- Changpeng Zhao, CEO of Binance, is determined to sever all ties with the U.S.
- Zhao has reportedly pushed to shut down Binance.US, the American branch of the global exchange.
- This decision highlights Zhao's commitment to preserving the reputation of Binance, the world's largest exchange.
- Binance.US declined to comment on the matter.
The head of Binance, Changpeng Zhao, is accused of using Bitcoin to support the price of Binance's BNB token amidst regulatory pressures, according to popular investors in the crypto community.
Binance CEO Changpeng Zhao dispelled rumors of internal chaos at Binance, explaining that the exchange is not selling its Bitcoin stash to protect the price of its native token, BNB, and that Binance did not fund BNB Chain's recent loan repayment.
Binance faces scrutiny over SEPA concerns, market manipulation allegations, and sanction violations, while regulators crack down on crypto-related crimes; meanwhile, scams and allegations of insider trading plague the crypto industry.
Binance, the world's largest crypto exchange, has banned Russia-based users from trading in all currencies except the ruble due to a U.S. Justice Department investigation into possible violation of financial sanctions on Russia.
Binance CEO, Changpeng Zhao, remains confident in the face of regulatory challenges, stating that Binance is a stronger company now and is ahead of the game in terms of regulatory compliance, despite recent lawsuits and scrutiny from regulators.
Binance CEO Changpeng Zhao believes that the recent court ruling on the investor suit against Uniswap is extremely positive for decentralized finance (DeFi), and he predicts that DeFi could surpass centralized finance (CeFi) in the next bull run.
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 CEO Changpeng Zhao denies speculation surrounding the departure of Binance.US CEO Brian Shroder, stating that he is taking a break following a successful tenure at the company amid lawsuits from the SEC and CFTC, and assures that Binance has no liquidity issues.
The United States Securities and Exchange Commission (SEC) claims that wallet provider Ceffu is related to Binance, contrary to Binance's previous statements, in its latest court filing regarding its motion to compel against BAM, the holding company for Binance.US.
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.
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.
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.
A Brazilian congressional committee has recommended indicting Binance CEO Changpeng Zhao and three other executives for fraudulent management practices and operating without sufficient authorization, among other financial crimes.
Binance will no longer accept new users from the UK due to compliance with crypto marketing rules, while existing users will have limited access to services.
Binance.US users can no longer withdraw dollars directly from the platform, instead they must convert funds to stablecoin or other digital assets to be withdrawn, as the exchange updates its terms of use amidst regulatory scrutiny from the SEC.
