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Binance Shrinks, Coinbase Expands in BTC Reserves
The latest data compiled by CryptoQuant has highlighted a
notable movement in Bitcoin reserves between Binance and Coinbase. The report revealed a decrease of 5,000 BTC in Binance’s reserves and an
increase of around 12,000 BTC in Coinbase’s holdings.
Analysts have attributed this trend to retail outflows
from Binance, likely prompted by the legal concerns surrounding the
exchange. According to Bradley Park, a Web 3 analyst at CryptoQuant, as quoted by Coindesk, Binance’s decreasing Bitcoin reserves result from retail investors moving funds to compliant or licensed exchanges..
Following the resignation of Changpeng Zhao and his
admission of guilt in a deal with the Department of Justice (DOJ), Binance
experienced outflows exceeding $1 billion within a day, according
to blockchain firm Nansen, as quoted by CNBC. Additionally, market liquidity
decreased by 25% as market makers scaled back their positions.
Source: CryptoQuant
The DOJ’s settlement with Binance, amounting to a record $4.3 billion, included an agreement to forfeit $2.5 billion and a fine
amounting to $1.8 billion against the crypto exchange. The agreements entailed exit from US markets by the company, financial remittances, and stringent compliance measures.
Notably, Binance’s native token, BNB, faced a decline of
8% within the day the settlement
Settlement
Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2
Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2
Read this Term was reached. Despite this
significant drop, Binance retains assets surpassing $65 billion on its
platform.
Binance Faces Legal Battles, Settlements, and SEC’s Charges
In August, federal prosecutors sought extensive records associated with Zhao as part of
an ongoing probe into potential violations of US financial crime laws. Primarily, these allegations revolve around Binance’s purported breach of the Bank
Secrecy Act by allowing transactions involving sanctioned individuals, among other regulatory concerns.
According to a report by Finance Magnates, the
settlement between the DoJ and Binance requires the exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term to remit $3.8
billion to the Financial Crimes Enforcement Network and $968 million to the
Office of Foreign Asset Control.
Simultaneously, an agreement with the Commodity Futures Trading Commission will see
Binance Holdings return $1.35 billion in alleged illicitly acquired funds and
pay $1.35 billion in civil penalties. Additionally, Zhao and Binance’s Former Chief Compliance Officer, Samuel Lim, face substantial fines in relation to the settlement with the CFTC.
Meanwhile, the Securities and Exchange Commission
escalated its confrontation with Binance this year, bringing 13 charges against
the exchange, affiliated entities, and Zhao. The allegations include running
unregistered exchanges, offering unregistered crypto assets, and Zhao’s alleged
control of Binance.US.
The latest data compiled by CryptoQuant has highlighted a
notable movement in Bitcoin reserves between Binance and Coinbase. The report revealed a decrease of 5,000 BTC in Binance’s reserves and an
increase of around 12,000 BTC in Coinbase’s holdings.
Analysts have attributed this trend to retail outflows
from Binance, likely prompted by the legal concerns surrounding the
exchange. According to Bradley Park, a Web 3 analyst at CryptoQuant, as quoted by Coindesk, Binance’s decreasing Bitcoin reserves result from retail investors moving funds to compliant or licensed exchanges..
Following the resignation of Changpeng Zhao and his
admission of guilt in a deal with the Department of Justice (DOJ), Binance
experienced outflows exceeding $1 billion within a day, according
to blockchain firm Nansen, as quoted by CNBC. Additionally, market liquidity
decreased by 25% as market makers scaled back their positions.
Source: CryptoQuant
The DOJ’s settlement with Binance, amounting to a record $4.3 billion, included an agreement to forfeit $2.5 billion and a fine
amounting to $1.8 billion against the crypto exchange. The agreements entailed exit from US markets by the company, financial remittances, and stringent compliance measures.
Notably, Binance’s native token, BNB, faced a decline of
8% within the day the settlement
Settlement
Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2
Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2
Read this Term was reached. Despite this
significant drop, Binance retains assets surpassing $65 billion on its
platform.
Binance Faces Legal Battles, Settlements, and SEC’s Charges
In August, federal prosecutors sought extensive records associated with Zhao as part of
an ongoing probe into potential violations of US financial crime laws. Primarily, these allegations revolve around Binance’s purported breach of the Bank
Secrecy Act by allowing transactions involving sanctioned individuals, among other regulatory concerns.
According to a report by Finance Magnates, the
settlement between the DoJ and Binance requires the exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term to remit $3.8
billion to the Financial Crimes Enforcement Network and $968 million to the
Office of Foreign Asset Control.
Simultaneously, an agreement with the Commodity Futures Trading Commission will see
Binance Holdings return $1.35 billion in alleged illicitly acquired funds and
pay $1.35 billion in civil penalties. Additionally, Zhao and Binance’s Former Chief Compliance Officer, Samuel Lim, face substantial fines in relation to the settlement with the CFTC.
Meanwhile, the Securities and Exchange Commission
escalated its confrontation with Binance this year, bringing 13 charges against
the exchange, affiliated entities, and Zhao. The allegations include running
unregistered exchanges, offering unregistered crypto assets, and Zhao’s alleged
control of Binance.US.
#Binance #Shrinks #Coinbase #Expands #BTC #Reserves
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