SEC vs Binance - page 7. | Bitcointalksearch.org

Porfirii

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Quote from: zasad@ on June 16, 2023, 06:36:44 AM

Quote from: pawel7777 on June 15, 2023, 04:55:40 PM

Quote from: zasad@ on June 15, 2023, 06:16:43 AM

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.

zasad@

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Quote from: user210822 on June 15, 2023, 07:22:10 AM

Binance is about to start its' business at Republic of Georgia. They are hiring personnel. Name itself could outrage Gensler on top of the fact he himself explained on CNBC chanell as :m/2023/06/06/sec-chair-gensler-doubts-the-need-for-more-digital-currency.html] "We already have digital currency! Which is digital Dollar and digital Euro." Fight with Binance goes on... Winner takes it all? I'm about to move to Georgia (the Country, not the State) in a month from here. Would like to take active participation in the whole process Roll Eyes

Georgia is not a big country and there is a small population. This is a very small market for a large exchange, although Georgia has good crypto legislation.

Quote from: pawel7777 on June 15, 2023, 04:55:40 PM

Quote from: zasad@ on June 15, 2023, 06:16:43 AM

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.

pawel7777

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Quote from: zasad@ on June 15, 2023, 06:16:43 AM

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.

user210822

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Binance is about to start its' business at Republic of Georgia. They are hiring personnel. Name itself could outrage Gensler on top of the fact he himself explained on CNBC chanell as :m/2023/06/06/sec-chair-gensler-doubts-the-need-for-more-digital-currency.html] "We already have digital currency! Which is digital Dollar and digital Euro." Fight with Binance goes on... Winner takes it all? I'm about to move to Georgia (the Country, not the State) in a month from here. Would like to take active participation in the whole process Roll Eyes

zasad@

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Quote from: Porfirii on June 15, 2023, 06:05:40 AM

Quote from: zasad@ on June 15, 2023, 05:55:29 AM

https://www.coindesk.com/policy/2023/06/14/binances-cyprus-unit-under-examination-for-deregistration-as-crypto-service-provider/
Binance Seeks to Withdraw Cyprus' Unit Crypto Service Registration
The world's largest crypto exchange won registration as a crypto asset service provider (CASP) in Cyprus in October last year.
"We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months," a Binance spokesperson said in an email to CoinDesk.
___
Binance hopes that they will come to an agreement with the regulator in Europe and become one of the major crypto exchanges there, because they are being deprived of a lot of income in the United States.

Although the news seems contradictory at first sight, since Cyprus is in Europe (and their legal currency is the EURO), what I eventually understand is that they are deregistering there so they can focus on fewer regulated entities in the eurozone. But they don't say where they'll be heading now.

Portugal is a well known crypto friendly jurisdiction here in Europe because capital gains on cryptos don't pose a taxable event in said country, but if I'm not wrong this is going to change anytime soon, so I'm curious about the future strategy of the exchange (not because I'm worried about their future, but out of mere curiosity on how these decisions are made).

And why waste time on one country if the MICA law has already been signed and will work. In 18 months there will be a single law for all of Europe, and until that time, laws may differ in different European countries. In Portugal, everything is fine, but they will be required to work in 18 months under the new law.
But will Europe let CZ into its market?

Porfirii

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Quote from: zasad@ on June 15, 2023, 05:55:29 AM

https://www.coindesk.com/policy/2023/06/14/binances-cyprus-unit-under-examination-for-deregistration-as-crypto-service-provider/
Binance Seeks to Withdraw Cyprus' Unit Crypto Service Registration
The world's largest crypto exchange won registration as a crypto asset service provider (CASP) in Cyprus in October last year.
"We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months," a Binance spokesperson said in an email to CoinDesk.
___
Binance hopes that they will come to an agreement with the regulator in Europe and become one of the major crypto exchanges there, because they are being deprived of a lot of income in the United States.

Although the news seems contradictory at first sight, since Cyprus is in Europe (and their legal currency is the EURO), what I eventually understand is that they are deregistering there so they can focus on fewer regulated entities in the eurozone. But they don't say where they'll be heading now.

Portugal is a well known crypto friendly jurisdiction here in Europe because capital gains on cryptos don't pose a taxable event in said country, but if I'm not wrong this is going to change anytime soon, so I'm curious about the future strategy of the exchange (not because I'm worried about their future, but out of mere curiosity on how these decisions are made).

zasad@

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https://www.coindesk.com/policy/2023/06/14/binances-cyprus-unit-under-examination-for-deregistration-as-crypto-service-provider/
Binance Seeks to Withdraw Cyprus' Unit Crypto Service Registration
The world's largest crypto exchange won registration as a crypto asset service provider (CASP) in Cyprus in October last year.
"We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months," a Binance spokesperson said in an email to CoinDesk.
___
Binance hopes that they will come to an agreement with the regulator in Europe and become one of the major crypto exchanges there, because they are being deprived of a lot of income in the United States.

Zoomic

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Now I see SEC vs Binance, if I have answer on my question in SEC vs Coinbase thread, I will use it for this because they are related and same nature. The suit ought to be SEC VS Binance, Coinbase and Ors;

Quote from: safar1980 on June 08, 2023, 08:09:31 AM

Binance lawyers allege SEC Chair Gensler offered to serve as advisor to crypto company in 2019

And if this allegation is trues, the whole issue can be something of witch hunt you know?.

zasad@

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https://www.coindesk.com/policy/2023/06/08/secs-gensler-rebuffs-crypto-complaints-says-gave-ample-warning-heat-was-coming/
"Gary Gensler, chair of the U.S. Securities and Exchange Commission, delivered a speech explaining his thinking after hammering Coinbase and Binance in back-to-back actions."
“Some promoters of crypto asset securities contend that their token has a function beyond simply being an investment vehicle,” Gensler said in remarks prepared for the Piper Sandler Global Exchange & FinTech Conference, delivered in the same week his agency brought major enforcement actions against Coinbase (COIN) and Binance, accusing respectively the U.S.’s and the world’s largest crypto exchanges of trading in unregistered securities.
“Some additional utility does not remove a crypto asset security from the definition of an investment contract,” Gensler said, though he added that tokens built for exclusive use in their blockchain ecosystems can be exempted from such accusations. “The investing public generally buys these crypto assets, at least in part, anticipating profit based on the efforts of those token issuers.”

pawel7777

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Quote from: safar1980 on June 08, 2023, 08:09:31 AM

Binance lawyers allege SEC Chair Gensler offered to serve as advisor to crypto company in 2019

Lol. Gensler is such a weasel. It's almost fascinating how he is able to keep spouting all his nonsense with a straight face and conviction, like some sort of sociopath.
By the way, has it been confirmed that he personally knew the father of Caroline Ellison, the CEO of Alameda (sister company of FTX) or was it just rumours?

safar1980

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"Binance lawyers allege SEC Chair Gensler offered to serve as advisor to crypto company in 2019
According to a new filing from Binance's lawyers, SEC Chair Gary Gensler offered to be an advisor to the crypto exchange in 2019.
At the time, Gensler was teaching at Massachusetts Institute of Technology's Sloan School of Management.
Gensler has been cracking down on the crypto industry over the past year, and earlier this week sued Binance.
SEC Chair Gary Gensler, who is in the midst of a hefty crackdown on crypto companies, offered to serve as an advisor to Binance’s parent company in 2019, according to the lawyers for Binance and founder Changpeng Zhao."
https://www.cnbc.com/2023/06/07/binance-lawyers-say-sec-chair-gensler-offered-to-be-advisor-in-2019.html

zasad@

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Important events in this conflict

Washington D.C., June 5, 2023
https://www.sec.gov/news/press-release/2023-101
"SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao
Charges include operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the Binance.US platform; and the unregistered offer and sale of securities."

Binance Answer
https://www.binance.com/en/blog/ecosystem/sec-complaint-aims-to-unilaterally-define-crypto-market-structure-8707489117122437402
SEC Complaint Aims to Unilaterally Define Crypto Market Structure

SEC motion to freeze assets of BAM Management US Holdings Inc. and BAM Trading Services Inc.
https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.4.0.pdf

https://tokenist.com/sec-files-emergency-motion-to-freeze-binance-us-assets/
SEC Files Emergency Motion to Freeze Binance.US’ Assets

____
https://support.binance.us/hc/en-us/articles/15133607064983-Binance-US-Will-Remove-Select-Trading-Pairs-Has-Paused-OTC-Trading
Binance.US Will Remove 10 Trading Pairs & Has Paused OTC Trading (Updated)

zasad@

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https://finance.yahoo.com/news/binances-us-arm-struggles-bank-140127369.html

"(Reuters) -The U.S. arm of cryptocurrency exchange Binance is struggling to find a bank to handle its customers' cash after the failure of Signature Bank last month, the Wall Street Journal reported on Saturday, citing people familiar with the matter.

Previously, the deposits were sent to either Signature Bank or Silvergate Capital Corp, both seen as crypto-friendly banks. However, after both failed, the exchange is rushing to find a new banking partner, according to the report.

Binance.US is using at least one intermediary to store funds, the report said, adding that since the money is being held by a third party, it can slow down sending and moving funds.

The company has unsuccessfully tried to establish relationships with Cross River Bank and Customers Bancorp Inc, the report said, adding that banks are reluctant due to concerns over regulatory risk."
___
American banks now know who has a black mark from the CFTC.

safar1980

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MR Binance Australia Derivatives AFS licence cancelled

with effect from 14 April 2023, clients will not be able to increase derivatives positions or open new positions with Binance;
Binance will require clients to close any existing derivative positions before 21 April 2023;
on 21 April 2023, Binance will close any remaining open positions.

zasad@

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https://cointelegraph.com/news/jane-street-tower-research-and-radix-are-binance-s-vip-clients-in-cftc-suit-report
"Trading firms Jane Street Group, Tower Research Capital and Radix Trading have been reportedly identified as Binance’s three “VIP” clients that were anonymously cited in the recent lawsuit filed against Binance by the United States commodities regulator.

According to an April 5 Bloomberg report citing “people familiar with the matter,” Radix Trading is “Trading Firm A” as described in the Commodities Futures Trading Commission’s (CFTC) suit, while Jane Street was “Trading Firm B” and Tower Research was “Trading Firm C.”

The firms on the CFTC’s list were examples of U.S. clients allegedly able to access Binance.
It was part of a strategy that “actively facilitated violations of U.S. law” by helping U.S. trading firms evade Know Your Customer compliance standards, among other things, the CFTC alleged.

Binance allegedly enabled Radix to sidestep compliance controls by providing them information on accessing Binance.com through a virtual private network to obscure its IP address."

safar1980

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Binance, CZ, and NBA star Jimmy Butler and other crypto influencers hit with $1B suit for promoting unregistered securities
Just four days after the Commodity Futures Trading Commission brought a highly-publicized suit against Binance, the world’s largest cryptocurrency exchange is facing another high-profile legal challenge.
Late on the evening of March 31, the Moskowitz Law Firm and Boies Schiller Flexner, home to super-attorney David Boies, filed a class action suit that targets Binance, its founder Changpeng Zhao (CZ)—the world’s leading spokesman for the crypto industry—and hoops star Jimmy Butler of the Miami Heat.

zasad@

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Quote from: coupable on March 28, 2023, 05:29:25 PM

Regardless of the political goals behind what is happening, it cannot be denied that Binance has made a fatal mistake if the allegations are proven.
America may not be able to stop Binance activity in its allied countries, given that Binance has become a global monopol (after the fall of the Ftx stock exchange), but it may deprive it of activity in the American market, and it is not excluded that binance.us will be completely stopped, or at least strict monitoring measures will be imposed on it.

I studied the allegations. The exchange is accused of all mortal sins, up to the financing of terrorist organizations. This is no longer a violation of the rules of trade, for which a fine is due.
The implications for Binance, its subsidiaries and CZ are severe. All companies that work with them are at risk of falling under sanctions and criminal prosecution.
What are the conclusions from this against the backdrop of the bankruptcy of large banks working with cryptocurrency projects? The regulator closes the gateways for exchanging cryptocurrencies for money.
It is likely that the regulator also has similar charges against other exchanges, but they have not yet been presented.

coupable

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Quote from: pawel7777 on March 28, 2023, 12:03:42 PM

Quote from: safar1980 on March 28, 2023, 05:51:50 AM

CZ’s Response to the CFTC Complaint
Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.

Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. While we will only be able to give full responses in due time, we will address a few key points below.

Good for him for a quick and detailed response, but the effort is probably futile.
At this point, the message is pretty clear, US want to chase Binance of their market (or maybe from other markets in countries under US influence). Possibly only as part of the wider crack down on crypto, or maybe as an element of USA Vs China game of economical dominance.

The way it looks like, doesn't matter what Binance will do in terms of compliance. They'll always find a way to hit them.

Regardless of the political goals behind what is happening, it cannot be denied that Binance has made a fatal mistake if the allegations are proven.
America may not be able to stop Binance activity in its allied countries, given that Binance has become a global monopol (after the fall of the Ftx stock exchange), but it may deprive it of activity in the American market, and it is not excluded that binance.us will be completely stopped, or at least strict monitoring measures will be imposed on it.

pawel7777

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Quote from: safar1980 on March 28, 2023, 05:51:50 AM

CZ’s Response to the CFTC Complaint
Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.

Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. While we will only be able to give full responses in due time, we will address a few key points below.

Good for him for a quick and detailed response, but the effort is probably futile.
At this point, the message is pretty clear, US want to chase Binance of their market (or maybe from other markets in countries under US influence). Possibly only as part of the wider crack down on crypto, or maybe as an element of USA Vs China game of economical dominance.

The way it looks like, doesn't matter what Binance will do in terms of compliance. They'll always find a way to hit them.

safar1980

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CZ’s Response to the CFTC Complaint
Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.

Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. While we will only be able to give full responses in due time, we will address a few key points below.

Topic: SEC vs Binance - page 7. (Read 2507 times)