https://sputnikglobe.com/20230609/binance-exchange-halts-us-dollar-use-as-banks-plan-blocking-in-wake-of-sec-lawsuit-1111033063.html
Binance Exchange Halts US Dollar Use as Banks Plan Blocking in Wake of SEC Lawsuit
Binance Exchange Halts US Dollar Use as Banks Plan Blocking in Wake of SEC Lawsuit
Sputnik International
The cryptocurrency exchange Binance.US announced late on Thursday that it was indefinitely pausing use of the US dollar on its exchanges, freezing some $2.2 billion in assets.
2023-06-09T18:01+0000
2023-06-09T18:01+0000
2023-06-09T18:01+0000
americas
binance
us securities and exchange commission (sec)
crypto market
crypto currency
crypto-trading exchange
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Binance.US told its US users late on Thursday that its payment and banking partners had signaled their intent to halt their cooperation with Binance as a consequence of the case brought by the US Securities and Exchange Commission (SEC) launched earlier this week.The lawsuit is part of a larger crackdown on cryptocurrency exchanges that has also targeted Binance, the China-based crypto exchange that is the world’s largest, and which claims its US is separate from Binance.US. The SEC also brought a civil suit this week against Coinbase, the only coin trader listed on the US stock exchanges.Binance also has a history of having done business with FTX Trading, the crypto exchange that collapsed earlier this year after founder and owner Sam Bankman-Fried was accused and later charged with criminal fraud, conspiracy, and campaign finance law violations stemming from similar alleged activity as that of which Zhao is accused.Previously in March, the US Commodity Futures Trading Commission (CFTC) brought is suit against Binance as well, accusing the company of offering crypto derivatives, such as futures or options contracts, with leverage for assets such as cryptocurrencies bitcoin, ether, and litecoin, to people in the US without having registered as a futures commodity merchant.At the time, Zhao said the CFTC complaint "appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged."
https://sputnikglobe.com/20230608/crypto-kryptonite-to-governments-us-crackdown-on-binance-long-time-coming-1111008087.html
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binance; sec; crypto; exchange; us dollars
binance; sec; crypto; exchange; us dollars
Binance Exchange Halts US Dollar Use as Banks Plan Blocking in Wake of SEC Lawsuit
The cryptocurrency exchange isindefinitely pausing use of the US dollar on its platforms, freezing some $2.2 billion in assets.
Binance.US told its US users late on Thursday that its payment and banking partners had signaled their intent to halt their cooperation with Binance as a consequence of the case brought by the US Securities and Exchange Commission (SEC)
launched earlier this week.
“Our priority is, and has always been, our customers. We are taking these proactive steps as we - for a time - transition to a crypto-only exchange,” Binance.US said in a statement posted on Twitter. “While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.”
The lawsuit is part of a larger crackdown on cryptocurrency exchanges that has also targeted Binance, the China-based crypto exchange that is the world’s largest, and which claims its US is separate from Binance.US. The SEC also brought a civil suit this week against Coinbase, the only coin trader listed on the US stock exchanges.
Binance CEO Changpeng Zhao has been charged with civil fraud and the company faces around a dozen securities charges for allegedly transferring billions of dollars in customer money to other companies owned by Zhao.
Binance also has a history of having done business with FTX Trading, the crypto exchange that
collapsed earlier this year after founder and owner
Sam Bankman-Fried was accused and later charged with criminal fraud, conspiracy, and campaign finance law violations stemming from similar alleged activity as that of which Zhao is accused.
Previously in March, the US Commodity Futures Trading Commission (CFTC) brought is suit against Binance as well, accusing the company of offering crypto derivatives, such as futures or options contracts, with leverage for assets such as cryptocurrencies bitcoin, ether, and litecoin, to people in the US without having registered as a futures commodity merchant.
At the time, Zhao said the CFTC complaint "appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged."
