We probably will never see another company quite like Binance. Crypto itself might be borderless, but crypto companies are not beyond the reach of US law. Source
Binance's CZ and the End of the 'Borderless' Crypto Company
Day: November 21, 2023
Timeline of US enforcement actions
Binance and its founder Changpeng”CZ” Zhao has admitted to violating United States laws around money laundering and terror financing — agreeing to pay $4.3 billion in fines. The Justice Department’s probe into Binance started years earlier, and in the meantime, other U.S. regulatory agencies launched their own actions against the crypto exchange. Here’s what happened. Feb. 15: Binance was under suspicion since 2018 Reports emerged that Binance is the target of several United States law enforcement investigations — some dating back to 2018. March 1: Congress involved — Elizabeth Warren…
Coinbase tops crypto lobbying spenders in 2023
56 companies have spent an estimated $20 million on crypto lobbying in the U.S., with America’s biggest digital asset exchange Coinbase leading the pack during 2023. As of Nov. 21, crypto lobbying spending in 2023 had nearly rivaled numbers recorded during 2022 due to growing agitation from industry stakeholders and participants for clearer rules that protect U.S. investors without kneecapping domestic digital asset innovation. Coinbase was the leading crypto advocate in Washington D.C., with over $2 million spent in 2023 so far, and more than $7 million directed towards lobbying…
Did JPMorgan Secretly Buy 7.5 Million XRP? Here’s What We Know
The crypto rumor mills have been abuzz lately with talk of JPMorgan, a US megabank, secretly buying XRP tokens. This rumor has gained ground and in the course of its spread, has garnered the attention of the crypto community as they dissect it. JPMorgan Reportedly Buys 7.5 Million XRP The first reports of this rumor emerged after a news report citing a leaked report, claimed that the investment giant had actually bought 7.5 million XRP tokens. This rumor quickly made its way to social media where users on platforms such…
Are Bitcoin ETFs good for adoption or ‘watered-down crypto’? Debate rages
CoinList founder Andy Bromberg believes that spot Bitcoin (BTC) exchange-traded funds (ETFs) are just “watered down crypto” and a sign the industry is heading in the wrong direction, amid growing hype over potential ETF approvals in the United States. Bromberg — also CEO of payments-focused wallet app Beam — told Cointelegraph: “If a Bitcoin ETF is considered crypto, we’ve failed as an industry.” He said a Bitcoin ETF would “absolutely” be a net positive for crypto adoption but asserted the space’s success comes from helping people self-custody assets and decouple…
Binance CEO Changpeng Zhao steps down with response to the SEC following guilty plea
Binance faces a pivotal change as CEO Changpeng Zhao agrees to step down and the company prepares to pay $4.3 billion in fines, following a settlement with the SEC over anti-money laundering violations. Changpeng Zhao’s decision to step down as CEO of Binance and plead guilty to violating U.S. anti-money-laundering requirements has sparked a complex interaction with U.S. regulatory bodies, particularly in the context of a substantial settlement agreement. The unfolding situation involves intricate negotiations and exchanges between Zhao, Binance and the U.S. Securities and Exchange Commission (SEC), according to…
Crypto markets mixed as traders digest DOJ action against Binance, CZ
Crypto markets were subjected to a heavy dose of volatility on Nov. 21 as the United States Department of Justice (DOJ), Commodity Futures Trading Commission (CFTC) and U.S. Treasury announced a $4.3-billion settlement with Binance and that former Binance CEO Changpeng Zhao will plead guilty to one felony charge as part of a settlement over criminal and civil cases with the cryptocurrency exchange. United States Attorney General Merrick Garland announced that the DOJ reached a $4.3 billion resolution with Binance and CZ. The agreement required CZ to plead guilty to…
Analyst Predicts Chainlink Rally To $20 Based On This Pattern
An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20. Chainlink Is Escaping Out Of A Bull Flag Pattern Currently In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart. The relevant technical pattern here is the “bull flag,” which, as its name implies, looks like a flag on a pole. This pattern forms when the asset’s price goes through a pullback after seeing a…
Binance charges prove ‘following the rules’ was the right decision: Coinbase CEO
Brian Armstrong, CEO of crypto exchange Coinbase, thinks that his company made the right decision to comply with U.S. money transmitter licensing laws. In a Nov. 21 social media post, Armstrong weighed in on the news that rival exchange Binance is pleading guilty to criminal charges, stating that he is glad his own exchange decided to obtain money transmitter licenses, even though it put the company at a competitive disadvantage. Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace…
Binance, Changpeng 'CZ' Zhao to Pay $2.85B Fine in CFTC Settlement
Crypto exchange Binance and its founder, Changpeng “CZ” Zhao will pay nearly $3 billion in fines to the Commodity Futures Trading Commission to settling the regulator’s lawsuit against it. The company is also settling with the U.S. Department of Justice and Treasury Department in parallel actions on Tuesday. Source