DIRS.INFO The most relevant business & tech news

☆ SEC Keeps Pressing for Evidence of Potential Fraud at Binance.US
▼ + stars: | 2023-11-27 | by ( ) www.wsj.com time to read: 1 min

The Securities and Exchange Commission is still looking for evidence that Binance and its founder Changpeng Zhao may have a backdoor to control assets stored on the Binance.US platform. The SEC sued Binance and Binance.US in June alleging they operated illegal securities exchanges, and its lawsuit so far has hinged on the agency's concerns about the potential for Binance to expropriate the American crypto assets in an FTX-style fraud.

Persons: Changpeng Zhao, Binance Organizations: Securities, Exchange Commission, SEC Locations: Binance.US

Just this week, the SEC sued Kraken, another crypto exchange, alleging that it is operating as an unregistered securities exchange. Binance is exiting the US as part of the agreement the crypto exchange made with law enforcement agencies. That also includes the Justice Department, the Commodity Futures Trading Commission , and the Treasury Department. There is even a National Cryptocurrency Enforcement Team within the Justice Department actively identifying and investigating criminal cases involving digital assets. That is precisely how the feds secured the first ever corporate settlement with a crypto exchange.

Persons: Sam Bankman, Zhao, Binance, Brian Armstrong, Coinbase, ” Armstrong, “, General Merrick Garland, ” Changpeng Zhao, Anthony Kwan, cryptocurrencies, ethereum, Bitcoin, ’, it’s, Ethereum, Treasury Department —, Kraken, Tiffany Hagler, ” Garland, Lisa Monaco, Tuesday’s presser, “ I’ve, Benham Organizations: New, New York CNN, Justice Department, Bloomberg, Getty, Washington DC, US Department of Justice, Department of Justice, Treasury, Securities and Exchange Commission, Treasury Department, SEC, Geard, Futures Trading Commission, Cryptocurrency, feds Locations: New York, United States, Binance, Washington, U.S, “, rulemaking

Customers from Iran, Cuba and Syria — all of which face sanctions — were able to access the Binance platform. In addition to the outlawed foreign transactions, Binance did business with firms based in the United States even though it was not supposed to have any U.S. customers on its Binance.com platform. Instead, a different platform, Binance.US, which Mr. Zhao also owned, was required to handle the business and abide by U.S. anti-money laundering laws. But Mr. Zhao and other Binance employees believed it would be better for the main cryptocurrency exchange to handle big U.S. customers, the court filings state. At times, Binance has processed two-thirds of all digital currency trades, making it a vital power broker and intermediary in the crypto world.

Persons: Zhao, Binance, —, ” Locations: Iran, Cuba, Syria, United States

☆ Ava Labs' John Wu discusses impact of FTX collapse nearly one year since implosion
▼ + stars: | 2023-10-17 | by ( Talia Kaplan | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAva Labs' John Wu discusses impact of FTX collapse nearly one year since implosionIn a wide-ranging interview with CNBC Crypto World, John Wu, president of Ava Labs, discusses the impact of the collapse of FTX and what has changed since the crypto exchange's implosion. He also weighs in on Binance.US halting U.S. dollar withdrawals.

Persons: Labs, John Wu, Ava Organizations: CNBC, Ava Labs

☆ Crypto giant Binance's US affiliate halts direct dollar withdrawals
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 17 (Reuters) - The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets. "In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn," the terms page said. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Binance, Binance.US, Coindesk, Changpeng Zhao, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, Thomson Locations: U.S, Bengaluru

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBinance's U.S. affiliate cuts off USD withdrawals: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, John Wu, president of Ava Labs, discusses the impact of the collapse of FTX and what has changed since the crypto exchange's implosion. He also weighs in on Binance.US halting U.S. dollar withdrawals.

Persons: explainers, John Wu, Ava Organizations: CNBC Crypto, CNBC, Ava Labs

☆ Binance.US CEO Leaves Embattled Crypto Exchange
▼ + stars: | 2023-09-13 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Brian Shroder’s departure marks the first major executive to leave the U.S. arm of Binance. Photo: Gary He for The Wall Street Journal

Persons: Brian Shroder’s, Gary He Organizations: Wall Street Locations: U.S

☆ Binance.US says CEO Shroder to depart, 100 jobs will be cut
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A logo on the Binance exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. Shroder will be replaced by general counsel Norman Reed, who joined the company in December 2021, on an interim basis. Binance and Binance.US have maintained that they operate separately. Its global head of product, Mayur Kamat, resigned early this month and its chief strategy officer, Patrick Hillmann, left in July. Reporting by Rishabh Jaiswal, Chandni Shah and Juby Babu in Bengaluru; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Brian Shroder, Norman Reed, Binance.US, Changpeng Zhao, Binance, Kamat, Patrick Hillmann, Rishabh Jaiswal, Chandni Shah, Juby Babu, Edwina Gibbs Organizations: Viva Technology, Porte de, REUTERS, U.S, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Porte, Paris, France, Bengaluru

On Wednesday afternoon a MoonPay spokesperson responded to CNBC Crypto World's request for comment saying, "MoonPay provides both on- and off-ramp services. With respect to Binance.US users, we are providing a service for those users that want to purchase crypto as well as convert their crypto to fiat and deposit into their US bank account. MoonPay performs rigorous KYC checks on all customers. We support many of our existing partners and exchanges with this functionality."

Persons: CNBC Crypto, MoonPay Organizations: CNBC

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBinance.US files for protective court order against the SECCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry.

Persons: explainers Organizations: SEC CNBC

☆ Some Binance.US Crypto Trading Was a Mirage, the SEC Alleges
▼ + stars: | 2023-07-24 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/some-binance-us-crypto-trading-was-a-mirage-the-sec-alleges-55a6e321

Persons: Dow Jones, 55a6e321

A U.S. judge said on Thursday that Ripple Labs Inc did not violate securities law by selling its XRP token on public exchanges. Although the decision was specific to the individual case, it unleashed a wave of optimism among crypto investors that more cryptocurrencies may also not be deemed securities. Still, the enthusiasm for some was tempered by a report from the Wall Street Journal that Binance, the world's largest cryptocurrency exchange, has laid off more than 1,000 people in recent weeks. "The regulatory environment is changing," said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. Still, crypto investors have taken encouragement from the world's biggest asset manager, BlackRock (BLK.N), filing to launch a bitcoin exchange traded fund last month.

Persons: XRP, Coinbase, Bitcoin, Matthew Dibb, Justin d'Anethan, Binance.US, bode, Sam Bankman, Alex Mashinsky, Patrick Hillmann, Hillmann, We'd, Chris Weston, it's, Vidya Ranganathan, Simon Cameron, Moore, Alex Richardson, Josie Kao Organizations: Labs, U.S . Securities, Exchange Commission, Wall Street, Capital, SEC, U.S, Wall, Twitter, BlackRock, Fidelity, Thomson Locations: SINGAPORE, WASHINGTON, U.S, California , New Jersey, South Carolina, Wisconsin, Asia, Keyrock, Hong Kong, XRP, reining, China, Binance, Melbourne, Singapore

Coinbase (COIN.O) and Binance.US, two of the largest crypto exchanges by market share among those operating in America, have lost ground this year. Bitstamp's global market share among exchanges operating in the U.S. has risen to about 9%. Coinbase and LMAX declined to comment on the data, while Binance.US - the American affiliate of the world's largest crypto exchange - didn't respond to a request for comment. It may not be that simple for hungry challengers to grab market share, according to market players. In years gone by, crypto exchanges could swiftly gobble up business by offering access to a swathe of coins.

Persons: Sam Bankman, FTX, Ravi Doshi, Guy Hirsch, Bobby Zagotta, Wade Guenther, Doshi, Hannah Lang, Michelle Price Organizations: U.S . Securities, Exchange Commission, SEC, LMAX, Genesis, Bitstamp, Reuters Graphics, Wilshire, Thomson, Reuters Locations: United States, America, Binance.US, U.S, Bitstamp USA, solana, Washington

☆ Binance market share takes regulatory hit, its US affiliate shrinks
▼ + stars: | 2023-07-05 | by ( Medha Singh | ) www.reuters.com time to read: +1 min

July 5 (Reuters) - The market share of Binance, the world's largest cryptocurrency exchange, and its U.S. affiliate have shrank this year, as they battle an onslaught of regulatory crackdowns. Last month, Binance was hit by a lawsuit by the U.S. Securities and Exchange Commission for allegedly breaching the regulator's rules, pushing its global market share to 52% from 60% at the start of the year, according to data firm Kaiko. Binance had begun to cede market share in March after its move to end zero-fees transactions for some trading pairs, said Dessislava Aubert, an analyst at Kaiko. "Binance's market share has gone to a variety of exchanges with Bybit and OKX faring best," Aubert said. Crypto companies dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules.

Persons: Binance, Dessislava Aubert, " Aubert, Binance.US, Aubert, Kaiko, bitcoin, Medha Singh, Maju Samuel Organizations: U.S, U.S . Securities, Exchange Commission, SEC, Fidelity, BlackRock, Thomson Locations: U.S, Bengaluru

☆ Binance.US Crypto Market Share Dives
▼ + stars: | 2023-07-05 | by ( Amina Niasse | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock refiles for spot bitcoin ETF, and Binance.US faces falling market share: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Erin Plante, VP of investigations for Chainalysis, explains how the firm's tools helped Israeli authorities disrupt alleged financing for Hezbollah and Iran's Quds Force.

Persons: explainers, Erin Plante Organizations: BlackRock, CNBC Crypto, CNBC, Iran's Quds Force Locations: Iran's Quds

☆ Binance ordered to stop all digital currency services in Belgium
▼ + stars: | 2023-06-23 | by ( Sudip Kar-Gupta | ) www.reuters.com time to read: +1 min

BRUSSELS, June 23 (Reuters) - Belgium's FSMA regulator on Friday ordered Binance to cease offering any virtual currency services in the country, adding to pressure on the world's biggest cryptocurrency exchange. "Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area," the FSMA said. "The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium," it added in a statement. Earlier this month, Binance and Binance.US entered an agreement with the U.S. Securities and Exchange Commission to ensure U.S. customer assets remain in the United States until a sweeping lawsuit filed this month by the SEC is resolved. Reporting by Sudip Kar-Gupta; Editing by Louise Heavens and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Binance.US, Sudip Kar, Louise Heavens, Alexander Smith Organizations: European Economic, U.S . Securities, Exchange Commission, SEC, Thomson Locations: BRUSSELS, Shanghai, Belgium, United States, France

☆ Binance, SEC reach agreement to keep US customer assets in country
▼ + stars: | 2023-06-18 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

The defendants, which include CEO Changpeng Zhao, agreed to repatriate assets held for the benefit of US customers. Binance Holdings officials, including Zhao, also will not be able to have control over these assets, the agreement said. The SEC on Saturday said it secured the emergency relief to protect US customer assets. “Given that Changpeng Zhao and Binance have control of the platforms’ customers’ assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, adding the agreement ensures US customers can still withdraw their assets. The SEC asked a federal court to issue a temporary restraining order to freeze the US assets of Binance in early June, Reuters reported.

Persons: New York CNN — Binance, Changpeng Zhao, Zhao, ”, Gary Gensler, Gurbir, Grewal, Coinbase, Binance.US Organizations: New, New York CNN, US Securities and Exchange Commission, SEC, Binance Holdings, Reuters, CNN Locations: New York, United States, SEC’s

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. The SEC said in a statement released on Saturday that the emergency relief order secured for Binance.US customers will protect their assets and ensure that they can continue to withdraw those assets. "Given that Changpeng Zhao and Binance have control of the platforms' customers' assets and have been able to commingle customer assets or divert customer assets as they please ... these prohibitions are essential to protecting investor assets," Gurbir Grewal, director of the SEC's enforcement division, said in the statement. The U.S. affiliate of Binance halted dollar deposits last week and gave customers a deadline of June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets.

Persons: Binance, Changpeng Zhao, Binance.US, Zhao, Gurbir Grewal, Baranjot Kaur, Akanksha, Jose Joseph, Will Dunham, Stephen Coates, Louise Heavens Organizations: U.S . Securities, Exchange Commission, SEC, Binance Holdings, Services, U.S, Thomson Locations: United States, Bengaluru

☆ Crypto Exchange Binance.US Avoids Broad Asset Freeze
▼ + stars: | 2023-06-17 | by ( Jenna Telesca | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/crypto-exchange-binance-us-avoids-broad-asset-freeze-e42fb00b

Persons: Dow Jones

☆ Binance, SEC agree to allow only US employees to access customer funds
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

June 17 (Reuters) - Binance, Binance.US and the U.S. securities regulator entered into an agreement to ensure that only Binance.US employees could access customer funds in the short term, according to court documents. The proposed agreement comes after the SEC sued Binance, its CEO and founder Changpeng Zhao and Binance.US's operator last week, in a dramatic escalation of a crackdown on the industry by U.S. regulators. Binance.US and SEC did not immediately respond to Reuters' request for comment. The U.S. affiliate of Binance halted dollar deposits last week and gave customers until June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets. Other provisions in the proposed agreement will see Binance.US create new crypto wallets that the global exchange's employees have no access to, provide additional information to the SEC and agree to an expedited discovery schedule, the filings said.

Persons: Binance, Changpeng Zhao, Binance.US, Baranjot Kaur, Stephen Coates, Louise Heavens Organizations: Binance Holdings, Services, SEC, Reuters, U.S, Thomson Locations: Bengaluru

☆ Binance, SEC strike deal to move all US customer funds, wallet keys back onshore - CoinDesk
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

June 17 (Reuters) - Binance, Binance.US and the U.S. securities regulator announced a deal to ensure that only Binance.US employees could access customer funds in the short term, CoinDesk reported on Saturday, citing a proposed agreement. The proposed agreement comes after the SEC sued Binance, its CEO and founder Changpeng Zhao and Binance.US's operator last week, in a dramatic escalation of a crackdown on the industry by U.S. regulators. The SEC also sued major U.S. exchange Coinbase (COIN.O) after that. Binance.US and SEC did not immediately respond to Reuters' request for comment. The U.S. affiliate of Binance halted dollar deposits last week and gave customers until June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets.

Persons: CoinDesk, Binance, Changpeng Zhao, Binance.US, Baranjot Kaur, Stephen Coates, Louise Heavens Organizations: Binance Holdings, Services, SEC, Reuters, U.S, Thomson Locations: Bengaluru

☆ Binance Reaches Deal With Government to Avert U.S. Shutdown
▼ + stars: | 2023-06-17 | by ( David Yaffe-Bellany | Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The Securities and Exchange Commission reached a deal with Binance late Friday that would allow the world’s largest cryptocurrency exchange to keep operating in the United States and safeguard customer assets as the company battles a government lawsuit. After filing fraud charges against Binance on June 5, the S.E.C. But in a court filing on Friday, the S.E.C. On Saturday morning, Judge Amy Berman Jackson, who is overseeing the case in federal court in Washington, signed off on the deal. The deal stipulates that Binance.US can transfer company assets “solely to make payments for expenses or to satisfy obligations incurred in the ordinary course of business.”

Persons: Binance, Amy Berman Jackson, Changpeng Zhao, ” Organizations: Securities, Exchange Commission, Binance Locations: United States, U.S, Washington

☆ Binance and the SEC agree to allow only U.S. employees to access customer funds
▼ + stars: | 2023-06-17 | by ( ) www.cnbc.com time to read: +1 min

Binance, Binance.US and the U.S. securities regulator entered into an agreement to ensure that only Binance.US employees could access customer funds in the short term, according to court documents. The SEC also sued major U.S. exchange Coinbase after that. Binance.US and the SEC did not immediately respond to Reuters' request for comment. The U.S. affiliate of Binance halted dollar deposits last week and gave customers until June 13 to withdraw their dollar funds, after the SEC asked a court to freeze its assets. Other provisions in the proposed agreement will see Binance.US create new crypto wallets that the global exchange's employees have no access to, provide additional information to the SEC and agree to an expedited discovery schedule, the filings said.

Persons: Binance, Changpeng Zhao Organizations: Binance Holdings, Services, Securities and Exchange Commission, SEC, Reuters, U.S

Changpeng Zhao, founder and CEO of Binance, waves as he arrives on stage for a panel session on the second day at the VivaTech Conference in Paris, June 16, 2022. PARIS — Days before French police visited Binance's Paris office, the crypto exchange's top French executive dismissed concerns about U.S. regulatory charges affecting Binance's other operations, comparing them with the flapping of a butterfly's wings. Just days before the raid, CNBC asked Binance France President David Prinçay if he was concerned about charges from the top two U.S. financial regulators against the exchange. Binance's founder, Zhao, dismissed the police statement and reporting as "FUD," claiming it was a "surprise on-site" inspection that was "the norm." Binance faces over a dozen charges from the SEC and a similar slate of allegations from the Commodity Futures Trading Commission.

Persons: Changpeng Zhao, Le Monde, Binance, David Prinçay, Prinçay, Changpeng Zhao's, Binance France's, Zhao Organizations: VivaTech Conference, Le, CNBC, U.S . Securities, Exchange Commission, SEC, Futures Trading Commission, of Justice Locations: Paris, PARIS, Binance's Paris, U.S, Europe, French, European

Search resuls for: "Binance.US"

25 mentions found