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. Securities and Exchange Commission to ensure that U.S. The cryptocurrency industry has been marred by scandals and market meltdowns. Binance, the world's biggest cryptocurrency exchange, and Binance.US have entered into an agreement with the U.S. customers and transfer assets to them within two weeks. JThe Securities and Exchange Commission reached a deal with Binance late Friday that would allow the world’s largest cryptocurrency exchange to keep operating in the United States. The consent order obliges Binance to create new digital wallets for U.S. Currently, there are 154 coins and 316 trading. customer assets remain in the United States until a sweeping lawsuit. Binance US is a centralized cryptocurrency exchange established in 2019 and is registered in United States. Securities and Exchange Commission to ensure U.S. It also requires SEC oversight on any spending and prohibits the defendants from destroying records, the agency said in a statement. Earlier this month, Binance and Binance.US entered an agreement with the U.S. federal judge Amy Berman Jackson prevents the defendants from spending corporate assets other than for ordinary business expenses. Regulators Over Asset Freeze A judge urged the Securities and Exchange Commission to reach a compromise with Binance that would allow the world’s largest cryptocurrency. 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. About Us Editorial Calendar Work at Fortune Behavioral. 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. It’s ‘going to be a struggle’ for customers of Binance-linked Prime Trust after BitGo terminates acquisition plan.
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