- Binance founder and CEO Changpeng Zhao attempted to shut down the crypto exchange's U.S. offshoot earlier this year.
- The decision to liquidate the company was put to a vote by the Binance.US board of directors, but it did not receive unanimous support.
- Binance.US CEO Brian Shroder opposed the decision, expressing concerns about the potential negative impact on customers.
- The attempted shutdown highlights the lengths Zhao was willing to go to protect the larger global exchange amid increasing regulatory scrutiny.
- Binance.US had received a $4.5 billion valuation from investors last year.
- Binance founder and CEO Changpeng Zhao attempted to shut down the crypto exchange's U.S. offshoot earlier this year.
- The decision to liquidate the company was put to a vote by the Binance.US board of directors, but it did not receive unanimous support.
- Binance.US CEO Brian Shroder opposed the decision, expressing concerns about the potential negative impact on customers.
- The attempted shutdown highlights the lengths Zhao was willing to go to protect the larger global exchange amid increasing regulatory scrutiny.
- Binance.US had received a $4.5 billion valuation from investors last year.
BNB, the cryptocurrency linked to Binance, dropped to a one-year low of $204 due to regulatory scrutiny, including allegations that Binance helped Russian users move money abroad and rumors that they are selling bitcoin to support BNB's price, while a distressed BNB-secured loan and a potential liquidation added to the token's downward pressure.
Binance has lost business with Mastercard and Visa as traditional financial institutions become wary of working with the cryptocurrency exchange due to regulatory scrutiny and concerns over compliance within the crypto industry.
The US SEC has filed lawsuits against Binance and Coinbase, accusing them of various regulatory violations, leading to intense discussions about cryptocurrency classification as securities and causing a negative impact on the prices of many altcoins mentioned in the lawsuits.
The US Securities and Exchange Commission has submitted a sealed motion in its case against Binance, prompting speculation about potential further negative developments for the cryptocurrency exchange.
The crypto markets experienced their largest outflows since March, with digital assets losing $168 million last week, primarily due to negative sentiment surrounding the delay in the approval of a spot Bitcoin ETF in the US by the SEC. However, Grayscale won its lawsuit against the SEC, which rejected its ETF application, and while BTC took the brunt of the outflows, other altcoin products saw some inflows.
Crypto prices, including bitcoin and major tokens, experienced a decline due to profit-taking and a general risk-off environment, erasing gains from Grayscale's court victory, with prices weakening ahead of the U.S. jobs report release.
Bitcoin and other cryptocurrencies experience a decline as the Securities and Exchange Commission slows down the decision process for crypto exchange-traded funds.
The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.
Aggregate crypto spot and derivatives trading volume declined by 11.5% to $2.09 trillion in August, with low spot-trading volume and fluctuations in derivatives open interest indicating a speculation-driven market, while Binance maintained its top position despite a decrease in market share.
Despite Visa's announcement and warnings from Binance's CEO, major cryptocurrencies such as Bitcoin and Ethereum are struggling in a bearish trend while a top Federal Reserve official expresses deep concern over the $120 billion stablecoin market.
Major cryptocurrencies declined as investors awaited regulatory developments, including the SEC's ruling on a Bitcoin ETF, while Coinbase revealed plans for international expansion and focus on obtaining licenses in key financial jurisdictions.
Binance.US rejects claims made by the SEC, calling them unsubstantiated and maintaining that it has custody and control over its digital assets, in response to the SEC's request for depositions and further discovery.
Binance.US CEO Brian Shroder leaves as the crypto exchange downsizes its workforce due to regulatory pressures, including a lawsuit from the SEC.
August saw the crypto markets experience a downturn, with Bitcoin and Ether losing significant value due to liquidations on the derivatives market, while venture capital investment in the blockchain industry hit a new low and derivatives drove negative sentiment for Bitcoin.
Binance.US faces continued legal struggles with the SEC, with accusations of noncooperation and low trading volume, while India works on crypto regulation and EU lawmakers vote in favor of a cryptocurrency tax reporting rule. Additionally, U.S. Representative Tom Emmer and co-sponsors reintroduce the CBDC Anti-Surveillance State Act to protect financial privacy.
A U.S. judge has declined to order Binance.US to make its executives more available for depositions or for the SEC to back down in its demands for more documents, instead urging the two parties to work together on discovery requests.
Bitcoin trading volumes on Binance, the world's largest crypto exchange, have plummeted by 57% amid lawsuits and regulatory scrutiny, while competitor Coinbase has seen a 9% increase in volumes over the same period.
Bitcoin and other cryptocurrencies experienced a decline after the Federal Reserve decided not to raise interest rates, suggesting that significant gains may not be anticipated in the near future.
Binance and its CEO Changpeng Zhao have filed a motion seeking the dismissal of the SEC lawsuit, claiming that the regulator overstepped its authority and failed to provide clear guidelines for the crypto sector.
Bitcoin traded slightly downward, Toncoin and Chainlink's LINK token were top performers, FTX sued former employees to recover $157.3 million, and Binance and Zhao filed to dismiss a SEC lawsuit in Thursday's cryptocurrency news.
Binance, the world's largest cryptocurrency exchange, is facing major staffing struggles and regulatory issues, with some calling for CEO Changpeng Zhao to step down. The company has experienced turbulence in the past, but its current challenges may indicate a dire situation.
Bitcoin and other cryptocurrencies experienced a decline in value following the disappointing launch of a cryptocurrency exchange-traded fund (ETF) and the increase in bond yields.
The U.S. Securities and Exchange Commission (SEC) has asked a judge to reject Coinbase Global's request to dismiss the regulator's lawsuit against the cryptocurrency exchange, arguing that a recent court ruling used by Coinbase in its defense does not apply in this case.
Binance's spot market share has continued to decline amid ongoing regulatory issues in the United States, with its market share dropping from 38.5% in August to 34.3% in September, according to analysis from CCData.
Major cryptocurrencies experienced a decline as investors awaited crucial jobs data that could impact interest rates, with Bitcoin, Ethereum, and Dogecoin all seeing price drops.
Bitcoin and other cryptocurrencies are experiencing a decline due to concerns about the impact of escalating violence in the Middle East, which stock investors are seemingly overlooking.
Binance experienced a decline in liquidity and a crash in its ask depth after a false report of BlackRock's spot ETF approval, causing traders to face difficulties in buying and selling bitcoin compared to Kraken and Coinbase.
Binance experienced a decline in liquidity and a decrease in ask depth after a false report of BlackRock's spot ETF approval, causing traders to face slippage and lose money, while exchanges like Kraken and Coinbase performed better due to their market makers' relative sophistication.
A survey conducted by HKUST's business school revealed that public sentiment towards cryptocurrencies in Hong Kong has declined following the JPEX crypto exchange scandal, with 41% of respondents now preferring not to hold virtual assets, up 12 percentage points from a previous study.
Cryptocurrencies and other digital assets experienced a slight decline, but remained at high levels as investors hope for regulatory approval of a Bitcoin exchange-traded fund.
The United States Securities and Exchange Commission (SEC) plans to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen in their ongoing civil lawsuit, although the case against Ripple itself is not yet dropped. The SEC's decision to drop the charges against Garlinghouse and Larsen, who were accused of violating securities laws through the sales of XRP tokens, may indicate a potential appeal regarding the court's ruling on XRP's security status. The SEC has other ongoing cases involving prominent figures in the crypto industry, as well as civil lawsuits against crypto exchanges Binance and Coinbase.
