The Australian Securities and Investment Commission (ASIC) has carried out a search at Binance’s offices in Australia as a part of an ongoing inquiry into the crypto exchange’s former derivative businesses. The search, which happened on Tuesday, concentrated on Binance’s adherence to Australian regulations. A Binance spokesperson recently said that the exchange is “ Committed...Read More
A low-profile but highly influential senior executive at Binance has spoken out as the company begins legal battles against two top market regulators in the United States. Yi He, who boasts a massive fortune as one of the company’s early shareholders, has also had children with Binance CEO Changpeng Zhao (CZ). The SEC Lawsuit He...Read More
In an email to its users, Binance has revealed that the platform’s EUR fiat payments partner, Paysafe, will stop offering SEPA deposits to Binance users. According to the email, the change will take place on September 25th, 2023. After this date, users will have to use new banking details to make EUR deposits to their...Read More
Seychelles-based crypto exchange KuCoin is pushing for mandatory KYC upgrades as its competitors face regulatory challenges across various jurisdictions. In a bid to embrace global compliance requirements, KuCoin announced an upgrade of its KYC authentication rules and systems from next month onwards. Beefing Up KYC Measures The new rules mandate all newly registered users to...Read More
Binance’s U.S. subsidiary has challenged claims from the Securities and Exchange Commission (SEC) that the company mismanaged user assets as “misleading.” In a motion filed on Wednesday, the exchange pointed to contradictory statements from the regulator suggesting that customers’ assets have not, in fact, been transferred outside of the United States. The SEC’s Conflicting Statements...Read More
Binance has deepened its presence in the country of Kazakhstan, despite the ongoing regulatory turmoil in other parts of the world – namely, the United States. The world’s largest cryptocurrency exchange – Binance – has launched a regulated digital asset platform in Kazakhstan. According to the official release: The new platform will offer Kazakhstani users...Read More
Following through on its promise in May, crypto exchange giant Binance confirmed on Tuesday that it has begun running multiple nodes on Bitcoin’s lightning network. The exchange plans to leverage the layer-2 scaling solution to enable cheaper Bitcoin (BTC) deposits and withdrawals on its platform. Binance resolved to integrate lightning after an explosion in memecoin...Read More
The world’s leading cryptocurrency exchange has been under fire recently, and it appears that the shots are coming from multiple directions. The US Securities and Exchange Commission is suing the company on 13 different counts, including for violating the country’s securities laws. Most recently, though, reports are starting to emerge of supposedly fake companies operating...Read More
Crypto exchange giant Binance has moved at least nine figures worth of its Bitcoin to a new blockchain address, the company announced on Monday. The move has not affected the safety of user funds, which remain locked away with Binance in cold storage. Massive Move From Binance’s Wallet According to data from Blockchain.com, Binance’s new...Read More
While Binance is busy fighting a pitched legal battle in the U.S., its alleged woes in another part of the world seem to have been unfounded. Entity Previously Unknown to Binance Recently, the Nigerian SEC declared an entity known as Binance Nigeria Limited illegal, forbidding it from doing any business within the African nation. According...Read More
The Texas State Securities Board filed an emergency cease and desist order against crypto trading platform Abra and its Chief Executive Officer Bill Barhydt. The watchdog claimed that the company misled its customers and committed securities fraud by offering some of its products, such as Abra Earn. The regulator added that the firm has been...Read More
Binance is also preparing a BNB Chain layer-2 scaling solution to improve network transaction speeds and costs. Separately, the firm announced on June 15 that Binance Pool has launched a “Bitcoin Transaction Accelerator.” The new solution will allow users to confirm their transactions on the Bitcoin network quicker regardless of any potential network congestion issues,...Read More
In a letter to employees, Binance said it foresees protracted and expensive litigation with the US Securities and Exchange Commission (SEC) and asked Binance.US management to reduce the size of its workforce across the division. The job-cut decision is likely to affect about 50 employees. Job Cuts at Binance.US A Bloomberg report noted that a number...Read More
DAI stablecoin, with a circulation of around $4.6 billion, has surpassed BUSD amidst mounting legal troubles for the world’s largest crypto exchange, Binance. The market capitalization of BUSD has declined to $4.3 billion following the regulatory drama that started earlier this year. According to data from CoinMarketcap, BUSD circulation is down over 70% since the...Read More
Changpeng Zhao, alongside another company spokesperson, refuted the recent reports from French media that Binance was under investigation in the country for alleged money laundering. The company’s CEO explained that such “surprise inspections” are the norm in the European country for both banks and now crypto businesses. According to the report from local media Le...Read More
Mounting regulatory scrutiny has crippled the US operations of Binance, elsewhere, the crypto giant is encountering problems in securing a license as well. In the major roadblock to its global expansion plans, Binance announced exiting the Netherlands after failing to secure a virtual asset service provider (VASP) license with the Dutch regulator. Announcing its departure...Read More
In an unexpected development, Binance, a global leader in cryptocurrency exchanges, has declared its departure from the Netherlands. This decision emerges during a challenging time for the company, as it grapples with a lawsuit from the U.S. Securities and Exchange Commission (SEC) and the unsuccessful attempt to obtain a Virtual Asset Service Provider (VASP) license...Read More
In a respite to Voyager Digital customers, the cryptocurrency brokerage is reportedly gearing up to reopen its app, which will enable the withdrawal of their funds. The development comes almost a year after it filed for Chapter 11 bankruptcy. According to a court filing on June 14th, Voyager’s bankruptcy plan administrator, Paul Hage, stated that...Read More
Binance CEO Changpeng Zhao (CZ) has taken to Twitter to quash rumors that his crypto exchange had been selling its crypto holdings, including BTC and BNB. The speculation had been rife on social media, with some asserting that the company was involved in significant sales of digital assets. However, Zhao debunked the rumors, saying Binance...Read More
The blockchain analytics provider – Santiment – revealed that bitcoin’s supply on cryptocurrency exchanges currently stands at 6.4%, which is the lowest level since February 2018. The rapid shift toward self-custody methods could be a result of the SEC’s legal actions against two of the leading crypto platforms – Binance and Coinbase. The Commission recently...Read More
When the SEC sued Binance on the 5th of June, it also requested a total freeze on all Binance.US assets, citing an alleged tendency to comingle customer funds and move them offshore. Granting this request would have not only been devastating to Binance’s operations – not to mention overkill, since the allegations had not been...Read More
A week after the Securities and Exchange Commission (SEC) filed a civil enforcement action against Binance.US, the crypto exchange has hit back, stating that all of the regulator’s claims are invalid. Binance argued against the SEC for a temporary restraining order on the company, also known as BAM Trading, and said that such an action...Read More
Last week, the SEC sued Binance for violations of U.S. securities laws and “years of violative conduct” that allegedly put customers’ funds at risk. Now, the regulatory agency wants to freeze those said funds. Complete Freeze of Assets Requested Since customers’ funds are allegedly at risk, it was only convenient that a complete asset freeze...Read More
Glassnode published a report on Monday breaking down investors’ on-chain behavior after the U.S. Securities and Exchange Commission (SEC) sued two of the world’s largest cryptocurrency exchanges. The report acknowledged a boost to the number of short-term crypto holders sending their balances onto exchanges. Exchange Deposits and Withdrawals The report echoed findings from last week...Read More
US-based trading firm Robinhood announced the delisting of Solana (SOL), Cardano (ADA), and Polygon (MATIC) after the Securities and Exchange Commission (SEC) labeled them as securities in the suits against two crypto heavyweights. The company, which recently ventured into crypto, said the SEC’s claim cast a cloud of uncertainty around these assets and, as a...Read More
The Securities and Exchange Commission (SEC) has recently brought forth a series of charges against Coinbase and Binance, both prominent global cryptocurrency exchanges. In a span of less than 24 hours, the SEC filed lawsuits against major players in the cryptocurrency industry. The first lawsuit targeted Binance, the world’s largest cryptocurrency exchange, and its CEO...Read More
Cryptocurrency exchanges are the bustling marketplaces where digital currencies change hands. They’re the heart of the crypto market, the places where the magic happens. But recently, multiple lawsuits from the Securities and Exchange Commission (SEC) have thrown a wrench into the works, and everyone is asking the same question: How are the exchanges holding up?...Read More
The market took a beating over the past 24 hours, and certain altcoins performed a lot worse than others. A lot of the worst-performing cryptocurrencies were also named in the lawsuit that the US Securities and Exchange Commission filed against Coinbase. The agency alleges that they are securities. These include Cardano’s ADA, Solana’s SOL, NEAR,...Read More
Following lawsuits against Binance and Coinbase, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has made his intentions clear about the digital assets class. These are securities, nothing less, he asserted in a recent interaction. They should be registered with the agency before being offered to investors or meet the requirements to seek exemptions,...Read More
The situation between Coinbase, Binance, and the United States Securities and Exchange Commission is likely to get ugly before a resolution is reached in one direction or another. However, Ripple has been at the forefront of the SEC’s legal actions as it received the first blow from the securities regulator during the winter of 2020....Read More
