Tag: binance crypto

What is Binance, why did the world’s largest cryptocurrency exchange plead guilty?
22Nov By adminNo Comments
Technology

What is Binance, why did the world’s largest cryptocurrency exchange plead guilty?

[ad_1] The world's largest cryptocurrency exchange by trade volume, Binance, came under regulatory scrutiny earlier this year when the US Department of Justice (DOJ), along with the Commodity Futures Trading Commission (CFTC) cracked down on the company's lack of regulatory and legal mechanisms to prevent transactions made to fund terrorism, drug deals, and other illegal activities, as per the agencies. On Tuesday, the CEO of the company, Changpeng Zhao, pleaded guilty and agreed on a settlement worth 4.3 billion dollars.But if you are unfamiliar with the world of crypto and want to know what is Binance, the reasons for it to plead guilty, and how this decision may impact the crypto industry in the future, then here is a quick guide. Let us take a look. What is Binance?Binance, a crypto...
Read More
Binance says crypto moved through platform from Iran
5Nov By adminNo Comments
Technology

Binance says crypto moved through platform from Iran

[ad_1] Funds belonging to or intended for Iranians have flowed through the world's largest cryptocurrency platform, Binance, the company said Friday, risking that it may run afoul of US-imposed sanctions. "Earlier in the week, we discovered that Binance interacted" with "bad actors" using Iranian cryptocurrency exchanges, said Chagri Poyraz, head of sanctions at Binance. Some of these users "attempted to move crypto through Binance's exchange," he wrote on the blog on the company's website. "As soon as we discovered this, we moved to freeze transfers (and) block accounts." When asked by AFP about the number of these accounts and the amounts involved, Binance declined comment. According to Reuters, some $7.8 billion has passed through Binance in connection with accounts domicile...
Read More