What happened to Binance? (2024)

What happened to Binance?

Binance agreed to forfeit $2.5 billion to the government and pay a fine of $1.8 billion — a combined $4.3 billion — in “one of the largest penalties we have ever obtained,” according to U.S. Attorney General Merrick Garland.

(Video) TRUTH About Binance Settlement & What It Means For CRYPTO!!
(Coin Bureau)
What has happened with Binance?

The world's largest cryptocurrency exchange, Binance, has pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied by the U.S. Department of Justice. Binance founder and CEO, Changpeng Zhao, also known as CZ, has also pleaded guilty and agreed to step down from his position.

(Video) What Happened Right Before FTX COLLAPSED Is Happening To Binance NOW!
(Crypto Tips)
Why is Binance crashing?

Binance's Legal Woes Amplify Centralised Exchange Concerns

The crypto market's apprehension towards centralised exchanges has intensified after the legal developments at Binance. The growing concerns reflect diminishing trust in centralised exchanges following a series of industry scandals throughout 2022.

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(The Wall Street Journal)
Is Binance still in business?

While guidelines suggest a sentence of 12 to 18 months, the Justice Department could push for a lengthier punishment for the Binance founder. Unlike FTX, which filed for bankruptcy in late 2022, Binance is still standing, though now without Zhao, who agreed to step down as CEO as part of the plea deal.

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Is Binance under trouble?

The SEC charged Binance Holdings Ltd., its U.S. affiliate BAM Trading Services Inc., and Zhao on June 5th with securities law violations and are accused of misleading investors by claiming to restrict U.S. customers from trading on Binance.com while allowing high-value U.S. customers to trade secretly.

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(Coffeezilla)
Why did the US ban Binance?

Without an effective AML program, Binance caused transactions between U.S. users and users in jurisdictions subject to U.S. sanctions. These illegal transactions were a clear and foreseeable result of Zhao's decision to prioritize Binance's profit and growth over compliance with the BSA.

(Video) Crypto giant Binance accused of 'web of deception' in US – BBC News
(BBC News)
Why is Binance blocked in the US?

Florida's Office of Financial Regulation has also issued an emergency suspension order against Binance. US's money transmitter license. The suspension reportedly came a week after Binance's founder and former CEO Zhao, also known as CZ, pleaded guilty to charges of violating U.S Anti-Money Laundering policies on Nov.

(Video) What Would Happen to Bitcoin If Binance Goes Down?
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Why are people leaving Binance?

Key Binance executives who have been helping the world's biggest cryptocurrency exchange navigate a widening regulatory crisis, including US allegations of fraud, are leaving the company along with many of its US employees, according to people familiar with the matter.

(Video) What’s next for Binance after its CEO stepped down and pleaded guilty: CNBC Crypto World
(CNBC Television)
Is Binance going to collapse?

#Binance is not likely to shut down anytime soon, as it has been trying to improve its compliance and regulatory relations amid the global crackdown. Binance has hired former regulators and compliance experts to lead its legal and policy teams.

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(Altcoin Daily)
Is it still safe to use Binance?

Yes, Binance Exchange is considered a safe and reputable platform in the cryptocurrency industry. It has implemented various security measures to protect user funds and has a strong track record.

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(Altcoin Daily)

What will happen if Binance shuts down?

As the platform shuts down, users need to transfer their assets to other wallets or platforms, which might pose security risks and complications for those unfamiliar with the process.

(Video) Binance’s Changpeng Zhao to step down as part of $4.3 billion DOJ settlement: CNBC Crypto World
(CNBC Television)
How to make $100 dollars a day on Binance?

Invest a significant amount of capital: To earn $100 per day, you will need to invest a significant amount of capital upfront. This could mean investing tens or hundreds of thousands of dollars, depending on the performance of the asset you have chosen.

What happened to Binance? (2024)
Is Binance coming back?

Binance has reportedly paid a penalty of $2 million and will come back as an entity registered with the Financial Intelligence Unit (FIU) of the finance ministry. Binance is all set to restart operations in India.

What is the controversy with Binance?

According to the indictment, Binance violated sanctions by facilitating more than 1.1 million transactions between Americans and Iranians. Nearly $900 million was exchanged in total throughout these transactions.

Should I use Coinbase or Binance?

Coinbase: Ideal for beginners due to its user-friendly interface and educational materials. Binance: Offers a more comprehensive set of tools and lower fees, making it a solid choice for experienced traders. However, Binance.US, the American version of the exchange, has limited options compared to the global platform.

Can I still use Binance in the US?

Yes, you can use Binance in the US. But the American version of the platform (Binance.US) is quite limited compared to the international one. Also, Binance is entirely banned in several states, including New York, Texas, Louisiana, Hawaii, Idaho, and Vermont. For more details, check out this article.

Can Americans still use Binance?

No, but you can't use Binance fully in the US because it uses securities not registered with the Commodity Futures Trading Commission. Binance.com stopped accepting US residents in 2019. Still, US residents can trade on Binance.US, which offers 150+ cryptocurrencies.

Is Binance still banned in the USA?

United States

In response, Binance and other investors opened Binance.US, a separate exchange designed to comply with all applicable US federal laws, which nonetheless is banned in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

Is Binance money laundering?

Binance and Zhao admitted to violating anti-money laundering laws, as well as to unlicensed money transmitting and sanctions violations in a plea agreement with the Justice Department in November.

Why is it so expensive to withdraw from Binance?

The high fee when withdrawing Bitcoin (BTC) from Binance to your wallet is primarily due to the transaction fees associated with the Bitcoin network itself. Bitcoin operates on a decentralized network where transactions are processed and verified by miners.

Will Binance report to IRS?

Binance US uses Form 1099-MISC to report miscellaneous ordinary income to the IRS. The crypto-specific edition of the 1099-MISC is used to report the gross income of traders who receive cryptocurrency rewards or engage in staking.

Did the CEO of Binance quit?

In response to the settlement of $4.3 billion to resolve DOJ charges and penalties from the CFTC and Treasury over alleged financial misconduct, Binance's CEO Changpeng Zhao has decided to step down.

What is the safest crypto exchange?

If you are looking to trade on a highly secure, regulated crypto exchange that offers a large number of supported cryptocurrencies, Gemini is your go-to choice. If you are looking to trade a wide range of new and small-cap crypto tokens, BitMart is arguably the best choice.

What is the disadvantage of Binance?

Cons of Binance

Limited Fiat Options: The selection of supported fiat currencies may be limited. Risk of Hacks: Binance has experienced security breaches in the past. Withdrawal Fees: Binance may charge withdrawal fees for certain cryptocurrencies.

What happens to trust wallet if Binance goes out of business?

If Binance Goes Bankrupt Will Trust Wallet Be Safe? CZ's Response: The answer to both questions is yes. Let's say Binance completely disappears for whatever reason or we shut it down. Trust wallet is completely safe.

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