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US Accuses World’s Largest Crypto Platform, Binance Of Illegal Operations

Published

1 year ago

March 29, 2023

The United States regulators are seeking to impose a ban on the world’s largest crypto trading platform, Binance, alleging that the firm has breached financial laws and operating in the country illegally.

According to BBC, the lawsuit from the Commodity Futures Trading Commission (CFTC) said the firm cultivated US business while failing to register properly with authorities.

It accused Binance of breaking numerous US financial laws, including rules intended to frustrate money laundering, but the cryptocurrency firm defended its practices.

It said it had made “significant investments” to ensure that US users were not active on the platform, including blocking users identified as American citizens or residents, or who had a US mobile number.

“This filing is unexpected and disappointing as we have been working collaboratively with the CFTC for more than two years. Nevertheless, we intend to continue to collaborate with regulators in the US and around the world,” Binance said.

“The best path forward is to protect our users and to collaborate with regulators to develop a clear, thoughtful regulatory regime.”

Binance founded in 2017, has become the world’s largest centralised exchange for digital assets, claiming more than 100 million users globally. It is led by Chinese-born Canadian billionaire Changpeng Zhao, who was also named in the complaint.

The CFTC also said Binance had been active in the US since 2019, but never properly registered with the government or complied with relevant US laws, using an “intentionally opaque” global corporate structure in a bid to escape oversight.

And over the years, Binance did not require its customers to offer any identity-verifying information before trading on the platform, the CFTC alleged in the civil lawsuit as filed in federal court in Illinois.

In 2021, the firm announced it was tightening its rules. But at the same time, the CFTC said it advised US-based customers on how to evade those controls using virtual private networks (VPNs) and shell companies.

The firm evaded the rules “to maximise corporate profits,” the CFTC said. It asked the US court for restitution and fines, as well as permanent trading and registration bans.

CFTC chairman Rostin Behnam said the government filed the case to protect American investors and it should serve as a broader caution to those working in the crypto sector.

“For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning that the CFTC will not tolerate wilful avoidance of US law,” Behnam said.

Related Topics:#US Binance World’s Largest Crypto

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VIDEO: Moment Davido Gifts Lady $50K To Clear Off Her Student Loan

Published

17 mins ago

April 18, 2024

Editor

Afrobeats star Davido stunned fans on Wednesday during his electrifying performance at Madison Square Garden when he gifted a fan $50,000.

The Nigerian music star, known for hits like “Feel,” captivated the audience with his dynamic stage presence and infectious energy.

Amid the pulsating beats and adoring cheers from the crowd, the singer seized a poignant moment to make a difference in the life of one lucky fan.

Bringing a female American fan onto the stage, Davido learned of her plight with student loan debt and wasted no time in offering a solution.

With a generous spirit, Davido called out to his aide, directing them to present the fan with a gift of $50,000.

The unexpected gesture left the audience in awe, as Davido’s act of kindness transcended the boundaries of music and touched the hearts of all those in attendance.

Video:

During Davido’s Performance On stage at the MSG, A Girl With Banner Begged Davido for $13K to Settle Her School Fees, Davido Called Her On Stage and Gave Her $50k!!❤️‍🔥❤️‍🔥❤️‍🔥🔥
pic.twitter.com/b8a78Xpp5m
— Shadrack Amonoo Crabe 👁‍🗨 (@ShadrackAmonooC) April 18, 2024

News

Cubana Chief Priest Throws House Party After Getting N10m Bail

Published

1 hour ago

April 18, 2024

Editor

Nigerian celebrity bar man, Pascal Okechukwu, alias Cubana Chief Priest, has thrown a house party after getting N10m bail on his Naira abuse trial.

Cubana was released to return home after he was granted N10m bail with two sureties in like sum on Wednesday.

Recall that the Economic and Financial Crimes arraigned the Lagos-based socialite for alleged abuse of the naira note.

News

10 Years After, Troops Rescue Chibok Girl With Kids

Published

2 hours ago

April 18, 2024

Editor

Troops of the Nigerian Army in the North-East have announced the rescue of Lydia Simon, a Chibok girl who had been held captive by Boko Haram terrorists for 10 years.

This was made known in a statement by the Department of Army Public Relations on Thursday.

Millitary authorities said Lydia was rescued along with her three children by troops conducting Operation Desert Sanity III, around Ngoshe in the Gwoza Local Government Area of Borno State.

According to the statement, Lydia was on serial number 68 among the abducted missing Chibok Secondary School girls.

She was five months pregnant at the time of her rescue and claimed to be from Pemi Town in Chibok.

The statement added that Nigerian Army troops deployed for counter- terrorism and counter- insurgency operations in the North Central on Tuesday, April 16, 2024 successfully ambushed and neutralised three terrorists, who were on a mission to wreak havoc.

Statistics released by parents of the abducted schoolgirls showed that 271 students were kidnapped but 57 girls escaped shortly in 2014, while 103 were released through the intervention of the Federal Government.

Similarly, 20 others were freed through the efforts of the state government.

However, 92 students are still in captivity.