Claim $500Just-In: CZ Seeking To Dump Binance.US Stakes Amid CFTC Probe
Crypto News: Changpeng Zhao (CZ), CEO of Binance is reportedly seeking to dump its shareholdings in its U.S arm. CZ holds the majority of stakes in Binance.US. This move comes in when the Commodity Futures Trading Commission (CFTC) sued the world’s largest crypto exchange and its founder CEO for operating the alleged illegal exchange.
Also Read: Ripple Exec Bids For EU’s MiCA Amid US SEC Crackdown; Ripple Moving Out?
Is Binance In Trouble?
According to the report, Binance CEO has been seeking ways to sell some number of his share since the summer of 2022. It added that CZ is actively exploring ways to cut down its holding in the exchange.
CFTC announced that it has filed a civil enforcement action against Changpeng Zhao with three other entities that operate the Binance platform. It added that CZ and others have violated the Commodity Exchange Act (CEA) and CFTC regulations. However, the authority also charged Binance’s ex-Chief Compliance officer, Samuel Lim.
Also Read: Why Didn’t Ripple Register XRP With US SEC? Brad Garlinghouse Replies
Binance and CZ in a response to the CFTC complaint stated that it was an unexpected and a disappointing civil complaint. This objection comes in despite working cooperatively with the agency for two long years. It mentioned that the complaint holds incomplete recitation of facts and the defendants don’t agree with it. Read More Crypto News Here…
Coingape reported that the world’s biggest crypto exchange has landed under the probe of he U.S. Justice Department for evading Russian Sanctions. The authority is looking into whether Binance Holding was illicitly utilized by Russia in order to ditch U.S. issued sanctions to move funds.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal 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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Calls for Rate Cuts as Fed Chair Favorite Hassett Says U.S. Lags on Lowering Rates
- Aave Labs vs DAO: What Investors Should Know About the AAVE Token Alignment Proposal
- January Fed Rate Cut Odds Fall to New Lows After Strong U.S. Q3 GDP Report
- Breaking: U.S. GDP Rises To 4.3% In Q3, BTC Price Climbs
- Breaking: Bank of Russia Proposes Allowing Investors to Buy Bitcoin and Crypto in Major Regulatory Shift
- XRP Price Prediction: Will 4 Billion Transactions Spark Next Rally?
- Solana Price Outlook: Will SOL Recover With Strong Institutional Buying?
- Ethereum Price Risks Crash to $2,500 Amid Sustained Wintermute Dumping
- Is It Time to Sell Bitcoin for Gold- Analyst Spots 2023 Pattern That Triggered BTC’s Last Major Rally
- Bitcoin Price Prediction and Analysis: Will BTC Hit $100k Before Year-End?
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
