9/8/2023 0 Comments Binance news us![]() ![]() She warned that these fines might “cause confusion about the CFTC’s role in this area”. Previous actions by this regulator in 2021 against Tether and Bitfinex resulted in major fines and a loss of credibility for the crypto industry.īut a statement published at the time by one of the CFTC’s five commissioners, Dawn Stump, pointed out that the CFTC doesn’t actually have responsibility for regulating cryptocurrencies. The CFTC aims to “protect the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets”. These outflows could continue if US regulators tighten their squeeze on crypto companies further, causing major players like Binance to shift focus to other jurisdictions. ![]() Investors withdrew a reported US$1.6 billion (£1.3 billion) from Binance within days of the CFTC’s announcement of its charges. So, this charge – against not only a crypto giant but also the company of an outspoken industry advocate – has created further upheaval in a market that has already suffered multiple crises in the last year. Binance saw its market share grow following FTX’s collapse. Last year CZ’s tweets arguably contributed to the collapse of FTX, one of his company’s main rivals. 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. Promising full responses in due time, he said: He even tweeted a link to his initial response to the recent CFTC charges, which he called “unexpected and disappointing”. CZ is an outspoken advocate for cryptocurrencies and regularly tweets about the industry and his company. People visit Binance nearly 15 million times a week to trade on the over 300 cryptocurrencies it offers in more than 1,600 different markets. The regulator has pointed to chat messages as evidence of CZ and Sim’s knowledge of various criminal groups using the exchange. They are charged with taking steps to violate US laws, including directing US-based “VIP customers” to open Binance accounts under the name of shell companies. The CFTC has also levied charges against Binance’s founder and CEO, Changpeng Zhao (known as CZ) and former chief compliance officer Samuel Lim. It says Binance has prioritised commercial success over regulatory compliance. The CFTC’s lawsuit alleges that Binance violated US derivatives laws by offering its derivative trading services to US customers without registering with the right market regulators. This indicates how regulators – particularly those in the US – hope to clamp down on the cryptocurrency industry. But this particular case involves a regulator that does not directly oversee cryptocurrencies. This is not the first time a cryptocurrency exchange has been charged by a regulator. As part of the launch, Binance will introduce a zero-maker free limited-time promotion for FDUSD trading pairs on FDUSD/BNB, FDUSD/USDT and FDUSD/BUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.The world’s largest cryptocurrency exchange, Binance, has been hit with a lawsuit by US regulator the Commodity Futures Trading Commission (CFTC). The FDUSD listing will go live at 16:00 HKT on 26 July 2023. We look forward to continuing our innovation in the next generation asset space, as well as working with the Web3 ecosystem to build solutions to unlock even greater value from FDUSD.” We’re delighted to partner with Binance to meet this need and bring FDUSD to market. ![]() FDUSD offers a transparent, reliable and trusted alternative that provides the predictability corporates and investors are demanding. ![]() Vincent Chok, CEO of First Digital Trust, commented: “Recent events have shown that conventional assets are not immune to the risk and volatility posed by external events. Compatible with next generation Web3 technologies, new solutions can be built upon FDUSD in the future to unlock new value and further integrate with everyday transactions. This significantly enhances the efficiency, security as well as lowering the cost of financial transactions. dollar-pegged stablecoin offers diversification and greater stability against the impact of central bank policies.įDUSD is also designed to be a programmable digital asset that can interact with financial smart contracts, escrow services and insurance without intermediaries. At a time of heightened uncertainty and volatility, the U.S. FDUSD is intended to be redeemable 1:1 for equal value in U.S. The FDUSD is 1:1 backed with high-quality cash and cash equivalent reserves, which are held in segregated accounts in regulated financial institutions and are monitored and audited by independent third parties. ![]()
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