Key Points:
- US CFTC accuses Binance and CEO of regulatory violations.
- Almost $1.5 billion in crypto withdrawn from centralized exchanges, including Binance, Kraken, Coinbase and Bitfinex.
- Binance allegedly conducted transactions in Bitcoin, Ether and Litecoin for US citizens without properly registering with the derivatives regulator.
Binance CEO Changpeng Zhao has been accused of regulatory violations by the United States Commodity Futures Trading Commission (CFTC).
The indictment comes after nearly $1.5 billion in crypto was reportedly withdrawn from centralized exchanges such as Binance, Kraken, Coinbase, and Bitfinex. More than half of that amount, specifically $850 million, taken out from Binance. After the announcement of the indictment, Binance saw an additional $240 million withdrawn.
The CFTC filed a suit against Binance and CZ in the U.S. District Court for the Northern District of Illinois, alleging that the company failed to meet its regulatory obligations by not properly registering with the derivatives regulator. Binance allegedly conducted transactions in Bitcoin, Ether, and Litecoin for U.S. citizens since at least 2019.
In addition to the CFTC’s lawsuit, Binance is also under investigation by the Internal Revenue Service (IRS) and federal prosecutors. The Securities and Exchange Commission (SEC) is investigating whether Binance allowed U.S. traders to access unregistered securities. Despite these legal troubles, Binance still holds an impressive $63.36 billion worth of cryptocurrency assets, including over $2 billion worth of USDT, $17 billion worth of Bitcoin, and $8.1 billion worth of Ether.
Changpeng Zhao has already rejected the allegations from the CFTC, arguing that the crypto exchange “does not trade for profit or ‘manipulate’ the market under any circumstances.” While Binance’s legal troubles have garnered significant attention, the company’s substantial assets and Zhao’s fervent defense of the exchange may indicate that Binance will remain a major player in the world of cryptocurrency.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Author
News
Binance Sees $850M Withdrawal Amid CFTC Indictment
Key Points:
- US CFTC accuses Binance and CEO of regulatory violations.
- Almost $1.5 billion in crypto withdrawn from centralized exchanges, including Binance, Kraken, Coinbase and Bitfinex.
- Binance allegedly conducted transactions in Bitcoin, Ether and Litecoin for US citizens without properly registering with the derivatives regulator.
Binance CEO Changpeng Zhao has been accused of regulatory violations by the United States Commodity Futures Trading Commission (CFTC).
The indictment comes after nearly $1.5 billion in crypto was reportedly withdrawn from centralized exchanges such as Binance, Kraken, Coinbase, and Bitfinex. More than half of that amount, specifically $850 million, taken out from Binance. After the announcement of the indictment, Binance saw an additional $240 million withdrawn.
The CFTC filed a suit against Binance and CZ in the U.S. District Court for the Northern District of Illinois, alleging that the company failed to meet its regulatory obligations by not properly registering with the derivatives regulator. Binance allegedly conducted transactions in Bitcoin, Ether, and Litecoin for U.S. citizens since at least 2019.
In addition to the CFTC’s lawsuit, Binance is also under investigation by the Internal Revenue Service (IRS) and federal prosecutors. The Securities and Exchange Commission (SEC) is investigating whether Binance allowed U.S. traders to access unregistered securities. Despite these legal troubles, Binance still holds an impressive $63.36 billion worth of cryptocurrency assets, including over $2 billion worth of USDT, $17 billion worth of Bitcoin, and $8.1 billion worth of Ether.
Changpeng Zhao has already rejected the allegations from the CFTC, arguing that the crypto exchange “does not trade for profit or ‘manipulate’ the market under any circumstances.” While Binance’s legal troubles have garnered significant attention, the company’s substantial assets and Zhao’s fervent defense of the exchange may indicate that Binance will remain a major player in the world of cryptocurrency.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Other Posts
Related Posts
Latest
Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions
Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days
Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election RallyÂ
Press Release
Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions
Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development
