Binance
Recent News About Binance
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International economics expert on Chinese banks backing crypto: 'Hong Kong is a valuable petri dish'In 2021, China banned all cryptocurrency transactions, but recently, Chinese state-affiliated banks have been supporting the crypto industry in Hong Kong, raising questions as to whether China could be reconsidering its ban.
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During a House Financial Services Committee hearing last week, lawmakers raised concerns about the regulatory approach to digital assets in the U.S. and highlighted the lack of a clear regulatory regime for trading platforms.
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U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler recently asked for additional SEC funding to tackle "misconduct," particularly in the crypto industry. While some have been critical of the SEC's regulation-by-enforcement approach, Antonio Gomes, director of the Blockchain Education Network, told Federal Newswire that he agrees the SEC needs additional funding, but not just for enforcement. Gomes called on the SEC to establish regulations for the crypto industry to halt the brain drain of innovators who are flocking to more crypto-friendly jurisdictions.
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Richie Lai, the co-founder and CEO of Bittrex, a Seattle-based cryptocurrency exchange, announced March 31 that due to the regulatory and economic climate in the U.S., the company is shutting down its domestic operations.
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Earlier this month, U.S. Senators Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), and Roger Marshall (R-KS) sent a letter to Binance, the world's largest crypto exchange, accusing it of attempting to avoid laws and regulations.
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The Chamber of Digital Commerce hosted its annual D.C. Blockchain Summit March 21 in Washington, D.C., which included the participation of three GOP congressmen.
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Rep. French Hill at the 2023 Blockchain Summit
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While lawmakers were discussing Twitter during a House Judiciary Select Subcommittee hearing on the weaponization of the federal government, Rep. Stacey Plaskett (D-U.S. Virgin Islands) alluded to Changpeng Zhao (CZ), the CEO of Binance, the largest crypto exchange in the world, who also owns a stake in Twitter. Plaskett said that although CZ is a Canadian citizen, he is a “Chinese national.” Crypto influencer and analyst Chris Blec and CZ himself said on Twitter that Plaskett's comments implied racism and discrimination.
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Media entities have recently tried to equate the movement of cryptocurrency between wallets with illicit misuse of customer funds. Binance, the world’s largest cryptocurrency exchange by volume, explained in a blog post that moving assets between hot and cold wallets is a regular function of crypto exchanges that serves to protect user funds while ensuring liquidity, which is different from the criminal misuse of funds perpetrated by the now-bankrupt exchange FTX.
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Binance, the world's largest crypto exchange by volume, said that after a turbulent year for the crypto industry, prioritizing risk management, transparency, disclosures and security is paramount to restoring trust in the industry. Binance recently released a policy paper, which outlines actionable framework detailing the company’s efforts to build a secure crypto ecosystem with a foundation of trust and safety and which contains guidelines for all centralized exchanges (CEXs) to raise the bar in these critical areas.
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Professor Linda Jeng of the Georgetown Institute of International Economic Law recently testified that as federal lawmakers and regulators debate how to proceed with crypto regulation in the wake of the collapse of FTX, they should keep in mind that crypto is being used around the world as a bridge to enable more people to access financial opportunities and as a tool to bring aid to communities in need.
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A New York regulator has instructed Paxos to stop issuing the fiat-backed stablecoin Binance USD (BUSD), and the U.S. Securities and Exchange Commission (SEC) has reportedly notified Paxos that enforcement action is coming under the premise that BUSD is an unregistered security. Crypto analysts and experts are questioning how stablecoins could meet the definition of a security, arguing that stablecoins do not pass the Howey Test. Changpeng Zhao (CZ), the Canadian CEO and founder of Binance, the world's largest crypto exchange, assured users that their funds are safe and they can still redeem BUSD.
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Changpeng Zhao (CZ), the Canadian CEO and founder of Binance, the world's largest crypto exchange, said in a recent tweet that regulation can benefit the crypto industry and ultimately lead to more mainstream adoption by providing guidance and confidence to both those who provide crypto services and those who use them.
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A White House blog post said that the administration has been researching the potential risks posed by cryptocurrency for the last year and assessing how different authorities can mitigate those risks.
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U.S. Sen. Tim Scott, a ranking member on the Senate Committee on Banking, Housing and Urban Affairs, said that working to develop a framework for the regulation of digital assets is one of his top priorities for this Congressional session.
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Binance, the world's largest crypto exchange, announced that it would delist the token BEAM.
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The collapse of crypto exchange FTX in November has sparked discussions over what regulating the digital asset landscape could or should look like. The SEC is stepping up its efforts to police the crypto sector, with Chairman Gary Gensler recently announcing tens of millions in fines penalizing Nexo for failing to properly register its crypto asset lending product. Many prominent figures in the crypto industry are voicing their opinions on what regulation should look like moving forward, such as Andre Cronje, co-founder of Fantom Foundation, who believes that regulating the crypto industry as a whole is "infeasible," but instead regulatory focus should be on licensing for entities that issue or manage cryptocurrencies.
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Helen Hai, the head of Binance Charity, the philanthropic arm of crypto exchange Binance, recently said that the charity has partnered with international NGOs to launch a crypto-to-cash assistance program, enabling refugees that have been displaced because of the war in Ukraine to be able to spend money received through donations without having to pay bank transfer fees or navigate bank shutdowns. The program has enabled thousands of refugees to access emergency financial aid by using the first-of-its-kind Binance Refugee Card.
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A spokesperson for Binance, the largest cryptocurrency exchange by trading volume in the world, said Binance has a highly skilled financial crimes team comprised of former members of international law enforcement agencies that works to protect legitimate Binance users.