![]() ![]() Meanwhile, Binance US has maintained that it would fight the SEC’s allegations in Court. Is Binance in Trouble Or Are Regulators Just Picking On It The most trusted finance platform Claim Disclaimer: BTC 25,955.46 0.26 ETH 1,736.65 -0.26 USDT 1.00 -0.02 BNB 246.23 3.28 XRP 0.50 -2.27 ADA 0.27 -0.22 DOGE 0.06 0.73 TRX 0.07 0.99 LTC 77.24 -0.10 ATOM 8.80 1.55 LINK 5. While the Court rejected the SEC’s attempt to freeze its assets, the exchange has had to deal with other issues, including the layoff of about 50 staff members across several departments. Kaiko noted that this was significantly lower than its all-time high of 27% recorded a few months ago, adding that “the exchange’s reputation has been severely harmed” by the lawsuit filed against it by the SEC. The embattled crypto exchange market share in relation to other U.S.-based platforms has dropped to 1%, according to Kaiko data. Forbes reported last year that Binance had an elaborate plan to avoid U.S. In May, Bitcoin traded at nearly a 3% discount on Binance US compared to other rival exchanges. On the federal level, Binance.US is registered as a Money Services Business with FinCEN. “ market makers are nervous and want to avoid volatility-induced losses and the non-negligible possibility that their assets could get stuck on an exchange à la FTX collapse.”Īdditionally, the exchange’s liquidity issue has been exacerbated by its banking partners’ decision to halt their USD payment channels. ApCryptocurrency Key Takeaways Binance is a popular cryptocurrency exchange with over 600 coins and additional features but it is not available in the US. Securities and Exchange Commission filed its lawsuit against Binance.US on June 5, market makers and traders have fled the exchange due to concerns about potential asset lock-ups.īlockchain analytical firm Kaiko reported that the exchange’s market depth fell by almost 80% as of June 12, with its market depth for 17 tokens dropping to $7 million from the $34 million recorded on June 4-a day before the SEC’s lawsuit. ![]() Securities and Exchange Commission (SEC), which targeted the company with a major. Binance Crypto exchange Binance sued by SEC in latest blow from US regulators The SEC case is the latest regulatory controversy to ensnare Coinbase, which reported 3.1bn in net revenue last. The Bitcoin price spike lasted only seconds before returning to its normal level and was specific to the exchange’s BTC/USDT trading pair, while other assets continued trading at their usual levels. Binance. Binance.US says its transitioning to an all-crypto exchange as of June 13, citing pressures from the U.S. Bitcoin ( BTC) experienced a “flash-pump” to $138,000 on Binance.US during early trading hours of June 21, according to data from the crypto exchange.
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