Binance, one of the most powerful cryptocurrency exchanges in terms of volume, has been facing issues with several regulators. Despite its rapid growth and easy entry into various markets, Binance has been dealing with the consequences since 2020. Regulators aim to punish the exchange for its past mistakes.
Latest News on Binance
As we reported on August 22nd, a WSJ report claimed that Binance had violated Russian sanctions. With ongoing issues with US institutions, Binance now faces another challenge. The exchange has been sued by the SEC and CFTC, not only regarding unregistered securities or futures products, but also for various allegations including AML and KYC policies, as well as the mixing of customer assets with company funds.
In order to avoid dealing with the US Department of Justice, Binance has decided to cut off its P2P relationship with Russian banks that are subject to sanctions.
A spokesperson for Binance stated that the exchange regularly updates its practices to comply with local and global regulatory standards. They also mentioned their commitment to addressing any shortcomings and rectifying them as soon as possible.
