SEC vs Binance - page 5. | Bitcointalksearch.org

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: bbc.reporter on September 23, 2023, 10:42:41 PM

I shake my head on these people who cheer when Binance is banned from a certain jurisdiction. If a government can ban Binance, it would also be very easy to ban any exchange from their jurisdictions. Would this not bring back and delay the cryptospace for another 10 years? Who would make markets if all centralized exchanges are banned? This will be worse for Bitcoin than Ethereum because Ethereum is widely used as gas and currency for trading in DeFi.

I haven't seen many people cheering for governments' actions against Binance. Overall, their reputation in the crypto industry was probably the best out of all centralised exchanges. Of course, there are always some orthodox bitcoiners rooting against anything centralised or crypto-related.
And I've said it before and will say it again - I think all the actions are specifically targeted at Binance, not in entire crypto-industry. There's simply no way the US (or the so-called West) would allow a Chinese company to absolutely dominate the industry, not without a fight.

bbc.reporter

legendary

Activity: 3010

Merit: 1460

Quote from: pawel7777 on September 15, 2023, 10:51:07 AM

Someone on ~~twitter~~ X posted a nice summary and a timeline of all major Binance troubles since December last year.
https://twitter.com/Travis_Kling/status/1699135859885236432

Considering all the above, Binance seems to be still holding pretty strong. The price of BNB got some beating, but it's still safe as a No.3 crypto (excl. USDT).

Agreed, CZ's fingers 4 fud appear to be working by making the community calm and not make panic withdrawals from Binance hehehe. Also, all cryptocoins had their own dumps that have occured to them, it is not only BNB.

I shake my head on these people who cheer when Binance is banned from a certain jurisdiction. If a government can ban Binance, it would also be very easy to ban any exchange from their jurisdictions. Would this not bring back and delay the cryptospace for another 10 years? Who would make markets if all centralized exchanges are banned? This will be worse for Bitcoin than Ethereum because Ethereum is widely used as gas and currency for trading in DeFi.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

https://www.coindesk.com/policy/2023/09/18/i-just-want-to-keep-things-moving-judge-makes-no-ruling-in-sec-binance-document-dispute/
"A U.S. judge declined to order Binance.US to make its executives more available for depositions, or for the U.S. Securities and Exchange Commission (SEC) to back down in its demands for more documents during a hearing Monday.
Rather, Magistrate Judge Zia Faruqui urged the two parties to work on the various discovery requests together, asking the SEC to narrow its request for information but allowing it to depose certain shard holders to establish whether Binance.US’s funds are safe. The crypto exchange, a branch of the global Binance entity, should share more information about its relationship with Ceffu, its service provider, he said.
“I’m not going to order from the bench right now that they produce or not produce things. Let’s continue to try to work this out,” he said. “I just want to keep things moving.”"

pawel7777

legendary

Activity: 2436

Merit: 1561

Someone on ~~twitter~~ X posted a nice summary and a timeline of all major Binance troubles since December last year.
https://twitter.com/Travis_Kling/status/1699135859885236432

Considering all the above, Binance seems to be still holding pretty strong. The price of BNB got some beating, but it's still safe as a No.3 crypto (excl. USDT).

FP91G

legendary

Activity: 1834

Merit: 1131

The Securities and Exchange Commission late Monday filed a sealed motion in its case against Binance that includes more than 35 exhibits.
A new secret court filing related to Binance, the crypto exchange that already faces U.S. accusations of wrongdoing, has some wondering whether more bad news is about to hit the industry giant.
https://www.coindesk.com/policy/2023/08/29/secs-secret-binance-court-filing-has-observers-bracing-for-bad-news/

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Quote from: pawel7777 on August 28, 2023, 03:13:45 AM

Quote from: virasog on August 27, 2023, 10:36:45 PM

Binance is facing many issues with the regulators not just in the USA but globally. Recently if you heard that Binance limits withdrawals in Europe, cites payment processor issues, due to their issues with Single Euro Payments Area (SEPA).

This is not good for binance at all as people will lose their trust in this exchange. Also, i think the SEC want to bring this exchange down and slowly and steadily they are moving towards their goal.

It really does look like a coordinated effect of "the West" to cripple Binance and not let them dominate the crypto industry globally. All the troubles dropping on them almost at the same time cannot be a coincidence.
And they're not getting any break, further bad news came from Mastercard, who ended up their partnership with Binance in the Latin America:
https://www.reuters.com/business/finance/mastercard-binance-end-crypto-card-partnership-2023-08-24/

In Russia, Binance also has problems, and they removed the most popular Russian cards from the P2P exchange because these banks are under sanctions.
The positive aspect of all these events and the redistribution of influence in the market is that cryptocurrency will live, although subject to very serious regulations in many countries. Cryptocurrency is not banned and has become a small part of the financial world, but regulators want to tighten their control.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: virasog on August 27, 2023, 10:36:45 PM

Binance is facing many issues with the regulators not just in the USA but globally. Recently if you heard that Binance limits withdrawals in Europe, cites payment processor issues, due to their issues with Single Euro Payments Area (SEPA).

This is not good for binance at all as people will lose their trust in this exchange. Also, i think the SEC want to bring this exchange down and slowly and steadily they are moving towards their goal.

It really does look like a coordinated effect of "the West" to cripple Binance and not let them dominate the crypto industry globally. All the troubles dropping on them almost at the same time cannot be a coincidence.
And they're not getting any break, further bad news came from Mastercard, who ended up their partnership with Binance in the Latin America:
https://www.reuters.com/business/finance/mastercard-binance-end-crypto-card-partnership-2023-08-24/

virasog

legendary

Activity: 3136

Merit: 1172

Leading Crypto Sports Betting & Casino Platform

Quote from: zasad@ on August 03, 2023, 06:37:38 AM

user210822,pawel7777 If it is very simple to explain, then try to understand what the Binance exchange has been doing in recent years in the US and European countries.
Binance created firms such as Binance US, but in reality the exchange was not very interested in where their customers came from and gave everyone the opportunity to trade on their main exchange with huge liquidity. The laws were observed formally and this is a big slap in the face of financial regulators. Binance obtains licenses in other countries, and all of its clients will work there, but through other jurisdictions.

Binance is facing many issues with the regulators not just in the USA but globally. Recently if you heard that Binance limits withdrawals in Europe, cites payment processor issues, due to their issues with Single Euro Payments Area (SEPA).

This is not good for binance at all as people will lose their trust in this exchange. Also, i think the SEC want to bring this exchange down and slowly and steadily they are moving towards their goal.

Many people are saying that bitcoin has not seen its all-time low for this bear market and perhaps the Binance collapse may take bitcoin below 15K. Even if it does not happen, then for sure after the bull market in 2024/2025, there may be anytime where the binance collapse could trigger the next bear market. Who knows what's coming up Huh

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

user210822,pawel7777 If it is very simple to explain, then try to understand what the Binance exchange has been doing in recent years in the US and European countries.
Binance created firms such as Binance US, but in reality the exchange was not very interested in where their customers came from and gave everyone the opportunity to trade on their main exchange with huge liquidity. The laws were observed formally and this is a big slap in the face of financial regulators. Binance obtains licenses in other countries, and all of its clients will work there, but through other jurisdictions.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: zasad@ on July 30, 2023, 05:51:59 AM

I have only one explanation. While the Binance exchange is under attack in all countries, and in European countries, all countries are transitioning to the application of the MICA law, and in a year and a half, all countries of the European Union will have uniform legislation. Most likely, the exchange plans to wait out the hard times, working in other countries, and then try again to get a license to work throughout Europe according to the MICA law.

"Waiting out the hard times" implies it's Binance's decision to withdraw from those markets, while everything looks like they are being pushed out. And if they are - I don't think MICA or any other regulations would help them to come back. If countries don't want Binance around (i.e. because it might be associated with the Chinese political agenda) they'll always find a way to keep them out.

user210822

jr. member

Activity: 91

Merit: 1

Quote from: zasad@ on July 30, 2023, 05:51:59 AM

I have only one explanation. While the Binance exchange is under attack in all countries, and in European countries, all countries are transitioning to the application of the MICA law, and in a year and a half, all countries of the European Union will have uniform legislation. Most likely, the exchange plans to wait out the hard times, working in other countries, and then try again to get a license to work throughout Europe according to the MICA law.

And meanwhile Binance assets and user deposits there both will go down isn't it?

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Quote from: cryptomaniac_xxx on July 29, 2023, 03:51:06 PM

Quote from: user210822 on July 29, 2023, 09:09:08 AM

Quote from: zasad@ on July 27, 2023, 04:14:42 AM

https://cointelegraph.com/news/binance-withdraws-crypto-license-germany
...

“Binance confirms that it has proactively withdrawn its BaFin application. The situation, both in the global market and regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes.“

What changes we are talking about? Was it about Binance legal opression only or is it wider in the sense of crypto-movement?

Perhaps it was due to the crypto movement, government or regulators might be broadening their rules as to how exchanges should work. Specially that EU is very tough regarding the whole KYC procedure.

Or maybe the way Binance and the rest of crypto exchanges handles the account and the customers money and if it really SAFU. This is just how I see, just my personal opinion as to why Binance has to withdraw and maybe do some reconstruction so that the next time they apply, chances are high for them to get approval.

I have only one explanation. While the Binance exchange is under attack in all countries, and in European countries, all countries are transitioning to the application of the MICA law, and in a year and a half, all countries of the European Union will have uniform legislation. Most likely, the exchange plans to wait out the hard times, working in other countries, and then try again to get a license to work throughout Europe according to the MICA law.

cryptomaniac_xxx

hero member

Activity: 1344

Merit: 540

Quote from: user210822 on July 29, 2023, 09:09:08 AM

Quote from: zasad@ on July 27, 2023, 04:14:42 AM

https://cointelegraph.com/news/binance-withdraws-crypto-license-germany
...

“Binance confirms that it has proactively withdrawn its BaFin application. The situation, both in the global market and regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes.“

What changes we are talking about? Was it about Binance legal opression only or is it wider in the sense of crypto-movement?

Perhaps it was due to the crypto movement, government or regulators might be broadening their rules as to how exchanges should work. Specially that EU is very tough regarding the whole KYC procedure.

Or maybe the way Binance and the rest of crypto exchanges handles the account and the customers money and if it really SAFU. This is just how I see, just my personal opinion as to why Binance has to withdraw and maybe do some reconstruction so that the next time they apply, chances are high for them to get approval.

user210822

jr. member

Activity: 91

Merit: 1

Quote from: zasad@ on July 27, 2023, 04:14:42 AM

https://cointelegraph.com/news/binance-withdraws-crypto-license-germany
...

“Binance confirms that it has proactively withdrawn its BaFin application. The situation, both in the global market and regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes.“

What changes we are talking about? Was it about Binance legal opression only or is it wider in the sense of crypto-movement?

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

https://cointelegraph.com/news/binance-withdraws-crypto-license-germany
Binance has withdrawn its cryptocurrency custody license application in Germany. The exchange confirmed its withdrawal to Cointelegraph on July 26, nearly a month after reports of rejections from The German Federal Financial Supervisory Authority (BaFin).

On June 29, BaFin reportedly rejected the crypto exchange’s custody license. However, at the time, it was unclear whether the regulator officially denied Binance’s application or if it verbally informed the company. However, Binance has now confirmed that it has formally withdrawn its license application.

A spokesperson from Binance told Cointelegraph that it intends to re-apply for a license in Germany, with changes to its application reflecting the changes in the regulatory environment:

“Binance confirms that it has proactively withdrawn its BaFin application. The situation, both in the global market and regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes.“

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: pawel7777 on July 07, 2023, 11:00:24 AM

So things are really looking worse and worse everyday for Binance, they keep getting bashed from every side. We have reports of massive net outflows of customers' funds (which is understandable), but what puzzles me is how come Binance's proof of funds does not seem to reflect the situation at all:
https://www.binance.com/en/proof-of-reserves
It's showing snapshots of customers'/exchange's balances at the 1st of each month, and comparing BTC and USDT balances at 1 July with balances at 1 Feb (before all the drama started), the customers' funds actually went up. ETH balances went down compared to Feb, but are still higher than at 1 April. This doesn't make much sense to me, or maybe I'm just missing something here.

Probably the profits that they are getting out outflow to their proof of reserves that's why the funds are not going down, but instead continue to increase by the day. And maybe if there are customers leaving their platform, their could be some newbies joining them as well. So it's balance everything or their could be more customers joining them in return.

The thing with Binance is that they are on top of the food chain, so it's hard to topple them as they are very strong and CZ will not just give up the fight here.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Quote from: pawel7777 on July 07, 2023, 11:00:24 AM

So things are really looking worse and worse everyday for Binance, they keep getting bashed from every side. We have reports of massive net outflows of customers' funds (which is understandable), but what puzzles me is how come Binance's proof of funds does not seem to reflect the situation at all:
https://www.binance.com/en/proof-of-reserves
It's showing snapshots of customers'/exchange's balances at the 1st of each month, and comparing BTC and USDT balances at 1 July with balances at 1 Feb (before all the drama started), the customers' funds actually went up. ETH balances went down compared to Feb, but are still higher than at 1 April. This doesn't make much sense to me, or maybe I'm just missing something here.

Binance continues to be one of the major exchanges and there is no replacement yet. This exchange has a lot of problems, but the exchange has a lot of liquidity in many cryptocurrencies, so it is preferred by large traders. This exchange will not leave the crypto market, and the problems will end. Binance has a good market share in countries other than the US and Europe.

pawel7777

legendary

Activity: 2436

Merit: 1561

So things are really looking worse and worse everyday for Binance, they keep getting bashed from every side. We have reports of massive net outflows of customers' funds (which is understandable), but what puzzles me is how come Binance's proof of funds does not seem to reflect the situation at all:
https://www.binance.com/en/proof-of-reserves
It's showing snapshots of customers'/exchange's balances at the 1st of each month, and comparing BTC and USDT balances at 1 July with balances at 1 Feb (before all the drama started), the customers' funds actually went up. ETH balances went down compared to Feb, but are still higher than at 1 April. This doesn't make much sense to me, or maybe I'm just missing something here.

safar1980

legendary

Activity: 1708

Merit: 1615

Payment Gateway Allows Recurring Payments

Binance Executives Exit as the Regulatory Heat on the Largest Crypto Exchange Intensifies
"The billionaire founder of crypto’s biggest exchange Binance Holdings Ltd. sought to defend the platform following the exits of executives who had been helping the company navigate a widening regulatory crisis.
Changpeng ‘CZ’ Zhao said “we continue to BUILD, and continue to hire” in a tweet on Friday after Binance’s chief strategy officer, general counsel and a compliance official departed, stirring fresh questions about the outlook for an exchange that’s facing probes in the US, Europe and Asia Pacific."

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

https://www.reuters.com/technology/binance-market-share-takes-regulatory-hit-its-us-affiliate-shrinks-2023-07-05/
"July 5 (Reuters) - The market share of Binance, the world's largest cryptocurrency exchange, and its U.S. affiliate have shrank this year, as they battle an onslaught of regulatory crackdowns.

Last month, Binance was hit by a lawsuit by the U.S. Securities and Exchange Commission for allegedly breaching the regulator's rules, pushing its global market share to 52% from 60% at the start of the year, according to data firm Kaiko.

Binance had begun to cede market share in March after its move to end zero-fees transactions for some trading pairs, said Dessislava Aubert, an analyst at Kaiko.

"Binance's market share has gone to a variety of exchanges with Bybit and OKX faring best," Aubert said."

Topic: SEC vs Binance - page 5. (Read 2522 times)