bitcoin #crypto

cryptocurrency2 years ago•1 min saved

SEC crackdown on Binance and Coinbase sends shockwaves through crypto industry.

Binance.US has suspended U.S. dollar deposits and its banking partners are preparing to pause fiat dollar withdrawal channels as early as June 13, just days after U.S. regulators sued Binance and its CEO Changpeng Zhao. The move comes as the exchange takes "proactive steps" in its transition to a crypto-only exchange for the time being. Trading, staking, deposits and withdrawals in crypto would remain fully operational. The SEC's aggressive stance on cryptocurrency has created challenges between the exchange and its banking partners.

via Reuters|

#binanceus #crypto-exchange #cryptocurrency

cryptocurrency-regulation2 years ago•2 min saved

Crypto industry and SEC clash over regulation and innovation in the US.

The co-founder of DeFi protocol 1inch Network, Sergej Kunz, has warned that the SEC's enforcement actions against Coinbase and Binance.US could lead to a major exodus of Web3 and cryptocurrency service providers from the US. Kunz believes that regulatory uncertainty in the US could hurt the industry and is pushing companies to consider moving to other countries. He also highlighted the positive regulatory frameworks being established in Europe, Switzerland, and the UAE, which are putting them far ahead of the US when it comes to DeFi regulations.

via Cointelegraph|

#binanceus #coinbase #cryptocurrency-regulation

cryptocurrency2 years ago•2 min saved

SEC Lawsuits Against Coinbase and Binance Cause Crypto Premiums and Pressure.

Bitcoin, Ether, and Tether's USDT stablecoin are trading at large premiums on Binance.US, indicating that investors are leaving the platform following the SEC's actions against the company. The SEC is seeking to freeze assets on the exchange, and the high price premium is a sign of deteriorating liquidity on the platform as traders are retreating in anticipation of a potential asset freeze. Binance.US has announced that it will remove several trading pairs and pause its over-the-counter trading service to concentrate liquidity to the remaining asset pairs and services.

via CoinDesk|

#binanceus #bitcoin #cryptocurrency