Of course, criminal charges could come later,” O’Brien wrote in comments provided to Forbes. Former executives including CEO Sam Bankman-Fried also face criminal charges.“However, for reasons that are not clear, Binance and its CEO, Zhao, were not charged criminally, as FTX and Bankman-Fried were. attorney, said the charges brought by the SEC against Binance “appear at least as serious–and in some respects similar–to the charges earlier brought against FTX,” which failed in November. Kevin O’Brien, partner at Ford O’Brien Landy and a former assistant U.S. market.” The exchange “may also face increased scrutiny from regulatory authorities in other jurisdictions, further impacting its operations and expansion plans,” he added. JA federal judge on Tuesday urged the Securities and Exchange Commission to strike a compromise with Binance that would allow the global cryptocurrency exchange to continue operating. In comments shared with Forbes, Moch said “the potential legal consequences could include substantial fines, penalties, and even the suspension or cessation of operations in the U.S. The new charges could add pressure, according to Mikkel Morch, chairman and non-executive director of ARK36, a Cyprus-based cryptocurrency hedge fund. 0-0.6 depending on payment method Account minimum 0 Promotion None no promotion available at this time Pros & Cons Pros Large selection. That complaint, filed in March, also named Zhao and Binance’s former chief compliance officer Samuel Lim. persons without registering as a futures commodity merchant. Previously, the Commodity Futures Trading Commission issued a complaint against Binance, alleging the company offered crypto derivatives, like futures or options contracts, with leverage for assets such as bitcoin, ether, and litecoin to U.S. Investors have pulled almost $779 million in crypto tokens from Binance’s global exchange and $13 million worth from Binance.US since the SEC charges were announced, according to a report from data firm Nansen. Representatives for have not responded to Forbes’ request for additional comment. In the United States, Binance is also being probed by the Department of Justice, the Commodity Futures Trading Commission and tax authorities, Bloomberg News has reported. While we are disappointed by this action, we look forward to defending ourselves in court.” Despite the information the company has provided to ensure SEC staff of the safety of customer assets, the staff has nonetheless decided to file the motion seeking a temporary restraining order and preliminary injunction. And through near around-the-clock dialogue over the past week, company’s counsel addressed SEC staff's concerns regarding the safety of customer assets. “Until recently – despite years of engagement – the SEC staff has not expressed a concern about the safety of customer assets.
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