Among the allegations are that the exchange offered a number of unregistered securities to the general public, among them not just Binance’s BNB token and its BUSD stablecoin, but also Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI), Algorand (ALGO), Filecoin (FIL), Cosmos (ATOM), Sandbox (AXS) and Decentraland (MANA). Source
DYDX, the native token for the decentralized exchange platform with the same name, jumped to $2.23 at press time after the U.S. Securities and Exchange Commission said it sued Binance, the largest crypto exchange by trading volume, for violating federal law. Source
The stock fell more than 5% right after the filing was released and then continued to fall. Meanwhile, the price of bitcoin (BTC) fell more than 5% to below $26,000. Shares of MicroStrategy (MSTR), which holds a vast amount of bitcoin on its balance sheet, fell almost 9%. Source BinanceCoinbaseDropsSECsStockSuit CryptoX Portal
The world’s largest crypto exchange was sued for multiple securities law violations by the U.S. Securities and Exchange Commission on Monday. Source
The United States Securities and Exchange Commission (SEC) filed suit against Binance, its U.S. platform and CEO Changpeng Zhao (CZ) in the District Court for the District of Columbia on June 5. 4. Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits. We will issue a response once we see the compliant. Haven’t seen it yet. Media gets the info before we do. — CZ Binance (@cz_binance) June 5, 2023 The U.S. regulator pressed 13 charges against Binance, including unregistered offers and sales of the…
Binance, Binance.US and CZ offered unregistered securities to the general public in the form of the BNB token and Binance-linked BUSD stablecoin, said the suit, which also alleges that Binance’s staking service violated securities law. There are similar charges against BAM Trading – the operating company for Binance.US – and Binance itself, including failure to register as a clearing agency, failure to register as a broker and failure to register as an exchange. Source
Binance head of regional markets outside the US Richard Teng is rumored to be the chosen successor if CEO Zhao relinquishes his position. Reports about a Binance CEO successor are starting to fill the grapevine following the crypto exchange’s regulatory problems. Although there is no official word from Binance or current CEO Changpeng “CZ” Zhao, Binance executive Richard Teng is the most likely heir apparent if Zhao decides to step down. Binance is currently facing several problems in different regions. In May, the crypto exchange’s third-party payment provider abruptly discontinued…
Teng believes Binance is “open and candid about things in the past,” pointing out the firm is still very young. Binance, which will soon celebrate its sixth birthday, started as a technology firm, Teng said, at a point in time when most jurisdictions had no regulations or proper guidance. Today, it has some 750 compliance officers, more than any other exchange, he added. Source
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied New on-chain data has picked out activity surrounding Binance’s consolidation transactions. As observed, the latest batch of these transactions has been subjected to a replaced-by-fee (RBF) shift, escalating from 13.5 sats/vb to 56.4 sats/vb. It is despite these transactions failing to “signal BIP125 replaceability”, suggesting that Binance, the world’s largest exchange, could be running a Full-RBF Peering Bitcoin core advocated by Peter Todd. RBF is a standard protocol in the Bitcoin network allowing the sender to increase the…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Changpeng Zhao (CZ), the CEO of Binance, engaged with the crypto community in a Twitter Spaces session, addressing questions and shedding light on various topics. Among the key highlights was CZ’s discussion on the potential integration of the Bitcoin Lightning Network, a layer-2 scaling solution. Binance eyes Lightning Network integration Binance CEO Changpeng Zhao (CZ) recently participated in a Twitter Spaces session, where he answered various questions from the audience. One of the highlights of his discussion was…