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Binance and founder Changpeng Zhao (CZ) have had a defining year in 2023. The world’s largest spot crypto exchange is surviving a criminal settlement with the US Department of Justice (DoJ) plus multi-billion dollar fines to the Commodity Futures Trading Commission (CFTC) and bureaus of the US Treasury. All the while, it continues battling another unresolved, multi-billion dollar SEC lawsuit. Before the start of 2023, alarm bells were already sounding that Binance was on the brink of serious trouble. It was the subject of several probes by US agencies. When Russia invaded Ukraine in February 2022, Binance openly defied US government wishes to stop serving Russia-based users. By July that year, Reuters staff had kicked off a long-lasting feud with the firm. A string of exposes revealed Binance knowingly skirted US sanctions by serving clients in Iran, and that the exchange has washed billions in crypto for money launderers . News that Binance was the subject of yet another probe by...

Despite Binance Holdings Ltd.’s recent $4.3 billion settlement with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC) is persisting with its case against the company and its founder, Changpeng Zhao. SEC says Binance, DOJ settlement supports case The SEC filed a lawsuit in June, claiming that Binance and Zhao were involved in deception, conflicts of interest, lack of disclosure, and evading the law. The SEC contends that admissions in the DOJ settlement support its case, urging the federal court in Washington to consider them. While Binance and Zhao seek dismissal, the SEC is determined to move its case forward. In the U.S. District Court for the District of Columbia, the SEC’s complaint alleges that Binance.com and Binance.US operated as unregistered exchanges, brokers, and clearing agencies, exposing investors to risks and conflicts of interest. SEC Chair Gary Gensler also alleges that Binance misled investors about risk controls...

Binance introduces a pioneering triparty agreement with a banking partner, offering a secure solution for institutional investors to manage counterparty risks in the crypto market. Binance has successfully executed the world’s first cryptocurrency triparty arrangement with a banking partner, although the specific banking partner was unidentified. This significant development offers a first-in-crypto solution that mirrors traditional financial frameworks, specifically designed to cater to the needs of institutional investors. The triparty agreement allows institutional investors to store their trading collateral off-exchange, under the custody of a third-party banking partner. This innovative solution directly addresses the primary concern of counterparty risk, which is prevalent among institutional investors in the crypto currency market.  #Binance has executed the industry's first Triparty agreement, where institutional investors' collateral is held off-exchan...

This week, Binance agreed to a $4.3 billion settlement and saw founder Changpeng Zhao exit as CEO; the U.S. SEC levels charges against Kraken; and HECO Bridge, another venture affiliated with Justin Sun, suffered an $85 million hack. Binance troubles On Nov. 20, the U.S. Department of Justice (DoJ) proposed a $4 billion settlement with Binance, addressing allegations related to money laundering and sanction violations. Binance founder Changpeng Zhao resigned due to the criminal charges. Uncertainty regarding extradition emerged, as Zhao currently resides in the United Arab Emirates. Binance’s influence within the crypto sector is still undeniable; Blur’s recent listing on Binance, for example, triggered an upward move in its price. The aftermath Meanwhile, Binance’s BNB token plummeted 9.2% in 24 hours. Binance also witnessed outflows amounting to $1.3 billion in a seven-day period amid the reports. In a Nov. 23 report, CryptoQuant confirmed that some of these fu...

Earlier this week, former Binance chief Changpeng Zhao (CZ) pleaded guilty in a Seattle court to a number of felony charges related to violations of the Bank Secrecy Act, failure to register as a money services business, and failure to maintain an effective anti-money laundering program. As part of CZ’s plea, he has agreed to step down as the exchange’s CEO, pay a $50 million fine, and will be formally sentenced next year. In addition, Binance itself has been ordered to pay a $4.3 billion fine, and the company’s former chief compliance officer Samuel Lim has agreed to pay $1.5 million in civil penalties to the Commodity Futures Trading Commission (CFTC). Binance will also be watched by “an independent compliance monitor.” However, all of this could seemingly have been avoided if only Binance and its people had adhered to CZ’s Principles, the former chief’s well-documented recipe for business success . Read more: Binance bitcoin reserves drop as CZ faces US detainment CZ publ...

Binance CEO Changpeng Zhao said famous economist Nouriel Roubini used his company’s logo without permission for promotional purposes. This statement refers to the Atlas project, in which Roubini holds the position of chief economist and co-founder. It promotes an investment strategy “based on artificial intelligence, machine learning, climate technology and blockchain”, according to the project’s website. Some people are shameless. After attacking Binance publicly on stage a year ago, now issues a token and puts #Binance logo on their website WITHOUT permission. pic.twitter.com/WENaTO4tE4 — CZ Binance (@cz_binance) November 7, 2023 Project clients are offered to earn money by investing in climate-resistant real estate and infrastructure, environmentally friendly goods, as well as short-term and inflation-indexed sovereign bonds and gold. On the official website, Binance is mentioned along with BlackRock, Goldman Sachs and the U.S. Department of the Treasury i...

Binance has announced it will list Worldcoin’s native token WLD, which is already available on Huobi, OKX, and Bybit.  Binance revealed the planned listing of the WLD token in a blog post on July 24, stating that spot trading for pairs WLD/BTC and WLD/USDT opened on July 24 at 9:00 UTC.  While users can start depositing the token on the platform, Binance announced that withdrawals would also tentatively open on July 25. Worldcoin’s token will be added as a borrowable asset with WLD/USDT as the isolated margin pair. This feature will open on July 26.  You might also like: OpenAI CEO’s Worldcoin set to launch on July 24 Apart from Binance, Worldcoin has had a broad rollout across many crypto exchange s. Deposits and trading are already open on Huobi and Bybit, with the former supporting  WLD/USDT trading pair, while the latter supports WLD/USDT and WLD/USDC trading pairs.  Bybit announced that withdrawals would be available on July 25 starting 10:00 am...

SEC Chair on AI Regulation SEC Chairman Gary Gensler recently remarked that AI’s potential with respect to interference and disruption of market dynamics would attract the agency’s wrath. Speaking earlier this week before The National Press Club, the Chairman said terrible actors may seek to use AI to influence the US markets, or spook the public, which will attract an appropriate response from the commission. advertisement Unlike the discrepancy most people make, Gensler noted that ‘under the securities laws, fraud is fraud,’ irrespective of the format the fraud takes. Bad actors may seek to use AI to influence our mkts, or spook the public. Make no mistake, under the SEC urities laws, fraud is fraud. @ SEC Gov is focused on identifying & pro SEC uting any form of fraud that might threaten investors, capital formation, or the mkts more broadly. — Gary Gensler (@GaryGensler) July 20, 2023 Recommended Article...

Shiba Inu (SHIB), a cryptocurrency that gained popularity due to its meme-inspired origins, has witnessed price volatility and plenty of plunges. Despite this, the project has demonstrated notable progress in terms of utility and development endeavors. Shiba Inu differentiates itself from other meme coins by actively engaging in development initiatives and maintaining transparent communication with its community. The project remains committed to providing regular updates, fostering transparency, and ensuring open lines of communication with its supporters. Also read: Bitcoin Below $30k, Altcoins Retract After Positive Ripple News Following the recent price plunge of Shiba Inu, whales have started moving SHIB in billions. According to the data from Etherscan, Shiba Inu whales have moved nearly 30 billion SHIB in total. Source: Analytics Insight Billions of Shiba Inu are on the move Etherscan data shows that over ten transactions were involved in the movement of over 1.5 bil...

Several top Binance executives have recently resigned from Binance due to disagreements with chief Changpeng Zhao (CZ) over how to handle the ongoing Department of Justice (DOJ) investigations, according to reporting from Fortune. The resignations are reported to include the crypto exchange’s chief strategy officer Patrick Hillman, general counsel Han Yg, and SVP of compliance Steven Christie. Following the news report, Hillman posted a message on Twitter saying that he will be leaving Binance for personal reasons, but remains on good terms and still supports CZ. Christie also posted a message on Twitter saying that he was proud of Binance’s compliance program, but after having been a compliance officer in crypto for the last six years, he needed a break. His departure has nothing to do with the “sensational news” being published, Christie said. I usually don’t tweet much and try and keep a low profile, but wanted to clear the air about a couple of articles that were pr...

Binance is looking to incorporate the bitcoin (BTC) lightning network to address concerns regarding the speed and cost associated with BTC transactions. Binance is in high gear to adopt the Bitcoin (BTC) Lightning Network to curb issues, such as withdrawal blackouts witnessed during network congestion.  Through its official Twitter page, crypto exchange Binance has disclosed that it is gearing up for the BTC Lightning Network to make deposits and withdrawals faster and easier. #Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals. Some eagle-eyed users spotted our new lightning nodes recently. Yes – that's us! However, there's still more tech work to be done. We'll update once Lightning is fully integrated. https://t.co/N0oN8561sN — Binance (@binance) June 20, 2023 The exchange revealed that it has already rolled out new lightning nodes, as seen by some users. Nevertheless, more work is needed to make the ...

Also Read: Binance Exits Another Country Amid Legal Uncertainty In US advertisement In the latest development, the Paris prosecutor’s office stated that Binance is facing an inquiry for illicit aggravated money-laundering and canvassing of clients. (THIS IS A DEVELOPING NEWS) Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read Best Crypto Exchange Affiliate Programs In 2023 Must Read Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] Must Read Crypto Telegram Channels List 2023 [Updated] Must Read ...

In the latest news on the court case between Crypto firm Ripple and the Securities and Exchange Commission (SEC), a judge has denied the SEC’s appeal to prevent the release of documents tied to former director William Hinman’s Ethereum speech, in which he said Ethereum wasn’t a security. The 2018 speech and related emails, text messages, and reports are pivotal to Ripple’s legal case. The firm argues the documents show its native token XRP was targeted by the SEC as an unregistered security instead of Ethereum, due to Hinman’s favoritism. Indeed, a whistleblower claimed that during Hinman’s tenure at the SEC, he received millions of dollars in retirement benefits from a law firm with ties to the Ethereum Alliance. The SEC attempted to seal the documents. The commission argued that the documents and Hinman’s speech had no connection to the legal battle with Ripple – Hinman was a director, but not the chair. This argument was denied in January by magistrate judge Sarah Netburn...