Category Archives: Binance
Binance ordered to pay $2.7B to CFTC, former chief to pay $150M – Protos
A US court has ordered crypto exchange Binance and its former chief Changpeng Zhao (CZ) to pay $2.7 billion and $150 million respectively to the Commodity Futures Trading Commission (CFTC).
The CFTC announced on Monday that the US District Court for the Northern District of Illinois approved the historic settlement, which was first reached in November as part of a larger package with the Department of Justice (DoJ), CFTC, and two bureaus of the US Treasury.
By formalizing the settlement, the US court has found that Binance and CZ violated the Commodity Exchange Act (CEA) and CFTC regulations. Binance will disgorge $1.35 billion in ill-gotten transaction fees and also pay a $1.35 billion penalty to the CFTC. CZ will personally pay a $150 million civil monetary penalty.
Read more: This one sentence from CZs criminal settlement has raised eyebrows
In November, CZ was forced to resign as chief of Binance as part of a plea deal. He pled guilty to breaking US anti-money laundering and sanctions laws.
Binance was found to have withheld over 100,000 suspicious transactions with organizations flagged by the US as terrorist groups, along with transactions with sites selling child pornography and sexual abuse.
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Binance ordered to pay $2.7B to CFTC, former chief to pay $150M - Protos
Binance To Settle with CFTC for $2.7 Billion – Watcher Guru
Cryptocurrency exchange Binance has reached a settlement deal worth $2.7 billion with the Commodity Futures Trading Commission (CFTC). The settlement is over allegations that the company allowed illegal cryptocurrency trades and failed to properly implement anti-money laundering measures.
The settlement was approved by a federal judge in December and requires Binance to pay a $1.35 billion civil penalty along with disbursing $1.35 billion in allegedly ill-gotten trading fees earned from U.S. customers.
Changpeng Zhao, Binances founder and former CEO, will also personally pay $150 million as part of the agreement.
Also read: Dogecoin Founder Had Another Crypto Project Before 2014; What Happened to It?
The settlement follows an investigation that found that Binance had actively solicited business from U.S.-based traders despite being aware that its cryptocurrency offerings violated regulations enforced by the CFTC.
Binance, at Zhaos direction, actively solicited customers in the United States, including quantitative trading firms, who entered into digital asset derivative transactions directly on the Binance platform, the agency said in a statement.
As part of the consent order, Binance has committed to making substantial changes to its corporate governance policies, including establishing an independent board of directors.
Also read: Trader Turns $226K into $1.69M in 5 Days with This Solana Meme Coin Heres How
Last month, federal agencies, including the Department of Justice, announced they had collectively reached a $4.3 billion settlement over criminal charges against Binance related to anti-money laundering and sanctions violations.
Following the investigation, Zhao stepped down from his role as CEO of Binance and resigned last week as chairman of Binance.US, the companys U.S.-based trading platform.
While Zhao retains a financial stake in Binance, he no longer has any leadership or governance role at Binance.US which operates independently from the global exchange.
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US Court Approves Order for Binance to Pay CFTC $2.7 Billion Fine – Unchained
A US Court has entered an order against Binance and its former CEO Changpeng Zhao, approving billions of dollars in fines to the CFTC.
A U.S. Court has approved a settlement against Binance and its former CEO Changpeng Zhao.
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Posted December 19, 2023 at 1:39 am EST.
A U.S. Court has approved a settlement against Binance and its former CEO Changpeng Zhao, ordering them to pay a combined $2.7 billion in fines to the U.S. Commodities and Futures Trading Commission (CFTC).
A press release shared by the CFTC on Monday disclosed that the U.S. District Court for the Northern District of Illinois court found Binance had violated the Commodity Exchange Act (CEA) and CFTC regulations.
Binance would have to pay $1.35 billion in penalties to the CFTC and refund another $1.35 billion for its alleged ill-gotten transaction fees. Zhao himself is liable to pay $150 million in a separate penalty.
The presiding Judge Manish S. Shah also ruled that Binances former Chief Compliance Officer Samuel Lim to pay a $1.5 million penalty for aiding and abetting Binances violations of U.S. laws.
The order will also require Binance to provide proof that its compliance controls have been improved. The exchange will have to offboard all the accounts that fail to meet its KYC standards and implement a corporate governance structure that includes a Board of Directors with independent members, a Compliance Committee, and an Audit Committee.
Meanwhile, Zhao, who stepped down from his role as CEO late last month, has been ordered to remain in the U.S. until his February sentencing date. Zhaos resignation came as part of a settlement with the U.S. Department of Justice (DOJ), where the firm agreed to a $4.3 billion fine to resolve a criminal investigation.
However, the legal battle between Binance and the U.S. Securities and Exchange Commission (SEC) still remains unresolved, with lawyers for the two parties going back and forth over the last few weeks over a motion to dismiss the lawsuit.
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US Court Approves Order for Binance to Pay CFTC $2.7 Billion Fine - Unchained
Binance settles on CFTC charges, agrees to pay $2.7 billion in fines – Crypto Briefing
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The Commodity Futures Trading Commission (CFTC) announced that the US District Court for the Northern District of Illinois has formally approved and entered its previously disclosed settlement with the largest crypto exchange in the world, Binance, and its former CEO and founder, Changpeng Zhao.
The consent order requires Zhao to pay $150 million, while Binance must pay $1.35 billion of transaction fees obtained through illegal activity, plus an additional $1.35 billion penalty.
The Northern District of Illinois found that Binance and Zhao violated commodity trading laws by knowingly soliciting American customers without proper controls. The court said:
Binance, at Zhaos direction, actively solicited customers in the United States, including quantitative trading firms, who entered into digital asset derivative transactions directly on the Binance platform. In violation of its own Terms of Use, Binance also allowed at least two prime brokers to open sub-accounts that were not subject to Binances know your customer (KYC) procedures and enabled U.S. customers to directly trade on the platform.
Binance and Zhao committed to improving compliance procedures to identify prohibited US customers part of the settlement. They have already delisted American trading firms called out in the original CFTC complaint for failing to meet the upgraded requirements.
The exchange also consented to enact enhanced corporate governance with independent board directors, an audit committee, and a compliance team. A separate order charged Binances former chief compliance officer $1.5 million for assisting the evasion attempt.
This settlement comes on the heels of mounting regulatory pressure faced by Binance and other major crypto exchanges operating in the United States. It follows Binance US, the US company of Binance, settling with FinCEN for a $3.4 billion civil penalty and a $968 million fine from OFAC to resolve sanctions violations earlier this month 3.4 billion.
The Securities and Exchange Commission is also continuing an investigation into Binance, launched in late 2022, regarding securities dealings.
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Binance settles on CFTC charges, agrees to pay $2.7 billion in fines - Crypto Briefing
"Binance Unites the Community for Festive Activities and Events" – Geeks World Wide
Summary
Binance, the worlds largest cryptocurrency exchange, is celebrating the holidays by organizing various community-focused activities and events. The global celebrations include live events held in different cities around the world, where Binance will be giving out unique presents to honor its community. Additionally, Binance is bringing back its popular Year in Review feature, allowing users to share their highlights from the platform and win special Binance items.
Binance, the leading blockchain ecosystem and biggest cryptocurrency exchange in terms of trading volume, is celebrating the holiday season by prioritizing community involvement and recognition. With a series of events held worldwide, Binance aims to bring people together to celebrate the holidays in cities such as Mexico City, Ho Chi Minh City, Douala, Buenos Aires, So Paulo, Nairobi, Dubai, and Mexico City. During these events, Binance will be giving out unique presents as a token of appreciation for its community.
Binance is celebrating the holiday season with its community by organizing global events, reintroducing the Year in Review feature, and offering various online activities and prizes. With over 167 million users and significant contributions to philanthropic endeavors, Binance continues to prioritize community engagement and technological innovation. Through these initiatives, Binance aims to spread joy and celebrate the holidays with its beloved community.
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"Binance Unites the Community for Festive Activities and Events" - Geeks World Wide
Judge Approves CFTCs Record $2.7 Billion Settlement With Binance; Zhao To Pay $150 Million Fine – ZyCrypto
A United States court has formalized a settlement between digital asset exchange Binance and the Commodity Futures Trading Commission (CFTC), nearly a month after former CEO Changpeng CZ Zhao pleaded guilty to charges related to anti-money laundering violations. This marks the end of a case that has reverberated throughout the cryptoverse.
A federal judge has approved the previously announced multi-billion-dollar settlement between Binance and the CFTC.
According to a Dec.18 press release from the CFTC, the U.S. District Court for the Northern District of Illinois approved the settlement, which requires Binance to pay a $1.35 billion fine to the CFTC, as well as disgorge a further $1.35 billion in ill-gotten transaction fees. Zhao will have to pay $150 million, with a third of that to be handed over in the next 30 days.
CFTZ stated that Binance, under CZs direction, actively solicited U.S.-based customers and helped them dodge compliance controls by concealing their presence on the trading platform.
As part of the settlement, both CZ and Binance have agreed to take additional steps to ensure Know Your Customer procedures are followed on the exchange, as well as requiring the worlds largest crypto exchange by trading volumes to put in place a formal corporate governance structure that includes a board of directors with independent members, a compliance committee and an audit committee.
Binances settlement with the CFTC marks the conclusion of a months-long case against CZ and Binance. Zhao and his exchange were taken to court by the CFTC earlier this year for knowingly evading U.S. federal law and operating an unregistered derivatives exchange.
On Nov.21, Zhao pleaded guilty to Anti-Money Laundering violations. CZ also agreed to resign from his role as the head of Binance as part of a broader settlement with the U.S. Department of Justice, the Treasury Department, and the CFTC. Nonetheless, the exchange still has a pending lawsuit with the U.S. Securities and Exchange Commission, which charged Binance, Binance.US, and CZ for securities law violations back in June.
Zhao is currently residing in the U.S. as he awaits his sentencing ruling in February 2024 after District Judge Richard Jones ordered him to remain in the country as he was a flight risk. The crypto billionaire faces an 18-month jail sentence.
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Justin Sun withdraws millions of dollars in SHIB from Binance – Finbold – Finance in Bold
Justin Sun, the creator of Tron (TRX), recently withdrew $5.22 million worth of Shiba Inu (SHIB). This was his highest withdrawal amount in four days of multiple token withdrawals, suggesting accumulation.
On December 19, SpotOnChain data revealed a significant withdrawal by Justin Sun. The Tron creator pulled 500 billion SHIB, equivalent to $5.22 million, from Binance. Particularly, this recent event suggests he is making strategic moves as the cryptocurrency market shows signs of the 2021 greed levels once again.
Notably, analysts have been predicting the onset of an altseason, where altcoins could surge past Bitcoins (BTC) performance. Suns withdrawals could indicate his anticipation of this shift.
Moreover, the cryptocurrency market was trading bearishly in the previous week. This created potential buying opportunities for keen investors like Justin Sun.
Interestingly, Justin Suns recent activity extends beyond SHIB. Over the past four days, he has extracted $7.35 million in various assets from Binance. These assets include 500 billion SHIB ($5.22 million), 127,510 LINK ($1.82 million), 202,385 STORJ ($190,000), 53.68 billion PEPE ($76,200), and 13,904 DYDX ($43,700).
The size and diversity of these withdrawals by Justin Sun warrant attention. Cryptocurrency investors are watching closely as the market reacts to these large-scale movements. In particular, his actions could influence copy traders to make similar acquisitions.
As the story develops, more insights might surface about the motivations behind Suns financial maneuvers. However, investors must not base their entire financial decisions on influential figures actions.
Essentially, the cryptocurrency market is volatile, unpredictable, and easily moved by whales and market makers. It is indispensable that each trader do their due diligence and apply proper risk management on each operation.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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Justin Sun withdraws millions of dollars in SHIB from Binance - Finbold - Finance in Bold
BONK Price: Binance Launches Margin Trading For Bonk Among Others, BONK Price To Rally? – CoinGape
The worlds largestcrypto exchange Binance on Tuesday said it is further expanding BONK trading on the platform by adding it to the Binance Margin. The moves after the crypto exchange announced BONK listing with three new pairs amid massive demand for the meme coin. Will the move bring a recovery in Solana-based meme coin BONK price?
According to an officialannouncementon December 19, Binance will add Bonk (BONK) to its Binance Margin. With the latest move, Binance has expanded its offerings for users looking to capitalize on the BONK price rally.
Bonk (BONK) is now available as new borrowable assets on the cross margin in BONK/USDT pair and isolated margin in BONK/USDT pair.
Binance has also added ACE/USDT, ALPACA/USDT, DATA/USDT, and FUN/USDT cross-margin pairs. Also, ACE/USDT and XNO/USDT in isolated margin pair.
Binance Margin strives to enhance user trading experience by continuously reviewing and expanding the list of trading choices offered on the platform, allowing for greater diversification of user portfolios and flexibility with trading strategies, said Binance.
Also Read: BONK Price Notes Monthly Surge Of 750% Outshining DOGE & SHIB
Last week, Binance launched new spot trading pairs for Bonk such as BONK/USDT, BONK/FDUSD, and BONK/TRY amid amid massive demand from its users. Crypto exchanges including Coinbase and Crypto.com also listed Bonk, causing BONK price to rally over 1000% in a month.
Binance also added Bonk (BONK) to its Binance Convert service, which offers users to trade BONK with zero fees.
BONK price jumped more than 1% in the past 24 hours, with the price currently trading at $0.0000202. The 24-hour low and high are $0.0000188 and $0.0000229, respectively. Furthermore, the trading volume has decreased by nearly 40% in the last 24 hours, indicating a decline in interest among traders.
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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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BONK Price: Binance Launches Margin Trading For Bonk Among Others, BONK Price To Rally? - CoinGape
Crypto News Today: BTC-Spot ETF Activity and Binance Grab the Headlines – FX Empire
BlackRock (BLK) submitted an S-1 amendment for the iShares Bitcoin Trust. Significantly, BlackRock excluded In-kind creation and redemptions. BlackRock and Fidelity were among the issuers meeting with the SEC to discuss In-kind Creations. Last week, Invesco filed an updated S-1, committing to Cash Creates.
With the January 5-10 approval window approaching, other issuers also filed updated S-1 forms.
Bloomberg Intelligence ETF Analyst James Seyffart shared the updates. Wisdom Tree filed an updated S-1 for the Wisdom Tree Bitcoin Fund. ArkInvest and 21Shares also filed an updated S-1 for the ARK 21Shares Bitcoin ETF, switching to Cash Creations.
There was even a new ETF filing for a 7RCC Spot Bitcoin & Carbon Credit Futures ETF. The Fund will hold 80% BTC and 20% carbon credit futures. Considering the continued focus on Bitcoin mining and the environment, more ESG (Environment, Social, and Governance) filings are likely.
On Monday, the CFTC announced the court formalized the Binance US, Binance, and CZ settlement with the CTFC. Former Binance CEO CZ must pay $150 million, with Binance paying $2.7 billion. Binance will pay $1.35 billion to the CFTC, with a further $1.35 billion as penalty for ill-gotten transaction fees.
Significantly, Binances former Chief Compliance Officer Samuel Lim must pay a $1.5 million penalty for aiding and abetting Binances violations and engaging in activities outside of the US to willfully evade or attempt to evade US law.
In November, Binance agreed to a $4.3 billion settlement with the US Department of Justice.
The SEC is next in line after filing charges against Binance US, Binance, and CZ in the summer. Significantly, the SEC plans to pursue legal proceedings despite the $4.3 billion payout to the DoJ.
BTC sat above the 50-day and 200-day EMAs, sending bullish price signals.
A BTC break above the $42,900 resistance level would give the bulls a run at the 2023 high of $44,747. A move through the December 8 high would bring the $46,400 resistance level into view.
Focal points include BTC-spot ETF-related news and SEC activity.
However, a drop below the $42,000 handle would give the bears a run at the $41,585 support level and sub-$41,000.
The 14-Daily RSI reading, 59.47, suggests a BTC break above the $42,900 resistance level before entering overbought territory.
ETH held above the 50-day and 200-day EMAs, sending bullish price signals.
An ETH move to the $2,250 handle would bring the $2,300 resistance level into play.
However, a fall through the $2,150 handle would support a break below the $2,143 support level. A drop below the $2,143 support level would bring the 50-day EMA into play.
The 14-period Daily RSI at 53.96 indicates an ETH move to the $2,300 resistance level before entering overbought territory.
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Crypto News Today: BTC-Spot ETF Activity and Binance Grab the Headlines - FX Empire
UniSat: Revolutionizing Token Deployment on the Binance Smart Chain – Medium
In the rapidly evolving sphere of blockchain and cryptocurrency, the quest for streamlined solutions for token and NFT deployment has never been more pronounced. UniSat (https://unisat.vercel.app/) has emerged as a standout platform, offering an all-encompassing solution for deploying BRC20 NFTs and tokens. This article delves into the distinctive features that make UniSat a compelling choice, including a new feature allowing new users to claim up to $100 worth of BRC20 tokens during their onboarding process.
UniSat Overview:
UniSat positions itself as an integrated platform designed to simplify the complexities associated with creating and deploying BRC20 tokens and NFTs on the Binance Smart Chain (BSC). With a strong focus on user convenience, UniSat provides a straightforward experience for both newcomers and seasoned developers.
Key Features:
User-Friendly Interface: UniSats intuitive design ensures users, regardless of their experience levels, can navigate the deployment process seamlessly. The platform prioritizes simplicity without compromising on functionality.
Token and NFT Deployment: UniSat excels in facilitating the deployment of BRC20 tokens and NFTs. Users can craft custom tokens and NFTs, tailoring them for various purposes, be it digital art or applications in decentralized finance (DeFi).
Smart Contract Templates: Simplifying the deployment process, UniSat offers a range of pre-designed smart contract templates. This feature eliminates the need for users to delve into intricate coding, ensuring the security and reliability of smart contracts.
Gas Fee Optimization: Leveraging the Binance Smart Chains low transaction fees and swift confirmation times, UniSat enables users to deploy tokens and NFTs without the hefty gas fees associated with other blockchain networks.
Customization Options: UniSat empowers users with customization options, allowing them to tailor tokens and NFTs to specific project requirements. From supply limits to token names and attributes, UniSat provides flexibility without compromising security.
Integrated Marketplace: UniSat goes beyond deployment by featuring an integrated marketplace. This platform allows users to showcase and trade their tokens and NFTs, enhancing project visibility and providing liquidity for token holders.
Claim up to $100 for New Users: As a unique incentive, UniSat introduces a feature allowing new users to claim up to $100 worth of BRC20 tokens during their onboarding process. This promotion aims to encourage exploration and engagement with the platform, providing users with an initial boost to kickstart their projects.
Community Support and Documentation: UniSat places a premium on user support, maintaining an active community and offering comprehensive documentation. Users can access guides, tutorials, and engage with the community for issue resolution and advice.
Conclusion:
UniSat stands as a robust solution for deploying BRC20 tokens and NFTs on the Binance Smart Chain. With its user-friendly interface, smart contract templates, integrated marketplace, and the added incentive for new users to claim up to $100 worth of BRC20 tokens, UniSat positions itself as a leading choice in the competitive landscape of blockchain development. Its commitment to simplicity and functionality offers a potent tool for navigating the complexities of token deployment and fostering a vibrant community of users.
Website : https://unisat.vercel.app/
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UniSat: Revolutionizing Token Deployment on the Binance Smart Chain - Medium