Binance US responded to the court’s decision to allow the SEC lawsuit to proceed, expressing confidence in its position and criticizing the SEC’s regulatory approach. “We remain confident in our position that the SEC’s case is unsupported by the facts or the law, and that the Commission lacks the very authority it is seeking to…
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Multiple U.S. states have revoked or declined to renew Binance US money transmitter licenses due to compliance issues and legal troubles involving former CEO Changpeng Zhao (CZ). “North Dakota joins Alaska, Florida, Maine, North Carolina, and Oregon who have taken similar actions to revoke or deny the renewal of BAM Trading Services’ Money Transmission License,”…
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Binance’s US arm imploded following SEC allegations regarding violations of securities law, according to the subsidiary’s COO Christopher Blodgett. In a recently disclosed deposition from Dec. 15, Blodgett said that the SEC lawsuit severely impacted the division, likening it to a “near-mortal blow.” As a result, the company was forced to lay off more than…
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Binance has rehired Steve Christie, its former Senior Vice President of Compliance, as the Deputy Chief Compliance Officer. In a recent announcement, the exchange said Christie’s primary responsibility will be to enhance Binance’s compliance framework by collaborating with regulators, industry leaders, and other stakeholders. His extensive compliance expertise and familiarity with the company make him…
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A recent report indicates that regulatory authorities in Alaska and Florida have prohibited Binance US from operating within their jurisdictions. This development comes in the wake of Binance, along with its previous CEO Changpeng Zhao, reaching a plea agreement with the U.S. government. Alaska and Florida Issue Cease Operations Orders to Binance US Binance US,…
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The legal battle between Binance and the United States Securities and Exchange Commission (SEC) continues to intensify as court documents shed light on the clash over evidence production and witness depositions in the SEC’s case against the leading cryptocurrency exchange. According to a joint status report filed on January 25, the SEC alleges that BAM…
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On Tuesday, Binance US, the American branch of Binance.com, revealed that Changpeng Zhao (CZ), its former CEO, has relinquished his position as chairman of the board with immediate effect. The announcement emphasized that Binance US is fully functional and operates independently from Binance.com. Changpeng Zhao Steps Down as Binance US Chairman The update from Binance…
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Binance.US attorney Matthew Laroche has asked a federal judge to consider putting an end to the SEC’s investigation for potential fraud. The United States Securities and Exchange Commission is still looking for evidence that Binance.US had a backdoor to potentially control customer assets in a similar style to FTX, according to a Nov. 27 report…
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Crypto exchange Binance US has suspended withdrawals in U.S. dollars. Users who want to withdraw their USD funds must first convert them into stablecoins or other cryptocurrencies, which can then be withdrawn. Binance US Updates Dollar Withdrawal Policy Binance US, the U.S.-based cryptocurrency exchange affiliated with Binance, updated its terms of use on Tuesday. The…
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The US Branch of the world’s largest crypto exchange, Binance US, recently communicated to its users that their cryptocurrency deposits are no longer covered by Federal Deposit Insurance Corporation (FDIC) insurance. In an email sent to its customers on October 16, Binance US announced updates to its terms of service regarding deposit insurance, aligning with…
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