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Tag: BAM Trading Services

Binance and Changpeng Zhao Face $8.1 Million Racketeering Lawsuit Over Alleged Fraud Complicity In Pig Butchering Scam!

Court Cases Charlene Lensburg -
Following their guilty pleas in the U.S., Binance and its former CEO, Changpeng Zhao (CZ), have been implicated in a lawsuit alleging complicity in criminal fraud schemes through lax adherence to anti-money laundering (AML) and money-transmitting regulations. The suit, demanding $8.1 million in damages, was lodged in the Boston federal court, spotlighting the personal toll of financial crimes facilitated by reputed crypto platforms such as Binance.

U.S. SEC’s Battle Against Binance Continues With Setback Before Court!

Compliance Ben -
In a recent development, the U.S. Securities and Exchange Commission (SEC) faced a setback in its ongoing legal tussle with Binance.US. A federal magistrate judge denied the SEC's request for immediate access to the crypto exchange's software. This decision came amidst the SEC's allegations that Binance.US has been uncooperative in their investigation, producing only a limited number of documents and restricting witness depositions.

SEC Secures Emergency Relief To Protect Binance.US Customers’ Assets

Court Cases tamir -
Further to the agreement between the SEC and Binance, the Court issued an emergency relief in which the defendants...

U.S. Regulator SEC Wants To Freeze Binance Assets!

Court Cases tamir -
The U.S. Securities and Exchange Commission (SEC) filed an emergency action application seeking a temporary restraining order freezing assets, directing defendants to repatriate assets held for the benefit of customers of the Binance.US crypto trading platform, and seeking other emergency relief against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings, Inc., and their founder, Changpeng Zhao (CZ).

Why The U.S. Regulator CFTC Goes After Binance CEO Changpeng Zhao!

CFTC Ben -
According to the U.S. CFTC, Binance operates the world’s largest centralized digital asset exchange through an opaque web of corporate entities, all ultimately controlled by Changpeng Zhao (CZ). Much of Binance’s reported trading volume and profitability has come from its extensive solicitation of and access to customers in the United States. Allegedly. CZ was responsible for the circumvention of Binance's compliance approach. Not sued, however, is Binance.US, which is owned by BAM Trading Services Inc.

Interesting! The Ambitious Binance Project With EQONEX!

Crypto-Exchange tamir -
In March 2022, the Nasdaq-listed crypto exchange operator EQONEX Limited entered into a strategic partnership with the Binance Group, making it a sort of subsidiary. Under the terms of the strategic alliance, Lithuanian Bifinity UAB provided a $36 million loan and has the right to nominate key management positions and Board members. Consequently, Jonathan Farnell has been appointed CEO, Almira Cemmell Chief Corporate Affairs Officer, and Daniel Ling was appointed Chief Financial Officer (CFO).

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