‘Buyer Beware’—SEC Insider Issues ‘Disturbing’ Binance Withdrawal Warning Amid Crypto Price Collapse Fears That Could Crash Bitcoin, Ethereum, XRP And BNB (2024)

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‘Buyer Beware’—SEC Insider Issues ‘Disturbing’ Binance Withdrawal Warning Amid Crypto Price Collapse Fears That Could Crash Bitcoin, Ethereum, XRP And BNB (2024)

FAQs

Why is Binance banned in the US? ›

On November 21, 2023, US authorities convicted Binance on multiple charges—including violations of the Bank Secrecy Act, money laundering schemes, unlicensed money transmitting, and sanctions violations.

Is Binance money laundering? ›

Binance agreed to pay more than $4 billion in fines and other penalties as part of a coordinated settlement with the federal government last fall. The company admitted to engaging in anti-money laundering activities, unlicensed money transmitting and sanctions violations.

What is the SEC lawsuit against Binance? ›

The Key Legal Issue: Are Cryptocurrencies Securities? On June 5, 2023, the SEC sued Binance in U.S. District Court for the District of Columbia, alleging that the company had unlawfully operated as an unregistered securities exchange, broker, and clearing agency, among other charges.

What crypto is being sued by SEC? ›

The matter has grown more complicated in two high-profile lawsuits brought by the SEC against major crypto exchanges, Coinbase and Binance. Unlike Ripple and Terraform Labs, the question with the two exchanges hinges solely on the trading of tokens on their venues, rather than the issuance.

Is Binance illegal in the US? ›

The U.S., which separately accuses Binance and Zhao of violating the U.S. Bank Secrecy Act and sanctions on Iran, ordered Binance to pay $4.3 billion in fines and forfeiture. Zhao agreed to pay a $50 million fine.

Has Binance been banned in usa? ›

BINANCE BANNED IN THE UNITED STATES. The Chinese based company BINANCE founded in China in 2017 has since stopped it's major operations in the United States and stopped accepting US users since 2019.

Is Binance in legal trouble? ›

The Securities and Exchange Commission hit Binance with a massive lawsuit in June of this year, and not long after, the U.S. arm of the leading crypto exchange “imploded,” according to new court documents filed on Tuesday.

In which countries is Binance banned? ›

COUNTRY WHOSE BAN THE TRADING ON BINANCE
  • Ontario (Canada)
  • China.
  • Europe (for derivatives trading)
  • Malaysia.
  • Japan.
  • UK.
  • Thailand.
  • #TrendingTopic #BTC.
Feb 28, 2024

Did Binance pay the fine? ›

Binance Holdings Ltd. will pay $4.3 billion after a judge approved a plea deal that levies one of the largest criminal penalties in US history against the world's biggest cryptocurrency exchange.

What is the controversy with Binance? ›

According to the indictment, Binance violated sanctions by facilitating more than 1.1 million transactions between Americans and Iranians. Nearly $900 million was exchanged in total throughout these transactions.

Why did Binance get banned? ›

In January, Binance was among nine offshore cryptocurrency platforms to be prohibited from operating in India through web addresses and mobile applications. The government's action was in response to the platforms' failure to comply with FIU and PMLA guidelines.

Is Binance.US safe? ›

We maintain the highest standards for data privacy and information security, as independently validated by our ISO/IEC 27701:2022 and 27001:2013 accreditation. To ensure our security program meets or exceeds international standards for security and compliance, Binance.US has successfully completed its SOC 2 exam.

Who owns the cryptoassets in your Binance wallet? ›

Binance holds all of its clients' crypto-assets in segregated accounts which are identified separately from any accounts used to hold crypto-assets belonging to Binance. Binance uses Binance's own wallet infrastructure to safeguard user assets and Binance's own assets.

What are the fake bitcoin companies? ›

Key Consumer links
Primary SubjectScam Type
good-bookingline.comFraudulent Trading Platform Advance Fee Scam
bitcoinfied.comFraudulent Trading Platform Advance Fee Scam
Bakktunt.com Bakktexe.com (Entity Impersonating Bakkt)Pig Butchering Scam Fraudulent Trading Platform Advance Fee Scam Imposter Scam
28 more rows
2 days ago

Why is SEC investigating Binance? ›

The SEC has accused Binance, Zhao and the exchange's U.S. arm of artificially inflating its trading volumes, diverting customer funds, failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls.

What is the problem with Binance in the US? ›

'Web of deception'

In separate legal complaints, both the SEC and the Justice Department claimed Binance.US—which Binance had complained was independent—had engaged in so-called wash trading in collusion with its parent company to artificially inflate volume on the platform.

What's going on with Binance in the US? ›

The Securities and Exchange Commission's (SEC) effort last year to freeze Binance.US' operations via a Temporary Restraining Order (TRO) led to mass layoffs at the company as revenue imploded and it struggled with market trust, one of its executives said during a court deposition.

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