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 […]
Binance CEO Richard Teng recently denounced the Nigerian authorities’ abuse of power and mistreatment of the crypto exchange executives, including still-detained Tigran Gambaryan. Teng considers it’s time to highlight the implications of the saga between the crypto exchange and the Nigerian regulators on behalf of the business community. Binance’s Point Of View Since the arrest […]
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, […]
Binance, the world’s leading cryptocurrency exchange, reportedly seeks to re-establish its presence in the Indian market after being banned by the country’s local government earlier this year. Binance’s Cost To Return To India According to a recent report from India’s Economic Times, the exchange intends to return as a registered entity, aiming to comply with the […]
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 […]
A recent report from Bloomberg has shed light on Binance’s latest efforts to refine its client base. It enhanced the screening process for prime brokerage clients to exclude US-based investors from its platform. This move comes amidst increasing regulatory demands and the exchange’s endeavors to fortify its compliance framework. Binance Intensifies Screening To Exclude US […]