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Just-In: Binance Finally Responds To U.S. Regulatory Concerns; But Fails To Provide Financials

According to latest Binance news, the exchange has finally responded to the allegations leveled against it by three top U.S. senators.
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Just-In: Binance Finally Responds To U.S. Regulatory Concerns; But Fails To Provide Financials

Binance News: The world’s largest cryptocurrency exchange has finally responded to the severe criticism and concerns about its operations that have been raised by top U.S. senators, notably Elizabeth Warren. Binance has recently found itself in a sticky situation as a result of increased regulatory scrutiny over crypto companies operating in the country.

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Binance Responds To Allegations

Patrick Hillmann, Chief Strategy Officer at Binance, outlined the company’s efforts to expand its compliance program team in a letter that went 14 pages long and was obtained by leading media outlets. However, Hillmann offered very few specifics regarding the company’s financial situation.

Read More: Why Chinese Crypto Coins May Skyrocket In Coming Weeks?

The response did not offer a significant amount of the material that legislators requested in their letter dated March 1 in which they referred to Binance as a “hotbed” of criminal behavior. Instead, in his statement, Hillmann noted that the Binance exchange is currently placing a high priority on regulatory compliance and that Binance and Binance.US “are different entities,” despite what certain public reportage may have suggested.

Earlier, Hillmann had admitted the existence of compliance holes in its budding years which have since been closed and that the firm wishes to settle down with the regulators.

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Binance’s Regulatory Crackdown

According to recent reports, information on the finances and users of both Binance and its US subsidiary has already been shared with the relevant authorities. The senators are expected to engage with regulators to obtain and review the submitted documents. The office of Senator Marshall said that it had obtained a response from Binance.US and that it was analyzing the content of the letter.

As reported earlier on CoinGape, Elizabeth Warren, Chris van Hollen, and Roger Marshall, who are all members of the Senate Banking Committee, had penned a letter to both Binance and Binance.US inquiring about their business practices. The three politicians alleged that Binance and its connected businesses had actively eluded authorities, shifted assets to criminals and sanctions evaders, and obscured basic financial information from its clients and the public.

In light of this particular Binance news, the exchange’s native token, BNB, has fallen victim to significant FUD. And, as things currently stand, BNB’s price is changing hands at around $341.23, which represents a 1% drop in the past one hour, compared to a gain of 2.53% over the previous 24 hours.

Also Read: How To Claim Arbitrum (ARB) Token Airdrop – Eligibility, Date & Process

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Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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