The collapse of crypto prices last year as well as the demise of several notable crypto companies - including FTX - exposed investors to billions of dollars in losses. In August 2021, SEC chair Gary Gensler said investors weren't adequately protected in crypto markets, calling them more like the “ Wild West. regulators believe cryptocurrency has no room in the traditional financial system. Industry leaders say the SEC crackdown signals that U.S. J10:17 pm Binance published a blog post on Wednesday announcing the launch of a new zero-maker fee promotion for TrueUSD (TUSD) spot and margin trading pairs, set to come into. The cryptocurrency industry has been marred by scandals and market meltdowns. customers and transfer assets to them within two weeks. The consent order obliges Binance to create new digital wallets for U.S. It also requires SEC oversight on any spending and prohibits the defendants from destroying records, the agency said in a statement. federal judge Amy Berman Jackson prevents the defendants from spending corporate assets other than for ordinary business expenses. It filed similar charges against the world's other top cryptocurrency exchange, Coinbase, nearly simultaneously.īut Binance and its CEO, Changpeng Zhao, face additional charges of diverting customer funds - concealing the fact that it was commingling billions of dollars in investor assets and sending them to a third party that Zhao also owned.Īs a result, the SEC asked that the assets of Binance's U.S. law by operating as an unregistered securities exchange. Under a consent order filed Saturday, the defendants in the June 5 lawsuit agreed to repatriate all assets held for the benefit of Binance's U.S. Securities and Exchange Commission and Binance have reached an agreement in court that lets the world's largest cryptocurrency exchange continue to operate in the United States as it battles SEC fraud charges.
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