senators Elizabeth Warren and Tina Smith wrote to top financial regulators including U.S. The bankruptcy in 2022 of a string of major crypto firms has also stoked calls from politicians for greater clarity on how regulators assess ties between U.S. Hillmann did not respond to detailed questions Reuters sent him for the article that was published on Thursday. "It's a tremendous burden," Hillmann told Bloomberg.
#Binance in us software#
Hillmann said Binance had been built by software engineers unfamiliar with laws and rules on bribery and corruption, money laundering and economic sanctions, but earlier "gaps" in its regulatory compliance had since been closed. The day before Reuters' article, Binance's chief strategy officer, Patrick Hillmann, told the Wall Street Journal and Bloomberg that Binance expected to pay penalties to resolve U.S. The fourth item on the list was "Ignore FUD, fake news, attacks," using an acronym for "fear, uncertainty and doubt" often used in crypto in relation to news perceived as negative. Zhao has not directly addressed the report, but on Friday he tweeted, "Remember 4.," tagging a previous post in which he listed his "Do's and Don'ts" for 2023.
"Congress needs answers, and Binance.US and Silvergate are obligated to give them to us." 'TREMENDOUS BURDEN' "Something fishy is going on here that clearly doesn't pass the smell test," U.S. Securities and Exchange Commission accused FTX founder Sam Bankman-Fried in December of granting "special privileges" to his trading firm Alameda Research, allowing him to siphon off billions of dollars in FTX customer money. Regulators are concerned that some market makers have received undisclosed special treatment from crypto exchanges that may disadvantage customers. In particular, the activities of crypto platforms' market makers - firms that typically buy and sell assets at exchanges to deepen trading volumes - have drawn regulatory and political focus since the collapse of major exchange FTX in November.
regulators of crypto companies so far this year. Zhao, the Binance CEO, said on Friday that the global exchange has pulled back on potential investments in the United States, a move that comes amid growing scrutiny by U.S. Binance transferred over $400 million from the account at California-based Silvergate Bank to Merit Peak between January and March of 2021, Reuters reported on Thursday.īefore that story's publication, Binance.US had told Reuters that "Merit Peak is neither trading nor providing any kind of services on the Binance.US platform," without giving further details.īinance.US's executives were concerned by the outflows from the Silvergate account to Merit Peak because the transfers were taking place without their knowledge, according to the company messages reviewed by Reuters.Ī spokesperson for the global Binance exchange, which did not respond to Reuters' questions for the story on Thursday, told crypto news outlet CoinDesk that the transfers were "a Binance.US issue."
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