Binance news letter8/1/2023 ![]() The CFTC sued Binance in March and described it as an “opaque web of corporate entities”. That opacity is still an issue, according to the Commodity Futures Trading Commission, the US regulator that oversees the market for derivatives (transactions that effectively place a bet on the price of a cryptocurrency rather than buying it directly). The regulator’s 2021 supervisory notice referred to Binance’s ownership structure as “complex” and with an “extensive geographical spread”, factors that appeared to be “hindering the provision of adequate and reliable information to the FCA”. ![]() ![]() It appears nothing has happened yet to change that view. At the time that FCA said the firm was “not capable of being effectively supervised”. The regulator said it did not comment on specific companies but its official position on Binance had not changed since 2021, when it barred the business from regulated activity in the UK. Photograph: Quality Sport Images/Getty Images The football star Cristiano Ronaldo is among the famous names to promote Binance. He said Binance was going to do everything it could to be regulated in the UK, and described the EU’s recently agreed crypto-asset regulation, Mica, as a “huge step forward”.Īs part of any UK process, Binance will need to register with the FCA, which requires crypto-exchanges to prove they have systems in place to prevent money laundering and terrorism financing. He was formerly a senior figure at public relations firm Edelman where his specialisms included crisis management, and before that held a consultant role for the European Commission. Recruited to the company in 2021, Hillman is familiar with the regulatory environment in Europe. On 10 May, the company’s chief strategy officer, Patrick Hillman, bemoaned a crackdown in the US that he said had made it “very difficult” to do business in a key market. In the case of the US, the business is firmly in the sights of the authorities. Reports suggest Revolut, Britain’s most valuable fintech firm, could have its application for a banking licence rejected by the Bank of England after the company’s auditor, BDO, raised concerns about the balance sheet.īinance, which handles $65bn (£53bn) in daily trades and has no global headquarters, has been accepted by some oversight regimes but has been rejected by others. There is also evidence elsewhere that tech firms face a scrupulous regulatory environment in the UK. ![]() The global markets watchdog, the International Organization of Securities Commissions (Iosco), called for a different approach this week and said cryptocurrencies should be regulated in the same way as traditional assets such as stocks and bonds. Those concerns were underlined by parliament’s cross-party Treasury committeethis month, which said UK authorities should regulate cryptocurrency trading as a form of gambling – adding that digital assets such as bitcoin have “no intrinsic value”. The Securities and Exchange Commission today filed an emergency action application seeking a temporary restraining order freezing assets, directing defendants to repatriate assets held for the benefit of customers of the Binance.US crypto trading platform, and seeking other emergency relief against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings, Inc., and their founder, Changpeng Zhao, to ensure that Binance.US customers’ assets are protected and remain in the United States through the resolution of the SEC’s pending litigation of this matter.Īs part of the SEC’s emergency motion, the SEC seeks (1) an order to show cause why a preliminary injunction should not be granted as to the defendants (2) an order freezing the assets of BAM Management (3) an order directing the defendants to repatriate assets held for the benefit of BAM Trading's or BAM Management’s (together “BAM”) customers (4) an order for other relief concerning the custody and control of BAM customers’ assets (5) an order prohibiting the destruction of records by the defendants (6) an order requiring sworn accountings of certain assets from the defendants (7) an order authorizing expedited discovery from the defendants and (8) an order granting alternate means of service.The collapse last year of one of Binance’s biggest rivals, FTX, and the criminal proceedings that have followed, tarnished the sector.
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