Tag: Binance

‘Let’s just diversify and see’ — Binance CEO on its stablecoin strategy

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Binance CEO Changpeng ‘CZ’ Zhao is looking to bring smaller algorithmic stablecoins to the market, in a bid to offer investors options other than the current global stablecoin giants. Speaking in a July 31, ask me anything (AMA) session on Twitter, CZ cited risks associated with large stablecoins such as Tether (USDT) and Binance USD (BUSD), saying that while Tether is by far the largest stablecoin by market cap, he remains cautious of the asset due to its lack of transparency: “I personally have not seen any audit reports of…

Dubai Welcomes Binance with Operational License for Cryptocurrency Exchange

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Cryptocurrency exchange Binance received approval to operate as a cryptocurrency exchange in Dubai, it said in a press statement. The company had obtained a provisional permit in September 2022, media reports said.  The Virtual Assets Regulatory Authority (VARA) of Dubai issued Binance with a Minimal Viable Product (MVP) licence last year, enabling the exchange to create a local bank account in the emirate for the storage of clients’ funds. Because of the MVP licence, the exchange may also provide payment and custody services in addition to operating as an exchange…

Binance Gains Operational License in Dubai

“The progression from the Provisional License, granted in 2022, to an Operational MVP License, means eligible users in Dubai will now be able to access authorized services, including the ability to safely convert virtual assets to fiat under VARA-designated standards compliant with the intergovernmental Financial Action Task Force,” a Binance blog said. Source

SEC, Binance unite against Eeon’s lawsuit intervention

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The United States Securities and Exchange Commission (SEC) and Binance have submitted responses regarding the entity “Eeon,” which has sought to intervene on behalf of customers in the SEC’s case against the crypto exchange. According to the U.S. District Court for the District of Columbia, Binance and the SEC objected to Eeon’s request to intervene in the lawsuit, citing that it does not meet the necessary legal requirements for intervention and consent. The SEC claims that Eeon has a history of repeatedly unsuccessfully representing itself in court cases. Screenshot of  SEC’s response to…

German regulator raised concerns about Binance CEO prior to license application withdrawal: Report

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The German Federal Financial Supervisory Authority, or BaFin, reportedly advised crypto exchange Binance to withdraw its licensing application based on concerns with CEO Changpeng Zhao and the firm’s structuring. According to a July 28 report from The Wall Street Journal, BaFin advised Binance that Zhao, also known as “CZ,” may not have passed a “fit and proper” test under the financial watchdog’s regulatory guidelines. The regulator’s guidelines for a license application state managing directors — in this case referring to CZ — must “have the required professional qualification and be…

Binance, CZ challenge CFTC lawsuit, seek dismissal

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Crypto exchange Binance and its CEO Changpeng “CZ” Zhao requested the dismissal of a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC). In a July 27 court filing, attorneys for Binance and CZ accused the CFTC of exceeding its regulatory authority and engaging in regulatory overreach. The filing states that the CFTC is attempting to regulate foreign individuals and corporations operating outside the United States, which goes beyond the limits of its statutory jurisdiction and interferes with well-established principles of comity with foreign sovereigns. Screenshot of the…

CFTC Overreached in Suing Binance, Crypto Exchange Says

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The filing leans heavily on the view that the CFTC is overreaching in suing Binance, which does not operate in the U.S., and its CEO Changpeng “CZ” Zhao, who does not reside in the U.S., the filing said. The first six of the CFTC’s charges “do not apply to the foreign conduct alleged here,” and several of the charges don’t meet the legal standards set out by statutory requirements, it added. Source

Binance and Changpeng Zhao Look To File Motions Compelling the CFTC To Dismiss Lawsuit Against Crypto Exchange

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Crypto exchange Binance and its CEO Changpeng Zhao are planning to submit legal motions requesting the dismissal of the Commodity Futures Trading Commission’s (CFTC) lawsuit against the company. According to a new court filing, several Binance business entities, Zhao and Binance’s former chief compliance officer Samuel Lim intend to file two separate motions by July 27th asking the judge to dismiss the lawsuit. The CFTC filed the complaint against Binance in March alleging a long list of regulatory violations, including that the exchange did not properly register with the regulator.…

Binance Rolls Out Zero-Fee Stablecoin But Hits Pause Soon After: Here’s Why

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First Digital USD (FDUSD), a newly introduced stablecoin scheduled to make its debut on Binance on Wednesday has now faced a halt due to technical difficulties. A Bumpy Start To The FDUSD Journey The expected listing of FDUSD on Binance was initially set for July 26, 2023. To incentivize traders, Binance planned to offer zero maker fees for all FDUSD trading pairs. However, due to technical issues encountered by the FDUSD pairs’ liquidity providers, the launch was postponed. Related Reading: Binance Pool’s Litecoin Hash Rate Falls 50%: What’s Next? Trading…