Binance, SEC strike deal to keep US customer assets in country
Written by on August 4, 2023
The lawsuits against Binance and peer Coinbase Global underpin SEC Chair Gary Gensler’s tough approach towards the industry, but a U.S.
judge recently siding with crypto firm Ripple Labs highlights that the regulator is facing an uphill battle.
Hong Kong’s push for banks to accept crypto clients comes at a time when countries such as the U.S.
are doubling down on crypto exchanges, with the U.S. (Reporting by Rahat Sandhu, Nilutpal Timsina and Kanjyik Ghosh in Bengaluru; Additional reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi Aich, Sherry Jacob-Phillips and Nivedita Bhattacharjee)
affiliate of Binance halting dollar deposits last week after the Securities and Exchange Commission asked a court to freeze its assets.
User funds have been and always will be safe and secure on all Binance-affiliated platforms.”
A Binance spokesperson said in a statement on Saturday: “Although we maintain that the SEC’s request for emergency relief was entirely unwarranted, we are pleased that the disagreement over this request was resolved on mutually acceptable terms.
But the SEC has in recent years rejected dozens of applications for spot bitcoin ETFs, which are a publicly traded investment vehicles that directly track the price of bitcoin, including one by Fidelity in January 2022, over concerns that the underlying market could be manipulated.
But the reasons dreamed up by the “news” are completely wrong.”
Zhao, a billionaire who is one of crypto’s most powerful figures, said in a tweet on Friday: “Yes, there is turnover (at every company).
In November, FTX filed for Chapter 11 bankruptcy protection in the United States following its spectacular collapse that sent shivers through the digital assets industry.
June 18 (Reuters) – Binance has issued a cease and desist order to “Binance Nigeria Limited”, Binance CEO Changpeng Zhao said in a tweet on Sunday, calling the Nigerian company a “scammer entity”.
The lawsuit was filed one day after the SEC sued Binance, 바이낸스 가입 the world’s largest cryptocurrency exchange, accusing it of inflating trading volumes, mishandling customer funds and lying about its operations.
BlackRock’s iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the U.S.
Securities and Exchange Commission (SEC). regulator has yet to approve any applications for spot bitcoin ETFs.
July 14 (Reuters) – Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Reuters on Friday.
After years on the sidelines, financial regulators in the United States are throwing the book at the free-wheeling cryptocurrency industry, with angry entrepreneurs threatening to take their business overseas.
The company registered as a digital asset service provider (DASP) on June 20, according AMF’s website, adding a major traditional financial services group to the growing number of crypto companies registered by the French watchdog.
The failed crypto company has been holding talks with investors about backing a potential restart of the FTX.com exchange through structures such as a joint venture, the report added citing people familiar with the discussions.
The agreement, disclosed in court papers filed late on Friday, still requires the approval of the federal judge overseeing the litigation. To make certain that U.S.
customer assets do not go offshore, the agreement allows only Binance.US employees access to these assets.
Binance disputes the SEC charges. customers from its platform. Binance and its CEO Changpeng Zhao were charged last week by the U.S.
Securities and Exchange Commission (SEC) with 13 offences, including operating an unregistered securities exchange and failing to restrict U.S.
Cryptocurrencies have staged a gradual recovery so far this year, after prices fell sharply last year and a series of bankruptcies at major crypto firms, including crypto exchange FTX, left investors with heavy losses.
“Binance confirms it has proactively withdrawn its BaFin (Germany’s financial regulator) application. The situation, both in the global market and regulation, has changed significantly,” a spokesperson for the company said on Wednesday.
To protect themselves, institutional crypto investors are switching to exchanges that offer stronger asset protection, boosting due diligence on trading partners, and executing trades in smaller chunks, among other new risk management measures, according to executives and industry data.
