Binance
Binance CEO responds to rumors, says US executive is ‘taking a deserved break’
Published
10 months agoon
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Binance Holdings CEO Changpeng Zhao (CZ) has shot down speculation surrounding the departure of Binance.US CEO Brian Shroder, noting that he is “taking a deserved break” after a successful stint at the company.
Binance.US is a subsidiary of Binance Holdings, and the U.S. based exchange has seen a handful of other top executives recently step down from the firm amid lawsuits from the Securities and Exchange Commission and Commodities Futures Trading Commission.
In a Sept. 15 statement via X (Twitter), CZ urged people to “ignore FUD” around the recent shuffling of execs, as he suggested that Shroder was leaving the firm amicably after accomplishing everything he “set out to do when he joined two years ago.”
“Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers. We are grateful for his contributions,” CZ said.
There has been some speculation regarding recent management changes at @BinanceUS. Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised capital, improved its product…
— CZ Binance (@cz_binance) September 15, 2023
Binance is facing lawsuits from both the SEC and CFTC over several alleged violations of SEC and CFTC laws, including the alleged sale of unregistered securities and mishandling of customer funds. As part of its lawsuit, the SEC claimed that the US and international branches of Binance have illegally commingled funds between each other.
In the midst of this lawsuit, Binance.US announced on September 13 that it was laying off a third of its staff and that Shroder was leaving his position as CEO. On September 14, an additional two executive departures were reported as both head of legal Krishna Juvvadi and chief risk officer Sidney Majalya decided to quit the company. The departures fueled speculation on Twitter that Binance may be facing worse legal troubles than previously understood.
Related: Binance.US not cooperating with investigation, US SEC says in filing
Seemingly referencing the lawsuits in his X post, CZ also asserted that the crypto market “is in a different place now than it was two years ago,” as crypto firms face an “increasingly hostile regulatory environment.” In his view, the new CEO for Binance.US, Norman Reed, is the “right person” to lead the US exchange in this new era.
Binance is the largest crypto exchange by volume in the world. It has come under increasing criticism since the third-largest exchange, FTX, went bankrupt in November and FTX executives were charged with fraud. Critics say that Binance has not been transparent enough about its business practices and has not proven that it is solvent. However, CZ has brushed off these concerns, stating that the firm has “no liquidity issues” and that claims against it are unfounded.
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Binance To Delist All Spot Pairs Of These Major Crypto
Published
12 hours agoon
July 8, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/binance3.jpg)
Binance, one of the leading crypto exchanges, revealed its decision to delist all spot trading pairs for BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) by July 22, 2024. Notably, this unexpected move has sent ripples through the crypto market, leaving investors and traders in a state of speculation and concern. Here we explore the recent announcement and its potential implications on the cryptos.
Binance To Delist These 4 Major Crypto
In its latest strategic review, Binance emphasized a commitment to maintaining high standards and adapting to market shifts. The delisting of BOND, DOCK, MDX, and POLS is driven by several factors that the exchange continuously monitors.
Meanwhile, these include project commitment, development activity, trading volume, network stability, and compliance with regulatory requirements. Binance’s decision reflects a proactive approach to managing its platform and protecting its users.
In addition, the delisting will specifically affect trading pairs BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. Once trading ceases, users will no longer see these tokens’ valuations in their wallets.
Notably, to manage their holdings, users should disable the “Hide Small Balances” option. Deposits of these tokens will not be credited post-July 23, and withdrawals will be unsupported after October 22, 2024.
Meanwhile, Binance has outlined a series of measures to handle the delisting. Binance Simple Earn will halt the token offerings by July 19, with automatic redemption into users’ Spot Wallets.
Similarly, Binance Auto-Invest will stop recurring investments by July 15, and VIP Loan will close all loan positions for these tokens by July 17. In addition, the Binance Funding Rate Arbitrage Bot and Margin services will also be impacted, with crucial deadlines for users to settle positions to avoid losses.
For instance, all BOND, DOCK, MDX, and POLS balances in Cross Margin Wallets will convert to USDT on July 17. Binance Convert will maintain a sell-only function until July 22.
What’s Next?
The delisting news has stirred unease among crypto enthusiasts. Binance’s influence on the market is significant; its actions often drive market sentiment. While positive announcements from a crypto exchange like Binance can fuel market confidence, delisting or any other negative update can have the opposite effect, potentially eroding the market value of the affected tokens.
For instance, the removal of BOND, DOCK, MDX, and POLS could reduce liquidity and trading volume for these tokens, causing volatility. Investors are particularly wary as these assets might struggle to find new exchanges to list on or maintain their market presence.
The broader cryptocurrency ecosystem is also on alert. Binance’s decision underscores the dynamic nature of the crypto market, where regulatory compliance, project performance, and market health dictate listing decisions.
![BOND Price](https://coingape.com/wp-content/uploads/2024/07/BOND-Price-8-7-24.png)
![BOND Price](https://coingape.com/wp-content/uploads/2024/07/BOND-Price-8-7-24.png)
As of writing, BOND price was down 26% to $1.57, while its trading volume rocketed 270% to $23.1 million. On the other hand, DOCK price plunged nearly 40%, and its one-day trading volume also skyrocketed 180% to $4.13 million. Simultaneously, MDEX price plummeted over 40%, while POLS price slumped about 20% today.
![POLS Price](https://coingape.com/wp-content/uploads/2024/07/POLS-Price-8-7-24.png)
![POLS Price](https://coingape.com/wp-content/uploads/2024/07/POLS-Price-8-7-24.png)
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ripple and Coinbase Use Binance Win to Contest SEC Claims
Published
6 days agoon
July 2, 2024By
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Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.
Ripple, Coinbase Cite Binance Case Against SEC
Ripple Labs and Coinbase have intensified their legal defenses by referencing a recent court order involving Binance, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946 Howey Test. This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.
Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.
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Coinbase Demands Clarity in SEC Regulatory Battle
The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its XRP token, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.
Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.
Crypto Firms Rally Around Binance Court Decision
The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of Binance Coin (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.
Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Binance Rejoices Partial Victory Against SEC As Legal Battle Continues
Published
6 days agoon
July 2, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/US-SEC-Vs-Binance-Lawsuit.webp.webp)
Binance, a prominent cryptocurrency exchange, is celebrating a significant legal milestone in its ongoing tussle with the U.S. Securities and Exchange Commission (SEC). Binance said that a recent court decision dismissing several key SEC claims against the exchange marks a noteworthy triumph for the broader industry.
Notably, in another update, Binance.US said that it remains vigilant and is prepared for the next phases of this legal journey.
Partial Victory Against SEC
Binance has achieved a partial victory in its ongoing legal battle with the U.S. SEC, as a federal court recently dismissed several of the agency’s major claims. This ruling is seen as a significant win for the crypto exchange and the entire cryptocurrency sector.
In a blog post shared on the X platform, Binance announced, “In a victory for the industry, a U.S. federal court dismissed several SEC claims against Binance.” The post highlighted that the court ruled crypto tokens are not securities, sales of BNB on secondary exchanges were not sufficiently alleged to be securities, and Binance’s stablecoin, BUSD, is not classified as a security.
A Closer Look Into The Report
Meanwhile, the court’s decision, as detailed in Binance’s blog, rebuffed the SEC’s assertion that digital tokens are inherently securities. Notably, Judge Amy Berman Jackson dismissed this broad claim, emphasizing the need to consider the specific circumstances surrounding each transaction rather than labeling the tokens themselves as securities.
This aspect of the ruling challenges the SEC’s strategy of enforcing regulations through broad classifications, aligning instead with the principle that regulatory oversight should be based on transaction context. Moreover, the court rejected the SEC’s argument that secondary market sales of BNB tokens should be treated as securities transactions.
This decision limits the SEC’s ability to extend its enforcement reach to secondary trading activities on crypto exchanges, thereby providing a crucial check on the agency’s regulatory power. Besides, the court found that the SEC failed to demonstrate that purchasers in secondary market sales bought BNB tokens with an expectation of profit, which is a critical component of the Howey Test used to determine whether an asset qualifies as a security.
In addition, the court dismissed the SEC’s claim that Binance’s fiat-backed stablecoin, BUSD, is sold as an investment contract. The court noted that BUSD was promoted as a stablecoin without any indication that investors anticipated its value would rise due to Binance’s efforts. This decision further reinforces the position that stablecoins do not inherently meet the criteria for securities classification.
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Binance Stands Firm Amid As Legal Battle Continues
Despite the favorable rulings, some of the SEC’s claims against Binance were allowed to proceed. The court did not dismiss the SEC’s allegations that direct sales of BNB tokens may constitute securities transactions, as these claims require further examination during the judicial process.
However, Binance.US expressed readiness for the ongoing legal battle, stating in a recent X post, “We were prepared for this and look forward to having this case move forward in the judicial process.” The crypto exchange highlighted its adherence to U.S. regulations and commitment to maintaining 1:1 reserves for all customer assets.
In addition, Binance.US criticized the SEC’s regulation-by-enforcement approach, which has been perceived as politically motivated overreach under the current leadership. The exchange remains confident in its position, asserting that the SEC’s case lacks factual and legal support.
Meanwhile, Binance emphasized its intention to continue serving its customers and advancing its business, underscoring its strong footing and dedication to providing access to digital assets. As the case progresses, Binance’s partial victory is a significant step in the ongoing struggle between regulatory authorities and the evolving cryptocurrency market.
Besides, in a recent development, Coinbase has filed a notice requesting an interlocutory appeal, citing Judge Jackson’s decision in the Binance BNB case. This has also attracted the market attention, with investors keeping a close watch on the shifting crypto regulation.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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