BINANCE STOCK FULL

BINANCE STOCK FULL

The exchange calls the article an example of “breathless pearl clutching.” It goes on to refute most claims made in Reuters’ piece, saying that it is full of “falsehoods” and “massive leaps to conclusions.” Moreover, Binance CEO Changpeng Zhao is taking to Twitter on the matter.

The hackers used Binance to mix the stolen assets.īinance is responding to the article with a blog post on its website. Reuters’ piece, like many other outlets, link recent hacks to Lazarus, including the Ronin ( RON-USD) chain hack that robbed the network of $600 million in March. It operates with the goal of stealing money to fund North Korea’s nuclear weapons program. Lazarus is a North Korean state-backed hacking outfit. The second major instance of Binance facilitating illegal transactions is through the Lazarus Group. The report claims Hydra has facilitated $5.2 billion in crypto trades since 2015. Hydra is a Russian platform, in which users buy different drugs and process transactions in cryptocurrency. The first evidences Binance’s role in fueling the darknet drug market Hydra. It homes in on two specific major instances of criminals using Binance as an illegal money vehicle. It asserts that Binance is largely complicit in its role, not necessarily endorsing the transactions but not doing enough to stop them. Tapping blockchain security company Chainalysis, Reuters estimates in the article that Binance had processed $2.35 billion in dirty money between 20 alone. Reuters’ report paints a damning picture of Binance’s role in the world of money laundering and illicit activity. Published yesterday, the report makes some damning accusations of Binance’s role in the illegal aspects of the crypto market. Reuters Alleges Binance Processed Billions in Illicit FundsĪdding to the many woes for Binance is a report by U.K. The SEC will build evidence that BNB is a security by noting BNB’s initial coin distribution and incentives to evidence this claim. And as such, it says Binance should have registered its initial coin offering (ICO) with the agency. The SEC views BNB as a security, rather than a currency.

The probe stems from a similar line of thinking as its Ripple ( XRP-USD) lawsuit. However, the coin can be used for all sorts of things, be it as a transactional currency or a DeFi tool.Īccording to the new investigation, the SEC has reasonable belief that Binance launched its BNB coin without making necessary registrations with the SEC. Those who do pay in BNB-USD are charged lower fees. Primarily, users tap BNB to pay transaction fees on the BNB Chain. Since its launch in June 2017, BNB has been serving as the native utility token for the exchange. It seeks to investigate whether Binance had broken any SEC regulations with the launch of its BNB coin five years ago.īNB - now the fifth-largest cryptocurrency in the world by market capitalization - is the official currency of Binance. The SEC’s probe is diving deep into the history of the world’s largest crypto exchange.

The second comes from a Reuters report on illicit transactions processed by Binance in its many years of crypto trade clearing. The first comes in the form of an Securities and Exchange Commission (SEC) probe surrounding the BNB coin. Indeed, the exchange giant is facing a one-two punch of bearish catalysts. In just 24 hours, Binance ( BNB-USD) has gone on full red alert.

Binance stock