The U.S. agency sued Binance, the world's largest crypto exchange, on Monday.
The US Securities and Exchange Commission has been on a quest to crack down on digital currencies, more so after the fall of crypto exchange FTX.
The outcome may help shape the future of the crypto industry as its major players grapple with the pressing dilemma of the day: whether to resist increasingly aggressive efforts by the US government to bring the industry into compliance with financial laws, or cooperate in an attempt to salvage operations in the world’s largest economy.
Since at least 2021, the CFTC has been probing Binance over whether it failed to keep US residents from buying and selling crypto derivatives. CFTC rules generally require platforms to register with the agency if they let Americans trade those products.
As people become more educated, they will want some of these assets and will ask their governments to allow them to use it in a safe and regulated manner, says Binance CTO Rohit Wad
Industry players, however, are not convinced of the bear market ending anytime soon.
Voyager, a crypto lender which went bankrupt last year, signed an agreement to be acquired by Binance.US in December.
Binance did not immediately respond to a Reuters email seeking comment.
Coinbase will stop listing BUSD from March 13, coming two weeks after Paxos Trust decided to stop minting the stablecoin.
Over the first three months of 2021, more than $400 million flowed from the Binance.US account at California-based Silvergate Bank to this trading firm, Merit Peak Ltd, according to records for the quarter, which were reviewed by Reuters.
Over the first three months of 2021, more than $400 million flowed from the Binance.US account at California-based Silvergate Bank to this trading firm, Merit Peak Ltd
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Binance accused WazirX of driving false narrative about it based on its use of Binance’s wallet services
In its latest blog, Binance said, “It is in the interests of Binance and the public that Zanmai is not permitted to perpetuate false narratives on the basis of their use of Binance’s wallet services. We view such false claims as an attempt to shift the responsibility over WazirX’s operations to Binance.”
To avoid spillovers of crypto volatility and its systemic failures into formal financial system, there needs to be a common global approach, the report said. Under India’s G20 presidency, working on a global crypto framework will remain one of the priorities.
Crypto trading volumes have been down since April 2022; now with the FTX collapse, industry experts don't expect recovery for at least the next six months.
The first book suggested by Binance CEO Changpeng Zhao gives an insight into North Korea's dangerous cyber-criminals, the Lazarus Group, who hacked Hollywood and the world. The second...
The death spiral of Sam Bankman-Fried’s empire bolsters the dominance of Changpeng Zhao’s exchange and amps up potential dangers for the entire sector.
Mazars had performed a so-called proof-of-reserves check on Binance's bitcoin holdings earlier this month, finding its bitcoin reserves on a single day in late November were overcollateralized.
On Tuesday, blockchain data firm Nansen said that Binance had seen withdrawals of $1.9 billion in the last 24 hours and that the exchange said it "temporarily paused" withdrawals of the USDC stablecoin.
"From day 1 of the Binance ICO (5 years ago), there were FUD (fear, uncertainty, and doubt) sponsored by a large exchange then (now very small)," founder and CEO Changpeng Zhao said.
"Binance's withdrawals are increasing due to the growing uncertainty about its reserves report," a Nansen spokesperson said.
Sam Bankman-Fried was arrested in the Bahamas, where he had made his base, on a request by US prosecutors.
Binance said in a separate tweet the halt was due to "token swap" – where digital token holders exchange their crypto coins, typically over different blockchains.
CEO Changpeng Zhao also said the exchange had frozen about $3 million that hackers moved to the Binance's centralized exchange.