US Court of Appeals Reverses Lower Courts Ruling in Favor of Binance

The United States Court of Appeals has reversed a lower court’s ruling dismissing U.S.-based users’ damages claim against Binance. Aggrieved users will once again attempt to prove that their claims do not constitute an “impermissible extraterritorial application” of U.S. securities law. ‘Impermissible Extraterritorial Application’ of Securities Law The U.S. Court of Appeals has revived a [...]

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US CFTC Officials File Lawsuit Against Binance, CEO 'CZ' Responds 'Disappointed' - Because they Got EVERYTHING WRONG...

Video Courtesy of CNBC

The lawsuit just filed in the U.S. District Court for the Northern District of Illinois alleges that Binance operated a derivatives trading platform in the U.S. without registering to do so.

The suit also alleges that the company directed its employees to take measures to prevent internal communications from being saved, encouraged US citizens to simply use a VPN to get around IP address restrictions blocking US traders from the platform, which the CFTC calls "a willful evasion of U.S. law".

At one point they even accuse CEO Changpeng Zhao of being the “owner of approximately 300 separate Binance accounts” implying the purpose is for manipulating markets and insider trading. 
Zhao responded in a blog post pointing out the company's massive 750+ person compliance team includes "many with prior law enforcement and regulatory agency backgrounds", basically stating the CFTC got it all wrong, adding his 'disappointment' in the events, also insisting the CFTC's count of 300 accounts was inflated by 298 writing that he only has "two accounts" one for his Binance crypto-to-fiat card and the other for HODLing crypto.

The most likely outcome: Binance settles and pays a fine (they can afford it).

However, there is one big unknown -  the future of Binance US. An agreement to settle by paying a penalty often will include the violator agreeing to stop all operations within the US and not return in the future.

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Adam Lee / Asia Newsroom
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Binance Sued by CFTC for Alleged Violations of Trading and Derivatives Rules

The world’s largest crypto exchange by trade volume, Binance Holdings Ltd., has been sued by the U.S. Commodity Futures Trading Commission. Binance CEO Changpeng Zhao has been named in the lawsuit and the charges claim the crypto exchange broke several trading and derivatives rules. The lawsuit also names Binance’s former chief compliance officer, Samuel Lim, [...]

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Binance’s ‘Provocative’ Motion Against SEC Could Expedite Criminal Charges, Warns Former SEC Official

The U.S. Securities and Exchange Commission (SEC)’s former head of internet enforcement has warned that Binance’s recent motion accusing the regulator of ethical violations could expedite criminal charges against the crypto exchange. “Binance’s motion is provocative and Binance’s antagonistic, arrogant, accusatory, and unorthodox ethics battle-cry could fan the flames of whatever Binance-related criminal prosecution is [...]

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BAD NEWS! Binance receives a Class Action Lawsuit, Sell BNB NOW?

Will BNB crash further because of the lawsuit? Is Binance safe as a crypto exchange? What happened to the Binance lawsuit? More info here.

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Binance Lawsuit Paused: Will SEC Rethink Crypto Crackdown?

The legal battle between Binance and the U.S. Securities and Exchange Commission (SEC) has paused for 60 days following a joint motion. Both parties agreed to the pause, citing the potential impact of the SECs newly formed crypto task force under Hester Peirce. This development raises questions about whether other regulatory cases involving major crypto […]

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‘All of the SEC’s claims fail’ — Binance.US rebuts motion to freeze funds

Binance.US has lodged its defense ahead of tomorrow's hearing on whether it’s funds will be frozen.

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‘Near impossible to know’ what is and isn’t a security: Mark Cuban on SEC

Billionaire investor Mark Cuban has become one of the latest industry figures to call out the United States securities regulator for purportedly failing to provide cryptocurrency firms with a clear registration process. The Shark Tank investor claimed in a June 11 Twitter post that no registration exists in the SEC’s “Framework for “Investment Contract” Analysis [...]

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US Regulatory Authority Files Petition to Halt Binance’s Asset Transactions

In an unprecedented move, the US financial regulator has submitted a petition in court to put a temporary hold on all asset transactions by Binance.

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US SEC Identifies 12 Crypto Tokens as Securities in Binance Lawsuit

The U.S. Securities and Exchange Commission (SEC) has identified 12 crypto tokens as securities in a new lawsuit filed against Binance and its CEO, Changpeng Zhao (CZ). The securities regulator asserted that Binance platforms “have made available for trading on them crypto assets that are offered and sold as investment contracts, and thus as securities.” [...]

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Just In: Binance Possibly Facing Fraud Charges from U.S. DOJ

The U.S. Department of Justice (DOJ) is weighing charges of fraud against the crypto giant. Is Binance in danger?

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