Tag • #binance

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Binance slapped with $4B fine, accepts plea deal forcing CEO to resign

news.movim.eu / ArsTechnica · Tuesday, 21 November - 23:29

Enlarge / Binance CEO Changpeng Zhao leaves the US District Court on November 21, 2023 in Seattle. (credit: David Ryder / Stringer | Getty Images North America )

Binance founder Changpeng Zhao has resigned as CEO of the world's largest cryptocurrency exchange after agreeing to plead guilty to money laundering violations, the US Department of Justice announced on Tuesday.

The DOJ's settlement concludes a three-year investigation into Binance that found "willful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform," Secretary of the Treasury Janet Yellen wrote in a statement. According to the plea agreement , Zhao will pay a $50 million fine, and Binance—which also pled guilty to conspiring to operate an unlicensed money-transmitting business and violating sanctions against Iran, Cuba, and Syria—will pay a $4.3 billion fine.

"Today’s historic penalties and monitorship to ensure compliance with US law and regulations mark a milestone for the virtual currency industry," Yellen said. "Any institution, wherever located, that wants to reap the benefits of the US financial system must also play by the rules that keep us all safe from terrorists, foreign adversaries, and crime or face the consequences."

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Israël fait fermer des comptes crypto du Hamas sur Binance

news.movim.eu / Numerama · Wednesday, 11 October, 2023 - 11:59

Binance, la plus grande plateforme d'échange crypto au monde, a bloqué des comptes appartenant au Hamas, à la demande d'Israël. Le groupe armé, classé terroriste en Occident, utilise depuis des années les crypto-monnaies pour se financer. [Lire la suite]

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Dans la tourmente, Binance licencie 1 000 employés

news.movim.eu / Numerama · Monday, 17 July, 2023 - 15:31

La plateforme d'échange crypto la plus importante au monde traverse une passe difficile. Visée par plusieurs enquêtes et plaintes, Binance vient de licencier une part importante de ses employés. Son PDG, Changpeng Zhao, serait critiqué en interne. [Lire la suite]

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The US is clamping down on cryptocurrency – is the UK next?

news.movim.eu / TheGuardian · Tuesday, 13 June, 2023 - 10:45 · 2 minutes

Regulators have launched two big lawsuits against Binance and Coinbase, and Rishi Sunak could mine the benefits

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Rishi Sunak’s techno-moment has come. Unfortunately for him, it might be too late.

Last week, the US Securities and Exchange Commission (SEC) launched a pair of lawsuits against the country’s biggest cryptocurrency exchanges, Binance and Coinbase.

The SEC complaint alleges that [ CEO Changpeng Zhao ] directed Binance to conceal the access of high-spending US customers to Binance.com. In one piece of evidence included in the lawsuit, the Binance chief compliance officer messaged a colleague saying: “ We are operating as a fking unlicensed securities exchange in the USA bro .” Elsewhere in the lawsuit, Binance’s CCO is quoted as saying: “We do not want [Binance].com to be regulated ever.”

“Since at least 2019, through the Coinbase platform, Coinbase has operated as an unregistered broker … an unregistered exchange … and an unregistered clearing agency,” the SEC said in its complaint . “Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors.”

Paul Grewal, the chief legal officer and general counsel of Coinbase, said: “The SEC’s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance.

California-based Andreessen Horowitz ( A16Z) said Britain was on “the right path to becoming a leader in crypto regulation”. The venture capital firm’s new office will open later this year and will be dedicated to investing in crypto and tech startups in the UK and Europe.

Chris Dixon, the head of crypto investing at Andreessen Horowitz, wrote in a blogpost: “While there is still work to be done, we believe that the UK is on the right path to becoming a leader in crypto regulation.

As we cement the UK’s place as a science and tech superpower, we must embrace new innovations like Web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy.

“That success is founded on having the right regulation and guardrails in place to protect consumers and foster innovation. While there’s still work to do, I’m determined to unlock opportunities for this technology and turn the UK into the world’s Web3 centre.

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SEC sues Binance, says it evaded US law with “extensive web of deception”

news.movim.eu / ArsTechnica · Monday, 5 June, 2023 - 22:20

An audience at a conference watches Binance CEO Changpeng Zhao speaking on a large video screen.

Enlarge / Binance founder and CEO Changpeng Zhao speaks virtually during the Web3 Blockchain Festival in Hong Kong, China, on Wednesday, April 12, 2023. (credit: Getty Images | Bloomberg)

The US Securities and Exchange Commission today sued Binance and its CEO/founder Changpeng Zhao, alleging that the defendants' "blatant disregard" of federal law "enriched themselves by billions of US dollars while placing investors' assets at significant risk."

"Defendants have unlawfully solicited US investors to buy, sell, and trade crypto asset securities through unregistered trading platforms available online at Binance.com and Binance.US," alleged the SEC complaint in US District Court for the District of Columbia.

Binance's CCO (chief compliance officer) "bluntly admitted to another Binance compliance officer in December 2018, 'we are operating as a fking unlicensed securities exchange in the USA bro,'" according to the lawsuit. The CCO was also quoted as saying, "We do not want [Binance].com to be regulated ever."

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Binance a-t-elle permis à la Russie d’éviter les sanctions économiques ? Les USA enquêtent

news.movim.eu / Numerama · Monday, 8 May, 2023 - 07:58

La justice américaine enquête sur la plateforme d'échange de crypto-monnaies. Binance est accusé d'avoir permis à la Russie d'échapper aux sanctions financières, imposées après son invasion de l'Ukraine en février 2022. [Lire la suite]

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US agency sues top crypto exchange Binance and CEO, seeks permanent trading bans

news.movim.eu / ArsTechnica · Tuesday, 28 March, 2023 - 17:29

Enlarge / Binance founder and CEO Changpeng Zhao at the Web Summit 2022 conference in Lisbon, Portugal. (credit: Getty Images | Ben McShane )

The US Commodity Futures Trading Commission (CFTC) yesterday sued Binance, the world's largest cryptocurrency exchange, saying the company and its founder, Changpeng Zhao, are charged with "willful evasion of federal law and operating an illegal digital asset derivatives exchange."

Binance committed "numerous violations of the Commodity Exchange Act and CFTC regulations," the agency said. In a press release announcing the civil enforcement action, the agency said its litigation "seeks disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the CEA and CFTC regulations."

The CFTC alleges that the defendants operated the trading platform "through an intentionally opaque common enterprise, with Zhao at the helm as Binance's owner and chief executive officer." The agency said the defendants "chose to knowingly disregard applicable provisions of the CEA while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." Samuel Lim, Binance's former chief compliance officer, was charged with aiding and abetting the violations.

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Faillite, faillite et faillite : le résumé de l&#8217;année 2022 dans les crypto-monnaies

news.movim.eu / Numerama · Friday, 23 December, 2022 - 15:04

Entre une baisse des prix vertigineuse, l'échec des NFT et des faillites à la pelle, l'année 2022 n'a pas été de tout repos pour les professionnels de la crypto. Rien ne dit que la situation va s'améliorer en 2023. [Lire la suite]

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Les retraits sur Binance atteignent 1 milliard de dollars en 24h et ça n&#8217;est pas bon signe

news.movim.eu / Numerama · Tuesday, 13 December, 2022 - 15:40

Binance connait une impressionnante fuite de capitaux : les membres de la plateforme ont retiré l'équivalent de 900 millions de dollars en 24 heures. Quelques semaines après la faillite de FTX, le marché est encore fébrile. [Lire la suite]

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