SEC vs Binance

[Astt12]

The US SEC is a government agency that ensures transparency and investor protection in the country's financial markets. On the other hand, Binance is the world's largest crypto exchange — where billions of people buy and sell Bitcoin and other cryptocurrencies. The SEC has accused Binance of using its platform in the US to sell unregistered securities (i.e. unauthorized tokens) and withholding some important information from investors. While the SEC essentially claims most tokens as securities, it considers Bitcoin to be a commodity, meaning the SEC's complaint is not against Bitcoin, but rather against Binance's trading practices — meaning that a lawsuit against it could weaken their position in the US market. While there may be a temporary impact on Bitcoin's price, Bitcoin is relatively safe in the long run because the SEC has not declared Bitcoin illegal.

[zasad@]

Binance founder Changpeng Zhao accused of facilitating payments to Hamas
Crypto tycoon pardoned by Donald Trump faces US court complaint from families of victims of October 7 attack
https://www.ft.com/content/0aea27d8-89a8-4f33-8bfa-2441a16f2b4d

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The billionaire Binance founder pardoned by Donald Trump has been accused of facilitating millions of dollars’ worth of payments to Hamas in the wake of its attack on Israel on October 7 2023.
In a complaint filed in US federal court on Monday by American citizens whose family members were murdered, maimed or taken hostage in the assault, Changpeng Zhao and the cryptocurrency exchange he founded are alleged to have knowingly provided “substantial assistance” to militant groups including Hamas and Hizbollah, helping them conceal the movement of funds."

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It's an old story, but it's politics.

[sokani]

Binance allowed suspicious accounts to operate even after 2023 US plea agreement.

Yes, you read the caption correctly. As part of the plea deal settlement with the US government, Binance also promised to uphold strict AML compliance. According to a recent report from the Financial Times, about $144 million in suspicious transfers have been laundered through the exchange even after the plea deal settlement. Could Binance be in for another round of trouble with the US government?

https://decrypt.co/353279/binance-failed-to-prevent-suspicious-accounts-from-moving-144m-after-2023-plea-deal-report

[Lucius]

Could Binance be in for another round of trouble with the US government?
~snip~

How will they be in trouble when their informal CEO gets a pardon from the president and invests $4+ billion in the US? For the next three years they can do whatever they want and it would be very strange if any investigation were launched against them.

[zasad@]

Binance allowed suspicious accounts to operate even after 2023 US plea agreement.

Yes, you read the caption correctly. As part of the plea deal settlement with the US government, Binance also promised to uphold strict AML compliance. According to a recent report from the Financial Times, about $144 million in suspicious transfers have been laundered through the exchange even after the plea deal settlement. Could Binance be in for another round of trouble with the US government?

https://decrypt.co/353279/binance-failed-to-prevent-suspicious-accounts-from-moving-144m-after-2023-plea-deal-report

13 suspicious accounts and $144 million in suspicious transfers already looks like pressure from competitors. Previously, Binance was accused of financing global terrorism, and the exchange lost its presence in the American market.
Binance wants to enter the American market, but American crypto exchanges are very reluctant. This is how I see this situation.

[sokani]

How will they be in trouble when their informal CEO gets a pardon from the president and invests $4+ billion in the US? For the next three years they can do whatever they want and it would be very strange if any investigation were launched against them.

Yeah, I share the same thoughts. Binance will mostly get a free pass, but after the duration of DT's tenure, the US DOJ might come for Binance, especially if a Democrat occupies the Oval Office.

13 suspicious accounts and $144 million in suspicious transfers already looks like pressure from competitors. Previously, Binance was accused of financing global terrorism, and the exchange lost its presence in the American market.
Binance wants to enter the American market, but American crypto exchanges are very reluctant. This is how I see this situation.

I read about the terrorism accusation a few weeks ago. I'm a little bit curious how the data from the 13 accounts got leaked in the first place. It may be from a dissatisfied Binance employee now working for a competitor.

[zasad@]

13 suspicious accounts and $144 million in suspicious transfers already looks like pressure from competitors. Previously, Binance was accused of financing global terrorism, and the exchange lost its presence in the American market.
Binance wants to enter the American market, but American crypto exchanges are very reluctant. This is how I see this situation.

I read about the terrorism accusation a few weeks ago. I'm a little bit curious how the data from the 13 accounts got leaked in the first place. It may be from a dissatisfied Binance employee now working for a competitor.

Read the charges against Binance and Changpeng Zhao before he received a four-month prison sentence. You'll be surprised by the number of accusations.
I think this information has been known for a long time, but it was just waiting for the right moment. Ask two simple questions: why is this information now known, and who benefits from it? I think the answer is obvious.

[zasad@]

DOJ Investigating if Iran Used Binance to Evade Sanctions: WSJ
https://finance.yahoo.com/news/doj-investigating-iran-used-binance-125705055.html?
"The U.S. Justice Department is investigating Iran's use of Binance to evade sanctions, according to a report published Wednesday in the Wall Street Journal.

Citing sources familiar with the matter, the WSJ reports that officials have contacted people with knowledge of transactions that saw more than $1 billion allegedly flow through the exchange to Iran-backed terror groups, per a previous report in the newspaper. According to the WSJ's reporting, the officials are seeking interviews and gathering evidence, though the paper was unable to determine whether the investigation is targeting Binance itself or customers who used the exchange."