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Global Crypto Regulation Progresses Whilst US Remain Stringent – Blockchain News, Opinion, TV and Jobs

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1 year ago

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By Marcus Sotiriou, Market Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).

As Bitcoin consolidates around $24,000, there have been progressive advancements with crypto regulation globally. Firstly, global payments giant Ingenico, who has 40 million terminals in 37 countries, now accepts crypto payments in France as it integrates a digital asset platform. Furthermore, private Bitcoin wallets will not be banned by the EU’s new anti-money laundering bill, so people will be allowed to legally participate in self-custody in the EU – a big win for crypto enthusiasts and digital asset platforms that implement self-custody. In addition, the Mayor of Lugano in Switzerland has revealed that in March they will launch a spring school program for Bitcoin education.

In the US, a congressman has introduced a bill that would prevent the Federal Reserve from issuing a CBDC – whether this bill achieves this or not remains to be seen, but I think it is a step in the right direction for the US population, with the lack of sovereignty that CBDCs bring.

These advancements are contrary to recent US regulatory actions, as the New York and Federal finance regulators has opposed a $1.02 billion deal by Binance.US to purchase assets of Voyager. The bankrupt digital asset platform, Voyager, had previously argued that NYDFS objections are “hypocritical” because the regulators themselves are limiting the ability to distribute crypto.

Positive developments in other regions however, as mentioned above, are a reminder that crypto is a global asset class and the US runs the risk of being left behind.



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Binance CEO responds to rumors, says US executive is ‘taking a deserved break’

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8 months ago

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September 16, 2023

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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.

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.