Tag: Binance

Binance Watchdog Initiative powered by FinTelegram#
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June 20, 2024

#BinanceWatchdog: Binance Fined $2.2M by India’s Financial Intelligence Unit

Binance, the world's largest crypto exchange, has been fined approximately $2.2 million (18.82 crore INR) by India's Financial Intelligence Unit (FIU) for non-compliance with the country's anti-money laundering (AML) regulations, the authority announced. This is the next billion-dollar payment for Binance after the $4.2 billion settlement with US authorities in the US. Binance is also under massive pressure in Nigeria.
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SEC v Coinbase fight over definition of security tokensI
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June 17, 2024

Inside the $4.5 Billion Settlement: Terraform Labs and Do Kwon’s Legal Battle

As reported recently by FinTelegram, the U.S. Securities and Exchange Commission (SEC) proposed a settlement with Do Kwon and his collapsed crypto scheme Terraform Labs. The judge has now approved this $4.5 billion settlement, marking one of the largest settlements in the crypto sector. This settlement follows a series of high-profile legal actions against various crypto firms, highlighting the ongoing efforts to clean up the sector after significant turmoil.
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Binance court drama in NigeriaF
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June 16, 2024

FG Drops Tax Charges Against Binance Executives: A Legal Update

In the Binance Nigeria Case, the Federal High Court in Abuja has cleared Binance executives Tigran Gambaryan and Nadeem Anjarwalla of tax evasion charges filed by the Federal Inland Revenue Service (FIRS). The court's decision came after the FIRS submitted amended charges, effectively dropping the tax allegations against Gambaryan and Anjarwalla, who has reportedly fled to Kenya.
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Binance announces more than 200 million clients worldwide#
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June 9, 2024

#BinanceWatchdog: Binance’s 200M User Milestone Despite Persistent Legal and Compliance Issues and Fake Review Investigations!

Binance, the largest crypto exchange in the world, recently announced it has reached a staggering 200 million global users. This figure, representing over a third of all cryptocurrency holders worldwide, marks a significant milestone for the exchange. However, these self-reported numbers come amid a backdrop of ongoing legal and compliance troubles in various jurisdictions, casting a shadow over the celebratory news.
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PayRate42 downgrades Binance to read due to fake review investigation on Trustpilot#
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June 7, 2024

#BinanceWatchDog: Mastercard’s Puzzling Decision to Resume Services with Binance Amid Ongoing Controversies!

In a surprising decision, Mastercard has decided to resume its debit card program with Binance, the world's largest and most embattled crypto exchange, despite numerous ongoing controversies and serious allegations. This move raises significant questions about the card giant’s risk assessment and decision-making processes. Trustpilot suspended the Binance TrustScore due to a fake review investigation. Consequently, PayRate42 downgraded Binance's Risk Rating to Red.
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Binance executive Tigran Gambaryan collapses in Nigerian courtU
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June 6, 2024

US Lawmakers Urge Immediate Action for Binance Executive Detained in Nigeria

US lawmakers are calling for urgent intervention to secure the release of Tigran Gambaryan, a Binance executive currently detained in Nigeria. Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has stated that the trial of Binance and Gambaryan, who is accused of illegal crypto trading in Nigeria, is proceeding according to Nigeria's laws. The statement followed a letter sent to President Joe Biden, urging the US hostage affairs unit to facilitate Gambaryan's release.
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Binance founder Changpeng Zhao plead guilty to money laundering issuesC
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May 29, 2024

Crypto Compliance: Binance France Forced to Replace Sentenced Founder ChangPeng Zhao to Maintain European Presence!

According to a report of DLNews, Binance France has replaced co-founder and former Binance Group CEO Changpeng Zhao (CZ) with two new shareholders, a strategic move aimed at preserving its operational status in the EU's second-largest economy. This decision follows CZ's guilty plea to violating US banking laws last November. He was sentenced to 4 months in prison for his violations and had to pay around $150 million to U.S. authorities, including regulator CFTC.
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FinTechs need a strong Compliance StrategyT
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May 29, 2024

The Strategic Importance of Compliance: Insights from N26 and Binance!

The German FinTech N26 has faced significant regulatory challenges. Over the past few years, N26 has been under intense scrutiny from BaFin, Germany’s financial regulator, primarily due to poor anti-money laundering (AML) controls. This scrutiny has profoundly affected the company's growth and financial health. In the Binance case, the consequences of non-compliance have been even more severe, resulting in prison sentences and charges against executives.
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Binance executive Tigran Gambaryan collapses in Nigerian courtB
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May 24, 2024

Binance Nigeria Case: Binance Executive Tigran Gambaryan Collapses in Court During Trial

On May 23, 2024, the trial of Binance executive Tigran Gambaryan took an unexpected turn at the Federal High Court in Abuja when Gambaryan collapsed during the proceedings, online news platform Punch reported. The dramatic incident occurred shortly after the court registrar called for the continuation of the trial. As the trial commenced, Gambaryan, who typically sat at the back, did not step forward to the dock.
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May 20, 2024

Crypto Compliance: Stage Set For Return Of Binance, Kucoin To India!

Crypto giants Binance and KuCoin, which left India after a regulatory blockade, are set for a comeback after the global exchanges applied for registration and compliance in the country. In December, India's Financial Intelligence Unit (FIU) called to block web addresses of a number of global crypto firms that were not registered in the country over concerns that some of them may be misused for money laundering.
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Binance Watchdog Initiative powered by FinTelegramB
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May 19, 2024

Binance’s Alleged Cooperation with Taiwanese Authorities: Skepticism Warranted Amid Global Scrutiny

In a blog post, Binance announced its collaboration with Taiwan’s authorities to crack a significant money laundering case involving nearly NT$200 million (approximately US$6 million) laundered through virtual assets. While Binance claims this effort underscores its commitment to combating financial crime, the announcement must be scrutinized in light of the exchange’s controversial history and ongoing legal challenges worldwide.
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Alwxey Pertsey Tornado Cash developer sentencedF
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May 15, 2024

FinTelegram: The Outrageous Sentencing of Tornado Cash Developer Alexey Pertsev. What About Binance Founder Changpeng Zhao?

The crypto industry is reeling in horror at the latest judicial injustice. Alexey Pertsev, a mere developer for Tornado Cash, is now staring down a five-year and four-month prison sentence. His crime? Writing code. Meanwhile, Binance founder Changpeng Zhao (CZ), who openly admitted to turning Binance into a money-laundering haven for cybercriminals and terrorists, received a laughable four-month sentence.
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