![]() ![]() ![]() Working across borders “can be incredibly frustrating for law enforcement and regulatory officials,” but when friendly jurisdictions have similar concerns, the work can move much more quickly. “Cross-border information sharing is generally cumbersome,” said Zerden, who is also an adjunct senior fellow at the Center for a New American Security. The glut of pushback, lawsuits and investigations as countries in which Binance operates have simultaneously chosen to make their cases could suggest their regulators and prosecutors are comparing notes. Department of Justice (DOJ) investigation of Binance. CZ tweeted Friday that there’s “turnover at every company,” and downplayed media suggestions that some people left because of how he was handling a U.S. This week, reports have suggested that several key executives have exited Binance, including its general counsel, chief strategy officer, senior vice president for compliance and chief business officer. The world’s biggest cryptocurrency exchange withdrew from the Netherlands last month when it couldn’t get the Dutch financial regulator to give it a virtual asset service provider (VASP) license, which attests that a company can clear the bar for local anti-money laundering (AML) requirements. The investigation there is tied to claims Binance improperly operated as a digital asset service provider before receiving regulatory approval in May 2022, and accusations it engaged in "aggravated money laundering by taking part in investment operations, concealment and conversion.” While the company still runs a spot-trading exchange in the country, its futures products were shut down earlier this year.ĪSIC confirmed an “ongoing” investigation with Binance, but a spokesperson said the regulator is "unable to confirm or deny any operational detail such as possible searches."īinance had also been raided by the public prosecutor in Paris last month on suspicion of “aggravated money laundering” and providing “illegal” services. The latest case from ASIC centers on Binance Australia’s former derivatives operations, a spokesman for the company told CoinDesk, insisting that its offices weren’t visited by the investigators. “And given the exchange's global footprint, the investigation into Binance and these allegations would likely span multiple jurisdictions and require sustained cooperation among multiple jurisdictions." Treasury Department official who is founder and CEO of advisory firm Capitol Peak Strategies. "If the allegations against Binance are true, they implicate very serious criminal and civil misconduct, including national-security related issues,” said Alex Zerden, a former U.S. Commodity Futures Trading Commission had made similar accusations against Binance earlier in the year, alleging the company deliberately evaded government oversight. ![]() Securities and Exchange Commission aimed a shotgun blast of charges at Binance and CEO Changpeng “CZ” Zhao, the company has seen substantial customer withdrawals and watched its native BNB token slip 17%. The exchange had operated for years without serious regulatory intervention, but the arrival of some of those cases has pushed the company onto its heels. regulators, to a French raid, to a denial of licensing by the Dutch, to this probe in Australia, Binance is facing legal headwinds in many parts of the world, while its CEO is denying that a spate of departures of key legal and compliance executives is cause for concern. ![]()
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