Archive for the ‘Binance’ Category
Crypto – Things are getting dangerously complicated for the former CEO of Binance! Will he get out of it? – Cointribune EN
13h02 3 min of reading by Eddy S.
The former titan of the crypto industry finds himself in an incredibly delicate situation. Changpeng Zhao now faces a potential 3-year prison sentence, requested by the Department of Justice. However, behind this claim lies a complex and disturbing story for the former CEO of the crypto exchange Binance.
The Department of Justice (DOJ) has been outspoken. According to their statements, Binance, through its former CEO, allegedly allowed bad actors to use its crypto platform for money laundering and to finance all kinds of illegal activities.
Furthermore, they claim that the exchange facilitated transactions linked to the black market, ransomware, and scams. Organized crime also would have benefited from Binances lack of regulation. As a result, the DOJ considers the initial sentence of 18 months for Changpeng Zhao to be insufficient.
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For the Department of Justice, this case is of critical importance. Indeed, they consider the sentencing of CZ to be a strong message to the entire crypto sector. On one hand, it will harshly punish the person who built a financial empire by violating US law. On the other hand, it will deter anyone who might be tempted to follow this path.
In clear terms, the DOJ is therefore seeking an exemplary sanction, especially since Changpeng Zhao himself was aware of these violations. A lenient sentence would have been a sign of weakness. The message is clear: no one is untouchable, not even the big names in crypto.
Although the outcome of this case remains uncertain, one thing is clear: the case of Changpeng Zhao will be etched in the annals. However, beyond the legal implications, this case raises fundamental questions. How can the crypto industry regain public trust? Remember that a few days ago, Binance co-founder Yi He claimed that Zhaos legal situation in the United States was largely favorable. It seems that may no longer be the case. One thing is certain, only the future will tell.
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Le monde volue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto la base, je m'intresse tout ce qui touche de prs ou de loin la blockchain et ses drivs. Dans l'optique de partager mon exprience et de faire connatre un domaine qui me passionne, rien de mieux que de rdiger des articles informatifs et dcontracts la fois.
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Binance seeks to re-enter India by paying $2 million in penalty: report – The Block
Binance seeks to re-enter India by paying $2 million in penalty: report The Block
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Binance seeks to re-enter India by paying $2 million in penalty: report - The Block
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Binance sued in Canada for securities law violations – Cointelegraph
Cryptocurrency exchange Binance has been slapped with a new class-action lawsuit in Canada, with plaintiffs alleging that the firm has violated local securities laws.
Ontarios Superior Court of Justicepublished a certification motion on April 19 for a class-action lawsuit against Binance alleging that it sold crypto derivative products to retail investors without registration.
According to plaintiffs represented by Christopher Lochan and Jeremy Leeder, Binance sold crypto derivatives products in violation of the Ontario Securities Act (OSA) and federal law.
The lawsuit seeks damages and rescission of unlawful derivatives trades.The plaintiffs argued that tens of thousands of Canadian users of the Binance website invested in its cryptocurrency derivatives products.
It is noteworthy here that cryptocurrency derivatives traders include a great many retail investors, the certification motion reads, adding that more than 50% of Canadian crypto owners have at least $5,000 in the market, according to the Ontario Securities Commission (OSC).
Binance is a major global cryptocurrency exchange accounting for 58% of the total spot trading volumesamong centralized exchanges as of March 2024. Apart from its leading position as a major spot crypto trading venue, Binance also operates the biggest derivatives market among other exchanges like Bybit and OKX.
According to data from Bybit, the derivatives market for centralized exchanges (CEXs) is almost entirely dominated by Binance, OKX and Bybit.
The latest class action against Binance comes a few years after the crypto exchange announcedin June 2021plans to cease operations in Ontario after the OSC approached the firm with a warning.
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As a result of its failure to adhere to this announced cessation of sales, in early 2022, the OSC notified the defendants of its intention to seek a cease trade order, the new court document reads.
Even after Binance announced departure from Canada in May 2023, local authorities have continued to crack down on the exchange. The OSCs investigation into the defendants is ongoing, the court motion reads.
Cointelegraph approached Binance for a comment regarding the class action lawsuit in Ontario but did not receive a response at the time of publication.
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Binance sued in Canada for securities law violations - Cointelegraph
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Ex-SEC Official Reacts To DOJ Seeking 3-Year Prison Term For Binance Founder CZ – CoinGape
Ex-SEC Official Reacts To DOJ Seeking 3-Year Prison Term For Binance Founder CZ CoinGape
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Ex-SEC Official Reacts To DOJ Seeking 3-Year Prison Term For Binance Founder CZ - CoinGape
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