Binance’s regulatory woes continue to mount as the world’s largest cryptocurrency exchange by trading volume has been fined C$6 million ($4.4 million) by Canada’s financial regulator, FINTRAC. The penalty was imposed due to Binance’s alleged failure to comply with money-laundering protections, specifically related to registering as a foreign money services business and reporting virtual currency […]
Binance, one of the world’s largest cryptocurrency exchanges, has come under scrutiny after a Wall Street Journal report revealed that the platform fired its top investigators following their allegations of wash trading involving a top VIP client, DWF Labs. Binance Refutes Wash Trading Allegations The report alleges that DWF Labs conducted over $300 million in […]
Nigeria has rejected bribery allegations made by Binance, the world’s largest cryptocurrency exchange, labeling them as a “tactic to divert” attention from the exchange’s activities. The statement comes in response to a blog post by Binance’s newly appointed CEO, Richard Teng, who claimed that the Nigerian government demanded a $150 million cryptocurrency payment to settle […]
In a letter addressed to US Judge Richard A. Jones for the Western District of Washington, former Binance CEO Changpeng Zhao, commonly known as “CZ,” expressed his remorse and apologized for what he called “poor decisions” made during his tenure as the head of the cryptocurrency exchange. The letter was filed on Tuesday, ahead of […]
The Philippines’ Securities and Exchange Commission (SEC) has stepped up its ongoing regulatory crackdown, ordering Google and Apple to remove Binance, the world’s largest cryptocurrency exchange, from their respective app stores. This follows earlier regulatory actions against the exchange’s operations in the Asian country. Binance Faces Escalating Legal Challenges According to a recent CNBC report, […]
Dubai, known for its forward-thinking approach and embracing the potential of blockchain technology, has granted Binance’s Dubai entity, Binance FZE, a full Virtual Asset Service Provider (VASP) license. Opening Doors For Retail And Institutional Investors According to a local media report, the VASP license obtained by Binance FZE allows the company to expand its offerings […]
In recent developments, the US Department of Justice (DOJ) has been reevaluating its choice of law firm to oversee the cryptocurrency exchange Binance as an independent monitor. The decision concerns the firm’s previous work for the now-bankrupt FTX exchange. The monitorships were part of the $4.3 billion deal in which Binance pleaded guilty to violating […]
In a recent interview with CNBC, Binance’s CEO, Richard Teng, addressed the company’s “cultural issues” and its commitment to compliance following a $4.3 billion fine settlement with the US Department of Justice (DOJ). Teng also highlighted Binance’s transition to “greater maturity” and plans for the potential establishment of a global headquarters, the lack of which […]
In a recent development, a Binance executive detained in Nigeria on tax evasion charges has had his case adjourned until April 19, following his first appearance in court. Tigran Gambaryan, the head of financial crime compliance at Binance, was accused alongside the company of various charges, including non-payment of value-added tax and corporate income tax […]
Binance, one of the world’s largest cryptocurrency exchanges, is entangled in a complex situation in Nigeria. With no resolution in sight, the exchange has finally issued an official statement regarding its detained executive, Tigran Gambaryan, who faces money laundering charges after five weeks in custody. As the Nigerian government introduces additional charges against Binance, the […]
Binance, the world’s largest cryptocurrency exchange by trading volume, has taken a significant step towards reshaping its operations by appointing a board of directors for the first time. This move comes after the exchange pleaded guilty last year to US charges related to anti-money laundering (AML) and sanctions violations. Binance Unveils Inaugural Board Of Directors […]
Amid Nigeria’s crackdown on cryptocurrency activities, one of the detained Binance executives, Tigran Gambaryan, has taken legal action against Nigeria’s National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC), alleging a violation of his basic human rights. Gambaryan, who serves as Binance’s Head of Financial Crime Compliance, was arrested in February along […]