Binance.US, the arm of Binance for the US market, stopped operating this week in Alaska and Florida due to conflicts with local authorities.

According to a report by the Wall Street Journal (WSJ), this decision is due to the investigations and processes that the exchange faces in the US, which has led the regulators of those states to take action on the matter.

In the case of Florida, the regulators sued Binance.US to protect local citizens. This occurs despite the fact that the company still has a license to operate in that state, but that expires in April of this year.

As for Alaska, the halt of operations is due to the fact that local banking regulators rejected renewing the license of Binance.US, without giving further explanations on the matter.

These actions in Alaska and Florida against Binance.US are part of the efforts of the regulators to supervise more closely the companies in the crypto sector. This is related to the problems that Binance had and that resulted in a million-dollar agreement to resolve the accusations against it, which allows it to continue offering its services in the country with certain restrictions.

At the end of last year, the US government reached an agreement with Binance for the payment of more than USD $4,000 million in fines, mainly before the Treasury Department and the Commodity Futures Trading Commission (CFTC).

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Source: Diariobitcoin

La entrada Binance.US suspended operations in Alaska and Florida due to regulatory issues apareció primero en Bitfinance.

United States-based cryptocurrency exchange Binance.US has experienced a significant decline in its market share, exceeding 20 %, due to a lawsuit filed by federal financial regulators.

According to a Reuters report on July 5, which is based on data provided by Kaiko, Binance.US’s market share in the United States fell from over 22 % in April to approximately 0.9 % on June 26.

In June, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US, Binance, and its CEO, Changpeng Zhao (CZ), accusing them of operating as an unregistered stock exchange. Furthermore, in March, the Commodity Futures Trading Commission also filed a similar lawsuit against Binance and Zhao.

On the other hand, Coinbase is facing a similar lawsuit from the SEC. However, according to data provided by Reuters, the market share of this cryptocurrency exchange in the United States increased from approximately 48 % to 55 % in June.

This rise may be related to at least three SEC filings designating Coinbase as a watchdog partner in asset managers’ efforts to launch a Bitcoin-backed ETF in the United States.

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Source: Cointelegraph

(Reference image source: Kanchanara, Unsplash)

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La entrada Binance.US market share falls due to regulatory lawsuits in the US apareció primero en Bitfinance.

The Federal Court ruled that Binance.US funds will not be frozen, thus dismissing the request filed by the SEC. The judge in charge of the case considered that this measure was not necessary, since no evidence was found that the CEO of Binance or any member of the organization had transferred assets from the platform outside the United States.

The judge, Amy Berman Jackson, argued that the parties involved can enter into negotiations and collaborate while the investigations are carried out. Furthermore, no evidence was found that Changpeng Zhao or any Binance.US member transferred assets out of the country.

During the process, there was also a debate about whether certain cryptocurrencies should be classified as securities. The judge expressed her uncertainty as to whether these cryptocurrencies fit into the category of securities or whether they are considered commodities.

The Federal Court in Washington, DC, officially rejected the United States Securities and Exchange Commission (SEC) request to freeze the assets of Binance.US. This decision allows the exchange to continue operating in the country.

Judge Berman asked Binance.US to file a balance sheet of its trading assets and expenses with the court, also urging both the exchange and the regulator to continue negotiating to establish fair terms. According to reports, it is expected that there will be more details about this resolution next Thursday, June 15.

Judge Berman disagreed with her request to freeze the funds, criticizing SEC lawyers for trying to apply this measure without solid evidence that Binance CEO Changpeng Zhao or a member of the organization moved the funds. assets. She even directly questioned whether the SEC had determined movements of Binance.US funds out of the United States.

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Source: Diariobitcoin

(Reference image source: Vadim Artyukhin, Unsplash)

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La entrada Binance.US assets will not be blocked apareció primero en Bitfinance.

After the SEC filed a lawsuit against Binance, the popular cryptocurrency exchange, significant withdrawals by users have been observed within the first 24 hours. According to data from blockchain analytics firm Nansen, it is estimated that more than $3 billion has been withdrawn on various blockchains supported by the platform.

Nansen highlighted in a Twitter thread the negative net flow, which represents the sum of deposits and withdrawals on Binance. This metric revealed a remarkable number of withdrawals made by users after the announcement of the lawsuit by the SEC.

It is important to mention that this is not the first time that Binance has experienced large withdrawals from its platform. For example, in December 2022, net outflows exceeded $2 billion due to concerns in the market about the solvency of the platform.

Despite these withdrawals, Nansen also reported that the net flow following the SEC lawsuit against Binance US was positive, with a total of $78 million deposited in the first 24 hours after the announcement.

On the other hand, the Australian subsidiary of Binance has suspended Australian dollar services due to a decision by a third-party payment provider. In addition, the US subsidiary has experienced a negative variation in data, with a total of -123.6 million dollars, after the SEC requested a temporary restraining order to freeze the assets of Binance US.

Additionally, on-chain metrics firm Glassnode has noted an outflow of 10,500 BTC from Binance following the SEC’s lawsuit. However, it is important to note that this value is still small compared to the maximum net outflow recorded on the exchange, which was -40,300 BTC at the highest point of all-time outflows.

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Source: Cointelegraph

(Reference image source: Kanchanara, Unsplash)

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La entrada Users withdraw more than $3 billion from Binance in 24 hours apareció primero en Bitfinance.

A federal judge temporarily suspended the sale of Voyager Digital to Binance.US for $1 billion.

The US Department of Justice requested an emergency stay, which was granted by Judge Jennifer Rearden of the US District Court in New York on March 27.

The settlement will have to wait until at least a decision is made on the Justice Department’s appeal against the bankruptcy plan. The acquisition was previously approved by Judge Wiles, but US regulators have tried to stop it.

Voyager’s Official Committee of Unsecured Creditors continues to oppose the Government’s efforts and awaits the next written opinion from the district court. The restructuring plan has been supported by more than 97 % of Voyager account holders and is expected to pay 73 % of what is owed to customers.

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Source: Cointelegraph

(Reference image source: file)

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La entrada Judge temporarily suspends sale of Voyager Digital to Binance.US apareció primero en Bitfinance.

After a lengthy legal dispute, Binance.US won the right to acquire Voyager Digital’s assets, despite opposition from the United States Securities and Exchange Commission (SEC).

According to reports from Bloomberg and the media ambcrypto.com, the bankruptcy court judge for the southern district of New York, Michael Wiles, rejected the allegations presented by the SEC, which had argued that there was not enough information about the funds with which Binance.US was to make the acquisition, suggesting the company may have violated securities law.

The acquisition makes Binance.US the owner of Voyager’s assets, valued at more than $1 billion, and ensures that creditors can recover at least 73 % of its assets. Notably, the SEC and Alameda Research, an FTX ally, had also objected to the settlement, but Voyager criticized these claims as based on unverified speculation.

As for Voyager, the company experienced operational difficulties last year and had to file for bankruptcy on July 5, after freezing user withdrawals due to liquidity problems.

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Source: Diariobitcoin

(Reference image source: file)

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La entrada Binance.US will finally be able to acquire Voyager Digital apareció primero en Bitfinance.

Binance, the world’s largest cryptocurrency exchange, announced a temporary suspension of US dollar (USD) bank transfers effective February 8.

The news came without any explanation, although the company added that they are working to resume service as soon as possible. According to Binance CEO Changpeng Zhao, dollar bank transfers are used by only 0.01 % of monthly active users, but they appreciate that this is still a bad user experience.

Binance has had banking problems in the United States recently. Its transfer partner SWIFT Signature Bank said on January 21 that it would only process transactions from users with bank accounts in dollars of more than 100,000 as of February 1st. The exchange responded by seeking a new SWIFT partner, noting that dollar trades using credit or debit cards and all SWIFT trades in other currencies would continue to be accepted.

According to CNBC, citing Arkham Intelligence, there was an immediate withdrawal of Tether stablecoins and dollar-pegged USD Coin to other exchanges. However, the withdrawals were “minuscule” compared to Binance’s $42.2 billion in crypto assets.

In addition to the temporary suspension of USD bank transfers, Binance has launched Binance Tax to help cryptocurrency users prepare for tax season.

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Source: Investing

(Reference image source: Kanchanara, Unsplash)

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La entrada Binance temporarily suspends dollar transfers apareció primero en Bitfinance.