The federal probe into Binance is unfolding at a time of deep uncertainty in the crypto industry
The implosion of FTX, a popular trading platform that authorities say was a years-long scheme to defraud investors, has fueled concerns about the freewheeling, largely unregulated online marketplaces where digital assets are bought and sold.
During his time as a prosecutor, Ghose said, “Binance did not have a reputation of being a responsible exchange.”Binance’s Hillmann acknowledged the company had shortcomings in its approach to regulatory compliance in the first few years of its rapid expansion. But more recently, he said, Binance has heavily invested in compliance programs, worked closely with law enforcement and developed new technology for catching criminals on its platform.
“The basis of those charges is whether there are U.S. customers,” he said. “If there are U.S. customers, there are charges for avoiding the money laundering requirements.”As part of its response to growing regulatory interest, Binance has embarked on a Washington charm offensive.
Zhao has said Binance has more than enough reserves to back all user deposits, a fact he said was substantiated by an independent auditor’s Zhao founded Binance in China, but later moved the company to Japan, and then Malta. Since 2020, he’s claimed the business has no singular headquarters. Binance Holding Ltd.
Hillmann, the Binance executive, said the company has tested this and other supposed loopholes for accessing its trading platform and found they do not work. “There is no ability for any user today in the U.S. to be able to accessIn interviews with The Washington Post, several large crypto-focused hedge funds in the United States said they either do not use Binance or only have accounts on the more limited Binance.US trading platform.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bankman-Fried’s Alameda Research Joins Chorus Objecting to Binance Voyager BuyFTX's trading arm Alameda Research is the latest to object to a $1B plan by rival Binance to buy up bankrupt crypto lender Voyager. jackschickler reports.
Read more »
‘A Long History of Doing Right by the Customer:’ Market Research Firms Weigh in on Binance’s Solvency and Market Standing | Binance BlogAccording to a handful of research reports that landed in the final days of 2022 and the early days of 2023, Binance’s overall market standing and financial standing is strong.
Read more »
Binance Coin (BNB) Price Analysis for January 5Can BNB rise faster than other coins? Dave_Jonez_02 BNB Pain_Alive_BNB Binance_DEX BinanceResearch
Read more »
Declining Demand for Binance's BUSD Represents New Chapter in Stablecoin WarsBinance's BUSD stablecoin lost a quarter of its market capitalization in a month amid speculations about the exchange's health. Top rivals USDT and USDC picked up market share. sndr_krisztian reports
Read more »
$200 Million Transferred From Binance to Justin Sun, What's Happening?Rumor about Huobi's implosion and strong spike in activity of Justin Sun's wallet raise questions
Read more »
Binance joins association to address compliance with global sanctionsCrypto exchange Binance said its team would be undergoing training as part of the certification process at the Association of Certified Sanctions Specialists.
Read more »