Binance, the world’s largest cryptocurrency exchange, has released its 12th audit, confirming that all customer assets are fully backed. This comes after former CEO Changpeng Zhao pleaded guilty to violations related to the Bank Secrecy Act and agreed to pay over $4 billion to resolve investigations. Despite initial withdrawals, the exchange remains popular with traders.
read moreChangpeng Zhao
20 posts last week
Changpeng Zhao, commonly known as CZ, is the Founder and ex-CEO of Binance, one of the largest cryptocurrency exchanges in the world.
Binance’s BUSD Faces Decline Amid Regulatory Challenges and Legal Issues
Binance USD (BUSD) has seen a 96% drop in circulating supply due to regulatory issues and dwindling user confidence, causing it to fall out of the top five stablecoins. Amidst legal complexities, including a $150 million fine on Binance’s CEO, Changpeng Zhao, and the classification of Binance as a security by the SEC, Binance has promoted stablecoin substitutes like TrueUSD (TUSD) and First Digital USD (FDUSD). Despite these challenges, Binance continues to innovate, with the future of BUSD and its impact on the Binance network yet to be determined.
read moreSEC Files Motion Against Binance Citing Terraform Labs Case Precedent
The US Securities and Exchange Commission (SEC) has lodged a motion against Binance, the world’s largest crypto exchange, in the US District Court for the District of Columbia. The motion draws parallels between its actions against Binance, Binance US, and its former CEO and founder, Changpeng Zhao, and the Terraform Labs case.The SEC’s filing focuses on Binance’s stablecoin BUSD, its staking-as-a-service, BNB vault, and simple earn programs. The SEC believes that a previous ruling in the Terraform case could influence Judge Amy Jackson to reject Binance’s request to dismiss the case.The SEC alleges that Binance committed similar violations as Terraform by offering and selling its BUSD stablecoin without proper registrations or exemptions. The SEC argues that the Terraform ruling supports their charges that Binance unlawfully engaged in the unregistered offers and sales of securities like BUSD.The SEC also claims that Binance continued to allow high-value US customers to trade on its platform. Furthermore, Binance US, while claiming independence, was allegedly under Zhao’s secret control. If Judge Amy Jackson takes a position similar to Rakoff’s Terraform ruling, it could undermine any motion to dismiss by Binance during the case’s progression.
read moreSEC Requests Summary Judgment in Lawsuit Against Binance
The US SEC has requested a summary judgment ruling in its lawsuit against Binance, citing similarities to a previous case involving Terraform Labs. The SEC argues that Binance’s stablecoin and other programs should be considered securities, and the judge may reject Binance’s motion to dismiss based on the Terraform Labs ruling.
read moreSEC Cites Terra Ruling in Lawsuit Against Binance, Shaping Crypto Landscape
The US Securities and Exchange Commission (SEC) has filed a notice of supplemental authority in its lawsuit against Binance, citing the judgment in SEC v. Terraform Labs as a key precedent. The SEC argues that the Terra ruling’s interpretation of the “investment contract” definition in cryptocurrency offerings is relevant to the products and services offered by Binance. This legal maneuver is part of the SEC’s increasing scrutiny over cryptocurrency exchanges and their compliance with US securities laws. The outcome of this case, along with the SEC’s case against Coinbase, will shape the regulatory landscape of cryptocurrencies in the United States.
read moreBinance’s Market Share Plummets Amid Regulatory Woes
Binance, the world’s largest crypto exchange, saw its market share decline to 44.5% last year due to regulatory issues in the US and Europe. Despite this, Binance attracted 40 million new users in 2023 and spent over $200 million on regulatory compliance efforts.
read moreFormer Binance CEO CZ Remains Restricted from Leaving Country Ahead of Sentencing
Former Binance CEO Changpeng Zhao, also known as CZ, is still prohibited from leaving the country before his sentencing hearing due to an injunction from a federal judge. The judge sealed the reasons for the second motion, but CZ’s legal team indicated that it involved his child’s medical records. CZ could face up to 18 months in prison as part of a $4.3 billion agreement with US authorities.
read moreFormer Binance CEO CZ Denied Travel Outside US Again, Faces Sentencing for Violating Banking Laws
Former Binance CEO Changpeng Zhao has been ordered for the second time to remain in the United States as he awaits his sentencing for violating banking laws. Despite his travel restrictions, Zhao’s net worth has increased by approximately $25 billion in 2023, primarily due to his stake in Binance.
read moreFormer Binance CEO Denied Travel Request Ahead of Sentencing Hearing
Former Binance CEO Changpeng Zhao, also known as CZ, has been denied permission to leave the United States ahead of his sentencing hearing. The request was denied by a federal judge due to concerns that CZ could be a flight risk. The reasons for the request were sealed by the court, but CZ’s legal team suggested it involved medical information regarding his child. CZ pleaded guilty to one felony count as part of a $4.3 billion deal and could face up to 18 months in prison. He will remain free on a $175 million bond but is restricted from traveling outside the United States.
read moreBinance CEO Denied Travel Permission by U.S. Judge for Second Time
Binance CEO CZ has been denied permission to travel to the UAE for the second time by a US judge. Zhao had requested to travel to the UAE where his three children reside.
read more