Tigran Gambaryan faces allegations of ‘serious criminality’ on behalf of world’s largest cryptocurrency exchange
A Nigerian court has ruled that Tigran Gambaryan, the Binance executive detained on charges of tax evasion and money laundering, can face trial on behalf of the world’s largest cryptocurrency exchange.
In a judgment in Abuja on Friday – Gambaryan’s 40th birthday – the presiding judge, Emeka Nwite, denied the American national bail, saying he was likely to abscond.
Continue reading...Class-action lawsuit alleges footballer’s promotion of world’s largest cryptocurrency exchange was ‘deceptive and unlawful’
Cristiano Ronaldo has been hit with a class-action lawsuit seeking at least $US1bn in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the beleaguered cryptocurrency exchange Binance.
The lawsuit filed in federal court in the Southern District of Florida on Monday alleges the footballer’s promotion of Binance was “deceptive and unlawful”.
Continue reading...CEO Changpeng Zhao will resign and pay a $50m individual fine as part of a plea deal with the US Justice Department
Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, agreed to resign from the company and plead guilty to money laundering on Tuesday.
As part of a guilty plea, Zhao agreed to pay a $50m fine and would be barred from any involvement in the business. Binance too agreed to plead guilty, accept the appointment of a monitor and pay a criminal fine of nearly $1.81bn as well as a $2.51bn order of forfeiture to settle three criminal charges. The US Justice Department had charged the company with conducting an unlicensed money transmitting business, a conspiracy charge and violating the International Emergency Economic Powers Act.
Continue reading...This blog is now closed. You can read the full report here: Binance accused of mishandling funds
Here’s a quick summary of what happened today:
The US Securities and Exchange Commission filed a lawsuit against Binance, the largest cryptocurrency exchange, the most serious action taken by US regulators against the company.
The SEC said that Binance operated a shell company, Binance.US, to skirt federal regulators, along with diverting customer funds to outside entities.
Binance issued a response to the SEC’s lawsuit saying that it had been complying with regulators’ “questions” and was looking to negotiate a settlement with the agency.
In the aftermath of news of the complaint, the price of Bitcoin fell below $26,000 for the first time since March.
Continue reading...Regulator says Binance must cease trading by 21 April after it incorrectly classified hundreds of retail customers as wholesale investors
Australia’s financial regulator has cancelled the local financial services licence of the world’s biggest cryptocurrency exchange, Binance.
Earlier this year, the Australian Securities and Investments Commission (Asic) found Binance had incorrectly classified hundreds of retail customers as wholesale investors.
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