![]() senators Elizabeth Warren and Tina Smith wrote to top financial regulators including U.S. The bankruptcy in 2022 of a string of major crypto firms has also stoked calls from politicians for greater clarity on how regulators assess ties between U.S. ![]() ![]() Hillmann did not respond to detailed questions Reuters sent him for the article that was published on Thursday. ![]() "It's a tremendous burden," Hillmann told Bloomberg. Hillmann said Binance had been built by software engineers unfamiliar with laws and rules on bribery and corruption, money laundering and economic sanctions, but earlier "gaps" in its regulatory compliance had since been closed. The day before Reuters' article, Binance's chief strategy officer, Patrick Hillmann, told the Wall Street Journal and Bloomberg that Binance expected to pay penalties to resolve U.S. The fourth item on the list was "Ignore FUD, fake news, attacks," using an acronym for "fear, uncertainty and doubt" often used in crypto in relation to news perceived as negative. Zhao has not directly addressed the report, but on Friday he tweeted, "Remember 4.," tagging a previous post in which he listed his "Do's and Don'ts" for 2023. "Congress needs answers, and Binance.US and Silvergate are obligated to give them to us." 'TREMENDOUS BURDEN' "Something fishy is going on here that clearly doesn't pass the smell test," U.S. Securities and Exchange Commission accused FTX founder Sam Bankman-Fried in December of granting "special privileges" to his trading firm Alameda Research, allowing him to siphon off billions of dollars in FTX customer money. Regulators are concerned that some market makers have received undisclosed special treatment from crypto exchanges that may disadvantage customers. The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences for American jobs and innovation, and this is an unfortunate example of that.In particular, the activities of crypto platforms' market makers - firms that typically buy and sell assets at exchanges to deepen trading volumes - have drawn regulatory and political focus since the collapse of major exchange FTX in November. In a statement emailed to Fortune later on Wednesday, a company spokesperson said: “The actions we are taking provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange. 21 to formally respond to the SEC’s allegations. dollars on its platform. Binance has until Sept. customers to illegally access its main platform.Īfter the SEC filed its complaint in June, Binance.US avoided a full asset freeze requested in court by the regulator but said that its banking partners had cut it off, causing it to halt customer trading with U.S. The complaint also alleges Binance allowed some U.S. The regulator accused Binance and Binance.US of evading laws meant to protect American investors by sending billions of dollars of customer funds to a company controlled by Zhao. Now, the company is without a leader as it faces a lawsuit the SEC filed in June. He also led the company through some of its toughest regulatory challenges, including lawsuits from the U.S. Shroder ascended to the CEO position a month after Brooks’ departure and led the company through a $200 million funding round last year that valued Binance.US at $4.5 billion.
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