Tag: Binance

Binance Customers Appear Unfazed by SEC Lawsuit As Exchange Sees Only Modest Bitcoin Withdrawals: CryptoQuant

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Binance customers do not seem to be particularly affected by the Securities and Exchange Commission’s (SEC) lawsuit against the world’s largest crypto exchange by trading volume. According to data shared by Ki Young Ju, the CEO says that Binance did suffer outflows of 10,000 Bitcoin (BTC), the largest withdrawal total of 2023. But that outflow looks less statistically significant when looking at a zoomed-out time chart, according to Ki Young Ju. The impact of 10k $BTC outflows on Binance.https://t.co/1TXeqp1lnZ — Ki Young Ju (@ki_young_ju) June 5, 2023 Julio Moreno, head…

The U.S. SEC Is Fighting the Last Crypto War, Charging Binance (BNB) and Coinbase (COIN)

But the messaging surrounding the suits makes the SEC’s recent moves seem reactive, political and frankly, just beneath the bluster, weak. Specifically, the SEC seems to be trying to put Coinbase and Binance into the same bucket as the frauds of 2022, such as Luna, Celsius and above all FTX. The SEC has been widely viewed as giving FTX deferential treatment before it was revealed as a massive fraud, so now it’s demonstrating that it really can be a hard-nosed regulator – it’s just doing so a couple of years…

US District Court issues summons for Binance CEO Changpeng Zhao over SEC action

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The United States District Court in Washington, D.C. issued a summons for Binance CEO Changpeng Zhao on June 7, just two days after the Securities and Exchange Commission (SEC) formally sued the exchange for alleged unregistered securities operations.  “A lawsuit has been filed against you,” the summons read. NEW: @binance CEO @cz_binance has been order to respond/answer the summons of a U.S. District Court along with the other entities named in the case. He does not have to appear in person but respond within the time frame below https://t.co/UipLm9TRye — Eleanor Terrett…

Binance and CZ sued by the SEC

In the latest episode of The Market Report, analyst and writer Marcel Pechman discusses the impact of the United States Securities and Exchange Commission lawsuit against the Binance exchange. Most likely, the U.S. population will be barred from using the international version of Binance, and those who opt for VPN services will be at risk of being prosecuted. Pechman believes Changpeng “CZ” Zhao and Binance will lose or strike a deal pleading guilty, pay a fine, and be forced to halt services for North American entities — including Paxos and…

What asset freeze? Binance BTC outflows muted as users shun panic selling

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Bitcoin (BTC) hitting three-month lows did not spur hodlers to panic sell, on-chain data shows. According to analytics firm Glassnode, BTC investors have largely ignored the latest crypto exchange legal battles. On-chain losses “remain quiet” BTC/USD dipped to just $25,350 on June 6, its lowest since mid-March — but it seems existing holders simply do not care. The latest data covering on-chain transactions shows that in the midst of reactions to the Binance and Coinbase lawsuits, few were in “panic sell” mode. A chart uploaded to Twitter by Glassnode showed…

Binance says it’s ‘different’ from other exchanges amid SEC lawsuit

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On June 7, cryptocurrency exchange Binance published a statement on its Chinese social channels with the hashtag #StrongTogether. Amid ongoing litigation with the United States Securities and Exchange Commission (SEC), Binance said its wallet addresses are transparent and that the exchange never “siphoned consumers’ funds” nor has “any collateralized borrowings.” Additionally, Binance said it never gave “large donations” to political candidates nor made “large sponsorships” to entertainment and media entities. A translated version of the exchange’s message said: “Our community comes from many different races, ethnicities, and beliefs; we will…

South Korea Regulator Delays Binance Acquisition of Gopax Due to SEC Lawsuit 

While Binance saw the acquisition of Gopax as a means of re-entering South Korea, it was also meant to be a turning point for the local trading platform. The SEC’s lawsuit against Binance has started affecting the company’s operations, particularly its acquisition of Gopax in South Korea. The US Securities and Exchange Commission filed a case against Binance for violating securities law. According to the filing with the federal court in Washington, Binance mishandled investors and also misled both investors and regulators. The Commission also alleged that the exchange broke the rules…

Bitcoin Price (BTC) Shows Resilience Amid SEC Lawsuits Against Binance, Coinbase

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Bitcoin (BTC) quickly bounced back after tumbling to a three-month low of less than $25,500 on Tuesday following news that Coinbase (COIN), had been sued by the U.S. Securities and Commission Exchange (SEC) on allegations of violating federal securities law. This followed a similar suit against Binance on Monday. Already on its heels following the Binance suit, bitcoin sank further on the Coinbase action before recovering throughout the day to again top $27,000. It’s retreated a bit overnight Wednesday to the current $26,800, still up 4% over the last 24…

SEC lawsuits against Binance and Coinbase unifies the crypto industry

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Professionals across the crypto sector have responded to the United States Securities and Exchange Commission’s (SEC) recent actions against two of the biggest crypto exchanges, Binance and Coinbase.  On June 5, the SEC filed a lawsuit against Binance for allegedly offering unregistered securities. Only a day after filing the Binance suit, the commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange, such as Solana (SOL), Polygon (MATIC) and The Sandbox (SAND), qualify as securities. Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate,…