DoJ hesitates to charge Binance as they are afraid indicting the exchange could trigger a situation similar to FTX collapse.
The BNB chain and BNB token get negatively impacted by these events.has come under intense regulatory scrutiny, facing significant challenges from authorities. These events have cast a considerable impact not only on the exchange itself but also on the Binance Coin protocol. However, Binance’s regulatory concerns were far from over, as the Department of Justice recently got involved with the exchange.
The exchange was already under regulatory scrutiny, with reports of a criminal investigation in the U.S. for alleged violations of sanctions against Russia. Additionally, the U.S. Securities and Exchange Commission filed a lawsuit against Binance in June, accusing it of offering unregistered securities and operating unlawfully. Furthermore, the Commodity Futures Trading Commission took action against Binance and its CEO, Changpeng “CZ” Zhao, in March, alleging violations of trading and derivatives regulations.
The onslaught of regulatory scrutiny on Binance can have dire consequences for other products related to it as well as the overall crypto sector.Amidst all the litigations surrounding Binance, the BNB protocol suffered. According to Token Terminals data, in the past 24 hours, the activity on the BNBchain fell by 4.8%. The revenue generated by the protocol was also affected and declined by 4.2%.Regarding the BNB token, a correction in its price was noted within the past month.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DOJ reportedly considering fraud charges against Binance, weighing impact on customersThe U.S. Department of Justice is reportedly considering filing fraud charges against Binance but has concerns about the effect the move will have on customers.
Read more »
Donald Trump charged by Justice Department for efforts to overturn his 2020 presidential election lossDonald Trump was charged Tuesday in a Justice Department investigation into his efforts to overturn the results of the 2020 presidential election in the run-up to the violent riot by his supporters at the U.S. Capitol.
Read more »
Trump charged by U.S. Justice Department for efforts to overturn his 2020 presidential election lossDonald Trump was indicted on felony charges Tuesday for working to overturn the results of the 2020 presidential election in the run-up to the violent riot by his supporters at the U.S. Capitol, as the Justice Department moved to hold him accountable for his efforts to block the peaceful transfer of power.
Read more »
Binance could face fraud charges but US regulators are concerned over this factorBinance – the world’s largest crypto exchange – has been the talk of the market […]
Read more »
Binance cracks into the Japan market: Here’s why this is importantBinance Japan will reportedly list 34 cryptocurrencies that will be available to Japanese users. They will include some of the top digital assets such as Bitcoin, Ethereum, Dogecoin, and BNB.
Read more »
Binance’s biggest market is China despite a crypto ban in the country: WSJAs per a recent WSJ report, Binance users exchanged $90 billion in crypto assets in a single month in China despite a crypto ban there.
Read more »