Binance
Recent News About Binance
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Binance on SEC request to freeze funds: 'No "emergency"… other than the one manufactured by the SEC'The SEC is seeking an emergency temporary restraining order (TRO) against Binance to freeze assets tied to Binance.US. In response, Binance has filed a memo with the Court challenging the SEC's "emergency" claim, calling it "manufactured" for the SEC's "purposes” of gaining a legal advantage unsupported by fact.
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As U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler claims cryptocurrency exchanges already have regulations to follow, Blockchain Association CEO Kristin Smith argues lawmakers' introduction of a regulatory proposal draft just one week before the SEC sued two leading crypto exchanges is evidence there is a lack of regulatory certainty.
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The chairman of the U.S. House Committee on Agriculture earlier this week said the U.S. Securities and Exchange Commission's (SEC) recent lawsuits against crypto exchanges are "regulation by enforcement" and "not an appropriate away to govern a market."
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U.S. Reps. Patrick McHenry and Glenn Thompson, chairmen of the House Financial Services Committee and the House Committee on Agriculture, respectively, recently released a draft bill aiming to improve regulation of the digital asset industry.
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Following the announcement the US Securities and Exchange Commission had sued Binance, the world’s largest cryptocurrency exchange, prolific crypto legal commentator John Deaton criticized the SEC’s tactics of “regulation by enforcement” and “lawsuit by media” to address cryptocurrencies.
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The Securities and Exchange Commission (SEC) yesterday filed 13 charges against cryptocurrency exchange Binance Holdings Ltd. and its founder, Changpeng Zhao, for alleged violations of securities law.
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Many crypto industry insiders have been calling on U.S. lawmakers and regulators to establish clear regulations for the industry, warning that a failure to do so will only increase the flood of innovators and entrepreneurs moving out of the U.S. to more crypto-friendly jurisdictions.
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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.