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Tag: Binance.US

November 10, 2023

Binance Fights To Have The SEC Lawsuit Dismissed!

In a recent development in the ongoing legal confrontation between Binance and the U.S. SEC, the federal regulator has countered Binance's attempt to dismiss an SEC lawsuit, stating that the grounds for dismissal lack legal substance. The SEC responded to Binance's motion to dismiss the lawsuit it initiated this summer, accusing the crypto exchange of utilizing "distorted" and "tortured" interpretations of federal law and precedent.

Crypto
SEC

October 18, 2023

Amid Regulatory Scrutiny, Binance.US Halts US Dollar Withdrawals!

Binance.US, the American branch of the global crypto exchange Binance, has recently put a stop to direct withdrawals of US dollars on its platform. This move is in response to the U.S. Securities and Exchange Commission (SEC) enforcement actions. Users on Binance.US have to convert their US dollars to stablecoins or other cryptocurrencies before making a withdrawal. As reported, Binance is also currently struggling in the UK with its efforts to be compliant with the FCA's new crypto rules.

September 22, 2023

Court Battle: Binance Moved To Dismiss SEC Lawsuit!

Binance, Binance.US, and Changpeng Zhao (CZ) have moved to dismiss a lawsuit from the U.S. Securities and Exchange Commission (SEC), arguing that the regulator has not convincingly alleged certain securities-related breaches. They further contend that the SEC is attempting to bring digital assets under its supervision, even though U.S. Congress has not clearly defined such a directive. In June, the SEC initiated legal action against the Binance Group.

September 19, 2023

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

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.

August 23, 2023

Binance.US Partners With MoonPay To Regain Access To The FIAT Banking System!

In a bid to reconnect to the traditional FIAT banking system, Binance.US, the U.S. subsidiary of the crypto exchange, has entered into a partnership with MoonPay, a startup specializing in payments. The troubles for Binance.US have been mounting, with several banking partners severing ties, causing disruption in deposit and withdrawal of dollars. The collaboration with MoonPay offers Binance.US users an alternative route to convert dollars into cryptocurrency.

June 17, 2023

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

Further to the agreement between the SEC and Binance, the Court issued an emergency relief in which the defendants in the SEC complaint against Binance..

June 17, 2023

Breaking: U.S. SEC And Binance Reached An Agreement

According to a Reuters report, court documents show that Binance, Binance.US, and the U.S. SEC have reached an agreement to restrict access to customer funds to only Binance.US employees. This agreement still requires approval from the federal judge overseeing the case. Binance.US will ensure that no officials from Binance Holdings have access to private keys for its various wallets or root access to Binance.US's Amazon Web Services tools.

June 14, 2023

Breaking: Binance Won First Court Battle Against SEC!

Judge Amy Berman Jackson has rejected the U.S. Securities and Exchange Commission's (SEC) request for a temporary asset freeze on Binance and its U.S. platform, Binance.US. This lawsuit has garnered significant attention in the industry. She ruled that Binance.US can continue its operations and instructed Binance to work on reconciling proposed restrictions. The judge also urged the SEC and Binance.US to engage in ongoing negotiations to find common ground.

Crypto
SEC

June 9, 2023

Binance.US Stops FIAT Transactions Due To SEC Pressure!

Binance.US says users should withdraw USD as soon as possible as the U.S. SEC engages in "extremely aggressive and intimidating tactics" against the crypto exchange. Binance.US said it would transition to an all-crypto exchange starting June 13 due to SEC pressure. While FIAT transactions will be suspended, the exchange clarified that trading, staking, deposits, and cryptocurrency withdrawals would continue without interruption.

June 7, 2023

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

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).

March 28, 2023

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

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.

March 8, 2023

Bankruptcy Judge Approves Binance.US $1.3 Billion Bid For Voyager Assets!

Despite SEC's vague objection, Binance.US cleared a major hurdle in its effort to acquire the assets of bankrupt crypto lender Voyager Digital in a deal worth $1.3 billion. U.S. Bankruptcy Judge Michael Wiles approved Voyager's restructuring plan, built around the Binance.US acquisition. Binance.US has agreed to pay $20 million in cash to Voyager and to take on crypto assets deposited by Voyager customers.

OpenAI Closes $6.6 Billion Funding at $157 Billion Valuation, Nearly Doubling its Valuation!

The AI pioneer OpenAI under Sam Altman closed its long-awaited funding round, announcing that it raised $6.6 billion at a $157 billion post-money valuation. OpenAI’s $157 billion valuation underscores its AI dominance, yet losses loom large. Will Thrive Capital, Microsoft, and Nvidia’s backing help steer the ship through the challenges ahead? Stay tuned for more.

High-Profile Maltese Money Laundering & Corruption Case Continues with Keith Schembri Challenging Forensic Expert’s Impartiality!

Keith Schembri, former Chief of Staff of the Maltese Prime Minister, is accused of money laundering and corruption. His legal team has requested that forensic expert Samuel Sittlington, Police Commissioner Angelo Gafa, and former Deputy Commissioner Alexandra Mamo testify to clarify alleged negotiations for consultancy services during the investigation. The defense calls into question the expert’s independence, further complicating an already contentious trial.

Circle Joins U.S.-Led Initiative to Combat Illicit Finance in Virtual Assets!

Erik Rosenblatt, a senior leader at US stablecoin issuer Circle, will represent the company on the Illicit Virtual Asset Network (IVAN) board. Prior to joining Circle, Rosenblatt spent over two decades as a special agent with the U.S. Department of Homeland Security and the U.S. Department of the Treasury. As part of IVAN, Circle will have a voting role in determining the network's priorities and membership.

Evil Corp: A Comprehensive Report on Russia’s Family-Driven Cybercriminal Organization!

The U.S. Department of Justice and Department of Treasury have taken significant action against Evil Corp, a Russia-based cybercriminal group responsible for developing and distributing malware that has stolen over $100 million from banks and financial institutions across 40 countries. Evil Corp appears to operate as a family enterprise, with multiple family members involved.

Good News For Crypto: SEC Enforcement Director Gurbir S. Grewal Steps Down After Impactful Tenure!

The U.S. Securities and Exchange Commission (SEC) is set to experience a significant leadership change as Enforcement Director Gurbir S. Grewal announces his departure. Grewal oversaw a period of heightened regulatory activity specifically targeting the crypto sector. Under his leadership, the SEC Filed high-profile lawsuits against major cryptocurrency exchanges, including Binance and Coinbase.