He left after just three months in the job. While Binance.US is regulated in the US, it lacks a lot of the services offered on the global version. Binance.US was last year congratulated for appointing Brian Brooks, a former banking regulator, as chief executive. Neither Binance nor its US version is an FCA-regulated exchange, and the global version of the exchange isn’t regulated in the US or available to its residents. The noise is off-putting for both prospective investors and employees. US SEC chair Gary Gensler has called crypto markets a “Wild West”. Regulators continue to worry that crypto is being used for money laundering and other crimes. Binance founder and chief executive Changpeng Zhao, known as CZ, says he is seeking a physical headquarters.īut mainstream acceptance will be slow. Binance, its US affiliate and other crypto platforms are trying to warm the world up to the idea of further crypto regulation on their own terms. Settling relations with regulators would smooth prices. At 34 times forecast earnings, the stock is trading below the one-year average. Shares in crypto platform Coinbase have followed bitcoin’s sell-off and change hands for $168 a share, down from $343 in November last year. If Binance.US lists, as rival reportedly plan to do, both would trade at the whim of crypto prices.

It is sensible to put aside capital when it can, while building relations with external investors such as RRE Ventures. Revenue depends on trading volumes in crypto, which are notoriously volatile. Commodity Futures Trading Commission began an investigation of the exchange’s trading practices last is wise to raise funds while it can. federal investigations, including another SEC probe. A Binance spokesperson disputed Reuters’ findings, and the exchange told Forbes in a statement that the report is a “ woefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.”īinance is already the object of several U.S.My team and I tested 100 VPNs, and ExpressVPN is the best for accessing Binance. For case, if you connect to an EU waiter, you ‘ll appear as if you ‘re there and Binance will grant you access. It ’ s a dim-witted app that hides your actual IP address and replaces it with one from another area.

Among other cases, Reuters also mentions the hacking of Eterbase, with some of the proceeds being laundered through Binance by North Korean hacker group Lazarus, and Binance’s association with Russian-language drug mart Hydra. There is an easy way to access Binance from the US with a VPN.

Reuters also alleged that the exchange had weak “Know Your Customer” (KYC) and Anti-Money Laundering (AML) protections for those years.

Also on May 6, Reuters published a lengthy special report alleging that Binance processed at least $2.35 billion of transactions from hacks, investment frauds and narcotics sales between 20.

Binance founder and CEO, Changpeng Zhao, popularly known as ‘CZ’, explained in a 2020 blog post that the wording of the BNB white paper was changed in January 2019 because “ the potential for being misunderstood as a security is higher in certain regions.” Binance’s American arm, Binance.US, was created later that year.

The SEC has claimed most cryptocurrencies are securities and brought cases against a number of ICO projects.

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