What's happening with Binance? (2024)

What's happening 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.

What is the issue with Binance?

Authorities said Binance manipulated exchange rates through speculation and rate-fixing, leading to the devaluation of the naira. The government also accused the company of terrorism financing and money laundering, saying $26 billion worth of transactions on the platform were untraceable.

What is happening at Binance?

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.

Is Binance safe now?

Binance is one of the world's most secure and trustworthy exchanges that features multiple layers of 'bank-like' security measures and management protocols to ensure the 100% safety of its customers personnel information and funds.

What will happen to Binance users?

SUMMARY. In the wake of tech giant Apple delisting at least three offshore crypto exchanges, including Binance, from its India app store, the latter has assured its users that their accounts and funds are secured. “Existing users can continue to use the current version of the app.

Why is Binance not allowed in 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.

Why Binance stopped trading?

This was a fallout of the dispute between Binance and Nigerian fiscal and monetary authorities, who had accused the platform of manipulating the country's foreign exchange rate. Binance's exit has activated panic mode in Nigerian crypto investors, who have billions of investments on the crypto platform.

Is Binance under trouble?

Binance Holdings Limited (Binance), the entity that operates the world's largest cryptocurrency exchange, Binance.com, pleaded guilty today and has agreed to pay over $4 billion to resolve the Justice Department's investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money ...

What is the downfall of Binance?

Binance, which is one of the world's largest cryptocurrency exchanges, is now seeing its downfall in India after the government decided to block its URLs in the country due to non-compliance with government norms.

Can I withdraw money from Binance?

You can withdraw fiat currencies from Binance via bank transfer (Stitch).

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.

Does Binance still exist?

Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies.

What is the safest crypto exchange?

Are people making money on Binance?

There are a few different ways to earn money on Binance. Here are some of the most popular methods: Trading: This is the most common way to earn money on Binance, and it involves buying and selling cryptocurrencies to profit from changes in their prices.

How rich is the CEO of Binance?

Changpeng Zhao, known as "CZ," founded Binance, which rapidly grew to be the largest cryptocurrency exchange in the world by daily trading volume. With a net worth estimated at $39.6 billion as of March 2024, Zhao's story reflects the fast-paced and unpredictable world of cryptocurrency.

Can Binance delete my account?

You can delete your Binance account on the Binance website or app. Please note that account deletion is irreversible. Once your account is deleted, you won't be able to access it or view any transaction history or data.

Why is Binance under investigation?

The CFTC brought civil proceedings against Binance in March 2023 for failing to put in place an anti-money laundering program that would have identified and stopped dirty money transactions such as the financing of terrorism and illicit drug sales.

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.

Can US customers withdraw from Binance?

Users cannot withdraw USD without first converting it to stablecoins or another digital asset.

What is the SEC lawsuit against Binance?

In the June lawsuit, the SEC filed 13 charges against Binance, accusing the exchange of mishandling customer funds and offering registered securities, alleging that the company and founder Changpeng Zhao had engaged in an “extensive web of deception.”

Can US traders trade on Binance?

About Binance.US

Binance is the largest crypto exchange on the planet, but U.S. customers cannot trade on the platform. Instead, they are pointed toward Binance.US, which is available to residents of most, but not all, U.S. states. The exchange has built up a tremendous suite of products and supported cryptocurrencies.

What happens if a coin is delisted from Binance?

If a crypto coin is delisted, it is still possible to trade it on other exchanges or through OTC trading. However, the liquidity of the asset may be reduced, which can make it more difficult to buy or sell. Overall, delisting is a risk that all investors in cryptocurrency should be aware of.

Is Binance CEO in trouble?

Binance CEO Changpeng Zhao pleads guilty to federal charges, steps down. Changpeng Zhao, the billionaire founder and CEO of Binance, has stepped down after pleading guilty to federal criminal charges of violating and causing a financial institution to violate the Bank Secrecy Act, according to the plea agreement.

What states do not support Binance?

What will happen if Binance shuts down?

Depending on the reason for the shutdown, Binance could face legal actions, asset freezes, or hacking attempts that could jeopardize the security and availability of the funds. Users who store their crypto assets on Binance would risk losing their money or having to wait for a long time to get it back.