Pages:
Author

Topic: SEC vs Binance - page 6. (Read 2522 times)

legendary
Activity: 2436
Merit: 1561
June 30, 2023, 05:20:45 PM
#73
This is never possible since the sec is the one that is in charge of exchange and other firm regulations.

So? That doesn't grant them any immunity from lawsuits. They still have to operate within the boundaries of the law, and when they overstep their authority or act in a negligent way causing harm (whether financial or other), they should be held accountable.

Quick google search return me these:
1) SEC sued for ‘inexcusable acts of negligence’
https://www.investmentnews.com/sec-sued-for-inexcusable-acts-of-negligence-35199
2) U.S. SEC wrongly collected $14.9 billion from defendants: lawsuit
https://www.reuters.com/article/us-usa-sec-lawsuit-idUSKBN1CW2YT

So it's definitely possible to sue them.
sr. member
Activity: 1008
Merit: 262
Vave.com - Crypto Casino
June 29, 2023, 05:45:13 PM
#72

Someone on our local board posted a question on whether or not Binance will be in position to counter-sue SEC i.e. for defamation and reputational losses given SEC allegedly made a serious of accusations without any real evidence.
Anyone heard of any case where SEC got sued for something like that and lost?

I'd imagine, if that's a possibility at all, Binance would have to have all the charges officially dropped by the court first, but I'm just guessing.
This is never possible since the sec is the one that is in charge of exchange and other firm regulations. Instead of Binance to sue SEC, the reverse will be the case. This is not a joking matter and if that eventually happens, there will be a problem for Binance in the future because the SEC would look for pay back to cripples the activities and the presence of Binance in the United States.

Binance can kindly over look the suit and amend there waysin the rightful manners in case there is any way they are breaching the law. The battle between Binance and the SEC is going to take a long time, that is if Garry still remains the president. Binance is just an exchange that is providing her services to the United States citizens and the SEC has the right to question the for any wrong doing.
legendary
Activity: 1708
Merit: 1615
Payment Gateway Allows Recurring Payments
June 29, 2023, 11:24:25 AM
#71
Binance Crypto Custody License Application Denied by German Regulator BaFin

Germany's financial watchdog has decided not to grant crypto exchange Binance a custody license, news publication Finance Forward reported on Thursday, citing people familiar with the matter.
The report added that it's unclear if the denial was a formal decision from the Federal Financial Supervisory Authority (BaFin) or an intention expressed in ongoing discussions.
legendary
Activity: 1932
Merit: 4602
Buy on Amazon with Crypto
June 28, 2023, 10:42:02 AM
#70
https://coinmarketcap.com/headlines/news/binance-austria-withdraws-license-application/
Crypto exchange Binance has withdrawn its license application with the Financial Market Authority of Austria, according to FinanceFWD.

"We are unable to share details of our conversations with regulators, however we remain committed to acting in compliance with our obligations wherever Binance operates," a Binance spokesperson told The Block when contacted to comment on FinanceFWD's report on the withdrawn Austrian application. "Our current focus in Europe is on ensuring that we will be in full compliance with the requirements of MiCA [Markets in Cryptoassets] when it is implemented at the end of next year."
legendary
Activity: 1708
Merit: 1615
Payment Gateway Allows Recurring Payments
June 24, 2023, 09:48:09 AM
#69
FSMA orders Binance to cease immediately all offers of virtual currency services in Belgium
The FSMA has noted that Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area. The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium.
legendary
Activity: 1932
Merit: 4602
Buy on Amazon with Crypto
June 23, 2023, 08:05:11 AM
#68
https://finance.yahoo.com/news/binance-hires-former-justice-department-183540600.html
(Bloomberg) -- The world’s biggest cryptocurrency exchange, Binance Holdings Ltd., has hired a former white-collar prosecutor at the Department of Justice to represent the firm in the Securities and Exchange Commission lawsuit, according to a court filing on Thursday.

Binance is under pressure in many countries
https://cointelegraph.com/news/binance-scrutiny-in-brazil-as-government-demands-executive-testimony
Binance faces scrutiny in Brazil, exec summoned to testify before Congress
This development comes amid a global regulatory crackdown on Binance, which is facing investigations in multiple countries.

As long as there is no cryptocurrency legislation in the US, this shit will continue. Only it is not clear what the law will be, on the basis of a judicial precedent or on the basis of a decision of Congress.

legendary
Activity: 2436
Merit: 1561
June 22, 2023, 11:36:57 AM
#67

Someone on our local board posted a question on whether or not Binance will be in position to counter-sue SEC i.e. for defamation and reputational losses given SEC allegedly made a serious of accusations without any real evidence.
Anyone heard of any case where SEC got sued for something like that and lost?

I'd imagine, if that's a possibility at all, Binance would have to have all the charges officially dropped by the court first, but I'm just guessing.
legendary
Activity: 1932
Merit: 4602
Buy on Amazon with Crypto
June 22, 2023, 06:06:34 AM
#66
https://www.coinspeaker.com/binance-us-legal-team-sec/
Binance.US and Its Legal Team Allege SEC Issued Misleading Statements in Lawsuit
"In a motion filed on June 21, Binance.US claimed the SEC has no evidence that the crypto exchange commingled users’ funds.If approved by the judge, the motion could prevent the SEC from making certain statements in public as Binance allege they would lead to market confusion.

“The SEC’s press release also appears to be designed to introduce unwarranted confusion into the marketplace, which could have the effect of harming BAM customers rather than protecting them. It also risks tainting the jury pool with misleading descriptions of the evidence concerning the Defendants,” Binance noted."
legendary
Activity: 1708
Merit: 1615
Payment Gateway Allows Recurring Payments
June 21, 2023, 10:26:01 AM
#65
Binance.US Market Share Drops to 1.5% in Wake of SEC Crackdown
"Binance.US now accounts for only 1.5% of the total weekly trading volume among US crypto exchanges, down from 8.2% at the beginning of the year and its peak of 22% in late March, according to data from Kaiko.

The sharp decline comes as Binance.US battles a number of challenges: its banking and payments partners are cutting off support, its liquidity is drying up and customers have been withdrawing funds from the platform.

“So what we are seeing here is sort of the collapse of Binance.US,” said Clara Medalie, director of research at Kaiko, in an analyst call Tuesday. “Can Binance.US survive in a post-SEC world? I think the jury is still out on that, but looking at the data, I think it’s very unlikely.”"
legendary
Activity: 1932
Merit: 4602
Buy on Amazon with Crypto
June 21, 2023, 07:57:27 AM
#64
https://protos.com/scoop-european-states-working-with-sec-on-binance-investigation/
"Police and financial regulators in several European countries are collaborating with the US Securities and Exchange Commission (SEC) to unravel more information on Binance, sources close to the matter told Protos.

The SEC has been soliciting information on Binance’s activities from several European nation-states for some time and a number of them have been spurred into action after the exchange was indicted by the SEC and accused of commingling funds earlier this month.

Other European authorities are still in the process of assessing the complexity of Binance’s case and are yet to comply with the SEC’s requests for information."

https://www.financemagnates.com/cryptocurrency/binance-markets-limited-deregisters-with-the-uks-fca/
Binance Deregisters in the UK, Expediting Its EU Exodus

__
The regulator kicks the Binance exchange from the US and European markets.Binance US will not be able to operate in the US without the support of the main company.
sr. member
Activity: 616
Merit: 271
June 20, 2023, 06:10:37 PM
#63

Quote
Instead, we were able to reach a Court-ordered agreement with the SEC that allows us to continue our ordinary course business.
What does this statement really mean?
What is ordinary course business in this context.
Doesn't it mean normal trading and other things but not related to staking and other activities why SEC classified them as securities?

That means that their funds won't get frozen and they will continue to operate, i.e. conduct their normal operations. Of course, I imagine that will all the panic probably most of the US customers decided to withdraw (you can't blame them), so the level of activity of Binance US is probably just a fraction of what it used to be. But at least they can carry on trading until the court rules otherwise.
That is a great news. I almost misunderstood the statement because of the clause of ordinary course business used in the statement. I know Binance has lost a handful of US based customers but it is only just for a while and they will return to Binance.
We can also see that the market is green, should we attribute it to this news?
legendary
Activity: 2436
Merit: 1561
June 19, 2023, 03:59:48 PM
#62

Quote
Instead, we were able to reach a Court-ordered agreement with the SEC that allows us to continue our ordinary course business.
What does this statement really mean?
What is ordinary course business in this context.
Doesn't it mean normal trading and other things but not related to staking and other activities why SEC classified them as securities?

That means that their funds won't get frozen and they will continue to operate, i.e. conduct their normal operations. Of course, I imagine that will all the panic probably most of the US customers decided to withdraw (you can't blame them), so the level of activity of Binance US is probably just a fraction of what it used to be. But at least they can carry on trading until the court rules otherwise.
sr. member
Activity: 1008
Merit: 262
Vave.com - Crypto Casino
June 19, 2023, 08:09:19 AM
#61

Quote
Instead, we were able to reach a Court-ordered agreement with the SEC that allows us to continue our ordinary course business.
What does this statement really mean?
What is ordinary course business in this context.
Doesn't it mean normal trading and other things but not related to staking and other activities why SEC classified them as securities?
The fight between Binance and the sec had been calmed down by the judge that decided not to listen to the sec opinion to freeze the Binance US account. A lot had happened and I know that the US citizens will not be happy if Binance was sanctioned and finally leave the state. Since it is a good news for Binance US to go about there business and the SEC to cut out there allegetion against Binance and to refine a suitable process that will enable her to work on there lapses and stick the rules to enhance a friendly atmosphere.
sr. member
Activity: 616
Merit: 271
June 18, 2023, 06:38:06 PM
#60

Quote
Instead, we were able to reach a Court-ordered agreement with the SEC that allows us to continue our ordinary course business.
What does this statement really mean?
What is ordinary course business in this context.
Doesn't it mean normal trading and other things but not related to staking and other activities why SEC classified them as securities?
legendary
Activity: 2436
Merit: 1561
June 18, 2023, 04:14:29 PM
#59

That's some positive news indeed, as otherwise Binance US operations would get completely destroyed. But not sure if we should read this as SEC softening their stance and looking for compromise, as Binance, in their tweet, referred to it as a "Court-ordered agreement". So it could be that the court forced SEC into accepting that agreement, rather then it resulting from SEC's good will.

Here's what Binance themselves had to say about that:

https://twitter.com/BinanceUS/status/1670077275419869186
Quote
We want to provide an update on the current battle http://Binance.US finds itself in with the SEC. We are pleased to inform you that the Court did not grant the SEC’s request for a TRO and freeze of assets on our platform which was clearly unjustified by both the facts and the law.

Instead, we were able to reach a Court-ordered agreement with the SEC that allows us to continue our ordinary course business. There has never been any evidence presented by the SEC concerning mis-use of customer assets. In fact, the SEC lawyers conceded in Court earlier this week, when asked by the Judge, that they had no evidence suggesting that any such thing had occurred.

The SEC’s request would have effectively shuttered our business, which is consistent with the agency’s continued attempts to kill the crypto industry by any means, even by making allegations that are not supported by the facts.

This fight has damaged our business and our reputation but not our fighting spirit or our resolve to defend ourselves against unwarranted charges and “regulation by enforcement” tactics that do not belong in our system of justice.

We look forward to continuing to defend ourselves in court.
legendary
Activity: 1932
Merit: 4602
Buy on Amazon with Crypto
June 18, 2023, 04:53:58 AM
#58
I don't fully agree with you pawel7777: although as western economic powers it is logical that they are similar in many aspects, and North-American cultural influence over Europe is undeniable (but let's don't forget that vice versa also), there are many economic, social and political conflicting interests between them, and that's the reason why the UK left the EU (Brexited), because their interests fit better with the Commonwealth's than with the Union's.

So I think that you are mixing things up, and if Binance's way is eventually blocked in Europe I don't think it will be due to the influence of the US.

Of course, different countries have different interests, but strong countries always have some power to impose their will onto weaker ones. The Russian-Ukraine war is a good example, it was obvious that Germany and France initially were pushing for peace talks and were hoping for things to return back to normal, but that wasn't in line with US's goals. To make their arguments more convincing, US blew up Nordstream 2 baltic pipe, sending a message to Germany that going back to old ways of buying gas from Russia is no longer an option.
I'm not saying that Europe is totally controlled by the US, but it's undeniable that the US has been pretty effective in forcing their way in the most important issues.

So the question is what's the real reason behind the crypto crackdown. i.e. if they decided that crypto is a major threat to their financial system, then they won't allow the crypto industry to just move and bloom in other countries. Plus, even without US pressure, other countries could come to the same conclusion and start seeing crypto as a threat.
If Germany and France refuse the shower raw materials that they bought in Russia. If Germany refuses nuclear energy, then this indicates an imminent economic crisis in these countries.
___

Binance, SEC strike deal to keep US customer assets in country
https://www.reuters.com/technology/urgent-binance-sec-strike-deal-move-all-us-customer-funds-wallet-keys-back-2023-06-17/

___
Any deal or agreement is already at least a small chance for cooperation and the start of negotiations. Until criminal cases are opened, the parties to the conflict can find a compromise.
legendary
Activity: 2436
Merit: 1561
June 17, 2023, 06:33:21 AM
#57
I don't fully agree with you pawel7777: although as western economic powers it is logical that they are similar in many aspects, and North-American cultural influence over Europe is undeniable (but let's don't forget that vice versa also), there are many economic, social and political conflicting interests between them, and that's the reason why the UK left the EU (Brexited), because their interests fit better with the Commonwealth's than with the Union's.

So I think that you are mixing things up, and if Binance's way is eventually blocked in Europe I don't think it will be due to the influence of the US.

Of course, different countries have different interests, but strong countries always have some power to impose their will onto weaker ones. The Russian-Ukraine war is a good example, it was obvious that Germany and France initially were pushing for peace talks and were hoping for things to return back to normal, but that wasn't in line with US's goals. To make their arguments more convincing, US blew up Nordstream 2 baltic pipe, sending a message to Germany that going back to old ways of buying gas from Russia is no longer an option.
I'm not saying that Europe is totally controlled by the US, but it's undeniable that the US has been pretty effective in forcing their way in the most important issues.

So the question is what's the real reason behind the crypto crackdown. i.e. if they decided that crypto is a major threat to their financial system, then they won't allow the crypto industry to just move and bloom in other countries. Plus, even without US pressure, other countries could come to the same conclusion and start seeing crypto as a threat.
legendary
Activity: 1932
Merit: 4602
Buy on Amazon with Crypto
June 17, 2023, 05:24:06 AM
#56

https://fortune.com/crypto/2023/06/16/binance-europe-france-investigation-money-laundering-netherlands-vasp-license-withdrawal/
Binance loses footing in Europe as French prosecutors investigate exchange and Netherlands denies license application
"On Friday, French newspaper Le Monde reported that prosecutors were investigating the company’s branch in France for violating the country’s anti–money-laundering laws. The investigation concerns Binance’s allegedly illegal operations as a digital assets provider as well as “aggravated money laundering,” a spokesperson for the SEJF, the French governmental agency responsible for investigating financial crimes, told Fortune in a statement.
That same day, Binance announced that it was leaving the Netherlands after the Dutch regulatory agency did not approve the exchange’s application to become a VASP, or virtual asset services provider."

The response from European regulators has been swift and such allegations will prevent the exchange from operating in Europe.

News is not readable (it is paid) but I suppose that the headline is enough to understand what has happened. In Spain, Binance recently registered and got whitelisted by the Banco de España, but if they are starting to have problems in France (and the Netherlands) now, it does not bode well for when a single regulation for Europe is implemented.

Still a long way to go, and things can change in the meantime, so uncertainty is high, but yes, a change in trend is intuited.
This is the original in French
https://www.lemonde.fr/pixels/article/2023/06/16/binance-principale-plate-forme-mondiale-d-echange-de-cryptomonnaies-visee-par-une-enquete-en-france_6177876_4408996.html

Of course, if large countries in Europe begin to block Binance, then other countries will suspend the existing licenses of the exchange. Although the Binance exchange has a lot of money, they will not be able to fight with all the regulators in the US and Europe.
legendary
Activity: 1932
Merit: 2354
The Alliance Of Bitcointalk Translators - ENG>SPA
June 17, 2023, 05:10:25 AM
#55

https://fortune.com/crypto/2023/06/16/binance-europe-france-investigation-money-laundering-netherlands-vasp-license-withdrawal/
Binance loses footing in Europe as French prosecutors investigate exchange and Netherlands denies license application
"On Friday, French newspaper Le Monde reported that prosecutors were investigating the company’s branch in France for violating the country’s anti–money-laundering laws. The investigation concerns Binance’s allegedly illegal operations as a digital assets provider as well as “aggravated money laundering,” a spokesperson for the SEJF, the French governmental agency responsible for investigating financial crimes, told Fortune in a statement.
That same day, Binance announced that it was leaving the Netherlands after the Dutch regulatory agency did not approve the exchange’s application to become a VASP, or virtual asset services provider."

The response from European regulators has been swift and such allegations will prevent the exchange from operating in Europe.

News is not readable (it is paid) but I suppose that the headline is enough to understand what has happened. In Spain, Binance recently registered and got whitelisted by the Banco de España, but if they are starting to have problems in France (and the Netherlands) now, it does not bode well for when a single regulation for Europe is implemented.

Still a long way to go, and things can change in the meantime, so uncertainty is high, but yes, a change in trend is intuited.
legendary
Activity: 1932
Merit: 4602
Buy on Amazon with Crypto
June 17, 2023, 03:53:55 AM
#54
But will Europe let CZ into its market?

That's a big question. The US has a pretty big influence on most European countries, but it's not like they have complete control over them. And probably subject of crypto trading is not of any major strategic importance, so maybe they won't be expanding their crypto crack-down outside of the US.
If I remember correctly, the most recent opinions of EU on crypto were not very friendly, and Binance had to block certain features for its UK customers (as well as well to stop supporting GBP deposits/withdrawals), so I'm not very optimistic here, but wish Binance all the best.
At the last conference I watched, bankers and businessmen were talking about blockchain-based digital assets that have value. This will provide more opportunities for development and earnings.

I don't fully agree with you pawel7777: although as western economic powers it is logical that they are similar in many aspects, and North-American cultural influence over Europe is undeniable (but let's don't forget that vice versa also), there are many economic, social and political conflicting interests between them, and that's the reason why the UK left the EU (Brexited), because their interests fit better with the Commonwealth's than with the Union's.

So I think that you are mixing things up, and if Binance's way is eventually blocked in Europe I don't think it will be due to the influence of the US.

I'm very curious about the answer to zasad@'s question too, but we'll have to be patient until time tells and make decisions accordingly.

https://fortune.com/crypto/2023/06/16/binance-europe-france-investigation-money-laundering-netherlands-vasp-license-withdrawal/
Binance loses footing in Europe as French prosecutors investigate exchange and Netherlands denies license application
"On Friday, French newspaper Le Monde reported that prosecutors were investigating the company’s branch in France for violating the country’s anti–money-laundering laws. The investigation concerns Binance’s allegedly illegal operations as a digital assets provider as well as “aggravated money laundering,” a spokesperson for the SEJF, the French governmental agency responsible for investigating financial crimes, told Fortune in a statement.
That same day, Binance announced that it was leaving the Netherlands after the Dutch regulatory agency did not approve the exchange’s application to become a VASP, or virtual asset services provider."

The response from European regulators has been swift and such allegations will prevent the exchange from operating in Europe.
Pages:
Jump to: