Everyone is going after Binance. From SEC to CFTC.
The Securities and Exchange Commission (SEC) of the United States has not specifically stated that they "hate" Binance. Although, it lately seems more and more personal.
What is it this time?
With regard to "willful evasion" of U.S. law, the CFTC filed a lawsuit against Binance, Zhao, and its former top compliance employee. This was done "while engaging in a deliberate strategy of regulatory arbitrage to their commercial benefit." The regulator's case is part of a larger and more visible campaign against cryptocurrency businesses. U.S. prosecutors and civil investigators have been focusing on cryptocurrency companies for years because they make illegal offers and break laws meant to stop illegal conduct. Nonetheless, such governmental involvement has recently increased in volume.
However, they have taken actions against BINANCE and its related entities in the past, specifically related to their offering of securities to US citizens without proper registration and compliance with US securities laws.
You want to read a list of all the things Binance was sued for? (list is not complete)
In 2021, Binance was sued by Forbes Media, which alleged that Binance had defamed Forbes and its journalists in an article published on its website.
Binance was sued in 2019 by a Japanese cryptocurrency exchange, Fisco, which alleged that Binance had facilitated the laundering of stolen cryptocurrency.
In 2021, Binance faced legal action from regulators in various countries, including the UK, Canada, and Japan, for allegedly operating without proper licenses and violating local regulations.
In 2021, the SEC charged Binance Holdings Limited, with offering and selling unregistered securities in the form of digital assets on its platform to US investors. The SEC alleged that Binance failed to register as a securities exchange or operate pursuant to an exemption, as required by US securities laws.
- In 2020, a group of Binance users filed a class-action lawsuit in the United States, alleging that Binance violated federal and state securities laws by operating as an unregistered securities exchange and facilitating the sale of unregistered securities.
In 2019, a Taiwanese blockchain startup called Gifto filed a lawsuit against Binance in Hong Kong, alleging that Binance breached a partnership agreement by failing to promote Gifto's cryptocurrency tokens.
In 2019, a group of Chinese investors filed a lawsuit against Binance in a Chinese court, alleging that Binance had facilitated the laundering of more than $200 million in stolen cryptocurrency. The case was dismissed by the court due to lack of evidence.
In 2020, a Russian crypto investor filed a lawsuit against Binance in a Moscow court, alleging that Binance had unlawfully frozen his account and seized his funds.
In 2021, a Brazilian cryptocurrency exchange called Atlas filed a lawsuit against Binance in a Brazilian court, alleging that Binance engaged in anti-competitive practices by pressuring Atlas to delist a competitor's token from its platform.
I think you start to get my point.
Just breathe and say 4.
CZ made a reference to a previous post detailing his "Do's and Don'ts" for 2023 by writing "4" in a tweet on Monday afternoon. "Ignore FUD, fake news, attacks," the fourth item on the list, uses the abbreviation for "fear, uncertainty, and doubt."
