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Crypto exchange Binance.US said on Thursday it is stopping U.S. dollar deposits and users will soon not be able to withdraw dollars from the exchange, after U.S. financial regulators said they ...
In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets. "In the event that customers wish to withdraw U.S ...
In response, Binance and other investors opened Binance.US, a separate exchange designed to comply with all applicable US federal laws. [136] In May 2021, Bloomberg News reported that Binance was under investigation by the United States Department of Justice and Internal Revenue Service for money laundering and tax evasion . [ 137 ]
The SEC on June 5 sued Binance, its CEO and founder Changpeng Zhao and Binance.US's operator, alleging that Binance artificially inflated its trading volumes, diverted customer funds, failed to ...
In June 2022, the US Securities and Exchange Commission launched an enquiry into Binance as an entity and not into the crypto products it was dealing in. [21] On 11 November 2022, FTX , which was at that time the third largest cryptocurrency exchange by volume and valued at $18 billion, [ 22 ] entered bankruptcy proceedings in the US court ...
[32] [31] The sale of Binance's holdings in FTT, compounded with the low trading volume of FTT and the enmity between Zhao and Bankman-Fried, resulted in the price of the token plummeting. [33] [34] [35] Binance had received FTT from FTX in 2021 during a transaction in which FTX bought back Binance's equity stake in FTX. [36]
The legal status of cryptocurrencies varies substantially from one jurisdiction to another, and is still undefined or changing in many of them. [1] Whereas, in the majority of countries the usage of cryptocurrency isn't in itself illegal, its status and usability as a means of payment (or a commodity) varies, with differing regulatory implications.
It cited 2010 U.S. Supreme Court decision, Morrison v National Australia Bank, that limited the extraterritorial reach of domestic securities laws. Binance and its lawyers did not immediately ...