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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

☆ Bitcoin Jumps as Traditional Firms Tap Crypto
▼ + stars: | 2023-06-21 | by ( ) www.wsj.com time to read: +1 min

Bitcoin continues to rally, with analysts citing recent moves by traditional financial firms to tap the crypto market as a bet on the industry. BlackRock has filed paperwork with the Securities and Exchange Commission for a spot bitcoin exchange-traded fund. A new cryptocurrency exchange backed by Citadel Securities, Fidelity Investments and Charles Schwab has begun executing trades. Bitcoin has risen close to 8% over the past 24 hours to $28,891, according to CoinDesk. Ether is 5% higher Wednesday, while the Binance token, BNB, is up over 2%.

Persons: Bitcoin, Charles Schwab, Binance Organizations: BlackRock, Securities and Exchange Commission, Citadel Securities, Fidelity Investments, Deutsche Bank, SEC Locations: U.S

The recent crypto platform bankruptcies trapped customer assets now worth around $34 billion, according to Xclaim, which allows creditors to trade such claims. 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. European crypto asset manager CoinShares ramped up its counterparty due diligence after losing 26 million pounds ($32.65 million) in the collapse of FTX. Financial regulators like the SEC say many crypto companies flout applicable rules, meaning risk management still lags the traditional financial sector. "This is inevitably risk we're all carrying in crypto - we have uncomfortable concentration risk on one large exchange called Binance," said Nickel's Crachilov.

Persons: Samed Bouaynaya, Coinbase, Altana, Binance, Anatoly Crachilov, Martin Lee, Nansen, Stephen Richardson, CoinShares ramped, cybersecurity, Jean, Marie Mognetti, Changpeng Zhao, Nickel's Crachilov, Wes Hansen, Hansen, Elizabeth Howcroft, Michelle Price, David Gregorio Our Organizations: Voyager, London, Coinbase, U.S . Securities, Exchange Commission, SEC, Asset Management, Arca, Thomson

June 8 (Reuters) - The chair of the U.S. Securities and Exchange Commission (SEC) on Thursday strongly rebutted criticism that the agency is trying to crush the crypto industry, and said many companies in the space had made a "calculated economic decision" to flout its rules. That means most crypto exchanges have to comply with the securities laws too, he added. "They may have made a calculated economic decision to take the risk of enforcement as the cost of doing business." The crypto industry has attacked Gensler in recent days after the SEC sued two of the world's largest crypto exchanges, Coinbase (COIN.O) and Binance, for allegedly breaking securities laws by failing to register their operations with the agency. The SEC alleged Coinbase traded at least 13 crypto assets that are securities, while it accused Binance of offering 12 cryptocurrency coins without registering them.

Persons: Piper Sandler, Gary Gensler, Gensler, Brian Armstrong, Binance, Changpeng Zhao, Binance.US, Coinbase, Heath Tarbert, John McCrank, Hannah Lang, Susan Heavey, Manya, Michelle Price, Chizu Nomiyama, Matthew Lewis Organizations: U.S . Securities, Exchange Commission, SEC, Twitter, Coinbase, Department of Justice, U.S, Reuters, Futures Trading Commission, Manya Saini, Thomson Locations: New York, Washington, Gensler, Bengaluru

[1/2] Brian Armstrong, CEO and Co-Founder of Coinbase, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) executives on Wednesday defended the company against a lawsuit brought by the U.S. securities regulator, saying the cryptocurrency sector lacks a clear set of guidelines. The agency also said Coinbase was operating as an unregistered exchange, broker and clearinghouse. Coinbase also sought to distance itself from rival exchange Binance, which was also served with an SEC lawsuit on Monday. The SEC alleged Binance, the world's largest cryptocurrency exchange and its founder Changpeng Zhao, also sold cryptocurrency products without registering them as securities.

Persons: Brian Armstrong, David Swanson, Coinbase, Binance, Changpeng Zhao, Zhao, Paul Grewal, Grewal, Hannah Lang, Manya, Shounak Dasgupta Organizations: Milken, Global Conference, REUTERS, Wednesday, U.S, Securities, Exchange Commission, SEC, CNBC, U.S ., Appeals, Circuit, Reuters, Manya Saini, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Cayman Islands, Washington, Bengaluru

The U.S. Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a "web of deception". The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. Reuters GraphicsFounded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

Persons: Binance, Changpeng Zhao, Kevin O'Brien, Ford O'Brien Landy, Coinbase, Nansen, Paul Grewal, Coinbase's, Ed Moya, bitcoin, Oanda's Moya, Dado Ruvic, Gary Gensler, Gensler, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Kevin Buckland, Leslie Adler, Christopher Cushing Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Global Inc, Exchange, REUTERS, Securities, Supreme, Beaxy Digital, Bittrex Global, CNBC, Blockchain Association, Reuters Graphics, U.S, Binance's U.S, Thomson Locations: Manhattan, Solana, Cardano, bitcoin, Binance, Binance.US, Binance's, Cayman Islands, New York, Washington, Tokyo

In its 13 charges, the SEC alleged that Binance and Zhao used Merit Peak and Sigma Chain, another trading firm controlled by Zhao, to commingle corporate funds with client assets and use the monies "as they please." This put customers' assets at risk while Binance sought to "maximize" its profits, the SEC wrote in its civil complaint on Monday. "All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure," it said in a statement on Monday. The funds received by British Virgin Islands-based Merit Peak between 2019 and 2021 flowed from Key Vision Development Ltd, also controlled by Zhao, the SEC filing on Tuesday showed. Reuters reported last month that Key Vision and Merit Peak, along with Binance's Cayman Islands holding company, formed the core of the global crypto exchange's financial network.

Persons: Changpeng Zhao, Binance, Zhao, Guangying Chen, Chen, Tom Wilson, Jane Merriman Organizations: U.S . Securities, Exchange Commission, SEC, Sigma, British, Vision Development, Key Vision, U.S, Reuters, Vision, Binance's, Sigma Chain's, BAM, Thomson Locations: Seychelles, British Virgin Islands, Islands, Binance, United States, U.S, Singapore

The exchange offers spot and derivatives trading and a host of services from non-fungible tokens (NFTs) to crypto loans and asset management. FINANCESBinance's global trading platform, Binance.com, is by far the world's biggest cryptocurrency exchange. Last year it processed crypto trades worth about $65 billion a day, Binance said, dominating the crypto trading landscape with more than half of the market, CryptoCompare data shows. Binance last year extended its reach beyond the crypto sector in 2022, investing $500 million in Tesla boss Elon Musk's takeover of Twitter. A top Binance executive told the Wall Street Journal in February that the company expected to pay penalties to resolve U.S. investigations.

Persons: Changpeng Zhao, Binance, Zhao, Yi He, Yi, Noah Perlman, Morgan Stanley, Richard Teng, Teng, Elon Musk's, Cristiano Ronaldo, Tom Wilson, Hannah Lang, Marguerita Choy, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, U.S . Commodity Futures Trading Commission, Binance, Reuters, Twitter, Lazio, Argentina national, of Nations, U.S, Justice, Wall Street, Thomson Locations: WASHINGTON, U.S, Shanghai, Tokyo, Malta, Cayman Islands, Canadian, China, United States, Italian, London, Washington

☆ Investors pull $790 million from crypto exchange Binance after SEC charges
▼ + stars: | 2023-06-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Crypto investors pulled $791.6 million from the crypto exchange Binance in 24 hours, crypto research firm Nansen said Tuesday, after U.S. regulators unveiled 13 securities charges against the company and its founder, Changpeng Zhao. After the collapse of allegedly fraudulent crypto exchange FTX in November 2022, investors moved their assets to a number of exchanges, but Binance won the lion's share of those inflows. Investors withdrew $1.65 billion worth of assets from Binance and $13 million from contested Binance's U.S. arm on the Ethereum blockchain after the charges were unveiled. The Commodity Futures Trading Commission had already unveiled a similar set of charges against the crypto exchange earlier this year. Correction: This story has been updated to reflect that the Securities and Exchange Commission brought the charges against Binance and Zhao.

Persons: Changpeng Zhao, Nansen, Binance, Zhao, Sam Bankman Organizations: Binance Holdings Ltd, Monday's Securities, Exchange Commission, Investors, U.S, SEC, Futures Trading Commission, Securities and Exchange Commission, Binance Locations: Lisbon, Portugal, Binance, U.S

☆ Binance U.S. clients have $2.2 billion 'at significant risk' after crypto exchange charged, SEC says
▼ + stars: | 2023-06-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The $2.2 billion of U.S. customer assets held by Binance is at "significant risk" of being stolen by founder Changpeng Zhao unless a freezing order is in put place, federal regulators said in a filing Tuesday night, after the crypto regulator was charged by the Securities and Exchange Commission. The SEC sued Binance and Zhao on Monday, alleging they engaged in the unregistered offer and sale of securities and commingled investor funds with their own. Years of communications between the SEC and Binance, which claims no official headquarters, suggest that Binance.US couldn't clearly indicate who controlled customer assets, according to the filing. "Zhao and Binance have had free reign," the SEC alleged, over "customer assets worth billions of dollars." The SEC says federal law and precedent establish the court's jurisdiction over Zhao and Binance.

Persons: Binance's, Changpeng Zhao, Zhao, Binance, Timothy Massad Organizations: Binance, Securities and Exchange Commission, Lawyers, SEC, BAM, BAM Management, Binance's, BAM Trading Locations: U.S, Swiss, British Virgin Islands, Binance's U.S, United States, UAE

☆ SEC asks for emergency order to freeze Binance US assets anywhere in the world
▼ + stars: | 2023-06-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Co-founder and CEO of Binance, Changpeng Zhao, speaks on stage during the opening night of Web Summit 2022. The freezing order only applies Binance's two U.S. holding companies, not to the non-U.S. regulated international exchange. The order would apply to dozens of accounts held at Axos Bank, the defunct Silvergate Bank, Prime Trust, and other institutions. The emergency restraining order was necessary, the regulator argued, to "prevent the dissipation of available assets for any judgment, given the Defendants' years of violative conduct, disregard of the laws of the United States." The restraining order would also prevent all three entities from destroying evidence.

Persons: Changpeng Zhao, Zhao Organizations: The Securities, Exchange Commission, Binance's, Axos Bank, Silvergate Bank, Prime Trust, Sigma Chain, SEC Locations: Washington ,, Binance's U.S, United States

☆ Crypto exchange Binance hit by outflows of $780 million in last 24 hours - Nansen
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: 1 min

LONDON, June 6 (Reuters) - Investors have pulled around $780 million from crypto exchange Binance in the last 24 hours, data firm Nansen said on Tuesday, a day after the world's biggest crypto exchange was sued by the U.S. Securities and Exchange Commission. loadingBinance's U.S. affiliate exchange registered net outflows of $13 million in the same period, Nansen said. Neither Binance nor Binance.US immediately responded to a request for comment. Reporting by Tom Wilson, editing by Alun JohnOur Standards: The Thomson Reuters Trust Principles.

Persons: Nansen, Binance.US, Tom Wilson, Alun John Organizations: U.S . Securities, Exchange Commission, Thomson

☆ SEC sues Binance and CEO Changpeng Zhao for U.S. securities violations
▼ + stars: | 2023-06-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Binance's ultimate compliance, in 2019, was largely a public show, the SEC complaint continues. The SEC alleged that Binance and Zhao violated "critical" provisions of federal security laws, including self-dealing and market manipulation, through Merit Peak Limited and Sigma Chain, both of which Zhao controlled and owned. Merit Peak, a British Virgin Islands-based company, was one of the "earliest market makers" on Binance's U.S. platform, the SEC alleged. "We will issue a response once we see the complaint," Zhao said on Twitter. The defendants showed a "blatant disregard" of federal law, the SEC alleged.

Persons: Changpeng Zhao, Zhao, Binance, Binance.US Organizations: Securities, Exchange, Binance, SEC, CNBC, Limited, Sigma Chain, Merit, Binance's U.S, Twitter, Media Locations: European, The U.S, USA, U.S, VPNs, Binance.com, British Virgin Islands, Binance's

The CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of U.S. law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement. Firms such as brokers that facilitate U.S. customers' trading of such products are required to register with the agency. 'PIRATE SHIP'Founded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. With a holding company based in the Cayman Islands, Binance has never revealed the location of its core exchange.

☆ XRP cryptocurrency jumps as investors hope Ripple will win legal battle with the SEC
▼ + stars: | 2023-03-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The XRP cryptocurrency soared on Wednesday as investors grew hopeful that Ripple, a company closely associated with the token, would win its prolonged legal battle with the U.S. Securities and Exchange Commission. Under the plan, Binance's U.S. unit was to buy all of Voyager's assets, including its native VGX token, in a $1.3 billion deal. The SEC rejected the plan, arguing VGX was akin to a security and calling Binance an unregistered securities exchange, according to the notice from Ripple. The SEC accuses Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen of breaching U.S. securities laws by selling XRP without first registering it with the regulator. Ripple contests the SEC's allegations, maintaining the view that XRP should be considered a digital currency rather than a security.

☆ Syrian state media says Israeli strike hits vicinity of capital Damascus
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: 1 min

Binance's U.S. partner confirms firm run by CEO Zhao operated on exchange, article with imageFuture of Money category · February 17, 2023The U.S. partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance CEO Changpeng Zhao operated as a market maker on its platform.

LONDON, Feb 17 (Reuters) - The U.S. partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance CEO Changpeng Zhao operated as a market maker on its platform. It did not elaborate on when in 2021 the activity ceased, or comment on Zhao's role at the trading firm. Binance transferred over $400 million from the account at California-based Silvergate Bank to Merit Peak between January and March of 2021, Reuters reported on Thursday. Before that story's publication, Binance.US had told Reuters that "Merit Peak is neither trading nor providing any kind of services on the Binance.US platform," without giving further details. A spokesperson for the global Binance exchange, which did not respond to Reuters' questions for the story on Thursday, told crypto news outlet CoinDesk that the transfers were "a Binance.US issue."

☆ Binance to relaunch bid to buy bankrupt Voyager Digital - Coindesk
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Crypto exchange Binance's U.S. unit is relaunching its bid to buy bankrupt crypto lender Voyager Digital, Coindesk reported on Thursday, citing a person familiar with the matter. The report comes after Voyager called off FTX's bid to acquire the company following its collapse. In September, the Wall Street Journal had reported that Binance and FTX came up with the leading bids to buy Voyager's assets. FTX had won Voyager's assets in a $1.42-billion bid at an auction thereafter. The collapse of FTX, which reverberated across the crypto world, sending bitcoin and other digital assets plummeting, impacted nearly one million customers and several investors as they faced billions of dollars in losses.

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