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Reuters could not determine Coley's status in the government investigations or whether she had cooperated. While he was its director of enforcement, the CFTC increasingly worked on investigations in parallel with federal prosecutors. McDonald's representation of Coley comes as the U.S. investigations pile pressure on Binance, which dominates the crypto sector as the world's largest digital currency exchange. The CFTC's complaint said that Binance personnel, including Zhao, have "dictated Binance.US's corporate strategy, launch, and early operations." In a subpoena addressed to Coley that same month, the SEC also requested all records of her activities and meetings.

☆ Bitcoin climbs 5% above $28,000 as investors shrug off regulatory crackdowns
▼ + stars: | 2023-03-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Industry insiders said the bank collapses have sent investors looking for alternatives to the traditional banking system and there is also anticipation of a slowdown in interest rate rises, which is helping bitcoin. Bitcoin climbed sharply Wednesday as investors shrugged off initial fears surrounding U.S. regulators' crackdowns on industry giants and became willing to take some risk. Bitcoin has retaken the $28,000 level after dipping below it on Monday following news of the U.S. Commodity Futures Trading Commission FTC's lawsuit against Binance. Investors have taken some comfort from the thought of a reversal in the U.S. Federal Reserve's interest rate hiking moves, which put pressure on risk assets like stocks. Bitcoin has been known to follow movements in equity markets, with investors treating it like more of a traditional risk asset.

☆ Here's why recent moves by the SEC and CFTC may be just the start of crypto's regulatory troubles
▼ + stars: | 2023-03-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +6 min

Both the SEC and the CFTC have taken action against the crypto industry in the last few weeks. He added: "At the end of the day industry participants are searching for regulatory clarity, which has not yet been achieved." "Compliance and regulatory efforts are expensive, but necessary, the personnel will be almost as important as tech people," Yang told Insider. Markets could face more volatility following a crackdown because crypto prices are often sensitive to regulatory news. This, however, would require a widespread effort and coordination between financial regulators, industry participants, and legislators.

☆ Fintech has a fraud problem, and the onus is on you to figure it out
▼ + stars: | 2023-03-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Fintech's fraud misfortune. Which brings us to a story by Insider's Bianca Chan and Paige Hagy about concerns over the prevalence of fraud within consumer-facing fintechs in recent years. Click here to read more about fintech's fraud problem. We've also got the deck StellarFi, a fintech that helps users improve their credit score, used to raise $15 million. For more than 50 different decks used by fintechs to raise fresh funds, check out our library.

☆ U.S. SEC and CFTC are in a turf war over who gets to regulate crypto: Crypto Council for Innovation
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. SEC and CFTC are in a turf war over who gets to regulate crypto: Crypto Council for InnovationSheila Warren, CEO of the Crypto Council for Innovation, discusses the suit that the U.S. Commodity Futures Trading Commission filed against Binance.

☆ Meet Changpeng 'CZ' Zhao, the CEO of Binance, which is being sued by the CFTC over claims the exchange lacked 'basic compliance to prevent terrorist financing'
▼ + stars: | 2023-03-28 | by ( Marielle Descalsota | Pete Syme | ) www.businessinsider.com time to read: +1 min

Changpeng Zhao is the founder and CEO of Binance, the world's largest cryptocurrency exchange. With a net worth of $16.4 billion as of November 9, he's the 87th-richest person in the world, according to the Bloomberg Billionaires Index. His real-time estimated net worth is a far cry from the peak of his personal wealth: His net worth peaked at $95.9 billion earlier this year, the Bloomberg Billionaires Index shows. Zhao founded Binance in 2017 and powered it to become the biggest cryptocurrency exchange by trading volume. The exchange handles some $76 billion in daily trading volume, according to Protocol.

☆ DOJ alleges SBF paid $40 million in bribe to China, and Binance responds to CFTC suit: CNBC Crypto World
▼ + stars: | 2023-03-28 | by ( Tanaya Macheel | Jordan Smith | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDOJ alleges SBF paid $40 million in bribe to China, and Binance responds to CFTC suit: 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, Rebecca Rettig, the chief policy officer at Polygon Labs, discusses the impact of the CFTC's lawsuit against Binance.

LONDON, March 28 (Reuters) - Binance founder Changpeng Zhao could never be accused of thinking small. The 46-year-old CEO didn't waver in his belief as he built up his crypto exchange. Binance and Zhao did not respond to requests for comment for this article. Binance became the world's biggest crypto exchange within six months, and now accounts for about 60% of global crypto trading volumes, according to research firm CryptoCompare. While Binance has hired widely from the traditional financial and regulatory worlds in recent years, Zhao's tight control over his company has continued.

☆ The CFTC's suit against Binance marks a deepening crackdown on the crypto industry
▼ + stars: | 2023-03-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

All this comes just days after the SEC charged a spate of high-profile individuals for fraud and crypto market manipulation. That comes months after the total crypto market value saw about $2 trillion erased in a brutal plunge in token prices. The SEC also warned that the platforms investors use to get involved in crypto aren't quite airtight, in the regulator's view. In other news:FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua Reuters2. The World Bank just warned that this could be the start of a "lost decade" for global economic growth.

☆ Binance boss CZ shows what he thinks of the trading violations lawsuit with an enigmatic tweet: '4'
▼ + stars: | 2023-03-28 | by ( ) www.businessinsider.com time to read: +2 min

Binance boss Changpeng Zhao "CZ" Photo by Pedro Fiúza/NurPhoto via Getty ImagesBinance boss CZ showed what he thinks of trading violations lawsuit with an enigmatic tweet: "4"He was referring to one of his four principles: "Ignore FUD, fake news, attacks, etc." CZ said he eats his company's "dog food" by storing his personal crypto on his exchange. Binance boss Changpeng Zhao showed what he thinks of the Commodities Futures and Trading Commission (CFTC) lawsuit against him and the exchange with a cryptic, enigmatic tweet of the number "4." I eat our own dog food and store my crypto on Binance.com," he said. In other words, if a company's dog food is as high quality as advertised, it should be good enough for its employees to eat.

☆ Binance 'could be in big trouble' as the CFTC lawsuit alleges the crypto behemoth dodged regulators and breached laws
▼ + stars: | 2023-03-28 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +10 min

Binance is being blow-torched from all angles as US regulators close in on the world's largest crypto exchange. The CFTC sued the exchange this week for violating US financial laws, whilst some reports suggest Binance has engaged in secret fund transfers. On Monday, the Commodities Futures and Trading Commission (CFTC) sued Binance and Zhao himself, for allegedly breaching US financial laws. Following the shocking implosion of Sam-Bankman Fried's FTX exchange late last year, concerns have risen whether Binance faces similar risks. If US authorities decide the links meant the crypto exchange had control over the US platform, it could expose the company to enforcement action.

☆ CFTC chairman on Binance lawsuit
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC chairman on Binance lawsuitRostin Behnam, chairman of the Commodity Futures Trading Commission, joins CNBC's 'Squawk Box' to discuss the commission's investigation and subsequent lawsuit against Binance, details behind the suit, and more.

☆ CFTC: U.S. regulators needed to step in aggressively on Binance
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 28 (Reuters) - Activity at Binance was a pretty clear case of evasion and U.S. authorities needed to step in aggressively and as quickly as possible, the chairman of the Commodity Futures Trading Commission said on Tuesday. The U.S. agency sued Binance, the world's largest crypto exchange, on Monday. Behnam said Binance was a common enterprise comprised of dozens and dozens of entities scattered across the globe. "Not having a headquarters, not having a location is not going to prevent the CFTC from coming after you," he said. "So we're going to vigorously continue and fight this case in court," he told the CFTC.

☆ Morning Bid: Swinging between bank fears and rate risks
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanMarkets seem caught between the devil and the deep blue sea. Easing concerns about bank stability this week have merely re-introduced interest rate risk, reining in any suggestion of a runaway relief rally as the first quarter closes on Friday. While nerves persist over March bank failures and contagion fears, central banks are still faced with punchy growth and inflation and will likely switch attention back to cooling that down once they're assured banks can take the strain. But interest rate markets are already correcting as signs of stability in the banking arena emerge. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ CFTC's suit against Binance: No allegations of outright fraud, Custodia Bank says
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC's suit against Binance: No allegations of outright fraud, Custodia Bank saysCaitlin Long of the bank says "the U.S. has essentially gone after every crypto company that is doing business in the U.S., whether lawful or law-dodging."

☆ Bitcoin and Ether are down 3% after CFTC sued Binance and its CEO over US regulatory violations
▼ + stars: | 2023-03-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Cryptocurrencies are trading lower after CFTC sued major exchange Binance for regulatory violations. Bitcoin and Ether are trading around $27,000 and $1,700 respectively, about 3% lower over the past 24 hours. Bitcoin and Ether prices are around $27,000 and $1,700 per token respectively, per CoinMarketCap data. The US regulator said in a complaint filed in a Chicago federal court Monday that Binance breached eight provisions of the Commodity Exchange Act. The CFTC said Binance "lucrative and commercially important 'VIP'" customers, including institutional customers in the US while disregarding registration and regulatory requirements under the US law.

☆ Binance Sued by CFTC Over Evading U.S. Rules
▼ + stars: | 2023-03-27 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

Photo: Eric Lee for The Wall Street JournalThe CFTC and other federal agencies have been investigating Binance for several years. The Commodity Futures Trading Commission on Monday sued Binance Holdings Ltd., alleging the operator of the world’s largest cryptocurrency exchange violated U.S. rules that require futures and other derivatives to be traded on regulated platforms. The CFTC’s lawsuit also named Binance founder Changpeng Zhao and Samuel Lim , who the agency said was Binance’s first chief compliance officer, as defendants. The lawsuit seeks restitution and fines as well as an order that would prevent the companies from any continuing conduct that violates U.S. rules.

☆ Bitcoin falls after CFTC sues crypto exchange Binance for allegedly breaking trading rules
▼ + stars: | 2023-03-27 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Cryptocurrencies dropped on Monday morning after the CFTC sued Binance, the biggest crypto exchange in the world, for allegedly violating trading rules. The price of bitcoin slid 2.5% to $27,142.29, according to Coin Metrics. In a court filing, the CFTC, or the Commodity Futures and Trading Commission, said Binance violated eight provisions of a commodities trading law "designed to prevent and detect money laundering and terrorism financing." It's the largest crypto exchange and any U.S. regulatory action against it will have huge implications for the industry," she said. "Many knew Binance had a bullseye on its back, but this is still unnerving some crypto traders," said Ed Moya, an analyst at Oanda.

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.

☆ Judge halts Voyager Digital's $1.3 bln sale to Binance.US
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

March 27 (Reuters) - A federal judge on Monday temporarily stopped bankrupt Voyager Digital (VYGVQ.PK) from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the U.S. government more time to pursue appeals that challenge the legality of the deal. Trustee, the Department of Justice's (DOJ) bankruptcy watchdog, filed appeals in early March over a bankruptcy court's approval of the sale. Binance.US has agreed to pay $20 million in cash to Voyager, and take on crypto assets deposited by Voyager customers. Those assets, valued at $1.3 billion in February, account for the bulk of the deal's valuation, according to Voyager. Binance.US maintains publicly that it is entirely independent of Binance.com, operating as the "U.S. partner" to the world's biggest crypto exchange.

March 27 (Reuters) - Major cryptocurrency exchange Binance and executives, including CEO and founder Changpeng Zhao, have been sued by the U.S. Commodity Futures Trading Commission (CFTC) for regulatory violations, according to a court filing on Monday. Binance's compliance program has been "ineffective" and the firm, under the direction of Zhao, told employees and customers to go around compliance controls, the CFTC said. It also accused Binance's former Chief Compliance Officer Samuel Lim of aiding and abetting Binance's violations. "For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. Its core Binance.com exchange, the world's biggest, processed trades worth about $23 trillion last year, according to data provider CryptoCompare.

☆ Factbox: Binance, world's top crypto exchange, at the center of US investigations
▼ + stars: | 2023-03-27 | by ( Tom Wilson | ) www.reuters.com time to read: +3 min

LONDON, March 27 (Reuters) - The world's biggest cryptocurrency exchange Binance and its CEO Changpeng Zhao have been sued by the U.S. Commodity Futures Trading Commission (CFTC) over regulatory violations, according to a court filing on Monday. 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.

☆ Crypto outlook looks dire for exchanges, says Mizuho’s Dan Dolev
▼ + stars: | 2023-03-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto outlook looks dire for exchanges, says Mizuho’s Dan DolevDan Dolev, Mizuho senior analyst, joins 'Closing Bell: Overtime' to discuss the crypto industry as the news of CFTC suing Binance triggered the plunge in prices of digital currencies, including Bitcoin.

☆ Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges
▼ + stars: | 2023-03-27 | by ( Rohan Goswami | ) www.cnbc.com time to read: +4 min

Beyond disgorgement and any monetary costs, the CFTC filing asked the court to impose further relief, including trading and registration bans. Just days prior to the CFTC filing, CNBC reported on how Binance employees worked to subvert the exchange's compliance controls in China, using some of the same techniques that the CFTC alleges Binance to solicit U.S. users. "Do not directly tell the user to run," Binance instructed its VIP team, the filing alleged. The CFTC filing alleges that Binance engaged in similar activity for its U.S. users. But, Zhao posted a tweet that said "4" in an apparent response to the CFTC filing.

LONDON, March 27 (Reuters) - Funds have dumped their bets on higher copper prices as the turbulence triggered by the collapse of Silicon Valley Bank continues to roil financial markets. The investment community has turned net short of CME copper for the first time in five months, while funds have cut their long exposure on the London Metal Exchange (LME). Investors' negativity towards Doctor Copper contrasts with the bullish headlines generated by the FT Commodities Global Summit. Investment funds bought into copper in January, the net long position expanding from 11,830 to 32,397 contracts at the end of the month. Bulls such as Trafigura and Goldman Sachs contend it's a very thin inventory cushion if China rediscovers its copper mojo.

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