Tag: Binance

Binance Withdraws Request for FCA Registration in UK

Binance has been considering expanding its business to the UK and other regions due to the crackdown on crypto exchanges in the US.  Following its lawsuit with the United States Securities and Exchange Commission (SEC), the global leading digital asset service provider Binance has withdrawn its registration of Binance Markets Limited (BML) with the Financial Conduct Authority (FCA). Markedly, BML is the United Kingdom subsidiary of the global crypto exchange. With these latest developments, Binance and its associates hold no operational license or approval in the UK. BML submitted a…

Binance cancels registration in the UK amid regulatory scrutiny

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Troubled cryptocurrency exchange Binance continues to withdraw from major markets amid the ongoing pushback from global regulators. Binance Markets Limited (BML), Binance’s United Kingdom-based subsidiary, has officially canceled registration with the Financial Conduct Authority (FCA). After deregistration, no Binance entity is authorized by the FCA to provide any services in the United Kingdom, the regulator stated on its website. According to the FCA, the authority completed Binance’s cancellation request of BML’s permissions with the authority on May 30, 2023. “Following the completion of the cancellation of permissions the firm is…

Binance CEO Accuses Binance Nigeria Limited of Operating as Scam

The only recognized Binance arm on the African continent is Binance Africa. Binance CEO Changpeng ‘CZ‘ Zhao recently took to Twitter to express his dissatisfaction with Binance Nigeria Limited, claiming that the company is a scam. CZ added that Binance has, therefore, issued a cease and desist notice to the alleged scammer entity. The notice serves as a legal warning, demanding that Binance Nigeria Limited immediately halt any activities falsely claiming association with the Binance brand. By taking this step, Binance aims to protect its reputation and dissociate itself from…

Hinmann documents unsealed in Ripple vs. SEC case, Binance faces more regulatory headwinds

During the past week, Coinbase and Binance encountered challenges due to increased regulatory scrutiny, coinciding with bearish market conditions following the US Securities and Exchange Commission’s (SEC) charges. Binance faced additional regulatory obstacles on a global scale, while its US-based counterpart, Binance.US, successfully settled with the SEC, preventing a complete freeze of its assets. The SEC also remained in the spotlight as a bill to remove chairperson Gary Gensler advanced through Congress. Significant developments also occurred in the SEC vs. Ripple case, as previously undisclosed internal emails about the Bill…

Binance CEO responds to resolution of SEC’s request for emergency relief

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance CEO Changpeng “CZ” Zhao expressed pleasure at the amicable resolution of a recent emergency relief request from the U.S. Securities and Exchange Commission (SEC) that would have resulted in the freezing of client funds. Binance.US and SEC agree on consent order CZ highlighted the company’s commitment to ongoing operations despite the difficulties and regulatory barriers faced by Binance recently. He emphasized that user funds are safe and secure across all Binance-related services and will remain…

Binance sends cease and desist notice to fraudulent Nigerian entity

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Binance CEO Changpeng Zhao has announced that Binance has officially issued a cease and desist notice to the fraudulent entity known as Binance Nigeria Limited.  On Sunday, June 18, Zhao took to Twitter to make the announcement. On June 9, the Nigerian Securities and Exchange Commission (SEC) released a circular stating the illegality of Binance Nigeria Limited in the country. According to reports, a Binance spokesperson responded that the entity mentioned in the circular is not affiliated with the company. The spokesperson expressed the company’s intention to seek clarity from the Nigerian SEC…

Binance CEO CZ deems SEC’s request for emergency relief unwarranted

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Changpeng ‘CZ’ Zhao, the CEO of Binance, expressed his happiness and sense of relief as the prolonged dispute with the United States Securities and Exchange Commission (SEC) has been successfully resolved. The SEC’s ongoing scrutiny had created a tense and uncertain period for the company, making the resolution a significant milestone. Nonetheless, as the regulatory uncertainty begins to fade, CZ can now find solace and concentrate on Binance’s future. In a tweet, the veteran crypto entrepreneur emphasized that the SEC’s emergency relief request was unnecessary, affirming that the mutually agreed-upon…

Binance partners with The Weeknd, to introduce metaverse experience

Despite regulatory hurdles from the SEC, Binance is forging ahead with a new initiative—a digital metaverse tied to The Weeknd’s “After Hours Til Dawn” tour. Binance, currently facing legal action from the SEC, has announced plans to launch a new digital metaverse focused on entertainment. The project is a collaboration with Canadian musician The Weeknd, who is also embarking on a tour called “After Hours Til Dawn”. The metaverse project has been in development since June 2022. From 10 am ET, regardless of whether they’ve bought concert tickets, fans, and…

Judge Signs Off on Binance, SEC Deal to Move All U.S. Customer Funds, Wallet Keys Back Onshore in Lieu of Restraining Order

Judge Jackson told the parties that it would be better for them to come to an agreement on a proposed stipulation than to have her craft a restraining order, which would come with a two-week time limit. Two weeks would give insufficient time to prepare, given the more than 4,000 pages of exhibits the parties have already filed, she said during a hearing earlier this week. Source