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Read more about Binance’s lawsuits in the US:īinance Sued: How SEC Lawsuit Differs from CFTC Case įor crypto traders, Binance’s regulatory challenges underscore the uncertainties and risks associated with the global cryptocurrency market.
The French investigation is a potential setback for Binance’s plans to open a regional hub in Paris. Recent issues in Europe are significant setbacks in Binance’s European operations and reflect the mounting regulatory pressure on the crypto giant. These regulatory bodies have been investigating Binance for potential violations of US securities laws, adding to the exchange’s global regulatory challenges. In the United States, Binance faces lawsuits from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The exchange’s regulatory troubles are not limited to Europe. Binance, as always, was fully collaborative and we met our…- Binance June 16, 2023 We had an on-site visit last week by the relevant authorities. In June, Bloomberg published a lengthy profile of Richard Teng, a fast-rising Binance executive with experience, describing him as the “heir apparent” to Zhao as the company mulled succession options.īut so far, Zhao, a nomadic technology genius fluent in both Western and Asian culture, has given no indication he’s prepared to step aside.In France, on-site visits by regulators and inspectors, are part of regulatory obligations to which all financial institutions must adhere. investigations-along with others in Europe, Australia, and elsewhere-have given rise to rumors that Zhao might step aside as part of an effort to help Binance weather the regulatory storm. regulators as well as alleged money laundering and sanctions violations on the company’s platform.īinance is already the subject of serious regulatory lawsuits filed by the Securities and Exchange Commission and the Commodity Futures Trading Commission, and rumors have swirled that a criminal complaint by the Justice Department against both the company and Zhao are imminent. Several outlets have reported that the investigation, underway for more than a year, relates to Binance’s alleged attempts to bamboozle U.S. According to a person at Binance familiar with the situation, the executives chose to depart over Zhao’s response to an ongoing investigation by the Department of Justice.
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