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- ✨Binance is currently under investigation in France
✨Binance is currently under investigation in France
Crypto exchange giant Binance faces investigation in France over potential money laundering violations.
Branson Tiong
June 18, 2023
Hello everyone! As usual, the crypto exchange news are still ongoing due to the SEC case, here is today’s newsletter outline🔥
Binance is under investigation in France🕵️♂️
Coinbase is fighting back👊
Crypto Twitter came together to help fund ZachXBT legal case.🤗
Binance is under investigation in France🕵️♂️
Binance, the world's largest cryptocurrency exchange, is currently facing an investigation in France over allegations of "serious" money laundering and providing digital asset services to French customers without regulatory approval.
The investigation focuses on Binance's French unit and its operations as a digital asset service provider prior to obtaining regulatory clearance.
Authorities suspect the exchange of engaging in "aggravated" money laundering through investment activities, concealment, and conversion of funds.
Initiated by the specialized interregional jurisdiction of Paris, the investigation was referred to the government's anti-financial crime arm in February 2022.
Binance's legal troubles extend beyond France, as the company is also confronting a lawsuit from the U.S. Securities and Exchange Commission (SEC) for alleged failure to register as a trading platform and the sale of unregistered securities.
Binance's CEO confirmed that the company had experienced a "surprise visit" from authorities in recent weeks. He noted that other cryptocurrency firms had encountered similar actions, suggesting a wider regulatory scrutiny across the industry.
France has actively sought to attract cryptocurrency firms, particularly as the European Union prepares to implement regulatory measures under the Markets in Crypto Assets (MiCA) framework.
Looks like the exchange is facing some serious regulatory action from not only the US.
Coinbase is fighting back👊
Coinbase, has taken a significant step in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
After receiving vague responses from the SEC regarding a previous petition, Coinbase has filed an official request in federal court for "mandamus," which would compel the SEC to establish clearer rules and standards for the digital assets industry.
The SEC had previously sued Coinbase, alleging that the exchange failed to register and sold unregistered securities. In response, a judge ordered the SEC to respond to Coinbase's petition, prompting the exchange to take further action.
Coinbase claims that the SEC has deliberately ignored its petition and accuses the regulatory body of pushing the limits of cognitive dissonance by demanding compliance with non-existent rules.
Coinbase's request for mandamus reflects its frustration with the SEC's approach to regulating the cryptocurrency industry.
Mandamus: a judicial writ issued as a command to an inferior court or ordering a person to perform a public or statutory duty.
The exchange argues that the SEC has been inconsistent in its actions and has no intention of establishing a definitive regulatory framework. Coinbase believes that the lack of clear guidelines creates a "Catch-22" situation for the industry, making it difficult for companies to comply with uncertain and ever-changing expectations.
By seeking mandamus, Coinbase aims to compel the SEC to provide specific and transparent rules that would govern the digital assets industry.
Furthermore, looks like the chairman of the SEC is still under pressure to be removed from his current seat👀
Coinbase will destroy the SEC in court.
— The Wolf Of All Streets (@scottmelker)
9:38 PM • Jun 16, 2023
Crypto Twitter came together to help fund ZachXBT legal case.🤗
In the latest development surrounding crypto sleuth ZachXBT's legal battle, donations for his defense have surged to nearly $800,000.
Known for his efforts in uncovering crypto scams, ZachXBT has found himself under fire from Jeffrey Huang, who vehemently denies the accusations of embezzlement.
Community alert: the scammer known as NFTMachine is back with a new project @arcade_dao which also appears to be blatant copyright infringement.
I would recommend avoiding it at all costs.
— ZachXBT (@zachxbt)
1:42 AM • Mar 29, 2023
However, the cryptocurrency community has rallied behind ZachXBT, with numerous projects and individuals offering their support and pledging donations.
This outpouring of support showcases the solidarity within the crypto community and their recognition of the importance of ZachXBT's work.
The significant amount of funds raised for ZachXBT's legal defense is noteworthy. This financial backing may provide him with the resources needed to effectively address the case and, if necessary, explore settlement options.
As the legal battle continues, the ongoing support and accumulating donations demonstrate the community's recognition of the crucial role ZachXBT plays in uncovering crypto scams and promoting a safer environment for cryptocurrency enthusiasts.
Some things to note about this hack.
Largest single victim I have observed is for 2.8M USDT. Multiple other losses for 6 figures across different chains.
Thanks to all of the victims who have messaged me their transaction hash. The root cause is still tbd.
— ZachXBT (@zachxbt)
7:39 PM • Jun 3, 2023
✨Bonus News✨
Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.
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