Skip to content
Pyrupay

Pyrupay

Cryptocurrency | ICO | IEO | Entrepreneur Blog

  • Updates
  • Press Release
  • ICO/IEO List with Us
  • Newsletter
  • Crytpo Rates
  • Toggle search form
  • Fraudsters Drain $2.5M in Crypto Exit Scam: CertiK Report Updates
  • Terra’s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin Updates
  • Public Consultations Reveal Positive Interest in Bank of Israel’s Digital Shekel Updates
  • Trend Forecaster Gerald Celente Says World War 3 Has Begun — ‘If the People Don’t Unite for Peace, We Are Finished’ Updates
  • Shark Tank’s Kevin O’Leary Expects Bitcoin to ‘Appreciate Dramatically’ in 2-3 Years Updates
  • $3.8B of Cumulative Volume Moved Overseas Since Indian Crypto Taxes Kicked In Updates
  • No CBDC in Florida, Says Governor Ron DeSantis Updates
  • Russia Shuts off Europe’s Main Gas Pipeline Until the West’s Sanctions Are Lifted, Iran Tempts EU With Similar Deal Updates

US Senators Probe Crypto Exchange Binance About ‘Potentially Illegal Business Practices’

Posted on March 3, 2023 By Sathya Shankar

Kevin Helms

US Senators Probe Crypto Exchange Binance About ‘Potentially Illegal Business Practices’

Three U.S. senators have asked crypto exchanges Binance and Binance US for documents and answers pertaining to “potentially illegal business practices.” The lawmakers told Binance CEO Changpeng Zhao (CZ): “Your actions have called into question the legitimacy of your business and the safety of your customers’ assets.”
U.S. Lawmakers Probe Binance
U.S. Senators Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), and Roger Marshall (R-KS) sent a letter to Binance and Binance US on Wednesday, calling for the crypto exchanges to “provide transparency about potentially illegal business practices.”
The letter, addressed to Binance CEO Changpeng Zhao (CZ) and BAM Trading Services CEO Brian Shroder, asks for documents and answers concerning each crypto exchange’s “finances, risk management, and regulatory compliance as it faces investigations into potential crimes,” the senators detailed. Binance and its U.S. affiliate, Binance US, are two separate entities. BAM Trading Services is doing business as Binance US.
Citing various media reports claiming that Binance is facing multiple investigations by law enforcement and regulators following the collapse of crypto exchange FTX, the senators wrote:
Binance and its related entities have purposefully evaded regulators, moved assets to criminals and sanctions evaders, and hidden basic financial information from its customers and the public.
“Your actions have called into question the legitimacy of your business and the safety of your customers’ assets and raised concerns about the potential impact of these activities on the stability of the crypto market and the broader financial system,” the senators stressed.

The letter also notes that Binance hired French auditing firm Mazars to perform a proof-of-reserves (POR) audit on its bitcoin holdings. However, the auditing firm subsequently “deleted the webpage containing the report” and paused its activity relating to proof-of-reserves audits for crypto firms, the letter adds.
The senators concluded their letter by requesting “documents and answers” pertaining to a list of questions no later than March 16. The documents requested by the lawmakers include “complete copies of all Binance and Binance subsidiary balance sheets from 2017 to the present,” and their internal anti-money laundering (AML), countering the financing of terrorism (CFT), and know-your-customer (KYC) policies and procedures.
A copy of the senators’ letter was sent to Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC); Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC); and Merrick B. Garland, U.S. Attorney General with the Department of Justice (DOJ).
What do you think about U.S. senators probing Binance and Binance US about “potentially illegal business practices”? Let us know in the comments section below.

Updates Tags:Bitcoin, BTC, Cryptocurrency, ETH

Post navigation

Previous Post: Kraken Reduces Reliance on Signature Bank for Certain Transactions
Next Post: HSBC, Nationwide Impose New Restrictions on Cryptocurrency Purchases in UK

Related Posts

  • BTC, ETH Plunge 4% Following SEC Termination of Kraken Staking Updates
  • Crypto Payment Option Makes Services More Affordable: Zimbabwe Music Studio Director Updates
  • Class-Action Lawsuit Accuses Terraform Labs of Misleading Investors Updates
  • Federal Energy Agencies’ Unwillingness to Act on White House’s Crypto Mining Recommendations Miffs US Lawmaker Updates
  • Square Enix to Bring Dungeon Siege IP to The Sandbox Updates
  • ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program Updates

Like Us On Facebook

Facebook Pagelike Widget

Like Us On Facebook

Facebook Pagelike Widget

Recent Posts

  • Japan’s Largest IT Service Provider Fujitsu Files Trademark Covering Crypto Trading Services
  • Core Scientific to Send $20M Worth of Mining Equipment to Settle Payment Dispute
  • Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion
  • Crypto.com Customer Whose Partner Mistakenly Received $10.5M Has Been Granted Bail
  • Sushi Seeks $3 Million USDT Defense Fund Following SEC Subpoena

Recent Comments

  • Sathya Shankar on Cryptocurrency Prices Today On June 21: Bitcoin, XRP, Binance Coin
  • binance bkstg angellist bitcoin on Cryptocurrency Prices Today On June 21: Bitcoin, XRP, Binance Coin

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • August 2021
  • July 2021
  • June 2021
  • May 2021

Categories

  • Currency
  • Press Release
  • Updates

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Like Us On Facebook

Facebook Pagelike Widget

News

  • FTX Co-Founder Sam Bankman-Fried Agrees to Testify Before US Congress Updates
  • Global Investment Bank Goldman Sachs Offers Its First Bitcoin-Backed Loan Updates
  • If People Withdrew Everything from Binance US, We Would Still Have Millions in Assets, CEO Says Updates
  • UN Will Use The Stellar Blockchain to Send Financial Aid to Ukrainians Updates
  • CPLAY Network (CPLAY) Is Now Available for Trading on LBank Exchange Press Release
  • Billionaire Mark Cuban Hit By Iron Titanium Coin Crash Updates
  • World’s Largest Family-Owned Private Bank Now Offers Crypto Investments via SEBA Bank Updates
  • Celsius’ Independent Examiner Reveals Astonishing Facts About Internal Discrepancies Updates

Copyright © 2023 Pyrupay.

Powered by Pyrumas