User:KB at Binance/sandbox: Difference between revisions
Adding changes Tag: Possible self promotion in userspace |
Adding changes Tag: Possible self promotion in userspace |
||
Line 1: | Line 1: | ||
{{short description|International, multi-language cryptocurrency exchange}} |
{{short description|International, multi-language cryptocurrency exchange}} |
||
{{Use dmy dates|date=May 2023}} |
{{Use dmy dates|date=May 2023}} |
||
{{Infobox company |
{{Infobox company |
||
| name = Binance Holdings Ltd. |
| name = Binance Holdings Ltd. |
||
| logo = Binance logo.svg |
| logo = Binance logo.svg |
||
| type = [[Privately held company|Private]] |
| type = [[Privately held company|Private]] |
||
| industry = [[Cryptocurrency]] |
| industry = [[Cryptocurrency]] |
||
| foundation = {{Start date and age|July 2017}}<ref>{{Cite web |last1=Hyatt |first1=John |last2=Bambysheva |first2=Nina |date=5 April 2022 |title=The Wealthiest Person In Crypto Climbs Into World's 20 Richest |url=https://www.forbes.com/sites/johnhyatt/2022/04/05/the-wealthiest-person-in-crypto-climbs-into-worlds-20-richest |website=[[Forbes]]}}</ref><ref>{{Cite web |last1=Berwick |first1=Angus |last2=Wilson |first2=Tom |date=21 January 2022 |title=Crypto giant Binance kept weak money-laundering checks even as it promised tougher compliance, documents show |url=https://www.reuters.com/article/finance-crypto-currency-binance |
| foundation = {{Start date and age|July 2017}}<ref>{{Cite web |last1=Hyatt |first1=John |last2=Bambysheva |first2=Nina |date=5 April 2022 |title=The Wealthiest Person In Crypto Climbs Into World's 20 Richest |
||
|url=https://www.forbes.com/sites/johnhyatt/2022/04/05/the-wealthiest -person-in-crypto-climbs-into-worlds-20-richest |
|||
|website=[[Forbes]]}}</ref><ref>{{Cite web |last1=Berwick |first1=Angus |last2=Wilson |first2=Tom |date=21 January 2022 |title=Crypto giant Binance kept weak money-laundering checks even as it promised tougher compliance, documents show |
|||
|url=https://www.reuters.com/article/finance-crypto-currency-binance idUSL8N2U065F |website=[[Reuters]]}}</ref> |
|||
| founders = {{unbulleted list|[[Changpeng Zhao]] |Yi He<ref>{{Cite web |last1=Wilson |first1=Tom |last2=Berwick |first2=Angus |date=17 October 2022 |title=How Binance CEO and aides plotted to dodge regulators in U.S. and UK |url=https://www.reuters.com/investigates/special-report/fintech- |
| founders = {{unbulleted list|[[Changpeng Zhao]] |Yi He<ref>{{Cite web |last1=Wilson |first1=Tom |last2=Berwick |first2=Angus |date=17 October 2022 |title=How Binance CEO and aides plotted to dodge regulators in U.S. and UK |
||
|url=https://www.reuters.com/investigates/special-report/fintech-cryp to-binance-zhao/ |website=[[Reuters]]}}</ref><ref name="Bloomberg - Crypto's Most Powerful Woman Speaks Out as Crisis Rocks Binance" />}} | location_country = Distributed |
|||
| key_people = [[Richard Teng]] ([[CEO]]) |
|||
| location_country = |
|||
| revenue = [[US$]]12 billion (2022)<ref>{{Cite web |last=Tully |first=Shawn |date=28 March 2023 |title=How Binance really operates: The world's largest crypto exchange boasts vast profits, hefty influencer payouts, and a ticking time bomb on its balance sheet |url=https://fortune.com/2023/03/28/binance-cftc-lawsuit-bnb-coin-soc ial-media-influencers |work=[[Fortune (magazine)|Fortune]] |archive-url=http://archive.today/2023.04.09-143036/https://fortune.c om/2023/03/28/binance-cftc-lawsuit-bnb-coin-social-media-influencers/ |archive-date=9 April 2023 |url-status=live}}</ref> |
|||
| key_people = [[Richard Teng]] ([[CEO]]) |
|||
| homepage = {{Official URL}} |
|||
| revenue = [[US$]]12 billion (2022)<ref>{{Cite web |last=Tully |first=Shawn |date=28 March 2023 |title=How Binance really operates: The world's largest crypto exchange boasts vast profits, hefty influencer payouts, and a ticking time bomb on its balance sheet |url=https://fortune.com/2023/03/28/binance-cftc-lawsuit-bnb-coin-social-media-influencers |work=[[Fortune (magazine)|Fortune]] |archive-url=http://archive.today/2023.04.09-143036/https://fortune.com/2023/03/28/binance-cftc-lawsuit-bnb-coin-social-media-influencers/ |archive-date=9 April 2023 |url-status=live}}</ref> |
|||
| products = [[Cryptocurrency exchange]], [[cryptocurrencies]] | subsid = {{ubl|Sakura Exchange|Trust Wallet|Binance Charity}} |
|||
| homepage = {{Official URL}} |
|||
| num_employees = 7,000 (2023)<ref>{{Cite news |last1=Kowsmann |first1=Patricia |last2=Ostroff |first2=Caitlin |date=14 July 2023 |title=Binance Lays Off Over 1,000 Employees |
|||
| products = [[Cryptocurrency exchange]], [[cryptocurrencies]] |
|||
|url=https://www.wsj.com/articles/binance-lays-off-over-1-000-employe es-d59ff6ad |work=[[The Wall Street Journal]] |
|||
| subsid = {{ubl|Sakura Exchange|Trust Wallet|Binance Charity}} |
|||
|archive-url=http://archive.today/2023.07.17-194747/https://www.wsj.c om/amp/articles/binance-lays-off-over-1-000-employees-d59ff6ad |archive-date=17 July 2023 |url-status=live}}</ref> |
|||
| area_served = Global, except for the [[United States]]<ref name="Forbes 2020-10-28" /> |
| area_served = Global, except for the [[United States]]<ref name="Forbes 2020-10-28" /> |
||
}} |
}} |
||
'''Binance Holdings Ltd.''', branded '''Binance''', is a global<ref>{{Cite web |date=2022-09-01 |title=Who Is Guangying Chen, and Is Binance a "Chinese Company"? |
|||
|url=https://www.binance.com/en/blog/from-cz/who-is-guangying-chen-an d-is-binance-a-chinese-company-2386330931319516973 |
|||
|access-date=2023-05-23 |website=Binance Blog |language=en |quote=We have subsidiaries in many countries, including France, Spain, Italy, UAE, and Bahrain,}}</ref> company that operates the largest |
|||
[[cryptocurrency exchange]] in terms of daily trading [[Volume (finance)|volume]] of [[cryptocurrencies]]. Binance was founded in 2017 by [[Changpeng Zhao]], a developer who had previously created [[high frequency trading]] software. Binance was initially based in |
|||
China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters. |
|||
{{orange|Binance has been the subject of regulatory challenges and lawsuits throughout its operating area, which have resulted in consequences from some countries including the company being banned from operating; ordered to cease operations; and issued fines.}} |
{{orange|Binance has been the subject of regulatory challenges and lawsuits throughout its operating area, which have resulted in consequences from some countries including the company being banned from operating; ordered to cease operations; and issued fines.}} |
||
== Company overview == |
|||
{{green|Binance launched Binance Labs, its venture capital operation, in 2018. Yi He, Binance's co-founder, has run Labs since 2022. In June 2022, it launched a $500 million fund backed by investors such as DST Global Partners and Breyer Capital. Investments have included projects in gaming, decentralized finance, and crypto infrastructure. According to the company, it had $7.5 billion in under management as of August 2022.<ref name="Bloomberg August2022">{{cite web |title= Binance Co-Founder He to Lead $7.5 Billion VC Arm in Shuffle |last1=Yang |first1=Yueqi |last2=Miller |first2=Hannah |url=https://www.bloomberg.com/news/articles/2022-08-03/binance-co-fo |
|||
== Company overview == |
|||
under-yi-he-to-lead-7-5-billion-vc-arm-in-shuffle |work=Bloomberg News |date=August 3, 2022 |access-date=November 14, 2023}}</ref><ref name="Fortune August2022">{{cite news |title=Crypto exchange Binance taps its 36-year-old billionaire cofounder He Yi to lead its $7.5 billion venture capital division |last1=Gordon |first1=Nicholas |url=https://fortune.com/2022/08/04/he-yi-binance-labs-changpeng-zhao -cofounder-crypto-winter-venture-capital/ |work=Fortune |date=August 4, 2022 |access-date=November 14, 2023}}</ref>}} |
|||
{{green|Binance also has incubator programs through Binance Labs and its Most Valuable Builder program. The Binance Labs Incubation Program was launched in 2018 with a $1 billion fund with a focus on blockchain startups. At launch, program participants received $500,000 in exchange for a 10 percent stake in their company. The Most Valuable Builder program focuses on startups creating decentralized applications on the BNB chain. Projects selected for the program receive access to coaching, workshops, and meetings with market leaders.<ref name="TechinAsia July2022">{{cite news |title=Binance names 27 projects in latest blockchain incubator cohort |last1=Lam La |first1=Thao |
|||
{{green|Binance launched Binance Labs, its venture capital operation, in 2018. Yi He, Binance's co-founder, has run Labs since 2022. In June 2022, it launched a $500 million fund backed by investors such as DST Global Partners and Breyer Capital. Investments have included projects in gaming, decentralized finance, and crypto infrastructure. According to the company, it had $7.5 billion in under management as of August 2022.<ref name="Bloomberg August2022">{{cite web |title= |
|||
|url=https://www.techinasia.com/binance-selects-27-projects-for-block chain-incubation-program |work=Tech in Asia |date=July 22, 2022 |access-date=November 14, 2023}}</ref><ref name="TechCrunch |
|||
Binance Co-Founder He to Lead $7.5 Billion VC Arm in Shuffle |last1=Yang |first1=Yueqi |last2=Miller |first2=Hannah |url=https://www.bloomberg.com/news/articles/2022-08-03/binance-co-founder-yi-he-to-lead-7-5-billion-vc-arm-in-shuffle |work=Bloomberg News |date=August 3, 2022 |access-date=November 14, 2023}}</ref><ref name="Fortune August2022">{{cite news |title=Crypto exchange Binance taps its 36-year-old billionaire cofounder He Yi to lead its $7.5 billion venture capital division |last1=Gordon |first1=Nicholas |url=https://fortune.com/2022/08/04/he-yi-binance-labs-changpeng-zhao-cofounder-crypto-winter-venture-capital/ |work=Fortune |date=August 4, 2022 |access-date=November 14, 2023}}</ref>}} |
|||
August2018">{{cite web |title=Binance launches an incubator program to develop early stage blockchain startups |last1=Russell |first1=Jon |url=https://techcrunch.com/2018/08/23/binance-labs-incubation-progra m/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_re ferrer_sig=AQAAAICI2jkPfa6jB0IjmmbTK6Km9nnnsCHngp-bEMvogga--zREYwQTX3 54HK77dXhIrilimzRPII_YzPjRSbcFc8Gy3TsUw1RUOR_dwhIH3HT6A22AWVUd-uYzi3p lkF0m896Y8DDzz2VUqRVso2MjvNg0h-vBIVQfDsgHmfWMXxdM |work=TechCrunch |date=August 23, 2018 |access-date=November 14, 2023}}</ref>}} |
|||
{{green|Binance launched Binance Academy in 2018. The crypto and blockchain education platform rewards users with cryptocurrency for completing tasks such as reading articles, taking quizzes, or watching videos.<ref name="BusinessToday August2022">{{cite news |
|||
{{green|Binance also has incubator programs through Binance Labs and its Most Valuable Builder program. The Binance Labs Incubation Program was launched in 2018 with a $1 billion fund with a focus on blockchain startups. At launch, program participants received $500,000 in exchange for a 10 percent stake in their company. The Most Valuable Builder program focuses on startups creating decentralized applications on the BNB chain. Projects selected for the program receive access to coaching, workshops, and meetings with market leaders.<ref name="TechinAsia July2022">{{cite news |title=Binance names 27 projects in latest blockchain incubator cohort |last1=Lam La |first1=Thao |url=https://www.techinasia.com/binance-selects-27-projects-for-blockchain-incubation-program |work=Tech in Asia |date=July 22, 2022 |access-date=November 14, 2023}}</ref><ref name="TechCrunch August2018">{{cite web |title=Binance launches an incubator program to develop early stage blockchain startups |last1=Russell |first1=Jon |url=https://techcrunch.com/2018/08/23/binance-labs-incubation-program/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAICI2jkPfa6jB0IjmmbTK6Km9nnnsCHngp-bEMvogga--zREYwQTX354HK77dXhIrilimzRPII_YzPjRSbcFc8Gy3TsUw1RUOR_dwhIH3HT6A22AWVUd-uYzi3plkF0m896Y8DDzz2VUqRVso2MjvNg0h-vBIVQfDsgHmfWMXxdM |work=TechCrunch |date=August 23, 2018 |access-date=November 14, 2023}}</ref>}} |
|||
|title=Binance Academy launches its learn and earn programme |last1= |first1= |
|||
|url=https://www.businesstoday.in/crypto/story/binance-academy-launch es-its-learn-and-earn-programme-327334-2022-03-25 |work=Business Today |date=August 25, 2022 |access-date=November 14, 2023}}</ref>}} |
|||
{{blue|In April 2018, Binance launched the Binance Charity Foundation. The charity's goal is to support the advancement of blockchain-enabled philanthropy with a focus on third-world |
|||
countries.<ref>{{Cite web |title=Binance Charity supports families facing famine across the Horn of Africa with its Giving Tuesday campaign |
|||
|url=https://www.unicef.lu/press_releases/binance-charity-supports-fa milies-facing-famine-across-the-horn-of-africa-with-its-giving-tuesda y-campaign/ |website=UNICEF Lëtzebuerg}}</ref>}} |
|||
== History == |
|||
[[File:Binance_Sixth_Anniversary_Cake.jpg|thumb|5 years birthday Binance's sixth anniversary cake, July 2023.]] |
|||
== History == |
|||
===2013–2017: company beginnings and move out of China=== CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in [[Shanghai]]; the company built [[high-frequency trading]] systems for [[stockbrokers]]. In 2013, he joined [[Blockchain.info]] as the third member of the [[cryptocurrency wallet]]'s team. He also worked at OKCoin as CTO for less than a year, a platform for [[Spot contract|spot]] trading between [[Fiat money|fiat]] and [[digital asset]]s.<ref name="Forbes2018">{{Cite news |last=Ambler |first=Pamela |date=7 February 2018 |title=From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance |work=Forbes |url=https://www.forbes.com/sites/pamelaambler/2018/02/07/changpeng-z hao-binance-exchange-crypto-cryptocurrency/#390a79b81eee}}</ref> He was hired at this position in 2014 by Yi He, with whom he co-founded Binance several years later.<ref name="Bloomberg - Crypto's Most Powerful Woman Speaks Out as Crisis Rocks Binance">{{Cite Q|Q120053402|access-date=2023-06-28}}</ref> |
|||
[[File:Binance_Sixth_Anniversary_Cake.jpg|thumb|5 years birthday Binance's sixth anniversary cake, July 2023.]] |
|||
The company was founded in 2017 in [[China]] but moved its servers and headquarters out of the country in advance of the Chinese government's ban on cryptocurrency trading in September 2017.<ref>{{Cite news |last=Xiao |first=Eva |date=30 November 2017 |title=Three months after launch, this unbanked crypto exchange made $7.5m in profit |work=[[Tech in Asia]] |
|||
|url=https://www.techinasia.com/cryptocurrency-exchange-binance}}</re f> Zhao asked He to join Binance, and she helped rewrite parts of the white paper for Binance's $15 million initial coin offering.<ref name="Bloomberg - Crypto's Most Powerful Woman Speaks Out as Crisis Rocks Binance" /> |
|||
===2013–2017: company beginnings and move out of China=== |
|||
===2018–2019: launch of stablecoin and security breach=== In January 2018 it was the largest [[cryptocurrency exchange]] with a market capitalization of $1.3 billion,<ref |
|||
CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in [[Shanghai]]; the company built [[high-frequency trading]] systems for [[stockbrokers]]. In 2013, he joined [[Blockchain.info]] as the third member of the [[cryptocurrency wallet]]'s team. He also worked at OKCoin as CTO for less than a year, a platform for [[Spot contract|spot]] trading between [[Fiat money|fiat]] and [[digital asset]]s.<ref name="Forbes2018">{{Cite news |last=Ambler |first=Pamela |date=7 February 2018 |title=From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance |work=Forbes |url=https://www.forbes.com/sites/pamelaambler/2018/02/07/changpeng-zhao-binance-exchange-crypto-cryptocurrency/#390a79b81eee}}</ref> He was hired at this position in 2014 by Yi He, with whom he co-founded Binance several years later.<ref name="Bloomberg - Crypto's Most Powerful Woman Speaks Out as Crisis Rocks Binance">{{Cite Q|Q120053402|access-date=2023-06-28}}</ref> |
|||
name="Bloomberg201801">{{Cite news |last1=Nakamura |first1=Yuji |last2=Lun |first2=Haidi |date=2018-01-11 |title=World's Top-Ranked |
|||
Crypto Exchange Adds 240,000 Users in One Hour |language=en |work=Bloomberg.com |
|||
The company was founded in 2017 in [[China]] but moved its servers and headquarters out of the country in advance of the Chinese government's ban on cryptocurrency trading in September 2017.<ref>{{Cite news |last=Xiao |first=Eva |date=30 November 2017 |title=Three months after launch, this unbanked crypto exchange made $7.5m in profit |work=[[Tech in Asia]] |url=https://www.techinasia.com/cryptocurrency-exchange-binance}}</ref> Zhao asked He to join Binance, and she helped rewrite parts of the white paper for Binance's $15 million initial coin offering.<ref name="Bloomberg - Crypto's Most Powerful Woman Speaks Out as Crisis Rocks Binance" /> |
|||
|url=https://www.bloomberg.com/news/articles/2018-01-11/world-s-top-r anked-crypto-venue-added-240-000-users-in-one-hour |
|||
|access-date=2018-03-08}}</ref> a title it had retained as late as April 2021, despite competition from [[Coinbase]], among others.<ref>{{Cite news |last1=de la Merced |first1=Michael J. |
|||
===2018–2019: launch of stablecoin and security breach=== |
|||
|last2=Karaian |first2=Jason |date=2021-04-15 |title=What's next for Coinbase? |language=en-US |work=The New York Times |
|||
In January 2018 it was the largest [[cryptocurrency exchange]] with a market capitalization of $1.3 billion,<ref name="Bloomberg201801">{{Cite news |last1=Nakamura |first1=Yuji |last2=Lun |first2=Haidi |date=2018-01-11 |title=World's Top-Ranked Crypto Exchange Adds 240,000 Users in One Hour |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2018-01-11/world-s-top-ranked-crypto-venue-added-240-000-users-in-one-hour |access-date=2018-03-08}}</ref> a title it had retained as late as April 2021, despite competition from [[Coinbase]], among others.<ref>{{Cite news |last1=de la Merced |first1=Michael J. |last2=Karaian |first2=Jason |date=2021-04-15 |title=What's next for Coinbase? |language=en-US |work=The New York Times |url=https://www.nytimes.com/2021/04/15/business/coinbase-market-debut.html |access-date=2021-05-12 |issn=0362-4331}}</ref> |
|||
|url=https://www.nytimes.com/2021/04/15/business/coinbase-market-debu t.html |access-date=2021-05-12 |issn=0362-4331}}</ref> |
|||
In March 2018, Binance announced its intentions to open an office in [[Malta]] after stricter regulations in Japan and China.<ref name="Bloomberg201803">{{Cite news |last=Nakamura |first=Yuji |date=2018-03-23 |title=World's Biggest Cryptocurrency Exchange Is Heading to Malta |language=en |agency=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-03-23/the-world-s- |
In March 2018, Binance announced its intentions to open an office in [[Malta]] after stricter regulations in Japan and China.<ref name="Bloomberg201803">{{Cite news |last=Nakamura |first=Yuji |date=2018-03-23 |title=World's Biggest Cryptocurrency Exchange Is Heading to Malta |language=en |agency=Bloomberg |
||
|url=https://www.bloomberg.com/news/articles/2018-03-23/the-world-s-b iggest-cryptocurrency-exchange-is-moving-to-malta |
|||
|access-date=2018-03-24}}</ref> In April 2018, Binance signed a [[memorandum of understanding]] with the government of [[Bermuda]].<ref name="Ber News 2019-01-19">{{Cite news |date=2018-04-27 |title=The Continuing Development Of A Fintech Ecosystem For Bermuda |work=Ber News |
|||
|url=http://cloudfront.bernews.com/wp-content/uploads/2018/06/MEMORAN DUM-OF-UNDERSTANDING-Binance.pdf |url-status=live |
|||
|access-date=2021-02-04 |
|||
|archive-url=https://web.archive.org/web/20190119122124/http://cloudf ront.bernews.com/wp-content/uploads/2018/06/MEMORANDUM-OF-UNDERSTANDI NG-Binance.pdf |archive-date=2019-01-19}}</ref> Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens.<ref>{{Cite web |last=plc |first=Malta Stock Exchange |title=MSE and Binance sign MoU |
|||
|url=https://borzamalta.com.mt/article-mse-binance-mou |url-status=dead |
|||
|archive-url=https://web.archive.org/web/20190119174609/https://borza malta.com.mt/article-mse-binance-mou |archive-date=19 January 2019 |access-date=19 January 2019 |website=Malta Stock Exchange}}</ref> In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. [[Jersey]] based exchange offers fiat-to-cryptocurrency pairs, including the [[Euro]] and the [[British pound]].<ref>{{Cite news |date=2018-06-11 |title=Crypto Giant Binance to Offer Euro Trading Pairs This Year |language=en |agency=Bloomberg |url=https://www.bloomberg.com/news/articles/2018-06-11/crypto-giant- |
|||
binance-to-offer-euro-trading-pairs-this-year |
|||
|access-date=2018-06-14}}</ref> |
|||
In June 2018, Binance and three other firms raised $65 million for sports blockchain company [[Chiliz]].<ref>{{Cite news |date=2018-06-08 |title=chiliZ raises $65 million from Binance, other organisations - Esports Insider |language=en-GB |work=Esportsinsider |url=https://esportsinsider.com/2018/06/chiliz-binance-65-million |access-date=2023-02-19}}</ref> |
|||
In July 2018, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet for an undisclosed sum. However, Binance, confirmed that the compensation is a mixture of cash, Binance stock, and a portion of its BNB token.<ref>{{Cite web |last=Russell |first=Jon |date=31 July 2018 |title=Crypto exchange Binance buys Trust Wallet in first acquisition deal |
|||
In June 2018, Binance and three other firms raised $65 million for sports blockchain company [[Chiliz]].<ref>{{Cite news |date=2018-06-08 |title=chiliZ raises $65 million from Binance, other organisations - Esports Insider |language=en-GB |work=Esportsinsider |url=https://esportsinsider.com/2018/06/chiliz-binance-65-million |access-date=2023-02-19}}</ref> |
|||
|url=https://techcrunch.com/2018/07/31/crypto-exchange-binance-buys-t rust-wallet-in-first-acquisition-deal/}}</ref> |
|||
In August 2018, Binance along with three other big exchanges raised $32 million for a "[[stablecoin]]" project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of [[Bitcoin]] and other popular [[digital asset]]s.<ref>{{Cite news |title=Binance and Other Crypto Exchanges Back $32 Million Stable Coin Project |language=en |work=Fortune |
|||
In July 2018, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet for an undisclosed sum. However, Binance, confirmed that the compensation is a mixture of cash, Binance stock, and a portion of its BNB token.<ref>{{Cite web |last=Russell |first=Jon |date=31 July 2018 |title=Crypto exchange Binance buys Trust Wallet in first acquisition deal |url=https://techcrunch.com/2018/07/31/crypto-exchange-binance-buys-trust-wallet-in-first-acquisition-deal/}}</ref> |
|||
|url=http://fortune.com/2018/08/29/cryptocurrency-exchanges-back-32-m illion-stable-coin-project/ |url-status=dead |access-date=2018-08-30 |archive-url=https://web.archive.org/web/20180829194927/http://fortun e.com/2018/08/29/cryptocurrency-exchanges-back-32-million-stable-coin -project/ |archive-date=29 August 2018}}</ref> |
|||
In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including [[Visa Inc.|Visa]] and [[Mastercard]]. The purchases are subject to Simplex's local bank policies and are limited to Bitcoin, [[Ethereum]], [[Litecoin]] and [[Ripple (payment protocol)|Ripple's]] [[XRP]].<ref>{{Cite web |
|||
In August 2018, Binance along with three other big exchanges raised $32 million for a "[[stablecoin]]" project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of [[Bitcoin]] and other popular [[digital asset]]s.<ref>{{Cite news |title=Binance and Other Crypto Exchanges Back $32 Million Stable Coin Project |language=en |work=Fortune |url=http://fortune.com/2018/08/29/cryptocurrency-exchanges-back-32-million-stable-coin-project/ |url-status=dead |access-date=2018-08-30 |archive-url=https://web.archive.org/web/20180829194927/http://fortune.com/2018/08/29/cryptocurrency-exchanges-back-32-million-stable-coin-project/ |archive-date=29 August 2018}}</ref> |
|||
|last=Russell |first=Jon |date=31 January 2019 |title=Binance now lets users buy crypto with a credit card |
|||
|url=https://techcrunch.com/2019/01/31/binance-credit-card-visa-maste rcard/ |access-date=31 January 2019 |website=TechCrunch}}</ref> |
|||
In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including [[Visa Inc.|Visa]] and [[Mastercard]]. The purchases are subject to Simplex's local bank policies and are limited to Bitcoin, [[Ethereum]], [[Litecoin]] and [[Ripple (payment protocol)|Ripple's]] [[XRP]].<ref>{{Cite web |last=Russell |first=Jon |date=31 January 2019 |title=Binance now lets users buy crypto with a credit card |url=https://techcrunch.com/2019/01/31/binance-credit-card-visa-mastercard/ |access-date=31 January 2019 |website=TechCrunch}}</ref> |
|||
On 7 May 2019, Binance revealed that it had been the victim of a "large scale security breach" in which hackers had stolen 7,000 Bitcoin worth around $40 million at the time.<ref>{{Cite web |
|||
|last=Kharpal |first=Arjun |date=8 May 2019 |title=Binance bitcoin hack: Over $40 million of cryptocurrency stolen |
|||
On 7 May 2019, Binance revealed that it had been the victim of a "large scale security breach" in which hackers had stolen 7,000 Bitcoin worth around $40 million at the time.<ref>{{Cite web |last=Kharpal |first=Arjun |date=8 May 2019 |title=Binance bitcoin hack: Over $40 million of cryptocurrency stolen |url=https://www.cnbc.com/2019/05/08/binance-bitcoin-hack-over-40-million-of-cryptocurrency-stolen.html |access-date=8 May 2019 |publisher=CNBC |language=en}}</ref> Binance CEO Changpeng Zhao said the hackers "used a variety of techniques, including [[phishing]], viruses and other attacks" and structured their transaction "in a way that passed our existing security checks."<ref>{{Cite web |last=Valinsky |first=Jordan |date=8 May 2019 |title=Hackers steal $40 million worth of bitcoin in massive security breach |url=https://www.cnn.com/2019/05/08/tech/bitcoin-binance-hack/index.html |access-date=8 May 2019 |publisher=CNN}}</ref> Binance halted further withdrawals and deposits but allowed trading to continue. The site pledged to reimburse customers through its "Secure Asset Fund for Users (SAFU)".<ref>{{Cite web |last=Stewart |first=Emily |date=2019-05-08 |title=If bitcoin is so safe, why does it keep getting hacked? |url=https://www.vox.com/recode/2019/5/8/18537073/binance-hack-bitcoin-stolen-blockchain-security-safu |access-date=2021-05-12 |website=Vox |language=en}}</ref><ref>{{Cite web |last=Thompson |first=Luke |date=2019-05-08 |title=Binance offers full refund after $40m hack |url=https://asiatimes.com/2019/05/binance-offers-full-refund-after-40m-hack/ |access-date=2021-05-12 |website=Asia Times |language=en-US}}</ref> Withdrawals resumed by 19 May.<ref>{{Cite web |date=19 May 2019 |title=Security Incident Recap |url=https://www.binance.com/en/blog/336904059293999104/Security-Incident-Recap |url-status=live |archive-url=https://web.archive.org/web/20190520134154/https://www.binance.com/en/blog/336904059293999104/Security-Incident-Recap |archive-date=20 May 2019 |access-date=2021-05-12 |website=Binance Blog |language=en}}</ref>{{Better source needed|reason=Citation is the Binance company website, which is not objective.|date=August 2022}} |
|||
|url=https://www.cnbc.com/2019/05/08/binance-bitcoin-hack-over-40-mil lion-of-cryptocurrency-stolen.html |access-date=8 May 2019 |publisher=CNBC |language=en}}</ref> Binance CEO Changpeng Zhao said the hackers "used a variety of techniques, including [[phishing]], viruses and other attacks" and structured their transaction "in a way that passed our existing security checks."<ref>{{Cite web |
|||
|last=Valinsky |first=Jordan |date=8 May 2019 |title=Hackers steal $40 million worth of bitcoin in massive security breach |url=https://www.cnn.com/2019/05/08/tech/bitcoin-binance-hack/index.h tml |access-date=8 May 2019 |publisher=CNN}}</ref> Binance halted further withdrawals and deposits but allowed trading to continue. The site pledged to reimburse customers through its "Secure Asset Fund for Users (SAFU)".<ref>{{Cite web |last=Stewart |first=Emily |date=2019-05-08 |title=If bitcoin is so safe, why does it keep getting hacked? |
|||
In June 2019 the company announced it would prohibit US passport holders as well as anyone residing in the US, and would setup a new entity binance.us to support those customers.<ref>{{Cite web |title=Binance begins to restrict US users ahead of regulatory-compliant exchange launch |url=https://techcrunch.com/2019/06/14/binance-begins-to-restrict-us-customers/ |access-date=2023-11-06 |website=TechCrunch |language=en}}</ref> Later in 2023 Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed this regulatory solution to reduce US regulatory risk.<ref>{{Cite web |title=Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators |url=https://www.forbes.com/sites/michaeldelcastillo/2020/10/29/leaked-tai-chi-document-reveals-binances-elaborate-scheme-to-evade-bitcoin-regulators/ |access-date=2023-11-06 |website=Forbes |language=en}}</ref> Binance subsequently denied the document, sued Forbes for defamation, and subsequently dropped the lawsuit.<ref>{{Cite web |title=Crypto’s Richest Man Is Waiting Out the Chaos |url=https://www.rollingstone.com/culture/culture-features/changpeng-zhao-cz-crypto-binance-1234740435/ |access-date=2023-11-06 |website=Rolling Stone|language=en}}</ref> |
|||
|url=https://www.vox.com/recode/2019/5/8/18537073/binance-hack-bitcoi n-stolen-blockchain-security-safu |access-date=2021-05-12 |website=Vox |language=en}}</ref><ref>{{Cite web |last=Thompson |first=Luke |date=2019-05-08 |title=Binance offers full refund after $40m hack |
|||
|url=https://asiatimes.com/2019/05/binance-offers-full-refund-after-4 0m-hack/ |access-date=2021-05-12 |website=Asia Times |language=en-US}}</ref> Withdrawals resumed by 19 May.<ref>{{Cite web |date=19 May 2019 |title=Security Incident Recap |
|||
In September 2019, the exchange began offering [[perpetual futures]] contracts, allowing leverage as high as 125 times the value of the contracts.<ref>{{Cite news |date=2019-10-22 |title=Bitcoin Speculators Gain Upper Hand as Derivative Trading Surges |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2019-10-22/bitcoin-speculators-gain-upper-hand-as-derivative-trading-surges |access-date=2021-01-21}}</ref> {{orange|In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX. Then in August 2022, Binance said it had only agreed to purchase some of WazirX's assets and intellectual property. As of February 2023, the deal remained in dispute by both companies.<ref name="Bloomberg Feb2023">{{cite news |title=Indian Crypto Exchange WazirX Moves Funds After Binance Cuts Off Service |last1=Shen |first1=Muyao |url=https://www.bloomberg.com/news/articles/2023-02-03/indian-crypto-exchange-wazirx-moves-funds-from-binance-wallets |work=Bloomberg News |date=February 3, 2023 |access-date=November 30, 2023}}</ref>}} |
|||
|url=https://www.binance.com/en/blog/336904059293999104/Security-Inci dent-Recap |url-status=live |
|||
|archive-url=https://web.archive.org/web/20190520134154/https://www.b inance.com/en/blog/336904059293999104/Security-Incident-Recap |archive-date=20 May 2019 |access-date=2021-05-12 |website=Binance |
|||
===2020–2023: acquisitions and investments=== |
|||
Blog |language=en}}</ref>{{Better source needed|reason=Citation is the Binance company website, which is not objective.|date=August 2022}} |
|||
On 21 February 2020, the [[Malta Financial Services Authority]] (MFSA) issued a public statement responding to media reports referring to Binance as a '[[Malta]]-based' cryptocurrency company. The statement noted that Binance "is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA." The MFSA added that it was "assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight."<ref>{{Cite web |date=21 February 2020 |title=Public Statement |url=https://www.mfsa.mt/news-item/public-statement-2020/ |url-status=live |archive-url=https://web.archive.org/web/20200221185738/https://www.mfsa.mt/news-item/public-statement-2020/ |archive-date=21 February 2020 |access-date=26 February 2020 |publisher=Malta Financial Services Authority}}</ref> |
|||
In June 2019 the company announced it would prohibit US passport holders as well as anyone residing in the US, and would setup a new entity binance.us to support those customers.<ref>{{Cite web |title=Binance begins to restrict US users ahead of |
|||
regulatory-compliant exchange launch |
|||
In July 2020, Binance announced a "strategic partnership" with a Chinese [[state-owned enterprise]] under the [[State-owned Assets Supervision and Administration Commission of the State Council]] and that Binance had joined a group "aiming to facilitate" the [[Belt and Road Initiative]].<ref>{{Cite news |last=Qu |first=Tracy |date=2020-07-20 |title=Covid-19 has been 'net positive' for cryptocurrencies, Binance founder says |language=en |work=[[South China Morning Post]] |url=https://www.scmp.com/tech/tech-leaders-and-founders/article/3093903/covid-19-net-positive-cryptocurrencies-performance |access-date=2023-02-18}}</ref><ref>{{Cite news |date=3 July 2020 |title=Binance forges China supply-chain partnership |work=[[Asia Times]] |url=https://asiatimes.com/2020/07/binance-forges-china-supply-chain-partnership/ |access-date=18 February 2023}}</ref> |
|||
|url=https://techcrunch.com/2019/06/14/binance-begins-to-restrict-us customers/ |access-date=2023-11-06 |website=TechCrunch |language=en}}</ref> Later in 2023 Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed this regulatory solution to reduce US regulatory risk.<ref>{{Cite web |title=Leaked ‘Tai Chi’ |
|||
Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators |
|||
On 28 October 2020, ''[[Forbes magazine|Forbes]]'' staff released leaked documents showing that Binance and Changpeng Zhao created an elaborate corporate structure designed to intentionally deceive United States regulators and secretly profit from cryptocurrency investors located in the country.<ref name="Forbes 2020-10-28">{{Cite news |date=2020-10-28 |title=Leaked 'Tai Chi' Document Reveals Binance's Elaborate Scheme To Evade Bitcoin Regulators |work=[[Forbes]] |url=https://www.forbes.com/sites/michaeldelcastillo/2020/10/29/leaked-tai-chi-document-reveals-binances-elaborate-scheme-to-evade-bitcoin-regulators/ |access-date=2020-10-30}}</ref> Binance officially blocks access from [[IP addresses]] located in the United States, but "potential customers would be taught how to evade geographic restrictions", ''Forbes'' claimed.<ref name="Forbes 2020-10-28" /> |
|||
|url=https://www.forbes.com/sites/michaeldelcastillo/2020/10/29/leake d-tai-chi-document-reveals-binances-elaborate-scheme-to-evade-bitcoin -regulators/ |access-date=2023-11-06 |website=Forbes |language=en}}</ref> Binance subsequently denied the document, sued Forbes for defamation, and subsequently dropped the |
|||
lawsuit.<ref>{{Cite web |title=Crypto’s Richest Man Is Waiting Out the Chaos |
|||
In May 2021 it was reported that Binance was under investigation by both the [[Internal Revenue Service]] and the [[United States Department of Justice]] on allegations of money laundering and tax offenses.<ref name="Daily Newsbrief">{{Cite news |title=Crypto Exchange Binance Under IRS and DOJ Investigation |work=Daily Newsbrief |url=https://dailynewsbrief.com/2021/05/14/crypto-exchange-binance-under-irs-and-doj-investigation/}}</ref><ref name="bloomberg.com">{{Cite web |last=Schoenberg |first=Tom |date=2021-05-13 |title=Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths |url=https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in |url-status=live |archive-url=https://web.archive.org/web/20210513170404/https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in |archive-date=13 May 2021 |access-date=2021-05-13 |website=Bloomberg.com}}</ref><ref name="reuters.com">{{Cite web |date=2021-05-13 |title=Binance under investigation by Justice Department, IRS – Bloomberg News |url=https://www.reuters.com/technology/binance-under-investigation-by-justice-department-irs-bloomberg-news-2021-05-13/ |access-date=2021-05-13 |website=Reuters}}</ref> |
|||
|url=https://www.rollingstone.com/culture/culture-features/changpeng zhao-cz-crypto-binance-1234740435/ |access-date=2023-11-06 |website=Rolling Stone|language=en}}</ref> |
|||
In September 2019, the exchange began offering [[perpetual futures]] contracts, allowing leverage as high as 125 times the value of the contracts.<ref>{{Cite news |date=2019-10-22 |title=Bitcoin Speculators Gain Upper Hand as Derivative Trading Surges |language=en |work=Bloomberg.com |
|||
{{green|Also in 2021, Binance launched a [[non-fungible token]] marketplace.<ref name="CNBC April2021">{{cite news |title=Binance, the world’s largest cryptocurrency exchange, is launching an NFT marketplace |last1=Browne |first1=Ryan |url=https://www.cnbc.com/2021/04/27/bitcoin-cryptocurrency-exchange-binance-to-launch-nft-marketplace.html |work=CNBC |date=April 27, 2021 |access-date=November 14, 2023}}</ref>}} |
|||
|url=https://www.bloomberg.com/news/articles/2019-10-22/bitcoin-specu lators-gain-upper-hand-as-derivative-trading-surges |
|||
|access-date=2021-01-21}}</ref> {{orange|In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX. Then in August 2022, Binance said it had only agreed to purchase some of WazirX's assets and intellectual property. As of February 2023, the deal remained in dispute by both companies.<ref name="Bloomberg Feb2023">{{cite news |title=Indian Crypto Exchange WazirX Moves Funds After Binance Cuts Off Service |last1=Shen |first1=Muyao |url=https://www.bloomberg.com/news/articles/2023-02-03/indian-crypto -exchange-wazirx-moves-funds-from-binance-wallets |work=Bloomberg News |date=February 3, 2023 |access-date=November 30, 2023}}</ref>}} |
|||
In February 2022, Binance took a $200 million stake in ''Forbes''.<ref>{{Cite news |date=10 February 2022 |title=Crypto exchange Binance to take $200m stake in Forbes |publisher=BBC News |url=https://www.bbc.com/news/business-60339561}}</ref> It's unclear if this investment was ever completed. In May 2022, Forbes Global Media Holdings halted plans to go public via a merger with Magnum Opus Acquisition Ltd, a Hong Kong-based [[special-purpose acquisition company]].<ref>{{Cite web |last1=Hirsch |first1=Lauren |last2=Mullin |first2=Benjamin |date=31 May 2022 |title=Forbes, Chronicler of Wealthy and Powerful, Will Scrap Plan to Go Public via SPAC |url=https://www.nytimes.com/2022/05/31/business/media/forbes-public-spac-deal.html |access-date=7 May 2023 |website=The New York Times}}</ref> Zhao said the plan had "changed a little bit, but I believe that's still in discussions."<ref>{{Cite web |last1=Nicolle |first1=Emily |last2=Lacqua |first2=Francine |last3=Mackenzie |first3=Tom |date=16 June 2022 |title=Binance's $200 Million Forbes Deal is 'Changing,' CEO Zhao Says |url=https://www.bloomberg.com/news/articles/2022-06-16/binance-s-200-million-forbes-deal-is-changing-ceo-zhao-says |access-date=7 May 2023 |website=[[Bloomberg L.P.]] |language=en}}</ref> In February 2023, Zhao tweeted his disappointment that Forbes "continues to write baseless articles" about Binance.<ref>{{Cite tweet |number=1630466341978136578 |user=cz_binance |title=I am deeply disappointed that Forbes continues to write baseless articles, losing their own credibility. 9/9 |author=CZ 🔶 Binance |date=28 February 2023 |access-date=22 May 2023 |language=en |archive-url=https://web.archive.org/web/20230318032340/https://twitter.com/cz_binance/status/1630466341978136578 |archive-date=18 March 2023 |url-status=live}}</ref> |
|||
===2020–2023: acquisitions and investments=== |
|||
On 21 February 2020, the [[Malta Financial Services Authority]] (MFSA) issued a public statement responding to media reports referring to Binance as a '[[Malta]]-based' cryptocurrency company. The statement noted that Binance "is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA." The MFSA added that it was "assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight."<ref>{{Cite web |date=21 February 2020 |title=Public Statement |
|||
In March 2022, amidst the [[2022 Russian invasion of Ukraine]], Binance's CEO Changpeng Zhao, refused to ban users from Russia, citing "financial freedom". {{green|Zhao also said Binance was complying with the international sanctions list.}}<ref>{{Cite news |date=2 March 2022 |title=Ukraine crisis: Crypto exchange boss rejects Russian user ban |work=BBC News |agency=BBC News |url=https://www.bbc.com/news/technology-60576373}}</ref> Binance later softened the tone of their opposition but not their policy, and also pointed to their donation of $10 million for humanitarian needs in Ukraine.<ref>{{Cite news |title=How the Ukraine conflict became a turning point for cryptocurrency |language=en |publisher=NBC News |url=https://www.nbcnews.com/tech/crypto/ukraine-conflict-became-turning-point-cryptocurrency-rcna18705 |access-date=2022-03-07}}</ref> {{green|In April, Binance limited Russian users with more than $10,900 from making deposits or trading on the platform.<ref name="Reuters April2022">{{cite news |title=Crypto exchange Binance curbs services in Russia |last1=Wilson |first1=Tom |last2=Dey |first2=Mrinmay |last3=Sharma |first3=Akriti |url=https://www.reuters.com/business/finance/crypto-exchange-binance-limits-services-russia-after-eu-sanctions-2022-04-21/ |work=Reuters |date=April 21, 2022 |access-date=November 14, 2022}}</ref>}} |
|||
|url=https://www.mfsa.mt/news-item/public-statement-2020/ |url-status=live |
|||
|archive-url=https://web.archive.org/web/20200221185738/https://www.m fsa.mt/news-item/public-statement-2020/ |archive-date=21 February |
|||
In April 2022, [[Reuters]] reported that, in 2021, Binance shared information with [[Rosfinmonitoring]] about funds raised by jailed Russian opposition leader [[Alexei Navalny]]'s network. {{green|Binance denied the claim.}}<ref>{{Cite news |last1=Berwick |first1=Angus |last2=Wilson |first2=Tom |date=2022-04-22 |title=Special Report: How crypto giant Binance built ties to a Russian FSB-linked agency |language=en |publisher=[[Reuters]] |url=https://www.reuters.com/technology/how-crypto-giant-binance-built-ties-russian-fsb-linked-agency-2022-04-22/ |access-date=2022-04-22}}</ref> |
|||
2020 |access-date=26 February 2020 |publisher=Malta Financial Services Authority}}</ref> |
|||
In July 2020, Binance announced a "strategic partnership" with a Chinese [[state-owned enterprise]] under the [[State-owned Assets Supervision and Administration Commission of the State Council]] and that Binance had joined a group "aiming to facilitate" the [[Belt and Road Initiative]].<ref>{{Cite news |last=Qu |first=Tracy |date=2020-07-20 |title=Covid-19 has been 'net positive' for cryptocurrencies, Binance founder says |language=en |work=[[South China Morning Post]] |
|||
However, in March 2023, the exchange banned Russian residents from buying euros and dollars through its p2p service. European users, in turn, lost the opportunity to buy rubles.<ref>{{Cite web |date=2023-03-14 |title=BINANCE RESTRICTS P2P TRADING FOR RUSSIAN USERS |url=https://financefeeds.com/binance-restricts-p2p-trading-for-russian-users/ |website=financefeeds.com}}</ref> |
|||
|url=https://www.scmp.com/tech/tech-leaders-and-founders/article/3093 903/covid-19-net-positive-cryptocurrencies-performance |access-date=2023-02-18}}</ref><ref>{{Cite news |date=3 July 2020 |title=Binance forges China supply-chain partnership |work=[[Asia Times]] |
|||
|url=https://asiatimes.com/2020/07/binance-forges-china-supply-chain partnership/ |access-date=18 February 2023}}</ref> |
|||
In September 2023, Binance announced it was leaving Russia and selling its business to the CommEX platform. Accounts of Russian users will be transferred to the new platform within a year.<ref>{{Cite web|url=https://www.rbc.ru/crypto/news/6513e3749a79474f7da2bcf0|title=Биржа Binance объявила об уходе из России и продаже российского бизнеса|language=ru|date=2023-09-27|website=[[RBK Group|RBK]]}}</ref> |
|||
On 28 October 2020, ''[[Forbes magazine|Forbes]]'' staff released leaked documents showing that Binance and Changpeng Zhao created an elaborate corporate structure designed to intentionally deceive United States regulators and secretly profit from cryptocurrency investors located in the country.<ref name="Forbes 2020-10-28">{{Cite news |date=2020-10-28 |title=Leaked 'Tai Chi' Document Reveals Binance's Elaborate Scheme To Evade Bitcoin Regulators |work=[[Forbes]] |
|||
|url=https://www.forbes.com/sites/michaeldelcastillo/2020/10/29/leake d-tai-chi-document-reveals-binances-elaborate-scheme-to-evade-bitcoin -regulators/ |access-date=2020-10-30}}</ref> Binance officially blocks access from [[IP addresses]] located in the United States, but "potential customers would be taught how to evade geographic restrictions", ''Forbes'' claimed.<ref name="Forbes 2020-10-28" /> |
|||
On 27 May 2022, Binance announced the registration of its legal entity in Italy, and has plans of opening offices and expanding the local team in the area. [[Changpeng Zhao|CEO Changpeng Zhao]] also shared information regarding Binance's registration with France's market regulator. {{orange|At the time, the company was}} also seeking registration in more European countries, such as Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.<ref>{{Cite news |date=2022-05-27 |title=Binance registers with Italy's regulator amid plans to expand in Europe |language=en |work=Reuters |url=https://www.reuters.com/markets/us/binance-registers-with-italys-regulator-amid-plans-expand-europe-2022-05-27/ |access-date=2022-05-29}}</ref> {{green|Binance registered to operate in Spain in July 2022,<ref name="Reuters July2022">{{cite news |title=Bank of Spain includes Binance in its crypto registry |last1= |first1= |url=https://www.reuters.com/technology/bank-spain-includes-binance-its-crypto-registry-2022-07-08/ |work=Reuters |date=July 8, 2022 |access-date=November 14, 2023}}</ref> and in Sweden in January 2023.<ref name="Reuters January2023">{{cite news |title=Crypto exchange Binance registers in Sweden |last1= |first1= |url=https://www.reuters.com/markets/currencies/crypto-exchange-binance-registers-sweden-2023-01-12/ |work=Reuters |date=January 12, 2023 |access-date=November 14, 2023}}</ref>}} |
|||
In May 2021 it was reported that Binance was under investigation by both the [[Internal Revenue Service]] and the [[United States Department of Justice]] on allegations of money laundering and tax offenses.<ref name="Daily Newsbrief">{{Cite news |title=Crypto Exchange Binance Under IRS and DOJ Investigation |work=Daily Newsbrief |
|||
|url=https://dailynewsbrief.com/2021/05/14/crypto-exchange-binance-un der-irs-and-doj-investigation/}}</ref><ref |
|||
On 13 June 2022 Binance announced that users would, for an unspecified period of time, be unable to withdraw their funds held in Bitcoin, as the value of cryptocurrencies suffered serious declines.<ref>{{Cite news |last=Griffin |first=Andrew |date=2022-06-13 |title=Crypto exchange Binance blocks bitcoin withdrawals amid market collapse |language=en |work=Independent |url=https://www.independent.co.uk/tech/binance-bitcoin-crypto-exchange-withdrawal-latest-b2099726.html}}</ref> Two hours after that announcement, Bitcoin withdrawals were allowed to resume.<ref>{{Cite news |last=Binance |date=2022-06-13 |title=Withdrawals on Bitcoin (BTC) Network Resumed |language=en |url=https://www.binance.com/en/support/announcement/d312178e0fce43c9b8c457a31139f783}}</ref>{{Better source needed|reason=Citation is the Binance company website, which is not objective.|date=August 2022}} |
|||
name="bloomberg.com">{{Cite web |last=Schoenberg |first=Tom |date=2021-05-13 |title=Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths |
|||
|url=https://www.bloomberg.com/news/articles/2021-05-13/binance-probe d-by-u-s-as-money-laundering-tax-sleuths-bore-in |url-status=live |archive-url=https://web.archive.org/web/20210513170404/https://www.b loomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money laundering-tax-sleuths-bore-in |archive-date=13 May 2021 |access-date=2021-05-13 |website=Bloomberg.com}}</ref><ref name="reuters.com">{{Cite web |date=2021-05-13 |title=Binance under investigation by Justice Department, IRS – Bloomberg News |url=https://www.reuters.com/technology/binance-under-investigation-b y-justice-department-irs-bloomberg-news-2021-05-13/ |
|||
Binance has a strong brand presence in Africa. Binance sponsored the [[Africa Cup of Nations]] in 2021.<ref>{{Cite news |last=Endurance |first=Okafor |date=2022-01-13 |title=Binance becomes official sponsor of 2021 TotalEnergies Africa Cup of Nations |language=en-US |work=Businessday NG |url=https://businessday.ng/news/article/binance-becomes-official-sponsor-of-2021-totalenergies-africa-cup-of-nations/ |access-date=2022-10-11}}</ref><ref>{{Cite web |title=Binance Has Deal to Become Crypto Sponsor of Africa Cup of Nations Soccer Tournament |url=https://www.sporttechie.com/binance-has-deal-to-become-crypto-sponsor-of-africa-cup-of-nations-soccer-tournament |access-date=2022-10-11 |website=www.sporttechie.com |date=11 January 2022 |language=en}}</ref> {{orange|It has also taken crypto education to five countries on the continent, and opened an education hub in [[Cameroon]].<ref>{{Cite web |last=Nnamani |first=Caleb |date=2022-09-21 |title=Binance is touring francophone Africa with crypto education |url=https://techcabal.com/2022/09/21/binance-goes-on-francophone-africa-tour-to-drive-crypto-education/ |access-date=2022-10-11 |website=TechCabal |language=en-US}}</ref>}} |
|||
|access-date=2021-05-13 |website=Reuters}}</ref> |
|||
{{green|Also in 2021, Binance launched a [[non-fungible token]] marketplace.<ref name="CNBC April2021">{{cite news |title=Binance, the world’s largest cryptocurrency exchange, is launching an NFT marketplace |last1=Browne |first1=Ryan |
|||
Binance invested US$500 million towards the [[acquisition of Twitter by Elon Musk]] that completed in October 2022. Following the investment, the company announced the creation of a team to work on how blockchain and cryptocurrencies could be helpful to [[Twitter, Inc.|Twitter]].<ref>{{Cite news |last=Hu |first=Krystal |date=2022-10-28 |title=Crypto exchange Binance, Musk's co-investor, to help Twitter with blockchain |work=[[Reuters]] |url=https://www.reuters.com/technology/crypto-exchange-binance-musks-co-investor-help-twitter-with-blockchain-2022-10-28/}}</ref><ref>{{Cite news |last=Kowsmann |first=Patricia |date=2022-10-28 |title=Crypto Exchange Binance Confirms $500 Million Investment in Elon Musk's Twitter |work=[[The Wall Street Journal]] |url=https://www.wsj.com/livecoverage/stock-market-news-today-10-28-2022/card/crypto-exchange-binance-confirms-500-million-investment-in-elon-musk-s-twitter-bLlWCMtnGoarYUghZuwg}}</ref> |
|||
|url=https://www.cnbc.com/2021/04/27/bitcoin-cryptocurrency-exchange binance-to-launch-nft-marketplace.html |work=CNBC |date=April 27, 2021 |access-date=November 14, 2023}}</ref>}} |
|||
In February 2022, Binance took a $200 million stake in ''Forbes''.<ref>{{Cite news |date=10 February 2022 |title=Crypto exchange Binance to take $200m stake in Forbes |publisher=BBC News |url=https://www.bbc.com/news/business-60339561}}</ref> It's unclear if this investment was ever completed. In May 2022, Forbes Global |
|||
{{green|Binance began issuing "proof of reserves" in November 2022, which allowed users to see if their tokens were covered by the company's reserves. The program initially only covered Bitcoin, and said it would expand to include additional tokens.<ref name="WSJ November2022">{{cite news |title=Crypto Exchange Binance Starts Showing Its Reserves |last1=Kowsmann |first1=Patricia |url=https://www.wsj.com/livecoverage/stock-market-news-today-11-25-2022/card/crypto-exchange-binance-starts-showing-its-reserves-2nuBwkJLOx7qICxKuYzU |work=The Wall Street Journal |date=November 25, 2022 |access-date=November 14, 2023}}</ref>}} |
|||
Media Holdings halted plans to go public via a merger with Magnum Opus Acquisition Ltd, a Hong Kong-based [[special-purpose acquisition company]].<ref>{{Cite web |last1=Hirsch |first1=Lauren |last2=Mullin |
|||
|first2=Benjamin |date=31 May 2022 |title=Forbes, Chronicler of Wealthy and Powerful, Will Scrap Plan to Go Public via SPAC |url=https://www.nytimes.com/2022/05/31/business/media/forbes-public spac-deal.html |access-date=7 May 2023 |website=The New York Times}}</ref> Zhao said the plan had "changed a little bit, but I believe that's still in discussions."<ref>{{Cite web |last1=Nicolle |
|||
On 8 November 2022, Binance offered to buy rival cryptocurrency exchange [[FTX (company)|FTX]]'s non-US operations (FTX.com) to help cover the latter's [[Bankruptcy of FTX|liquidity crunch]].<ref name="bb20221108">{{Cite news |last1=Yang |first1=Yueqi |last2=Kharif |first2=Olga |date=2022-11-08 |title=CZ's Binance to Buy Rival FTX After Sam Bankman-Fried Faces Liquidity Crunch |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2022-11-08/crypto-exchange-binance-to-buy-rival-ftx-com-terms-undisclosed |url-access=limited}}</ref><ref>{{Cite news |last=Sigalos |first=MacKenzie |date=2022-11-08 |title=Binance offers to buy FTX's non-U.S. operations to fix 'liquidity crunch' |work=[[CNBC]] |url=https://www.cnbc.com/2022/11/08/binance-offers-to-buy-ftxs-non-us-operations-to-fix-liquidity-crunch.html}}</ref> Binance backed out of the deal the next day citing concerns about FTX's business practices and investigations by US financial regulators.<ref>{{Cite news |last1=Sigalos |first1=MacKenzie |last2=Rooney |first2=Kate |date=2022-11-09 |title=Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse |work=[[CNBC]] |url=https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html}}</ref> |
|||
|first1=Emily |last2=Lacqua |first2=Francine |last3=Mackenzie |first3=Tom |date=16 June 2022 |title=Binance's $200 Million Forbes Deal is 'Changing,' CEO Zhao Says |
|||
|url=https://www.bloomberg.com/news/articles/2022-06-16/binance-s-200 -million-forbes-deal-is-changing-ceo-zhao-says |access-date=7 May 2023 |website=[[Bloomberg L.P.]] |language=en}}</ref> In February 2023, Zhao tweeted his disappointment that Forbes "continues to write baseless articles" about Binance.<ref>{{Cite tweet |
|||
In July 2023, several senior executives resigned from the company.<ref>{{Cite web |last1=Wilson |first1=Tom |last2=Shekhawat |first2=Jaiveer |last3=Wilson |first3=Tom |date=7 July 2023 |title=Crypto exchange Binance hit by executive exodus |url=https://www.reuters.com/technology/binances-chief-strategy-officer-patrick-hillman-quits-tweet-2023-07-06/ |access-date=23 July 2023 |website=Reuters |language=en}}</ref> The Wall Street Journal reported that Binance had cut its global workforce by as many as 1,000 staff.<ref>{{Cite web |last1=Ostroff |first1=Caitlin |last2=Kowsmann |first2=Patricia |date=17 July 2023 |title=Binance Cuts Back Employee Benefits, Citing Decline in Profit |url=https://www.wsj.com/articles/binance-cuts-back-employee-benefits-citing-decline-in-profit-51d51cf7 |access-date=23 July 2023 |website=Wall Street Journal}}</ref> CNBC reported that the number of staff cuts could total 3,000 by the end of 2023.<ref>{{Cite web |last=Goswami |first=Rohan |date=14 July 2023 |title=Binance could lay off thousands as company buckles down for DOJ probe, source says |url=https://www.cnbc.com/2023/07/14/binance-could-lay-off-thousands-in-response-to-doj-probe-source.html |access-date=23 July 2023 |website=CNBC |language=en}}</ref> Zhao didn't deny layoffs were occurring but claimed both the reported numbers and the reasons for the senior executive departures weren't accurate. In June 2023 Binance had 790 million US dollars in outflows after the SEC announced its lawsuit and Forbes reported that the company had 120 million users globally.<ref>{{Cite web |last=Hamilton |first=Katherine |date=6 June 2023 |title=Binance Out $790 Million As Investors Move Assets After SEC Lawsuit, Research Firm Reports |url=https://www.forbes.com/sites/katherinehamilton/2023/06/06/binance-out-790-million-as-investors-move-assets-after-sec-lawsuit-research-firm-reports/?sh=47a9243a4302 |access-date=6 September 2023 |website=Forbes |language=en}}</ref> |
|||
|number=1630466341978136578 |user=cz_binance |title=I am deeply disappointed that Forbes continues to write baseless articles, losing their own credibility. 9/9 |author=CZ �� Binance |date=28 February |
|||
2023 |access-date=22 May 2023 |language=en |
|||
== {{orange|Build'n'Build}} (BNB)<span class="anchor" id="BNB"></span> == |
|||
|archive-url=https://web.archive.org/web/20230318032340/https://twitt er.com/cz_binance/status/1630466341978136578 |archive-date=18 March 2023 |url-status=live}}</ref> |
|||
{{Infobox cryptocurrency |
|||
In March 2022, amidst the [[2022 Russian invasion of Ukraine]], Binance's CEO Changpeng Zhao, refused to ban users from Russia, citing "financial freedom". {{green|Zhao also said Binance was complying with the international sanctions list.}}<ref>{{Cite news |date=2 March 2022 |title=Ukraine crisis: Crypto exchange boss rejects Russian user ban |work=BBC News |agency=BBC News |url=https://www.bbc.com/news/technology-60576373}}</ref> Binance later softened the tone of their opposition but not their policy, and also pointed to their donation of $10 million for humanitarian needs in Ukraine.<ref>{{Cite news |title=How the Ukraine conflict became a turning point for cryptocurrency |language=en |publisher=NBC News |url=https://www.nbcnews.com/tech/crypto/ukraine-conflict-became-turn ing-point-cryptocurrency-rcna18705 |access-date=2022-03-07}}</ref> {{green|In April, Binance limited Russian users with more than $10,900 from making deposits or trading on the platform.<ref name="Reuters April2022">{{cite news |title=Crypto exchange Binance curbs services in Russia |last1=Wilson |first1=Tom |last2=Dey |first2=Mrinmay |last3=Sharma |first3=Akriti |
|||
<!-- QID=Q114252666 --> |
|||
|url=https://www.reuters.com/business/finance/crypto-exchange-binance -limits-services-russia-after-eu-sanctions-2022-04-21/ |work=Reuters |date=April 21, 2022 |access-date=November 14, 2022}}</ref>}} |
|||
| currency_name = Build'N'Build |
|||
In April 2022, [[Reuters]] reported that, in 2021, Binance shared information with [[Rosfinmonitoring]] about funds raised by jailed Russian opposition leader [[Alexei Navalny]]'s network. {{green|Binance denied the claim.}}<ref>{{Cite news |last1=Berwick |first1=Angus |last2=Wilson |first2=Tom |date=2022-04-22 |title=Special Report: How crypto giant Binance built ties to a |
|||
| previous_names = Binance Coin |
|||
Russian FSB-linked agency |language=en |publisher=[[Reuters]] |url=https://www.reuters.com/technology/how-crypto-giant-binance-buil t-ties-russian-fsb-linked-agency-2022-04-22/ |
|||
| image_1 = BNB, native cryptocurrency for the Binance Smart Chain.svg |
|||
|access-date=2022-04-22}}</ref> |
|||
However, in March 2023, the exchange banned Russian residents from buying euros and dollars through its p2p service. European users, in turn, lost the opportunity to buy rubles.<ref>{{Cite web |
|||
|date=2023-03-14 |title=BINANCE RESTRICTS P2P TRADING FOR RUSSIAN USERS |
|||
|url=https://financefeeds.com/binance-restricts-p2p-trading-for-russi an-users/ |website=financefeeds.com}}</ref> |
|||
In September 2023, Binance announced it was leaving Russia and selling its business to the CommEX platform. Accounts of Russian users will be transferred to the new platform within a year.<ref>{{Cite |
|||
web|url=https://www.rbc.ru/crypto/news/6513e3749a79474f7da2bcf0|title =Биржа Binance объявила об уходе из России и продаже российского бизнеса|language=ru|date=2023-09-27|website=[[RBK Group|RBK]]}}</ref> |
|||
On 27 May 2022, Binance announced the registration of its legal entity in Italy, and has plans of opening offices and expanding the local team in the area. [[Changpeng Zhao|CEO Changpeng Zhao]] also shared information regarding Binance's registration with France's market regulator. {{orange|At the time, the company was}} also seeking registration in more European countries, such as Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.<ref>{{Cite news |date=2022-05-27 |title=Binance registers with Italy's regulator amid plans to expand in Europe |language=en |work=Reuters |url=https://www.reuters.com/markets/us/binance-registers-with-italys -regulator-amid-plans-expand-europe-2022-05-27/ |
|||
|access-date=2022-05-29}}</ref> {{green|Binance registered to operate in Spain in July 2022,<ref name="Reuters July2022">{{cite news |title=Bank of Spain includes Binance in its crypto registry |last1= |first1= |
|||
|url=https://www.reuters.com/technology/bank-spain-includes-binance-i ts-crypto-registry-2022-07-08/ |work=Reuters |date=July 8, 2022 |access-date=November 14, 2023}}</ref> and in Sweden in January 2023.<ref name="Reuters January2023">{{cite news |title=Crypto exchange Binance registers in Sweden |last1= |first1= |
|||
|url=https://www.reuters.com/markets/currencies/crypto-exchange-binan ce-registers-sweden-2023-01-12/ |work=Reuters |date=January 12, 2023 |access-date=November 14, 2023}}</ref>}} |
|||
On 13 June 2022 Binance announced that users would, for an unspecified period of time, be unable to withdraw their funds held in Bitcoin, as the value of cryptocurrencies suffered serious declines.<ref>{{Cite news |last=Griffin |first=Andrew |date=2022-06-13 |title=Crypto exchange Binance blocks bitcoin withdrawals amid market collapse |language=en |work=Independent |
|||
|url=https://www.independent.co.uk/tech/binance-bitcoin-crypto-exchan ge-withdrawal-latest-b2099726.html}}</ref> Two hours after that announcement, Bitcoin withdrawals were allowed to resume.<ref>{{Cite news |last=Binance |date=2022-06-13 |title=Withdrawals on Bitcoin (BTC) Network Resumed |language=en |
|||
|url=https://www.binance.com/en/support/announcement/d312178e0fce43c9 |
|||
b8c457a31139f783}}</ref>{{Better source needed|reason=Citation is the Binance company website, which is not objective.|date=August 2022}} |
|||
Binance has a strong brand presence in Africa. Binance sponsored the [[Africa Cup of Nations]] in 2021.<ref>{{Cite news |last=Endurance |first=Okafor |date=2022-01-13 |title=Binance becomes official sponsor of 2021 TotalEnergies Africa Cup of Nations |language=en-US |work=Businessday NG |
|||
|url=https://businessday.ng/news/article/binance-becomes-official-spo nsor-of-2021-totalenergies-africa-cup-of-nations/ |
|||
|access-date=2022-10-11}}</ref><ref>{{Cite web |title=Binance Has Deal to Become Crypto Sponsor of Africa Cup of Nations Soccer Tournament |
|||
|url=https://www.sporttechie.com/binance-has-deal-to-become-crypto-sp onsor-of-africa-cup-of-nations-soccer-tournament |
|||
|access-date=2022-10-11 |website=www.sporttechie.com |date=11 January 2022 |language=en}}</ref> {{orange|It has also taken crypto education to five countries on the continent, and opened an education hub in [[Cameroon]].<ref>{{Cite web |last=Nnamani |first=Caleb |
|||
|date=2022-09-21 |title=Binance is touring francophone Africa with crypto education |
|||
|url=https://techcabal.com/2022/09/21/binance-goes-on-francophone-afr ica-tour-to-drive-crypto-education/ |access-date=2022-10-11 |website=TechCabal |language=en-US}}</ref>}} |
|||
Binance invested US$500 million towards the [[acquisition of Twitter by Elon Musk]] that completed in October 2022. Following the investment, the company announced the creation of a team to work on how blockchain and cryptocurrencies could be helpful to [[Twitter, Inc.|Twitter]].<ref>{{Cite news |last=Hu |first=Krystal |date=2022-10-28 |title=Crypto exchange Binance, Musk's co-investor, to help Twitter with blockchain |work=[[Reuters]] |
|||
|url=https://www.reuters.com/technology/crypto-exchange-binance-musks -co-investor-help-twitter-with-blockchain-2022-10-28/}}</ref><ref>{{C ite news |last=Kowsmann |first=Patricia |date=2022-10-28 |title=Crypto Exchange Binance Confirms $500 Million Investment in Elon Musk's Twitter |work=[[The Wall Street Journal]] |
|||
|url=https://www.wsj.com/livecoverage/stock-market-news-today-10-28-2 022/card/crypto-exchange-binance-confirms-500-million-investment-in-e lon-musk-s-twitter-bLlWCMtnGoarYUghZuwg}}</ref> |
|||
{{green|Binance began issuing "proof of reserves" in November 2022, which allowed users to see if their tokens were covered by the company's reserves. The program initially only covered Bitcoin, and said it would expand to include additional tokens.<ref name="WSJ |
|||
November2022">{{cite news |title=Crypto Exchange Binance Starts Showing Its Reserves |last1=Kowsmann |first1=Patricia |url=https://www.wsj.com/livecoverage/stock-market-news-today-11-25-2 022/card/crypto-exchange-binance-starts-showing-its-reserves-2nuBwkJL Ox7qICxKuYzU |work=The Wall Street Journal |date=November 25, 2022 |access-date=November 14, 2023}}</ref>}} |
|||
On 8 November 2022, Binance offered to buy rival cryptocurrency exchange [[FTX (company)|FTX]]'s non-US operations (FTX.com) to help cover the latter's [[Bankruptcy of FTX|liquidity crunch]].<ref name="bb20221108">{{Cite news |last1=Yang |first1=Yueqi |last2=Kharif |first2=Olga |date=2022-11-08 |title=CZ's Binance to Buy Rival FTX After Sam Bankman-Fried Faces Liquidity Crunch |work=[[Bloomberg News]] |
|||
|url=https://www.bloomberg.com/news/articles/2022-11-08/crypto-exchan ge-binance-to-buy-rival-ftx-com-terms-undisclosed |
|||
|url-access=limited}}</ref><ref>{{Cite news |last=Sigalos |first=MacKenzie |date=2022-11-08 |title=Binance offers to buy FTX's non-U.S. operations to fix 'liquidity crunch' |work=[[CNBC]] |url=https://www.cnbc.com/2022/11/08/binance-offers-to-buy-ftxs-non-u s-operations-to-fix-liquidity-crunch.html}}</ref> Binance backed out of the deal the next day citing concerns about FTX's business practices and investigations by US financial regulators.<ref>{{Cite news |last1=Sigalos |first1=MacKenzie |last2=Rooney |first2=Kate |date=2022-11-09 |title=Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse |work=[[CNBC]] |url=https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue leaving-the-crypto-exchange-on-the-brink-of-collapse.html}}</ref> |
|||
In July 2023, several senior executives resigned from the company.<ref>{{Cite web |last1=Wilson |first1=Tom |last2=Shekhawat |first2=Jaiveer |last3=Wilson |first3=Tom |date=7 July 2023 |title=Crypto exchange Binance hit by executive exodus |url=https://www.reuters.com/technology/binances-chief-strategy-offic |
|||
er-patrick-hillman-quits-tweet-2023-07-06/ |access-date=23 July 2023 |website=Reuters |language=en}}</ref> The Wall Street Journal reported that Binance had cut its global workforce by as many as 1,000 staff.<ref>{{Cite web |last1=Ostroff |first1=Caitlin |last2=Kowsmann |first2=Patricia |date=17 July 2023 |title=Binance Cuts Back Employee Benefits, Citing Decline in Profit |url=https://www.wsj.com/articles/binance-cuts-back-employee-benefits -citing-decline-in-profit-51d51cf7 |access-date=23 July 2023 |website=Wall Street Journal}}</ref> CNBC reported that the number of staff cuts could total 3,000 by the end of 2023.<ref>{{Cite web |last=Goswami |first=Rohan |date=14 July 2023 |title=Binance could |
|||
lay off thousands as company buckles down for DOJ probe, source says |url=https://www.cnbc.com/2023/07/14/binance-could-lay-off-thousands in-response-to-doj-probe-source.html |access-date=23 July 2023 |website=CNBC |language=en}}</ref> Zhao didn't deny layoffs were occurring but claimed both the reported numbers and the reasons for the senior executive departures weren't accurate. In June 2023 |
|||
Binance had 790 million US dollars in outflows after the SEC announced its lawsuit and Forbes reported that the company had 120 million users globally.<ref>{{Cite web |last=Hamilton |
|||
|first=Katherine |date=6 June 2023 |title=Binance Out $790 Million As Investors Move Assets After SEC Lawsuit, Research Firm Reports |url=https://www.forbes.com/sites/katherinehamilton/2023/06/06/binanc e-out-790-million-as-investors-move-assets-after-sec-lawsuit-research -firm-reports/?sh=47a9243a4302 |access-date=6 September 2023 |website=Forbes |language=en}}</ref> |
|||
== {{orange|Build'n'Build}} (BNB)<span class="anchor" id="BNB"></span> == |
|||
{{Infobox cryptocurrency |
|||
<!-- QID=Q114252666 --> |
|||
| currency_name = Build'N'Build |
|||
| previous_names = Binance Coin |
|||
| image_1 = BNB, native cryptocurrency for the Binance Smart Chain.svg |
|||
| image_2 = |
| image_2 = |
||
| image_width_1 = 150 |
| image_width_1 = 150 |
||
| image_width_2 = 110 |
| image_width_2 = 110 |
||
| image_title_1 = |
| image_title_1 = |
||
| symbol = |
| symbol = |
||
| ticker_symbol = BNB |
| ticker_symbol = BNB |
||
| coin_definition = Native coin of the BNB Chain |
| coin_definition = Native coin of the BNB Chain |
||
| white_paper = [http://cryptoverze.s3.us-east-2.amazonaws.com/wp-content/uploads/ |
| white_paper = |
||
[http://cryptoverze.s3.us-east-2.amazonaws.com/wp-content/uploads/201 8/10/10011630/Binance-Coin-BNB-Whitepaper_reduce.pdf BNB Whitepaper] | implementations = |
|||
| implementations = |
|||
| initial_release_version = |
| initial_release_version = |
||
| initial_release_date = {{Start date and age|2017|07}} |
| initial_release_date = {{Start date and age|2017|07}} | code_repository = |
||
| status = Active |
|||
| code_repository = |
|||
| status = Active |
|||
| latest_release_version = |
| latest_release_version = |
||
| latest_release_date = |
| latest_release_date = |
||
Line 119: | Line 174: | ||
| programming_languages = |
| programming_languages = |
||
| operating_system = |
| operating_system = |
||
| author = |
| author = |
||
| developer = |
| developer = |
||
| source_model = |
| source_model = |
||
| license = |
| license = |
||
| website = www.bnbchain.org |
| website = www.bnbchain.org |
||
| block_explorer = bscscan.com |
| block_explorer = bscscan.com |
||
| ledger_genesis = |
| ledger_genesis = |
||
| hash_function = |
| hash_function = |
||
| issuance = |
| issuance = |
||
| timestamping = |
| timestamping = |
||
| block_time = |
| block_time = |
||
| block_reward = |
| block_reward = |
||
| circulating_supply = <!-- Requires a reliable source. --> |
| circulating_supply = <!-- Requires a reliable source. --> | supply_limit = 200,000,000 |
||
| exchange_rate = ~300$ |
|||
| supply_limit = 200,000,000 |
|||
| market_cap = <!-- Requires a reliable source. --> |
|||
| exchange_rate = ~300$ |
|||
| size = |
|||
| market_cap = <!-- Requires a reliable source. --> |
|||
}} |
|||
| size = |
|||
The company has launched two cryptocurrencies which it developed itself: Build'n'Build (formerly Binance Coin), and BinanceUSD (BUSD).<ref name=":0">{{Cite web |last=Anneken |first=Tappe |date=22 April 2021 |title=Bitcoin? Ethereum? Dogecoin? Your guide to the biggest names in crypto |
|||
}} |
|||
|url=https://www.cnn.com/2021/04/22/investing/cryptocurrency-guide-to p-five-bitcoin-ethereum/index.html |url-status=live |
|||
The company has launched two cryptocurrencies which it developed itself: Build'n'Build (formerly Binance Coin), and BinanceUSD (BUSD).<ref name=":0">{{Cite web |last=Anneken |first=Tappe |date=22 April 2021 |title=Bitcoin? Ethereum? Dogecoin? Your guide to the biggest names in crypto |url=https://www.cnn.com/2021/04/22/investing/cryptocurrency-guide-top-five-bitcoin-ethereum/index.html |url-status=live |archive-url=https://web.archive.org/web/20210422120427/https://www.cnn.com/2021/04/22/investing/cryptocurrency-guide-top-five-bitcoin-ethereum/index.html |archive-date=22 April 2021 |access-date=2021-05-12 |website=CNN}}</ref> {{green|BUSD was launched in partnership with the company Paxos.<ref name="TheVerge February2023">{{cite news |title=Crypto firm Paxos ordered to stop issuing Binance stablecoin |last1=Roth |first1=Emma |url=https://www.theverge.com/2023/2/13/23597539/crypto-paxos-order-sec-binance-usd-stablecoin |work=The Verge |date=February 13, 2023 |access-date=November 14, 2023}}</ref>}} BNB launched July 2017,<ref>{{Cite web |date=2022-12-06 |title=Binance Coin (BNB) |url=https://corporatefinanceinstitute.com/resources/cryptocurrency/binance-coin-bnb/ |url-status=live |archive-url=https://web.archive.org/web/20230107033042/https://corporatefinanceinstitute.com/resources/cryptocurrency/binance-coin-bnb/ |archive-date=2023-01-07 |access-date=2023-01-07 |website=Corporate Finance Institute |language=en-US}}</ref> which started as an Ethereum token and later moved to Binance Smart Chain (BSC),<ref>{{Cite news |last=Vigna |first=Paul |date=2021-05-03 |title=Ethereum Is Booming in the NFT Frenzy—So Is Network Congestion |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/ethereum-is-booming-in-the-nft-frenzyso-is-network-congestion-11620050853 |url-status=live |access-date=2021-05-12 |archive-url=https://web.archive.org/web/20210503141621/https://www.wsj.com/articles/ethereum-is-booming-in-the-nft-frenzyso-is-network-congestion-11620050853 |archive-date=2021-05-03 |issn=0099-9660}}</ref> launched September 2020.<ref>{{Cite web |title=Battle of the blockchains: Binance Smart Chain versus Ethereum |url=https://uk.finance.yahoo.com/news/ethereum-binance-smart-chain-blockchain-defi-crypto-074504608.html |access-date=2022-09-10 |website=uk.finance.yahoo.com |date=29 October 2021 |language=en-GB}}</ref> BSC later merged with the older Binance Chain and was rebranded into BNB chain.<ref name="YF-BSC">{{Cite news |last=Odejumo |first=Oluwapelumi |date=16 February 2022 |title=Binance Smart Chain Rebrands to BNB Chain, Reveals Multi-chain Goal |work=[[Yahoo Finance]] |url=https://finance.yahoo.com/news/binance-smart-chain-rebrands-bnb-091824225.html |url-status=live |access-date=22 August 2022 |archive-url=https://web.archive.org/web/20220822131723/https://finance.yahoo.com/news/binance-smart-chain-rebrands-bnb-091824225.html |archive-date=22 August 2022}}</ref><ref>{{Cite web |date=15 February 2022 |title=Introducing BNB Chain: The Evolution of Binance Smart Chain |url=https://www.binance.com/en/blog/ecosystem/introducing-bnb-chain-the-evolution-of-binance-smart-chain-421499824684903436 |url-status=live |archive-url=https://web.archive.org/web/20220815045335/https://www.binance.com/en/blog/ecosystem/introducing-bnb-chain-the-evolution-of-binance-smart-chain-421499824684903436/ |archive-date=15 August 2022 |access-date=19 August 2022 |website=Binance}}</ref> BNB Chain operates using "Proof of Staked Authority", a combination of [[proof of stake]] and [[proof of authority]]. {{strikethrough|It has 21 approved validators.}} As of 2021, {{orange|Build'n'Build}} was the cryptocurrency with the third highest market capitalization.<ref name=":0" /> Binance allows its users to pay fees on its exchange with BNB.<ref name=":0" /> {{green|BNB had 44 validators as of October 2022.}}<ref name="Reuters October2022">{{cite news |title=Binance-linked blockchain hit by $570 million crypto hack |last1=Howcroft |first1=Elizabeth |url=https://www.reuters.com/technology/hackers-steal-around-100-million-cryptocurrency-binance-linked-blockchain-2022-10-07/ |work=Reuters |date=October 7, 2022 |access-date=November 14, 2023}}</ref> |
|||
|archive-url=https://web.archive.org/web/20210422120427/https://www.c nn.com/2021/04/22/investing/cryptocurrency-guide-top-five-bitcoin-eth ereum/index.html |archive-date=22 April 2021 |access-date=2021-05-12 |
|||
|website=CNN}}</ref> {{green|BUSD was launched in partnership with the company Paxos.<ref name="TheVerge February2023">{{cite news |title=Crypto firm Paxos ordered to stop issuing Binance stablecoin |last1=Roth |first1=Emma |
|||
BNB Chain supports [[smart contract]]s and is compatible with the [[Ethereum virtual machine]] (EVM).<ref>{{Cite web |title=A complete guide to BNB Smart Chain |url=https://token.im/bsc-wallet |url-status=live |archive-url=https://web.archive.org/web/20230107033039/https://token.im/bsc-wallet |archive-date=2023-01-07 |access-date=2023-01-07 |website=imToken}}</ref> |
|||
|url=https://www.theverge.com/2023/2/13/23597539/crypto-paxos-order-s ec-binance-usd-stablecoin |work=The Verge |date=February 13, 2023 |access-date=November 14, 2023}}</ref>}} BNB launched July 2017,<ref>{{Cite web |date=2022-12-06 |title=Binance Coin (BNB) |
|||
|url=https://corporatefinanceinstitute.com/resources/cryptocurrency/b inance-coin-bnb/ |url-status=live |
|||
There have been multiple criticisms of {{orange|BNB}} Smart Chain concerning its level of centralisation, which had led to several exploits on the network.<ref name="YF-BSC" /> |
|||
|archive-url=https://web.archive.org/web/20230107033042/https://corpo ratefinanceinstitute.com/resources/cryptocurrency/binance-coin-bnb/ |archive-date=2023-01-07 |access-date=2023-01-07 |website=Corporate Finance Institute |language=en-US}}</ref> which started as an Ethereum token and later moved to Binance Smart Chain |
|||
(BSC),<ref>{{Cite news |last=Vigna |first=Paul |date=2021-05-03 |title=Ethereum Is Booming in the NFT Frenzy—So Is Network Congestion |language=en-US |work=[[The Wall Street Journal]] |
|||
==BUSD== |
|||
|url=https://www.wsj.com/articles/ethereum-is-booming-in-the-nft-fren zyso-is-network-congestion-11620050853 |url-status=live |access-date=2021-05-12 |
|||
{{Infobox cryptocurrency |
|||
|archive-url=https://web.archive.org/web/20210503141621/https://www.w sj.com/articles/ethereum-is-booming-in-the-nft-frenzyso-is-network-co ngestion-11620050853 |archive-date=2021-05-03 |issn=0099-9660}}</ref> launched September 2020.<ref>{{Cite web |title=Battle of the |
|||
| currency_name = Binance USD |
|||
blockchains: Binance Smart Chain versus Ethereum |
|||
|url=https://uk.finance.yahoo.com/news/ethereum-binance-smart-chain-b lockchain-defi-crypto-074504608.html |access-date=2022-09-10 |website=uk.finance.yahoo.com |date=29 October 2021 |
|||
|language=en-GB}}</ref> BSC later merged with the older Binance Chain and was rebranded into BNB chain.<ref name="YF-BSC">{{Cite news |last=Odejumo |first=Oluwapelumi |date=16 February 2022 |title=Binance Smart Chain Rebrands to BNB Chain, Reveals Multi-chain Goal |work=[[Yahoo Finance]] |
|||
|url=https://finance.yahoo.com/news/binance-smart-chain-rebrands-bnb 091824225.html |url-status=live |access-date=22 August 2022 |archive-url=https://web.archive.org/web/20220822131723/https://finan ce.yahoo.com/news/binance-smart-chain-rebrands-bnb-091824225.html |archive-date=22 August 2022}}</ref><ref>{{Cite web |date=15 February 2022 |title=Introducing BNB Chain: The Evolution of Binance Smart Chain |
|||
|url=https://www.binance.com/en/blog/ecosystem/introducing-bnb-chain the-evolution-of-binance-smart-chain-421499824684903436 |url-status=live |
|||
|archive-url=https://web.archive.org/web/20220815045335/https://www.b inance.com/en/blog/ecosystem/introducing-bnb-chain-the-evolution-of-b inance-smart-chain-421499824684903436/ |archive-date=15 August 2022 |access-date=19 August 2022 |website=Binance}}</ref> BNB Chain operates using "Proof of Staked Authority", a combination of [[proof of stake]] and [[proof of authority]]. {{strikethrough|It has 21 approved validators.}} As of 2021, {{orange|Build'n'Build}} was the cryptocurrency with the third highest market capitalization.<ref name=":0" /> Binance allows its users to pay fees on its exchange with BNB.<ref name=":0" /> {{green|BNB had 44 validators as of October 2022.}}<ref name="Reuters October2022">{{cite news |title=Binance-linked blockchain hit by $570 million crypto hack |last1=Howcroft |first1=Elizabeth |
|||
|url=https://www.reuters.com/technology/hackers-steal-around-100-mill ion-cryptocurrency-binance-linked-blockchain-2022-10-07/ |work=Reuters |date=October 7, 2022 |access-date=November 14, 2023}}</ref> |
|||
BNB Chain supports [[smart contract]]s and is compatible with the [[Ethereum virtual machine]] (EVM).<ref>{{Cite web |title=A complete guide to BNB Smart Chain |url=https://token.im/bsc-wallet |url-status=live |
|||
|archive-url=https://web.archive.org/web/20230107033039/https://token .im/bsc-wallet |archive-date=2023-01-07 |access-date=2023-01-07 |website=imToken}}</ref> |
|||
There have been multiple criticisms of {{orange|BNB}} Smart Chain concerning its level of centralisation, which had led to several exploits on the network.<ref name="YF-BSC" /> |
|||
==BUSD== |
|||
{{Infobox cryptocurrency |
|||
| currency_name = Binance USD |
|||
| image_1 = |
| image_1 = |
||
| image_2 = |
| image_2 = |
||
| image_width_1 = 150 |
| image_width_1 = 150 |
||
| image_width_2 = 110 |
| image_width_2 = 110 |
||
| image_title_1 = |
| image_title_1 = |
||
| symbol = |
| symbol = |
||
| ticker_symbol = BUSD |
| ticker_symbol = BUSD |
||
| coin_definition = |
| coin_definition = |
||
| white_paper = |
| white_paper = |
||
| implementations = |
| implementations = |
||
| initial_release_version = |
| initial_release_version = |
||
| initial_release_date = {{Start date and age|2019|09|10}} |
| initial_release_date = {{Start date and age|2019|09|10}} | code_repository = |
||
| status = Active |
|||
| code_repository = |
|||
| status = Active |
|||
| latest_release_version = |
| latest_release_version = |
||
| latest_release_date = |
| latest_release_date = |
||
| forked_from = |
| forked_from = |
||
| programming_languages = |
| programming_languages = |
||
| operating_system = |
| operating_system = |
||
| author = |
| author = |
||
| developer = |
| developer = |
||
| source_model = |
| source_model = |
||
| license = |
| license = |
||
| website = binance.com/en/busd |
| website = binance.com/en/busd |
||
| block_explorer = |
| block_explorer = |
||
| ledger_genesis = |
| ledger_genesis = |
||
| hash_function = |
| hash_function = |
||
| issuance = |
| issuance = |
||
| timestamping = |
| timestamping = |
||
| block_time = |
| block_time = |
||
| block_reward = |
| block_reward = |
||
| circulating_supply = 19,016,156,336.57 (As of 23 August 2022) |
| circulating_supply = 19,016,156,336.57 (As of 23 August 2022) | supply_limit = Unlimited |
||
| exchange_rate = Pegged to the [[US Dollar]] |
|||
| supply_limit = Unlimited |
|||
| market_cap = <!-- Requires a reliable source. --> |
|||
| exchange_rate = Pegged to the [[US Dollar]] |
|||
| size = |
|||
| market_cap = <!-- Requires a reliable source. --> |
|||
}} |
|||
| size = |
|||
BUSD, or Binance USD, is a [[US Dollar]] pegged stablecoin {{strikethrough|issued by Binance}}.<ref>{{Cite news |last=Howcroft |first=Elizabeth |date=11 August 2022 |title=Crypto derivatives |
|||
}} |
|||
volumes surge to $3.12 trillion in July - CryptoCompare |work=[[Reuters]] |
|||
BUSD, or Binance USD, is a [[US Dollar]] pegged stablecoin {{strikethrough|issued by Binance}}.<ref>{{Cite news |last=Howcroft |first=Elizabeth |date=11 August 2022 |title=Crypto derivatives volumes surge to $3.12 trillion in July - CryptoCompare |work=[[Reuters]] |url=https://www.reuters.com/technology/crypto-derivatives-volumes-surge-312-trillion-july-cryptocompare-2022-08-11/ |access-date=22 August 2022 |quote=BinanceUSD - a stablecoin issued by crypto exchange Binance}}</ref> According to Binance it is backed 1:1 by a reserve of US Dollars and was founded by them in partnership with [[Paxos Trust Company|Paxos]] who is the issuer of the token. {{orange|Paxos holds the reserves for BUSD in cash and [[U.S. Treasuries|U.S. Treasury bills]].<ref name="Bloomberg January2023">{{cite news |title=Binance Acknowledges Past Flaws in Maintaining Stablecoin Backing |last1=Nicolle |first1=Emily |last2=Shen |first2=Muyao |url=https://www.bloomberg.com/news/articles/2023-01-10/binance-bnb-acknowledges-past-flaws-in-managing-busd-peg-stablecoin-reserves |work=Bloomberg |date=January 10, 2023 |access-date=November 14, 2023}}</ref>}} BUSD is natively issued on the [[Ethereum]] blockchain by Paxos. Binance creates Binance-Peg BUSD by locking the natively ERC-20 BUSD in a smart contract on the Ethereum Blockchain and issuing Binance-Peg BUSD equivalent to the amount held in reserve in the smart contract. Binance-Peg BUSD is native to BNB chain.<ref>{{Cite web |date=28 June 2022 |title=What Is BUSD? |url=https://academy.binance.com/ph/articles/what-is-busd |access-date=19 August 2022 |website=Binance Academy |publisher=Binance |archive-date=6 April 2023 |archive-url=https://web.archive.org/web/20230406193422/https://academy.binance.com/ph/articles/what-is-busd |url-status=dead }}</ref>{{Better source needed|reason=Citation is the Binance company website, which is not objective.|date=August 2022}} |
|||
|url=https://www.reuters.com/technology/crypto-derivatives-volumes-su rge-312-trillion-july-cryptocompare-2022-08-11/ |access-date=22 August 2022 |quote=BinanceUSD - a stablecoin issued by crypto exchange Binance}}</ref> According to Binance it is backed 1:1 by a reserve of US Dollars and was founded by them in partnership with [[Paxos Trust Company|Paxos]] who is the issuer of the token. {{orange|Paxos holds the reserves for BUSD in cash and [[U.S. Treasuries|U.S. Treasury bills]].<ref name="Bloomberg January2023">{{cite news |title=Binance Acknowledges Past Flaws in Maintaining Stablecoin Backing |last1=Nicolle |first1=Emily |last2=Shen |first2=Muyao |
|||
|url=https://www.bloomberg.com/news/articles/2023-01-10/binance-bnb-a cknowledges-past-flaws-in-managing-busd-peg-stablecoin-reserves |work=Bloomberg |date=January 10, 2023 |access-date=November 14, 2023}}</ref>}} BUSD is natively issued on the [[Ethereum]] blockchain by Paxos. Binance creates Binance-Peg BUSD by locking the natively ERC-20 BUSD in a smart contract on the Ethereum Blockchain and issuing Binance-Peg BUSD equivalent to the amount held in reserve in the smart contract. Binance-Peg BUSD is native to BNB chain.<ref>{{Cite web |date=28 June 2022 |title=What Is BUSD? |url=https://academy.binance.com/ph/articles/what-is-busd |access-date=19 August 2022 |website=Binance Academy |
|||
In January 2023, Bloomberg reported that Binance-Peg BUSD "was often undercollateralized between 2020 and 2021. On three separate occasions, the gap between reserves and supply surpassed $1 billion." A Binance spokesperson said the "process of maintaining the backing … has not always been flawless" but "has been much improved with enhanced discrepancy checks."<ref>{{Cite web |last1=Nicolle |first1=Emily |last2=Shen |first2=Muyao |date=10 January 2023 |title=Binance Acknowledges Past Flaws in Maintaining Stablecoin Backing |url=https://www.bloomberg.com/news/articles/2023-01-10/binance-bnb-acknowledges-past-flaws-in-managing-busd-peg-stablecoin-reserves |access-date=11 January 2023 |website=Bloomberg.com |language=en}}</ref> |
|||
|publisher=Binance |archive-date=6 April 2023 |
|||
|archive-url=https://web.archive.org/web/20230406193422/https://acade my.binance.com/ph/articles/what-is-busd |url-status=dead }}</ref>{{Better source needed|reason=Citation is the Binance company website, which is not objective.|date=August 2022}} |
|||
BUSD is a widely used stablecoin being, {{as of|2022|lc=yes}}, the third largest [[stablecoin]] by market [[Capitalization|capitalisation]]<ref>{{Cite journal |last1=Eichengreen |first1=Barry |last2=Viswanath-Natraj |first2=Ganesh |date=February 2022 |title=Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges* |journal=[[Asian Economic Papers]] |publisher=[[Massachusetts Institute of Technology]] |volume=21 |pages=29–46 |doi=10.1162/asep_a_00843 |issn=1535-3516 |eissn=1536-0083 |s2cid=245866286 |doi-access=free |number=1}}</ref> following [[Tether (cryptocurrency)|Tether]] (USDT) and [[USD Coin]] (USDC).<ref>{{Cite journal |last1=Y. Liao |first1=Gordon |last2=Caramichael |first2=John |date=January 2022 |title=Stablecoins: Growth Potential and Impact on Banking |journal=International Finance Discussion Paper |series=International Finance Discussion Papers |publisher=Board of Governors of the Federal Reserve System |volume=2022 |pages=2–4 |doi=10.17016/IFDP.2022.1334 |issn=1073-2500 |eissn=1073-2500 |s2cid=246518865 |doi-access=free |number=1334}}</ref> |
|||
In January 2023, Bloomberg reported that Binance-Peg BUSD "was often undercollateralized between 2020 and 2021. On three separate occasions, the gap between reserves and supply surpassed $1 billion." A Binance spokesperson said the "process of maintaining the backing … has not always been flawless" but "has been much improved with |
|||
enhanced discrepancy checks."<ref>{{Cite web |last1=Nicolle |first1=Emily |last2=Shen |first2=Muyao |date=10 January 2023 |title=Binance Acknowledges Past Flaws in Maintaining Stablecoin Backing |
|||
According to reports, the [[New York Department of Financial Services]] issued an order to Paxos to stop minting new BUSD tokens in February 2023.<ref>{{Cite news |last=Ostroff |first=Patricia Kowsmann and Caitlin |title=Crypto Firm Paxos to Stop Issuing Dollar-Pegged Binance Token |url=https://www.wsj.com/articles/crypto-firm-paxos-to-stop-issuing-dollar-pegged-binance-token-94f65e52 |access-date=2023-02-13 |newspaper=Wall Street Journal |date=13 February 2023 |language=en-US}}</ref><ref>{{Cite web |last=Vardai |first=Zoltan |title=Paxos ordered to stop issuing Binance USD stablecoin: report |url=https://finance.yahoo.com/news/paxos-ordered-stop-issuing-binance-110809459.html |access-date=2023-02-13 |website=[[Yahoo! Finance]] |date=13 February 2023 |language=en-US}}</ref> |
|||
|url=https://www.bloomberg.com/news/articles/2023-01-10/binance-bnb-a cknowledges-past-flaws-in-managing-busd-peg-stablecoin-reserves |access-date=11 January 2023 |website=Bloomberg.com |
|||
|language=en}}</ref> |
|||
==Legal status== |
|||
BUSD is a widely used stablecoin being, {{as of|2022|lc=yes}}, the third largest [[stablecoin]] by market |
|||
[[Capitalization|capitalisation]]<ref>{{Cite journal |
|||
|last1=Eichengreen |first1=Barry |last2=Viswanath-Natraj |first2=Ganesh |date=February 2022 |title=Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges* |journal=[[Asian Economic Papers]] |publisher=[[Massachusetts Institute of Technology]] |volume=21 |pages=29–46 |
|||
|doi=10.1162/asep_a_00843 |issn=1535-3516 |eissn=1536-0083 |s2cid=245866286 |doi-access=free |number=1}}</ref> following [[Tether (cryptocurrency)|Tether]] (USDT) and [[USD Coin]] (USDC).<ref>{{Cite journal |last1=Y. Liao |first1=Gordon |last2=Caramichael |first2=John |date=January 2022 |
|||
|title=Stablecoins: Growth Potential and Impact on Banking |journal=International Finance Discussion Paper |series=International Finance Discussion Papers |publisher=Board of Governors of the Federal Reserve System |volume=2022 |pages=2–4 |
|||
|doi=10.17016/IFDP.2022.1334 |issn=1073-2500 |eissn=1073-2500 |s2cid=246518865 |doi-access=free |number=1334}}</ref> |
|||
According to reports, the [[New York Department of Financial Services]] issued an order to Paxos to stop minting new BUSD tokens in February 2023.<ref>{{Cite news |last=Ostroff |first=Patricia Kowsmann and Caitlin |title=Crypto Firm Paxos to Stop Issuing Dollar-Pegged Binance Token |
|||
|url=https://www.wsj.com/articles/crypto-firm-paxos-to-stop-issuing-d ollar-pegged-binance-token-94f65e52 |access-date=2023-02-13 |newspaper=Wall Street Journal |date=13 February 2023 |language=en-US}}</ref><ref>{{Cite web |last=Vardai |first=Zoltan |title=Paxos ordered to stop issuing Binance USD stablecoin: report |url=https://finance.yahoo.com/news/paxos-ordered-stop-issuing-binanc e-110809459.html |access-date=2023-02-13 |website=[[Yahoo! Finance]] |date=13 February 2023 |language=en-US}}</ref> |
|||
==Legal status== |
|||
=== United States === |
=== United States === |
||
In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened '''Binance.US''', a separate exchange designed to comply with all applicable US federal laws, which nonetheless is banned in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.<ref>{{Cite magazine |date=2021-07-20 |title=Binance.US Review: Low Fees, But Investors Should Take a Pass |url=https://time.com/nextadvisor/investing/cryptocurrency/binance-us-review/#:~:text=Binance.US%20is%20not%20available,and%20more% |
In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened '''Binance.US''', a separate exchange designed to comply with all applicable US federal laws, which nonetheless is banned in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.<ref>{{Cite magazine |date=2021-07-20 |title=Binance.US Review: Low Fees, But Investors Should Take a Pass |
||
|url=https://time.com/nextadvisor/investing/cryptocurrency/binance-us -review/#:~:text=Binance.US%20is%20not%20available,and%20more%20advan ced%20trading%20views. |magazine=Time |language=en-US |issn=0040-781X |access-date=2022-07-29}}</ref> In May 2021, [[Bloomberg News]] |
|||
reported that Binance was under investigation by the [[United States Department of Justice]] and [[Internal Revenue Service]] for [[money laundering]] and [[tax evasion]].<ref>{{Cite news |last=Schoenberg |first=Tom |date=13 May 2021 |title=Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths |work=[[Bloomberg News]] |
|||
|url=https://www.bloomberg.com/news/articles/2021-05-13/binance-probe d-by-u-s-as-money-laundering-tax-sleuths-bore-in |access-date=27 June 2021}}</ref> In June 2022, the [[U.S. Securities and Exchange Commission]] launched an enquiry into Binance to determine if the company's 2017 [[Initial coin offering|ICO]] of BNB tokens amounted to an illegal sale of a security.<ref>{{Cite news |date=2022-06-06 |title=US Probes Binance Over Token That Is Now World's Fifth Largest |language=en |work=Bloomberg.com |
|||
|url=https://www.bloomberg.com/news/articles/2022-06-06/us-probes-bin ance-over-token-that-is-now-world-s-fifth-largest |url-status=bot: unknown |access-date=2022-06-07 |
|||
|archive-url=https://web.archive.org/web/20220721171647/https://www.b loomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-th at-is-now-world-s-fifth-largest |archive-date=21 July 2022}}</ref> In December 2022, Binance's American entity Binance.US announced that it would acquire [[Voyager Digital]]'s assets in a $1.02 billion deal. |
|||
This deal was called off in April 2023 due to what Binance.US called a "hostile and uncertain regulatory climate."<ref>{{Cite web |last=Melinek |first=Jacquelyn |date=27 April 2023 |title=Binance.US sailed away from its $1.3B deal with Voyager, now what? |url=https://techcrunch.com/2023/04/27/binance-us-sailed-away-from-it s-1-3b-deal-with-voyager-now-what/ |access-date=7 May 2023 |website=TechCrunch}}</ref> |
|||
In February 2023, Reuters reported that over the first three months of 2021, Binance transferred over $404 million from a Binance.US account at [[Silvergate Bank]] to Merit Peak Ltd, a company managed by Zhao. Catherine Coley, then-CEO of Binance US, was quoted in messages to another Binance executive saying that "no one mentioned" |
|||
the "unexpected" transfers. Coley left Binance.US shortly thereafter. Reuters said the transfers called into question the purported independence of Binance.US from Binance.com. A Binance.US spokesperson said the Reuters report used "outdated information" without further elaboration.<ref>{{Cite web |last1=Berwick |first1=Angus |last2=Wilson |first2=Tom |date=16 February 2023 |
|||
|title=Crypto giant Binance moved $400 million from U.S. partner to firm managed by CEO Zhao |
|||
|url=https://www.reuters.com/technology/crypto-giant-binance-moved-40 0-million-us-partner-firm-managed-by-ceo-zhao-2023-02-16/ |access-date=6 March 2023 |website=Reuters |language=en}}</ref> |
|||
On 1 March 2023, US Senators [[Elizabeth Warren]], [[Chris Van Hollen]], and [[Roger Marshall]] wrote a letter to Binance describing the exchange as "a hotbed of illegal financial activity that has facilitated over $10 billion in payments to criminals and sanctions evaders." The letter formally requested documents related to Binance's compliance with regulations.<ref>{{cite news |last1=Kharif |first1=Olga |title=Senators write a scathing letter to Binance alleging it's a 'hotbed of illegal financial activity' and has facilitated billions in criminal payments |
|||
|url=https://fortune.com/2023/03/02/binance-cz-letter-senators-allege -hotbed-illegal-financial-activity-elizabeth-warren/ |access-date=8 November 2023 |work=Fortune |date=2 March 2023 |
|||
On 1 March 2023, US Senators [[Elizabeth Warren]], [[Chris Van Hollen]], and [[Roger Marshall]] wrote a letter to Binance describing the exchange as "a hotbed of illegal financial activity that has facilitated over $10 billion in payments to criminals and sanctions evaders." The letter formally requested documents related to Binance's compliance with regulations.<ref>{{cite news |last1=Kharif |first1=Olga |title=Senators write a scathing letter to Binance alleging it's a 'hotbed of illegal financial activity' and has facilitated billions in criminal payments |url=https://fortune.com/2023/03/02/binance-cz-letter-senators-allege-hotbed-illegal-financial-activity-elizabeth-warren/ |access-date=8 November 2023 |work=Fortune |date=2 March 2023 |language=en}}</ref><ref>{{cite web |last1=Warren |first1=Elizabeth |last2=Van Hollen |first2=Chris |last3=Marshall |first3=Roger |author1-link=Elizabeth Warren |author2-link=Chris Van Hollen |author3-link=Roger Marshall |title=2023.03.01 Letter to Binance and Binance.US re Compliance and Risk |url=https://www.warren.senate.gov/imo/media/doc/2023.03.01%20Letter%20to%20Binance%20and%20Binance.US%20re%20Compliance%20and%20Risk.pdf |website=senate.gov |access-date=8 November 2023 |date=1 March 2023}}</ref> On 27 March 2023, the [[Commodity Futures Trading Commission]] (CFTC) filed a lawsuit against Binance and Zhao in the [[United States District Court for the Northern District of Illinois]], claiming willful evasion of US law and allegedly breaching derivatives rules.<ref name="bbcftc">{{Cite news |date=27 March 2023 |title=Binance and Its CEO Sued by CFTC Over US Regulatory Violations |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-03-27/crypto-exchange-binance-sued-by-us-cftc-for-alleged-derivatives-rule-lapses |access-date=27 March 2023}}{{Subscription required}}</ref><ref>{{Cite news |last=Milmo |first=Dan |date=27 March 2023 |title=US regulator sues crypto exchange Binance and boss Changpeng Zhao |work=[[The Guardian]] |url=https://www.theguardian.com/technology/2023/mar/27/us-regulator-sues-crypto-exchange-binance-and-boss-changpeng-zhao |access-date=27 March 2023}}</ref> The agency accused Binance of breaking rules intended to thwart money laundering operations,<ref>{{Cite news |date=27 March 2023 |title=Binance accused of breaking US financial laws |work=BBC News |url=https://www.bbc.com/news/business-65091480 |access-date=28 March 2023}}</ref> pointing to internal communications describing transactions by Palestinian militant organization [[Hamas]], and suspected criminals, with the company's money laundering reporting officer allegedly remarking "we see the bad, but we close 2 eyes".<ref name="bbcftc" /> In April 2023, three unidentified trading firms cited as "VIP" clients of Binance were revealed to be [[Radix Trading]], [[Jane Street Capital]] and [[Tower Research Capital]].<ref>{{Cite news |date=2023-04-05 |title=Jane Street, Tower and Radix Are Unnamed ‘VIPs’ in Binance Case |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-04-05/jane-street-tower-and-radix-are-unnamed-vips-in-binance-case |access-date=2023-11-24}}</ref> |
|||
|language=en}}</ref><ref>{{cite web |last1=Warren |first1=Elizabeth |last2=Van Hollen |first2=Chris |last3=Marshall |first3=Roger |author1-link=Elizabeth Warren |author2-link=Chris Van Hollen |author3-link=Roger Marshall |title=2023.03.01 Letter to Binance and Binance.US re Compliance and Risk |
|||
|url=https://www.warren.senate.gov/imo/media/doc/2023.03.01%20Letter% 20to%20Binance%20and%20Binance.US%20re%20Compliance%20and%20Risk.pdf |website=senate.gov |access-date=8 November 2023 |date=1 March 2023}}</ref> On 27 March 2023, the [[Commodity Futures Trading Commission]] (CFTC) filed a lawsuit against Binance and Zhao in the [[United States District Court for the Northern District of Illinois]], claiming willful evasion of US law and allegedly breaching derivatives rules.<ref name="bbcftc">{{Cite news |date=27 March 2023 |title=Binance and Its CEO Sued by CFTC Over US Regulatory Violations |work=[[Bloomberg News]] |
|||
In June 2023, the [[U.S. Securities and Exchange Commission]] (SEC) said it was suing Binance and Zhao on 13 charges for alleged violations of US securities rules.<ref>{{Cite news |title=SEC Sues Binance and CEO Zhao for Breaking US Securities Rules |url=https://www.bloomberg.com/news/articles/2023-06-05/sec-sues-binance-and-ceo-zhao-for-breaking-us-securities-rules |access-date=5 June 2023 |website=[[Bloomberg News]]|date=5 June 2023 }}{{Subscription required}}</ref><ref>{{Cite news |title=S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators |work=The New York Times |date=5 June 2023 |url=https://www.nytimes.com/2023/06/05/business/sec-binance-charges.html |access-date=5 June 2023 |last1=Goldstein |first1=Matthew |last2=Flitter |first2=Emily |last3=Yaffe-Bellany |first3=David }}</ref> |
|||
|url=https://www.bloomberg.com/news/articles/2023-03-27/crypto-exchan ge-binance-sued-by-us-cftc-for-alleged-derivatives-rule-lapses |access-date=27 March 2023}}{{Subscription |
|||
required}}</ref><ref>{{Cite news |last=Milmo |first=Dan |date=27 March 2023 |title=US regulator sues crypto exchange Binance and boss Changpeng Zhao |work=[[The Guardian]] |
|||
On September 12, 2023, Binance.US announced the resignation of CEO Brian Shroder and a reduction of the exchange’s workforce by around 100 positions, roughly one-third of its total staff. Binance.US cited the SEC’s civil suit as “an unfortunate example” of the agency’s “aggressive attempts to cripple our industry.”<ref>{{cite web |title=Binance.US CEO departs as crypto company cuts a third of its workforce |url=https://apnews.com/article/binance-us-ceo-shroder-departs-layoffs-crypto-5cad2ad5fa8b6a385a4c85992a9ae508 |website=AP News |access-date=14 September 2023 |language=en |date=13 September 2023}}</ref> |
|||
|url=https://www.theguardian.com/technology/2023/mar/27/us-regulator sues-crypto-exchange-binance-and-boss-changpeng-zhao |access-date=27 March 2023}}</ref> The agency accused Binance of breaking rules intended to thwart money laundering operations,<ref>{{Cite news |date=27 March 2023 |title=Binance accused of breaking US financial laws |work=BBC News |url=https://www.bbc.com/news/business-65091480 |
|||
|access-date=28 March 2023}}</ref> pointing to internal communications describing transactions by Palestinian militant organization [[Hamas]], and suspected criminals, with the company's money laundering reporting officer allegedly remarking "we see the bad, but we close 2 eyes".<ref name="bbcftc" /> In April 2023, three unidentified trading firms cited as "VIP" clients of Binance were revealed to be [[Radix Trading]], [[Jane Street Capital]] and [[Tower Research Capital]].<ref>{{Cite news |date=2023-04-05 |title=Jane Street, Tower and Radix Are Unnamed ‘VIPs’ in Binance Case |language=en |work=Bloomberg.com |
|||
In October 2023, coinciding with the outbreak of the [[2023 Israel–Hamas war]], Binance and [[Tether (cryptocurrency)|Tether]] were described as a source of terrorist funding by US senators [[Cynthia Lummis]] and US Representative [[French Hill (politician)|French Hill]], with a letter calling for the Department of Justice to crack-down on the exchange.<ref>{{cite news |last1=Jacobino |first1=Nicholas |last2=Akuffo |first2=Rachelle |title=Senate meets in bid to 'crack down' on crypto-backed terrorism |url=https://money.yahoo.com/video/senate-meets-bid-crack-down-193250356.html |access-date=8 November 2023 |work=finance.yahoo.com |date=26 October 2023}}</ref><ref>{{cite news |last1=Matthews |first1=Chris |title=U.S. adds Hamas sanctions as crypto industry fights back against funding claims |url=https://www.marketwatch.com/story/u-s-adds-hamas-sanctions-as-crypto-industry-fights-back-against-funding-claims-9e67ca70 |access-date=8 November 2023 |work=MarketWatch |date=27 October 2023 |language=EN-US}}</ref> |
|||
|url=https://www.bloomberg.com/news/articles/2023-04-05/jane-street-t ower-and-radix-are-unnamed-vips-in-binance-case |
|||
|access-date=2023-11-24}}</ref> |
|||
In November 2023, Binance agreed to plea guilty and pay a $4.3 billion fine. Zhao agreed to pay a $50 million fine and step down as CEO of the company, but was allowed to maintain his ownership as part of the deal. Richard Teng succeeded Zhao as CEO.<ref>{{Cite web |first1=Dave |last1=Michaels |first2=Patricia |last2=Kowsmann |first3=Vivian |last3=Salama |title=WSJ News Exclusive {{!}} Binance Founder Changpeng Zhao Agrees to Step Down, Plead Guilty |url=https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40 |date=2023-11-21 |website=WSJ |language=en-US}}</ref><ref name="guard-21nov2023">{{cite news |last1=Helmore |first1=Edward |title=Crypto giant Binance admits to money laundering and agrees to pay $4.3bn |url=https://www.theguardian.com/business/2023/nov/21/binance-settlement-crypto-exchange |access-date=November 21, 2023 |work=[[The Guardian]] |date=November 21, 2023}}</ref> |
|||
In June 2023, the [[U.S. Securities and Exchange Commission]] (SEC) said it was suing Binance and Zhao on 13 charges for alleged violations of US securities rules.<ref>{{Cite news |title=SEC Sues Binance and CEO Zhao for Breaking US Securities Rules |url=https://www.bloomberg.com/news/articles/2023-06-05/sec-sues-bina nce-and-ceo-zhao-for-breaking-us-securities-rules |access-date=5 June 2023 |website=[[Bloomberg News]]|date=5 June 2023 }}{{Subscription required}}</ref><ref>{{Cite news |title=S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators |work=The New York Times |date=5 June 2023 |
|||
|url=https://www.nytimes.com/2023/06/05/business/sec-binance-charges. html |access-date=5 June 2023 |last1=Goldstein |first1=Matthew |last2=Flitter |first2=Emily |last3=Yaffe-Bellany |first3=David }}</ref> |
|||
=== United Kingdom === |
|||
On September 12, 2023, Binance.US announced the resignation of CEO Brian Shroder and a reduction of the exchange’s workforce by around 100 positions, roughly one-third of its total staff. Binance.US cited the SEC’s civil suit as “an unfortunate example” of the agency’s “aggressive attempts to cripple our industry.”<ref>{{cite web |title=Binance.US CEO departs as crypto company cuts a third of its workforce |
|||
In January 2021, the UK's [[Financial Conduct Authority]] began requiring firms dealing with cryptoassets to register in order to comply with anti-money laundering rules.<ref>{{Cite web |date=2021-11-01 |title=FCA warns consumers of the risks of investments advertising high returns based on cryptoassets |url=https://www.fca.org.uk/news/news-stories/fca-warns-consumers-risks-investments-advertising-high-returns-based-cryptoassets |url-status=live |archive-url=https://web.archive.org/web/20230118034120/https://www.fca.org.uk/news/news-stories/fca-warns-consumers-risks-investments-advertising-high-returns-based-cryptoassets |archive-date=2023-01-18 |access-date=2023-01-18 |website=Financial Conduct Authority |language=en}}</ref> In June 2021, Binance was ordered by the FCA to stop all regulated activity in the United Kingdom.<ref>{{Cite news |date=27 June 2021 |title=Britain bans Binance in latest cryptocurrency crackdown |work=Reuters |url=https://www.reuters.com/article/binance-uk/financial-watchdog-orders-crypto-exchange-binance-to-stop-regulated-activities-in-uk-idUSL2N2O907S |access-date=2021-06-27}}</ref><ref>{{Cite news |last1=Azevedo Rocha |first1=Priscila |last2=Ossinger |first2=Joanna |date=27 June 2021 |title=Crypto Exchange Binance Banned From Doing Business in U.K. |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2021-06-27/u-k-financial-regulator-bars-crypto-exchange-binance |access-date=27 June 2021}}</ref> In June 2023, the FCA canceled unused permissions granted to Binance Markets Limited, meaning the company “can no longer provide regulated activities and products” in the UK.<ref>{{Cite web |title=NewRegister |url=https://register.fca.org.uk/s/firm?id=001b000000nojfNAAQ |access-date=24 June 2023 |website=register.fca.org.uk}}</ref> |
|||
|url=https://apnews.com/article/binance-us-ceo-shroder-departs-layoff s-crypto-5cad2ad5fa8b6a385a4c85992a9ae508 |website=AP News |
|||
|access-date=14 September 2023 |language=en |date=13 September 2023}}</ref> |
|||
=== Japan === |
|||
In October 2023, coinciding with the outbreak of the [[2023 Israel–Hamas war]], Binance and [[Tether (cryptocurrency)|Tether]] were described as a source of terrorist funding by US senators |
|||
On 25 June 2021, Japan's [[Financial Services Agency]] warned Binance that it was not registered to do business in Japan.<ref>{{Cite web |title=Japan Financial Services Agency - Binance Warning #2 |url=https://www.fsa.go.jp/policy/virtual_currency02/Binance2_keikokushilyo.pdf |access-date=2021-09-17 |website=fsa.go.jp |language=ja}}</ref> This was the second notice Binance received from the FSA. Previously, a similar warning was issued on 23 March 2018.<ref>{{Cite web |title=Japan Financial Services Agency - Binance Warning #1 |url=https://www.fsa.go.jp/policy/virtual_currency02/Binance_keikokushilyo.pdf |access-date=2021-09-17 |website=fsa.go.jp |language=ja}}</ref> {{blue|On 30 November 2022, Binance purchased Sakura Exchange. The acquisition allowed Binance to re-enter the Japanese cryptocurrency market.<ref name="FT November2022">{{Cite news |date=30 November 2022 |title=Binance re-enters Japanese crypto market with Sakura Exchange acquisition |work=Financial Times |url=https://www.ft.com/content/a9e93da3-80d1-4de1-b1a4-8fc70bc1a549}}</ref><ref>{{Cite news |date=30 November 2022 |title=Binance enters Japanese market with Sakura Exchange BitCoin deal |work=Reuters |url=https://www.reuters.com/technology/binance-enters-japanese-market-with-sakura-exchange-bitcoin-deal-2022-11-30/ |via=www.reuters.com}}</ref>}} |
|||
[[Cynthia Lummis]] and US Representative [[French Hill (politician)|French Hill]], with a letter calling for the Department of Justice to crack-down on the exchange.<ref>{{cite news |last1=Jacobino |first1=Nicholas |last2=Akuffo |first2=Rachelle |title=Senate meets in bid to 'crack down' on crypto-backed terrorism |url=https://money.yahoo.com/video/senate-meets-bid-crack-down-193250 356.html |access-date=8 November 2023 |work=finance.yahoo.com |date=26 October 2023}}</ref><ref>{{cite news |last1=Matthews |first1=Chris |title=U.S. adds Hamas sanctions as crypto industry fights back against funding claims |
|||
|url=https://www.marketwatch.com/story/u-s-adds-hamas-sanctions-as-cr ypto-industry-fights-back-against-funding-claims-9e67ca70 |access-date=8 November 2023 |work=MarketWatch |date=27 October 2023 |language=EN-US}}</ref> |
|||
===Italy=== |
|||
In November 2023, Binance agreed to plea guilty and pay a $4.3 billion fine. Zhao agreed to pay a $50 million fine and step down as CEO of the company, but was allowed to maintain his ownership as part of the deal. Richard Teng succeeded Zhao as CEO.<ref>{{Cite web |
|||
In July 2021, Italy's [[Commissione Nazionale per le Società e la Borsa]] ordered Binance to be blocked from operating.<ref>{{Cite web |last1=Wilson |first1=Tom |last2=Irrera |first2=Anna |date=15 July 2021 |title=Crypto exchange Binance unauthorised, says Italian regulator, as crackdown widens |url=https://www.reuters.com/world/china/crypto-exchange-binance-not-authorised-italian-regulators-say-2021-07-15/ |access-date=26 August 2022 |website=reuters.com}}</ref> In May 2022, Binance gained regulatory approval in Italy, allowing the company to provide digital asset services in the country.<ref>{{Cite web |last=Bartenstein |first=Ben |date=28 May 2022 |title=Binance Gets Back Into Italy With New Registration |url=https://www.bloomberg.com/news/articles/2022-05-27/binance-gets-italy-regulatory-nod-weeks-after-french-approval |access-date=26 August 2022 |website=bloomberg.com}}</ref> |
|||
|first1=Dave |last1=Michaels |first2=Patricia |last2=Kowsmann |first3=Vivian |last3=Salama |title=WSJ News Exclusive {{!}} Binance Founder Changpeng Zhao Agrees to Step Down, Plead Guilty |url=https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zha |
|||
o-step-down-plead-guilty-01f72a40 |date=2023-11-21 |website=WSJ |language=en-US}}</ref><ref name="guard-21nov2023">{{cite news |last1=Helmore |first1=Edward |title=Crypto giant Binance admits to money laundering and agrees to pay $4.3bn |
|||
=== France === |
|||
|url=https://www.theguardian.com/business/2023/nov/21/binance-settlem ent-crypto-exchange |access-date=November 21, 2023 |work=[[The Guardian]] |date=November 21, 2023}}</ref> |
|||
In May 2022, Binance gained regulatory approval in France, allowing the company to provide digital asset services in the country. France is the first European country to give Binance regulatory approval.<ref>{{Cite web |last=Lioa |first=Rita |date=5 May 2022 |title=Binance gets regulatory nod in France, paving the way for Europe push |url=https://social.techcrunch.com/2022/05/04/binance-france-regulatory-approval-europe/ |access-date=2022-06-14 |website=TechCrunch |language=en-US }}{{Dead link|date=October 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> In June 2023, the Paris prosecutor's office announced that Binance was under preliminary investigation for illegal canvassing of clients and money-laundering.<ref>{{Cite news |date=2023-06-16 |title=France investigates Binance over money-laundering, canvassing breaches |language=en |work=Reuters |url=https://www.reuters.com/technology/binance-under-investigation-france-illegal-canvassing-le-monde-2023-06-16/ |access-date=2023-06-19}}</ref> |
|||
=== United Kingdom === |
|||
In January 2021, the UK's [[Financial Conduct Authority]] began requiring firms dealing with cryptoassets to register in order to comply with anti-money laundering rules.<ref>{{Cite web |date=2021-11-01 |title=FCA warns consumers of the risks of investments advertising high returns based on cryptoassets |url=https://www.fca.org.uk/news/news-stories/fca-warns-consumers-ris ks-investments-advertising-high-returns-based-cryptoassets |
|||
=== Germany === |
|||
|url-status=live |
|||
In April 2021, the [[Federal Financial Supervisory Authority]] in Germany warned that the company risked fines for not releasing an investor prospectus for the stock tokens it has issued.<ref>{{Cite web |date=29 April 2021 |title=UPDATE 2-Germany's financial watchdog warns crypto exchange Binance over "stock tokens" |url=https://finance.yahoo.com/news/1-german-regulator-warns-binance-072648854.html |access-date=2021-05-13 |website=finance.yahoo.com |language=en-US |agency=Reuters}}</ref> |
|||
|archive-url=https://web.archive.org/web/20230118034120/https://www.f ca.org.uk/news/news-stories/fca-warns-consumers-risks-investments-adv ertising-high-returns-based-cryptoassets |archive-date=2023-01-18 |access-date=2023-01-18 |website=Financial Conduct Authority |
|||
|language=en}}</ref> In June 2021, Binance was ordered by the FCA to stop all regulated activity in the United Kingdom.<ref>{{Cite news |date=27 June 2021 |title=Britain bans Binance in latest cryptocurrency crackdown |work=Reuters |
|||
=== Thailand === |
|||
|url=https://www.reuters.com/article/binance-uk/financial-watchdog-or ders-crypto-exchange-binance-to-stop-regulated-activities-in-uk-idUSL 2N2O907S |access-date=2021-06-27}}</ref><ref>{{Cite news |last1=Azevedo Rocha |first1=Priscila |last2=Ossinger |first2=Joanna |
|||
{{ill|Securities and Exchange Commission (Thailand)|th|สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์|lt=Thailand's Securities and Exchange Commission}} filed a criminal complaint against Binance on 2 July 2021, "for commission of offence under the Emergency Decree on Digital Asset Business B.E. 2561 (2018)". Additionally, Thailand's SEC cited Binance for operating without a license, a violation of Section 26 of the Digital Asset Businesses Emergency Decree.<ref>{{Cite web |title=English (United States) News_Detail |url=https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017 |access-date=2021-09-17 |website=sec.or.th |language=en-US}}</ref> |
|||
|date=27 June 2021 |title=Crypto Exchange Binance Banned From Doing Business in U.K. |work=[[Bloomberg News]] |
|||
|url=https://www.bloomberg.com/news/articles/2021-06-27/u-k-financial -regulator-bars-crypto-exchange-binance |access-date=27 June 2021}}</ref> In June 2023, the FCA canceled unused permissions granted to Binance Markets Limited, meaning the company “can no longer provide regulated activities and products” in the UK.<ref>{{Cite web |title=NewRegister |
|||
In May 2023, Thailand's Ministry of Finance issued a cryptocurrency exchange license to Gulf Binance, the joint venture of Binance and Gulf Innova, a subsidiary of Thai billionaire [[Sarath Ratanavadi]]'s Gulf Energy Development. The exchange will reportedly launch later this year.<ref>{{Cite web |last=Regalado |first=Francesca |title=Binance gains first Southeast Asian license from Thailand |url=https://asia.nikkei.com/Spotlight/Cryptocurrencies/Binance-gains-first-Southeast-Asian-license-from-Thailand |access-date=2 June 2023 |website=Nikkei Asia}}</ref> |
|||
|url=https://register.fca.org.uk/s/firm?id=001b000000nojfNAAQ |access-date=24 June 2023 |website=register.fca.org.uk}}</ref> |
|||
=== |
=== Japan === |
||
On 25 June 2021, Japan's [[Financial Services Agency]] warned Binance that it was not registered to do business in Japan.<ref>{{Cite web |title=Japan Financial Services Agency - Binance Warning #2 |url=https://www.fsa.go.jp/policy/virtual_currency02/Binance2_keikoku shilyo.pdf |access-date=2021-09-17 |website=fsa.go.jp |language=ja}}</ref> This was the second notice Binance received from the FSA. Previously, a similar warning was issued on 23 March 2018.<ref>{{Cite web |title=Japan Financial Services Agency - Binance Warning #1 |
|||
On 17 March 2022, Binance has confirmed in an undertaking to the [[Ontario Securities Commission]] that it would stop opening new accounts and halting trading in existing accounts for users in [[Ontario]].<ref name="ont">{{Cite news |date=2022-03-18 |title=Binance says users in Ontario restricted from using its platform - regulator |work=Reuters |url=https://www.reuters.com/business/finance/binance-says-users-ontario-restricted-using-its-platform-regulator-2022-03-17/}}</ref><ref>{{Cite web |date=2022-03-17 |title=Undertaking and Acknowledgement by Binance Holdings Limited |url=https://www.osc.ca/sites/default/files/2022-03/20220316-Binance-Undertaking-and-Acknowledgement.pdf |website=Ontario Securities Commission}}</ref> |
|||
|url=https://www.fsa.go.jp/policy/virtual_currency02/Binance_keikokus hilyo.pdf |access-date=2021-09-17 |website=fsa.go.jp |language=ja}}</ref> {{blue|On 30 November 2022, Binance purchased Sakura Exchange. The acquisition allowed Binance to re-enter the Japanese cryptocurrency market.<ref name="FT November2022">{{Cite news |date=30 November 2022 |title=Binance re-enters Japanese crypto market with Sakura Exchange acquisition |work=Financial Times |
|||
|url=https://www.ft.com/content/a9e93da3-80d1-4de1-b1a4-8fc70bc1a549} }</ref><ref>{{Cite news |date=30 November 2022 |title=Binance enters Japanese market with Sakura Exchange BitCoin deal |work=Reuters |url=https://www.reuters.com/technology/binance-enters-japanese-marke |
|||
In May 2023, Binance announced it would withdraw from the Canadian market due to the introduction of stricter rules in the country.<ref>{{Cite web |last=Moon |first=Mariella |date=13 May 2023 |title=Binance leaves Canada due to stricter crypto rules |url=https://www.engadget.com/binance-leaves-canada-due-to-stricter-crypto-rules-140134938.html |access-date=14 May 2023 |website=Engadget |language=en-US}}</ref> |
|||
t-with-sakura-exchange-bitcoin-deal-2022-11-30/ |
|||
|via=www.reuters.com}}</ref>}} |
|||
On May 30, 2023, it was reported that the [[Ontario Securities Commission]] had issued an investigation order into whether Binance may have taken steps to circumvent Ontario securities law and compliance controls prior to its withdrawal from the Canadian market.<ref>{{Cite web |last=Shecter |first=Barbara |title=OSC investigating crypto exchange Binance despite Canadian exit |url=https://financialpost.com/fp-finance/cryptocurrency/osc-investigating-binance-despite-canada-exit |access-date=2 June 2023 |website=financialpost |language=en-CA}}</ref> |
|||
===Italy=== |
|||
In July 2021, Italy's [[Commissione Nazionale per le Società e la Borsa]] ordered Binance to be blocked from operating.<ref>{{Cite web |last1=Wilson |first1=Tom |last2=Irrera |first2=Anna |date=15 July 2021 |title=Crypto exchange Binance unauthorised, says Italian regulator, as crackdown widens |
|||
===Netherlands=== |
|||
|url=https://www.reuters.com/world/china/crypto-exchange-binance-not authorised-italian-regulators-say-2021-07-15/ |access-date=26 August 2022 |website=reuters.com}}</ref> In May 2022, Binance gained regulatory approval in Italy, allowing the company to provide digital asset services in the country.<ref>{{Cite web |last=Bartenstein |first=Ben |date=28 May 2022 |title=Binance Gets Back Into Italy With New Registration |
|||
In April 2022, the [[De Nederlandsche Bank|Dutch central bank]] announced a €3.3m fine for Binance due to offering services within the Netherlands without being registered in the country. The fine was issued to the company after an official warning was issued to the company during August 2021.<ref>{{Cite web |last=<!--Not stated--> |date=19 July 2022 |title=Dutch central bank fines Binance 3.3 million euros |url=https://www.thehindu.com/sci-tech/technology/dutch-central-bank-fines-binance-33-million-euros/article65656961.ece |access-date=27 July 2022 |website=thehindu.com |publisher=The Hindu}}</ref> In June 2023, Binance announced that it was leaving the Netherlands after failing to obtain regulatory approval.<ref>{{Cite news |date=2023-06-16 |title=Binance exits Netherlands and faces France probe |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-65935263 |access-date=2023-06-19}}</ref> |
|||
|url=https://www.bloomberg.com/news/articles/2022-05-27/binance-gets italy-regulatory-nod-weeks-after-french-approval |access-date=26 August 2022 |website=bloomberg.com}}</ref> |
|||
=== |
=== France === |
||
In May 2022, Binance gained regulatory approval in France, allowing the company to provide digital asset services in the country. France is the first European country to give Binance regulatory approval.<ref>{{Cite web |last=Lioa |first=Rita |date=5 May 2022 |title=Binance gets regulatory nod in France, paving the way for Europe push |
|||
In August 2022, India's [[Enforcement Directorate]] froze the assets of WazirX, an exchange owned by Binance, as part of a money laundering investigation.<ref>{{Cite web |date=5 August 2022 |title=India freezes assets of Binance-owned local unit WazirX |url=https://www.reuters.com/business/finance/india-freezes-assets-binance-owned-local-unit-wazirx-2022-08-05/ |access-date=5 August 2022 |website=reuters.com |publisher=Reuters}}</ref> Following the event, CEO Zhao claimed that they never owned WazirX or owned any equity in Zanmai Labs{{mdash}}the operating entity of WazirX{{mdash}}citing "a few issues" that prevented the completion of the acquisition. The co-founder of WazirX, Nischal Shetty, disputed Zhao's claims asserting that Binance had indeed acquired them.<ref>{{Cite web |last=Singh |first=Manish |date=5 August 2022 |title=Binance says it doesn't own Indian exchange WazirX, years after acquisition announcement |url=https://techcrunch.com/2022/08/05/binance-says-it-doesnt-own-indian-exchange-wazirx-years-after-acquisition-announcement/ |website=[[TechCrunch]]}}</ref> |
|||
|url=https://social.techcrunch.com/2022/05/04/binance-france-regulato ry-approval-europe/ |access-date=2022-06-14 |website=TechCrunch |language=en-US }}{{Dead link|date=October 2023 |
|||
|bot=InternetArchiveBot |fix-attempted=yes }}</ref> In June 2023, the Paris prosecutor's office announced that Binance was under preliminary investigation for illegal canvassing of clients and money-laundering.<ref>{{Cite news |date=2023-06-16 |title=France investigates Binance over money-laundering, canvassing breaches |language=en |work=Reuters |
|||
=== Australia === |
|||
|url=https://www.reuters.com/technology/binance-under-investigation-f rance-illegal-canvassing-le-monde-2023-06-16/ |
|||
On 6 April 2023, the [[Australian Securities & Investments Commission]] cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance) {{green|in response to a request from the company}}.<ref>{{Cite web |title=23-091MR Binance Australia Derivatives – AFS licence cancelled |url=https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-091mr-binance-australia-derivatives-afs-licence-cancelled/ |access-date=18 May 2023 |website=asic.gov.au |language=en}}</ref><ref name="Reuters April2023">{{cite news |title=Australia cancels Binance's financial services licence amid probe |last1=Jackson |first1=Lewis |url=https://www.reuters.com/technology/australia-cancels-binances-financial-services-licence-amid-probe-2023-04-06/ |work=Reuters |date=April 6, 2023 |access-date=November 30, 2023}}</ref> |
|||
|access-date=2023-06-19}}</ref> |
|||
=== Germany === |
|||
On 18 May 2023, Binance Australia announced that it had lost access to Australia's [[PayID]] payment system "due to a decision made by our third party payment service provider."<ref>{{Cite tweet |number=1659018600496373760 |user=Binance_AUS |title=Fellow Binancians, We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank… https://t.co/P8iM2X4orp |author=Binance Australia |date=18 May 2023 |access-date=22 May 2023 |language=en |archive-url=https://web.archive.org/web/20230518085928/https://twitter.com/Binance_AUS/status/1659018600496373760 |archive-date=18 May 2023 |url-status=live}}</ref> The same day, [[Westpac]] bank banned Australian customers transacting with Binance.<ref>{{Cite web |title=Westpac trials new cryptocurrency blocks to prevent scam losses |url=https://www.westpac.com.au/about-westpac/media/media-releases/2023/18-May/ |access-date=18 May 2023 |website=www.westpac.com.au |language=en}}</ref><ref>{{Cite web |last=Sier |first=Jessica |date=18 May 2023 |title=Westpac places immediate ban on payments to Binance crypto exchange |url=https://www.afr.com/technology/westpac-places-immediate-ban-on-payments-to-binance-crypto-exchange-20230518-p5d9ec |access-date=18 May 2023 |website=Australian Financial Review |language=en}}</ref> |
|||
In April 2021, the [[Federal Financial Supervisory Authority]] in Germany warned that the company risked fines for not releasing an investor prospectus for the stock tokens it has issued.<ref>{{Cite web |date=29 April 2021 |title=UPDATE 2-Germany's financial watchdog |
|||
warns crypto exchange Binance over "stock tokens" |
|||
===Nigeria=== |
|||
|url=https://finance.yahoo.com/news/1-german-regulator-warns-binance 072648854.html |access-date=2021-05-13 |website=finance.yahoo.com |language=en-US |agency=Reuters}}</ref> |
|||
In June 2023, [[Securities and Exchange Commission (Nigeria)|Nigeria's Securities and Exchange Commission]] recently deemed Binance's activities in the country as “illegal.” It issued a declaration stating that Binance Nigeria Limited, a subsidiary of Binance, was operating unlawfully in the country. The regulator specifically instructed Binance to cease all its activities within Nigeria.<ref>{{Cite news |date=2023-06-10 |title=Nigeria regulator says local Binance operations 'illegal' |language=en |work=Reuters |url=https://www.reuters.com/technology/nigeria-regulator-says-local-binance-operations-illegal-2023-06-10/ |access-date=2023-06-10}}</ref><ref>{{Cite web |last=Media |first=R. V. O. |date=2023-06-09 |title=Circular on the Activities of Binance Nigeria Limited |url=https://sec.gov.ng/circular-on-the-activities-of-binance-nigeria-limited/ |access-date=2023-06-10 |website=The Securities and Exchange Commission, Nigeria}}</ref> |
|||
=== Thailand === |
|||
{{ill|Securities and Exchange Commission (Thailand)|th|สำนักงานคณะ กรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์|lt=Thailand's Securities and Exchange Commission}} filed a criminal complaint against Binance on 2 July 2021, "for commission of offence under the Emergency Decree on Digital Asset Business B.E. 2561 (2018)". Additionally, Thailand's SEC cited Binance for operating without a license, a violation of Section 26 of the Digital Asset Businesses Emergency Decree.<ref>{{Cite web |title=English (United States) News_Detail |url=https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017 |access-date=2021-09-17 |website=sec.or.th |language=en-US}}</ref> |
|||
=== Belgium === |
|||
In May 2023, Thailand's Ministry of Finance issued a cryptocurrency exchange license to Gulf Binance, the joint venture of Binance and Gulf Innova, a subsidiary of Thai billionaire [[Sarath Ratanavadi]]'s Gulf Energy Development. The exchange will reportedly launch later this year.<ref>{{Cite web |last=Regalado |first=Francesca |title=Binance gains first Southeast Asian license from Thailand |
|||
On June 23, 2023, Belgium's [[Financial_Services_and_Markets_Authority_(Belgium)|Financial Services and Markets Authority]] ordered Binance to “cease, with immediate effect, offering or providing any and all” virtual currency services in the country. The regulator said Binance had been offering such services “from countries that are not members of the [[European Economic Area]].”<ref>{{Cite web |date=23 June 2023 |title=FSMA orders Binance to cease immediately all offers of virtual currency services in Belgium {{!}} FSMA |url=https://www.fsma.be/en/news/fsma-orders-binance-cease-immediately-all-offers-virtual-currency-services-belgium |access-date=24 June 2023 |website=www.fsma.be |language=en}}</ref><ref>{{Cite web |last=Kar-Gupta |first=Sudip |date=23 June 2023 |title=Binance ordered to stop all digital currency services in Belgium |url=https://www.reuters.com/technology/binance-ordered-stop-all-digital-currency-services-belgium-2023-06-23/ |access-date=24 June 2023 |website=Reuters |language=en}}</ref> |
|||
|url=https://asia.nikkei.com/Spotlight/Cryptocurrencies/Binance-gains -first-Southeast-Asian-license-from-Thailand |access-date=2 June 2023 |website=Nikkei Asia}}</ref> |
|||
=== |
=== Canada === |
||
On 17 March 2022, Binance has confirmed in an undertaking to the [[Ontario Securities Commission]] that it would stop opening new accounts and halting trading in existing accounts for users in [[Ontario]].<ref name="ont">{{Cite news |date=2022-03-18 |title=Binance says users in Ontario restricted from using its platform - regulator |work=Reuters |
|||
{{green|In Indonesia, Binance owns TokoCrypto, a company registered with the local regulator to carry out crypto activities.<ref name="Bloomberg December2022">{{cite news |title=Binance Ousts Tokocrypto CEO and Is Cutting 58% of Jobs at Unit |last1=Harsano |first1=Norman |url=https://www.bloomberg.com/news/articles/2022-12-20/binance-ousts-tokocrypto-ceo-and-is-cutting-58-of-jobs-at-unit |work=Bloomberg News |date=December 19, 2022 |access-date=November 14, 2023}}</ref>}} |
|||
|url=https://www.reuters.com/business/finance/binance-says-users-onta rio-restricted-using-its-platform-regulator-2022-03-17/}}</ref><ref>{ {Cite web |date=2022-03-17 |title=Undertaking and Acknowledgement by Binance Holdings Limited |
|||
|url=https://www.osc.ca/sites/default/files/2022-03/20220316-Binance Undertaking-and-Acknowledgement.pdf |website=Ontario Securities Commission}}</ref> |
|||
=== {{green|Singapore}} === |
|||
In May 2023, Binance announced it would withdraw from the Canadian market due to the introduction of stricter rules in the country.<ref>{{Cite web |last=Moon |first=Mariella |date=13 May 2023 |
|||
{{green|In 2019, Binance Asia Services (BAS) began operating a local exchange in Singapore, Binance.sg, under a temporary exemption from the country's regulators while its application was under review. Binance.sg eventually withdrew its application and ceased operations by February 13, 2022. The Binance group of companies remained present in the country, focusing on innovation, incubation, and funding programs there.<ref name="Business Insider India">{{cite news |title=Binance isn’t leaving Singapore, it’s just not setting up a crypto exchange |last1= |first1= |url=https://www.businessinsider.in/cryptocurrency/news/binance-isnt-leaving-singapore-its-just-not-setting-up-a-crypto-exchange/articleshow/88254918.cms |work=[[Business Insider]] |date=December 13, 2021 |access-date=October 20, 2023}}</ref>}} |
|||
|title=Binance leaves Canada due to stricter crypto rules |url=https://www.engadget.com/binance-leaves-canada-due-to-stricter-c rypto-rules-140134938.html |access-date=14 May 2023 |website=Engadget |language=en-US}}</ref> |
|||
On May 30, 2023, it was reported that the [[Ontario Securities Commission]] had issued an investigation order into whether Binance may have taken steps to circumvent Ontario securities law and compliance controls prior to its withdrawal from the Canadian market.<ref>{{Cite web |last=Shecter |first=Barbara |title=OSC investigating crypto exchange Binance despite Canadian exit |url=https://financialpost.com/fp-finance/cryptocurrency/osc-investig ating-binance-despite-canada-exit |access-date=2 June 2023 |website=financialpost |language=en-CA}}</ref> |
|||
=== {{green|Other locations}} === |
|||
===Netherlands=== |
|||
In April 2022, the [[De Nederlandsche Bank|Dutch central bank]] announced a €3.3m fine for Binance due to offering services within the Netherlands without being registered in the country. The fine was issued to the company after an official warning was issued to the company during August 2021.<ref>{{Cite web |last=<!--Not stated--> |date=19 July 2022 |title=Dutch central bank fines Binance 3.3 million euros |
|||
|url=https://www.thehindu.com/sci-tech/technology/dutch-central-bank fines-binance-33-million-euros/article65656961.ece |access-date=27 July 2022 |website=thehindu.com |publisher=The Hindu}}</ref> In June 2023, Binance announced that it was leaving the Netherlands after failing to obtain regulatory approval.<ref>{{Cite news |date=2023-06-16 |title=Binance exits Netherlands and faces France probe |language=en-GB |work=BBC News |
|||
|url=https://www.bbc.com/news/business-65935263 |
|||
|access-date=2023-06-19}}</ref> |
|||
===India=== |
|||
In August 2022, India's [[Enforcement Directorate]] froze the assets of WazirX, an exchange owned by Binance, as part of a money laundering investigation.<ref>{{Cite web |date=5 August 2022 |title=India freezes assets of Binance-owned local unit WazirX |url=https://www.reuters.com/business/finance/india-freezes-assets-bi |
|||
nance-owned-local-unit-wazirx-2022-08-05/ |access-date=5 August 2022 |website=reuters.com |publisher=Reuters}}</ref> Following the event, CEO Zhao claimed that they never owned WazirX or owned any equity in Zanmai Labs{{mdash}}the operating entity of WazirX{{mdash}}citing "a few issues" that prevented the completion of the acquisition. The |
|||
co-founder of WazirX, Nischal Shetty, disputed Zhao's claims |
|||
asserting that Binance had indeed acquired them.<ref>{{Cite web |last=Singh |first=Manish |date=5 August 2022 |title=Binance says it doesn't own Indian exchange WazirX, years after acquisition announcement |
|||
|url=https://techcrunch.com/2022/08/05/binance-says-it-doesnt-own-ind ian-exchange-wazirx-years-after-acquisition-announcement/ |website=[[TechCrunch]]}}</ref> |
|||
=== Australia === |
|||
On 6 April 2023, the [[Australian Securities & Investments Commission]] cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance) {{green|in response to a request from the |
|||
company}}.<ref>{{Cite web |title=23-091MR Binance Australia Derivatives – AFS licence cancelled |
|||
|url=https://asic.gov.au/about-asic/news-centre/find-a-media-release/ 2023-releases/23-091mr-binance-australia-derivatives-afs-licence-canc elled/ |access-date=18 May 2023 |website=asic.gov.au |language=en}}</ref><ref name="Reuters April2023">{{cite news |
|||
|title=Australia cancels Binance's financial services licence amid probe |last1=Jackson |first1=Lewis |
|||
|url=https://www.reuters.com/technology/australia-cancels-binances-fi nancial-services-licence-amid-probe-2023-04-06/ |work=Reuters |date=April 6, 2023 |access-date=November 30, 2023}}</ref> |
|||
On 18 May 2023, Binance Australia announced that it had lost access to Australia's [[PayID]] payment system "due to a decision made by our third party payment service provider."<ref>{{Cite tweet |number=1659018600496373760 |user=Binance_AUS |title=Fellow Binancians, We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank… https://t.co/P8iM2X4orp |author=Binance Australia |date=18 May 2023 |access-date=22 May 2023 |language=en |
|||
|archive-url=https://web.archive.org/web/20230518085928/https://twitt er.com/Binance_AUS/status/1659018600496373760 |archive-date=18 May 2023 |url-status=live}}</ref> The same day, [[Westpac]] bank banned Australian customers transacting with Binance.<ref>{{Cite web |
|||
|title=Westpac trials new cryptocurrency blocks to prevent scam losses |
|||
|url=https://www.westpac.com.au/about-westpac/media/media-releases/20 23/18-May/ |access-date=18 May 2023 |website=www.westpac.com.au |language=en}}</ref><ref>{{Cite web |last=Sier |first=Jessica |date=18 May 2023 |title=Westpac places immediate ban on payments to |
|||
Binance crypto exchange |
|||
|url=https://www.afr.com/technology/westpac-places-immediate-ban-on-p ayments-to-binance-crypto-exchange-20230518-p5d9ec |access-date=18 May 2023 |website=Australian Financial Review |language=en}}</ref> |
|||
===Nigeria=== |
|||
In June 2023, [[Securities and Exchange Commission |
|||
(Nigeria)|Nigeria's Securities and Exchange Commission]] recently deemed Binance's activities in the country as “illegal.” It issued a declaration stating that Binance Nigeria Limited, a subsidiary of Binance, was operating unlawfully in the country. The regulator specifically instructed Binance to cease all its activities within Nigeria.<ref>{{Cite news |date=2023-06-10 |title=Nigeria regulator says local Binance operations 'illegal' |language=en |work=Reuters |url=https://www.reuters.com/technology/nigeria-regulator-says-local binance-operations-illegal-2023-06-10/ |
|||
|access-date=2023-06-10}}</ref><ref>{{Cite web |last=Media |first=R. V. O. |date=2023-06-09 |title=Circular on the Activities of Binance Nigeria Limited |
|||
|url=https://sec.gov.ng/circular-on-the-activities-of-binance-nigeria -limited/ |access-date=2023-06-10 |website=The Securities and Exchange Commission, Nigeria}}</ref> |
|||
=== Belgium === |
|||
On June 23, 2023, Belgium's |
|||
[[Financial_Services_and_Markets_Authority_(Belgium)|Financial Services and Markets Authority]] ordered Binance to “cease, with immediate effect, offering or providing any and all” virtual currency services in the country. The regulator said Binance had been offering such services “from countries that are not members of the [[European Economic Area]].”<ref>{{Cite web |date=23 June 2023 |title=FSMA orders Binance to cease immediately all offers of virtual currency services in Belgium {{!}} FSMA |
|||
|url=https://www.fsma.be/en/news/fsma-orders-binance-cease-immediatel y-all-offers-virtual-currency-services-belgium |access-date=24 June 2023 |website=www.fsma.be |language=en}}</ref><ref>{{Cite web |last=Kar-Gupta |first=Sudip |date=23 June 2023 |title=Binance ordered to stop all digital currency services in Belgium |url=https://www.reuters.com/technology/binance-ordered-stop-all-digi tal-currency-services-belgium-2023-06-23/ |access-date=24 June 2023 |website=Reuters |language=en}}</ref> |
|||
=== {{green|Indonesia}} === |
|||
{{green|In Indonesia, Binance owns TokoCrypto, a company registered with the local regulator to carry out crypto activities.<ref |
|||
name="Bloomberg December2022">{{cite news |title=Binance Ousts Tokocrypto CEO and Is Cutting 58% of Jobs at Unit |last1=Harsano |first1=Norman |
|||
|url=https://www.bloomberg.com/news/articles/2022-12-20/binance-ousts -tokocrypto-ceo-and-is-cutting-58-of-jobs-at-unit |work=Bloomberg News |date=December 19, 2022 |access-date=November 14, 2023}}</ref>}} |
|||
=== {{green|Singapore}} === |
|||
{{green|In 2019, Binance Asia Services (BAS) began operating a local exchange in Singapore, Binance.sg, under a temporary exemption from the country's regulators while its application was under review. Binance.sg eventually withdrew its application and ceased operations by February 13, 2022. The Binance group of companies remained present in the country, focusing on innovation, incubation, and funding programs there.<ref name="Business Insider India">{{cite news |title=Binance isn’t leaving Singapore, it’s just not setting up a crypto exchange |last1= |first1= |
|||
|url=https://www.businessinsider.in/cryptocurrency/news/binance-isnt leaving-singapore-its-just-not-setting-up-a-crypto-exchange/articlesh ow/88254918.cms |work=[[Business Insider]] |date=December 13, 2021 |access-date=October 20, 2023}}</ref>}} |
|||
=== {{green|Other locations}} === |
|||
{{green|Binance also has regulatory approval or license to operate in the following locations:}} |
{{green|Binance also has regulatory approval or license to operate in the following locations:}} |
||
*{{green|Lithuania<ref name="CNBC June2023">{{cite news |title=Binance to exit the Netherlands after failing to obtain regulatory approval |last1=Browne |first1=Ryan |url=https://www.cnbc.com/2023/06/16/binance-to-exit-the-netherlands |
*{{green|Lithuania<ref name="CNBC June2023">{{cite news |title=Binance to exit the Netherlands after failing to obtain regulatory approval |last1=Browne |first1=Ryan |
||
|url=https://www.cnbc.com/2023/06/16/binance-to-exit-the-netherlands as-it-fails-to-get-regulatory-approval.html |work=CNBC |date=June 16, 2023 |access-date=November 14, 2023}}</ref>}} |
|||
*{{green|Poland<ref name="CNBC June2023"/>}} |
*{{green|Poland<ref name="CNBC June2023"/>}} |
||
*{{green|Spain<ref name="Reuters July2022"/>}} |
*{{green|Spain<ref name="Reuters July2022"/>}} |
||
*{{green|Sweden<ref name="Reuters January2023"/>}} |
*{{green|Sweden<ref name="Reuters January2023"/>}} |
||
*{{green|Kazakhstan<ref name="TechCrunch November2022">{{cite web |title=Binance poised for Japan expansion after buying local exchange Sakura |last1=Liao |first1=Rita |url=https://techcrunch.com/2022/11/30/binance-japan-expansion-sakura/ |work=TechCrunch |date=November 30, 2022 |access-date=November 14, 2023}}</ref>}} |
*{{green|Kazakhstan<ref name="TechCrunch November2022">{{cite web |title=Binance poised for Japan expansion after buying local exchange Sakura |last1=Liao |first1=Rita |
||
|url=https://techcrunch.com/2022/11/30/binance-japan-expansion-sakura / |work=TechCrunch |date=November 30, 2022 |access-date=November 14, 2023}}</ref>}} |
|||
*{{green|Abu Dhabi<ref name="CNBC 4.11.22">{{cite news |title=Crypto giant Binance deepens Middle East expansion with Abu Dhabi approval; CEO says ‘more to come’|last1=Browne |first1=Ryan |url=https://www.cnbc.com/2022/04/11/binance-deepens-middle-east- |
*{{green|Abu Dhabi<ref name="CNBC 4.11.22">{{cite news |title=Crypto giant Binance deepens Middle East expansion with Abu Dhabi approval; CEO says ‘more to come’|last1=Browne |first1=Ryan |
||
|url=https://www.cnbc.com/2022/04/11/binance-deepens-middle-east-expa |
|||
nsion-with-abu-dhabi-approval.html |work=CNBC |date=April 11, 2022 |access-date=November 16, 2023}}</ref>}} |
|||
*{{green|Bahrain<ref name="Reuters 3.15.22">{{cite news |title=Binance gets its first Gulf crypto licence in Bahrain |last1= |first1= |url=https://www.reuters.com/business/finance/binance-gets-its-first |
*{{green|Bahrain<ref name="Reuters 3.15.22">{{cite news |title=Binance gets its first Gulf crypto licence in Bahrain |last1= |first1= |
||
|url=https://www.reuters.com/business/finance/binance-gets-its-first gulf-crypto-licence-bahrain-2022-03-15/ |work=Reuters |date=March 15, 2022 |access-date=November 16, 2023}}</ref>}} |
|||
*{{green|Dubai<ref name="Fortune 7.31.23">{{cite news |title=Binance secures license in Dubai amid international pullback and mounting legal woes |last1=Weiss |first1=Ben |url=https://fortune.com/crypto/2023/07/31/binance-dubai-operational |
*{{green|Dubai<ref name="Fortune 7.31.23">{{cite news |title=Binance secures license in Dubai amid international pullback and mounting legal woes |last1=Weiss |first1=Ben |
||
|url=https://fortune.com/crypto/2023/07/31/binance-dubai-operational mvp-uae-changpeng-zhao-cz-international-pullback/ |work=Fortune |date=July 31, 2023 |access-date=November 16, 2023}}</ref>}} *{{green|New Zealand<ref name="Reuters January2023"/>}} |
|||
== See also == |
|||
*{{green|New Zealand<ref name="Reuters January2023"/>}} |
|||
* [[Bitfinex]] |
|||
* [[BTCC (company)]] |
|||
== See also == |
|||
* [[ |
* [[Coinbase]] |
||
* [[ |
* [[Kraken (company)|Kraken]] |
||
* [[List of bitcoin companies]] |
|||
* [[Coinbase]] |
|||
==References== |
|||
* [[Kraken (company)|Kraken]] |
|||
{{reflist}} |
|||
* [[List of bitcoin companies]] |
|||
== External links == |
|||
{{Commons category-inline}} |
|||
==References== |
|||
{{reflist}} |
|||
== External links == |
|||
{{Commons category-inline}} |
|||
* {{Official website}} |
* {{Official website}} |
Revision as of 16:23, 10 December 2023
Company type | Private |
---|---|
Industry | Cryptocurrency |
Founded | July 2017[1][2] |
Founders |
|
Headquarters | Distributed |
Area served | Global, except for the United States[5] |
Key people | Richard Teng (CEO) |
Products | Cryptocurrency exchange, cryptocurrencies |
Revenue | US$12 billion (2022)[6] |
Number of employees | 7,000 (2023)[7] |
Subsidiaries |
|
Binance Holdings Ltd., branded Binance, is a global[8] company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters. Binance has been the subject of regulatory challenges and lawsuits throughout its operating area, which have resulted in consequences from some countries including the company being banned from operating; ordered to cease operations; and issued fines.
Company overview
Binance launched Binance Labs, its venture capital operation, in 2018. Yi He, Binance's co-founder, has run Labs since 2022. In June 2022, it launched a $500 million fund backed by investors such as DST Global Partners and Breyer Capital. Investments have included projects in gaming, decentralized finance, and crypto infrastructure. According to the company, it had $7.5 billion in under management as of August 2022.[9][10] Binance also has incubator programs through Binance Labs and its Most Valuable Builder program. The Binance Labs Incubation Program was launched in 2018 with a $1 billion fund with a focus on blockchain startups. At launch, program participants received $500,000 in exchange for a 10 percent stake in their company. The Most Valuable Builder program focuses on startups creating decentralized applications on the BNB chain. Projects selected for the program receive access to coaching, workshops, and meetings with market leaders.[11][12] Binance launched Binance Academy in 2018. The crypto and blockchain education platform rewards users with cryptocurrency for completing tasks such as reading articles, taking quizzes, or watching videos.[13] In April 2018, Binance launched the Binance Charity Foundation. The charity's goal is to support the advancement of blockchain-enabled philanthropy with a focus on third-world countries.[14]
History
===2013–2017: company beginnings and move out of China=== CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for stockbrokers. In 2013, he joined Blockchain.info as the third member of the cryptocurrency wallet's team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.[15] He was hired at this position in 2014 by Yi He, with whom he co-founded Binance several years later.[4]
The company was founded in 2017 in China but moved its servers and headquarters out of the country in advance of the Chinese government's ban on cryptocurrency trading in September 2017.Cite error: A <ref>
tag is missing the closing </ref>
(see the help page). a title it had retained as late as April 2021, despite competition from Coinbase, among others.[16]
In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China.[17] In April 2018, Binance signed a memorandum of understanding with the government of Bermuda.[18] Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens.[19] In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. Jersey based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.[20]
In June 2018, Binance and three other firms raised $65 million for sports blockchain company Chiliz.[21]
In July 2018, Binance acquired Trust Wallet, a decentralized cryptocurrency wallet for an undisclosed sum. However, Binance, confirmed that the compensation is a mixture of cash, Binance stock, and a portion of its BNB token.[22]
In August 2018, Binance along with three other big exchanges raised $32 million for a "stablecoin" project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.[23]
In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard. The purchases are subject to Simplex's local bank policies and are limited to Bitcoin, Ethereum, Litecoin and Ripple's XRP.[24]
On 7 May 2019, Binance revealed that it had been the victim of a "large scale security breach" in which hackers had stolen 7,000 Bitcoin worth around $40 million at the time.[25] Binance CEO Changpeng Zhao said the hackers "used a variety of techniques, including phishing, viruses and other attacks" and structured their transaction "in a way that passed our existing security checks."[26] Binance halted further withdrawals and deposits but allowed trading to continue. The site pledged to reimburse customers through its "Secure Asset Fund for Users (SAFU)".[27][28] Withdrawals resumed by 19 May.[29][better source needed]
In June 2019 the company announced it would prohibit US passport holders as well as anyone residing in the US, and would setup a new entity binance.us to support those customers.[30] Later in 2023 Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed this regulatory solution to reduce US regulatory risk.[31] Binance subsequently denied the document, sued Forbes for defamation, and subsequently dropped the
lawsuit.[32]
In September 2019, the exchange began offering perpetual futures contracts, allowing leverage as high as 125 times the value of the contracts.[33] In November 2019, Binance announced it was acquiring Indian bitcoin exchange WazirX. Then in August 2022, Binance said it had only agreed to purchase some of WazirX's assets and intellectual property. As of February 2023, the deal remained in dispute by both companies.[34]
2020–2023: acquisitions and investments
On 21 February 2020, the Malta Financial Services Authority (MFSA) issued a public statement responding to media reports referring to Binance as a 'Malta-based' cryptocurrency company. The statement noted that Binance "is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA." The MFSA added that it was "assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight."[35] In July 2020, Binance announced a "strategic partnership" with a Chinese state-owned enterprise under the State-owned Assets Supervision and Administration Commission of the State Council and that Binance had joined a group "aiming to facilitate" the Belt and Road Initiative.[36][37] On 28 October 2020, Forbes staff released leaked documents showing that Binance and Changpeng Zhao created an elaborate corporate structure designed to intentionally deceive United States regulators and secretly profit from cryptocurrency investors located in the country.[5] Binance officially blocks access from IP addresses located in the United States, but "potential customers would be taught how to evade geographic restrictions", Forbes claimed.[5] In May 2021 it was reported that Binance was under investigation by both the Internal Revenue Service and the United States Department of Justice on allegations of money laundering and tax offenses.[38][39][40] Also in 2021, Binance launched a non-fungible token marketplace.[41] In February 2022, Binance took a $200 million stake in Forbes.[42] It's unclear if this investment was ever completed. In May 2022, Forbes Global Media Holdings halted plans to go public via a merger with Magnum Opus Acquisition Ltd, a Hong Kong-based special-purpose acquisition company.[43] Zhao said the plan had "changed a little bit, but I believe that's still in discussions."[44] In February 2023, Zhao tweeted his disappointment that Forbes "continues to write baseless articles" about Binance.[45] In March 2022, amidst the 2022 Russian invasion of Ukraine, Binance's CEO Changpeng Zhao, refused to ban users from Russia, citing "financial freedom". Zhao also said Binance was complying with the international sanctions list.[46] Binance later softened the tone of their opposition but not their policy, and also pointed to their donation of $10 million for humanitarian needs in Ukraine.[47] In April, Binance limited Russian users with more than $10,900 from making deposits or trading on the platform.[48] In April 2022, Reuters reported that, in 2021, Binance shared information with Rosfinmonitoring about funds raised by jailed Russian opposition leader Alexei Navalny's network. Binance denied the claim.[49] However, in March 2023, the exchange banned Russian residents from buying euros and dollars through its p2p service. European users, in turn, lost the opportunity to buy rubles.[50] In September 2023, Binance announced it was leaving Russia and selling its business to the CommEX platform. Accounts of Russian users will be transferred to the new platform within a year.[51] On 27 May 2022, Binance announced the registration of its legal entity in Italy, and has plans of opening offices and expanding the local team in the area. CEO Changpeng Zhao also shared information regarding Binance's registration with France's market regulator. At the time, the company was also seeking registration in more European countries, such as Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.[52] Binance registered to operate in Spain in July 2022,[53] and in Sweden in January 2023.[54] On 13 June 2022 Binance announced that users would, for an unspecified period of time, be unable to withdraw their funds held in Bitcoin, as the value of cryptocurrencies suffered serious declines.[55] Two hours after that announcement, Bitcoin withdrawals were allowed to resume.[56][better source needed] Binance has a strong brand presence in Africa. Binance sponsored the Africa Cup of Nations in 2021.[57][58] It has also taken crypto education to five countries on the continent, and opened an education hub in Cameroon.[59] Binance invested US$500 million towards the acquisition of Twitter by Elon Musk that completed in October 2022. Following the investment, the company announced the creation of a team to work on how blockchain and cryptocurrencies could be helpful to Twitter.[60][61] Binance began issuing "proof of reserves" in November 2022, which allowed users to see if their tokens were covered by the company's reserves. The program initially only covered Bitcoin, and said it would expand to include additional tokens.[62] On 8 November 2022, Binance offered to buy rival cryptocurrency exchange FTX's non-US operations (FTX.com) to help cover the latter's liquidity crunch.[63][64] Binance backed out of the deal the next day citing concerns about FTX's business practices and investigations by US financial regulators.[65] In July 2023, several senior executives resigned from the company.[66] The Wall Street Journal reported that Binance had cut its global workforce by as many as 1,000 staff.[67] CNBC reported that the number of staff cuts could total 3,000 by the end of 2023.[68] Zhao didn't deny layoffs were occurring but claimed both the reported numbers and the reasons for the senior executive departures weren't accurate. In June 2023 Binance had 790 million US dollars in outflows after the SEC announced its lawsuit and Forbes reported that the company had 120 million users globally.[69]
Build'n'Build (BNB)
Denominations | |
---|---|
Code | BNB |
Previous names | Binance Coin |
Development | |
White paper | 8/10/10011630/Binance-Coin-BNB-Whitepaper_reduce.pdf BNB Whitepaper |
Initial release | July 2017 |
Development status | Active |
Ledger | |
Block explorer | bscscan.com |
Supply limit | 200,000,000 |
Valuation | |
Exchange rate | ~300$ |
Website | |
Website | www.bnbchain.org |
The company has launched two cryptocurrencies which it developed itself: Build'n'Build (formerly Binance Coin), and BinanceUSD (BUSD).[70] BUSD was launched in partnership with the company Paxos.[71] BNB launched July 2017,[72] which started as an Ethereum token and later moved to Binance Smart Chain
(BSC),[73] launched September 2020.[74] BSC later merged with the older Binance Chain and was rebranded into BNB chain.[75][76] BNB Chain operates using "Proof of Staked Authority", a combination of proof of stake and proof of authority. It has 21 approved validators. As of 2021, Build'n'Build was the cryptocurrency with the third highest market capitalization.[70] Binance allows its users to pay fees on its exchange with BNB.[70] BNB had 44 validators as of October 2022.[77]
BNB Chain supports smart contracts and is compatible with the Ethereum virtual machine (EVM).[78]
There have been multiple criticisms of BNB Smart Chain concerning its level of centralisation, which had led to several exploits on the network.[75]
BUSD
Denominations | |
---|---|
Code | BUSD |
Development | |
Initial release | September 10, 2019 |
Development status | Active |
Ledger | |
Circulating supply | 19,016,156,336.57 (As of 23 August 2022) |
Supply limit | Unlimited |
Valuation | |
Exchange rate | Pegged to the US Dollar |
Website | |
Website | binance.com/en/busd |
BUSD, or Binance USD, is a US Dollar pegged stablecoin issued by Binance.[79] According to Binance it is backed 1:1 by a reserve of US Dollars and was founded by them in partnership with Paxos who is the issuer of the token. Paxos holds the reserves for BUSD in cash and U.S. Treasury bills.[80] BUSD is natively issued on the Ethereum blockchain by Paxos. Binance creates Binance-Peg BUSD by locking the natively ERC-20 BUSD in a smart contract on the Ethereum Blockchain and issuing Binance-Peg BUSD equivalent to the amount held in reserve in the smart contract. Binance-Peg BUSD is native to BNB chain.[81][better source needed]
In January 2023, Bloomberg reported that Binance-Peg BUSD "was often undercollateralized between 2020 and 2021. On three separate occasions, the gap between reserves and supply surpassed $1 billion." A Binance spokesperson said the "process of maintaining the backing … has not always been flawless" but "has been much improved with
enhanced discrepancy checks."[82]
BUSD is a widely used stablecoin being, as of 2022[update], the third largest stablecoin by market
capitalisation[83] following Tether (USDT) and USD Coin (USDC).[84]
According to reports, the New York Department of Financial Services issued an order to Paxos to stop minting new BUSD tokens in February 2023.[85][86]
Legal status
United States
In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened Binance.US, a separate exchange designed to comply with all applicable US federal laws, which nonetheless is banned in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.[87] In May 2021, Bloomberg News reported that Binance was under investigation by the United States Department of Justice and Internal Revenue Service for money laundering and tax evasion.[88] In June 2022, the U.S. Securities and Exchange Commission launched an enquiry into Binance to determine if the company's 2017 ICO of BNB tokens amounted to an illegal sale of a security.[89] In December 2022, Binance's American entity Binance.US announced that it would acquire Voyager Digital's assets in a $1.02 billion deal. This deal was called off in April 2023 due to what Binance.US called a "hostile and uncertain regulatory climate."[90] In February 2023, Reuters reported that over the first three months of 2021, Binance transferred over $404 million from a Binance.US account at Silvergate Bank to Merit Peak Ltd, a company managed by Zhao. Catherine Coley, then-CEO of Binance US, was quoted in messages to another Binance executive saying that "no one mentioned" the "unexpected" transfers. Coley left Binance.US shortly thereafter. Reuters said the transfers called into question the purported independence of Binance.US from Binance.com. A Binance.US spokesperson said the Reuters report used "outdated information" without further elaboration.[91] On 1 March 2023, US Senators Elizabeth Warren, Chris Van Hollen, and Roger Marshall wrote a letter to Binance describing the exchange as "a hotbed of illegal financial activity that has facilitated over $10 billion in payments to criminals and sanctions evaders." The letter formally requested documents related to Binance's compliance with regulations.[92][93] On 27 March 2023, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao in the United States District Court for the Northern District of Illinois, claiming willful evasion of US law and allegedly breaching derivatives rules.[94][95] The agency accused Binance of breaking rules intended to thwart money laundering operations,[96] pointing to internal communications describing transactions by Palestinian militant organization Hamas, and suspected criminals, with the company's money laundering reporting officer allegedly remarking "we see the bad, but we close 2 eyes".[94] In April 2023, three unidentified trading firms cited as "VIP" clients of Binance were revealed to be Radix Trading, Jane Street Capital and Tower Research Capital.[97] In June 2023, the U.S. Securities and Exchange Commission (SEC) said it was suing Binance and Zhao on 13 charges for alleged violations of US securities rules.[98][99] On September 12, 2023, Binance.US announced the resignation of CEO Brian Shroder and a reduction of the exchange’s workforce by around 100 positions, roughly one-third of its total staff. Binance.US cited the SEC’s civil suit as “an unfortunate example” of the agency’s “aggressive attempts to cripple our industry.”[100] In October 2023, coinciding with the outbreak of the 2023 Israel–Hamas war, Binance and Tether were described as a source of terrorist funding by US senators Cynthia Lummis and US Representative French Hill, with a letter calling for the Department of Justice to crack-down on the exchange.[101][102] In November 2023, Binance agreed to plea guilty and pay a $4.3 billion fine. Zhao agreed to pay a $50 million fine and step down as CEO of the company, but was allowed to maintain his ownership as part of the deal. Richard Teng succeeded Zhao as CEO.[103][104]
United Kingdom
In January 2021, the UK's Financial Conduct Authority began requiring firms dealing with cryptoassets to register in order to comply with anti-money laundering rules.[105] In June 2021, Binance was ordered by the FCA to stop all regulated activity in the United Kingdom.[106][107] In June 2023, the FCA canceled unused permissions granted to Binance Markets Limited, meaning the company “can no longer provide regulated activities and products” in the UK.[108]
Japan
On 25 June 2021, Japan's Financial Services Agency warned Binance that it was not registered to do business in Japan.[109] This was the second notice Binance received from the FSA. Previously, a similar warning was issued on 23 March 2018.[110] On 30 November 2022, Binance purchased Sakura Exchange. The acquisition allowed Binance to re-enter the Japanese cryptocurrency market.[111][112]
Italy
In July 2021, Italy's Commissione Nazionale per le Società e la Borsa ordered Binance to be blocked from operating.[113] In May 2022, Binance gained regulatory approval in Italy, allowing the company to provide digital asset services in the country.[114]
France
In May 2022, Binance gained regulatory approval in France, allowing the company to provide digital asset services in the country. France is the first European country to give Binance regulatory approval.[115] In June 2023, the Paris prosecutor's office announced that Binance was under preliminary investigation for illegal canvassing of clients and money-laundering.[116]
Germany
In April 2021, the Federal Financial Supervisory Authority in Germany warned that the company risked fines for not releasing an investor prospectus for the stock tokens it has issued.[117]
Thailand
Thailand's Securities and Exchange Commission filed a criminal complaint against Binance on 2 July 2021, "for commission of offence under the Emergency Decree on Digital Asset Business B.E. 2561 (2018)". Additionally, Thailand's SEC cited Binance for operating without a license, a violation of Section 26 of the Digital Asset Businesses Emergency Decree.[118] In May 2023, Thailand's Ministry of Finance issued a cryptocurrency exchange license to Gulf Binance, the joint venture of Binance and Gulf Innova, a subsidiary of Thai billionaire Sarath Ratanavadi's Gulf Energy Development. The exchange will reportedly launch later this year.[119]
Canada
On 17 March 2022, Binance has confirmed in an undertaking to the Ontario Securities Commission that it would stop opening new accounts and halting trading in existing accounts for users in Ontario.[120][121] In May 2023, Binance announced it would withdraw from the Canadian market due to the introduction of stricter rules in the country.[122] On May 30, 2023, it was reported that the Ontario Securities Commission had issued an investigation order into whether Binance may have taken steps to circumvent Ontario securities law and compliance controls prior to its withdrawal from the Canadian market.[123]
Netherlands
In April 2022, the Dutch central bank announced a €3.3m fine for Binance due to offering services within the Netherlands without being registered in the country. The fine was issued to the company after an official warning was issued to the company during August 2021.[124] In June 2023, Binance announced that it was leaving the Netherlands after failing to obtain regulatory approval.[125]
India
In August 2022, India's Enforcement Directorate froze the assets of WazirX, an exchange owned by Binance, as part of a money laundering investigation.[126] Following the event, CEO Zhao claimed that they never owned WazirX or owned any equity in Zanmai Labs—the operating entity of WazirX—citing "a few issues" that prevented the completion of the acquisition. The co-founder of WazirX, Nischal Shetty, disputed Zhao's claims asserting that Binance had indeed acquired them.[127]
Australia
On 6 April 2023, the Australian Securities & Investments Commission cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives (Binance) in response to a request from the company.[128][129] On 18 May 2023, Binance Australia announced that it had lost access to Australia's PayID payment system "due to a decision made by our third party payment service provider."[130] The same day, Westpac bank banned Australian customers transacting with Binance.[131][132]
Nigeria
In June 2023, [[Securities and Exchange Commission (Nigeria)|Nigeria's Securities and Exchange Commission]] recently deemed Binance's activities in the country as “illegal.” It issued a declaration stating that Binance Nigeria Limited, a subsidiary of Binance, was operating unlawfully in the country. The regulator specifically instructed Binance to cease all its activities within Nigeria.[133][134]
Belgium
On June 23, 2023, Belgium's Financial Services and Markets Authority ordered Binance to “cease, with immediate effect, offering or providing any and all” virtual currency services in the country. The regulator said Binance had been offering such services “from countries that are not members of the European Economic Area.”[135][136]
Indonesia
In Indonesia, Binance owns TokoCrypto, a company registered with the local regulator to carry out crypto activities.[137]
Singapore
In 2019, Binance Asia Services (BAS) began operating a local exchange in Singapore, Binance.sg, under a temporary exemption from the country's regulators while its application was under review. Binance.sg eventually withdrew its application and ceased operations by February 13, 2022. The Binance group of companies remained present in the country, focusing on innovation, incubation, and funding programs there.[138]
Other locations
Binance also has regulatory approval or license to operate in the following locations:
- Lithuania[139]
- Poland[139]
- Spain[53]
- Sweden[54]
- Kazakhstan[140]
- Abu Dhabi[141]
- Bahrain[142]
- Dubai[143] *New Zealand[54]
See also
References
- ^ Hyatt, John; Bambysheva, Nina (5 April 2022). -person-in-crypto-climbs-into-worlds-20-richest "The Wealthiest Person In Crypto Climbs Into World's 20 Richest". Forbes.
{{cite web}}
: Check|url=
value (help) - ^ Berwick, Angus; Wilson, Tom (21 January 2022). idUSL8N2U065F "Crypto giant Binance kept weak money-laundering checks even as it promised tougher compliance, documents show". Reuters.
{{cite web}}
: Check|url=
value (help) - ^ Wilson, Tom; Berwick, Angus (17 October 2022). to-binance-zhao/ "How Binance CEO and aides plotted to dodge regulators in U.S. and UK". Reuters.
{{cite web}}
: Check|url=
value (help) - ^ a b Muyao Shen; Justina Lee (28 June 2023). "Crypto's Most Powerful Woman Speaks Out as Crisis Rocks Binance". Bloomberg News. Wikidata Q120053402. Retrieved 28 June 2023.
- ^ a b c d-tai-chi-document-reveals-binances-elaborate-scheme-to-evade-bitcoin -regulators/ "Leaked 'Tai Chi' Document Reveals Binance's Elaborate Scheme To Evade Bitcoin Regulators". Forbes. 28 October 2020. Retrieved 30 October 2020.
{{cite news}}
: Check|url=
value (help) - ^ Tully, Shawn (28 March 2023). ial-media-influencers "How Binance really operates: The world's largest crypto exchange boasts vast profits, hefty influencer payouts, and a ticking time bomb on its balance sheet". Fortune. om/2023/03/28/binance-cftc-lawsuit-bnb-coin-social-media-influencers/ Archived from the original on 9 April 2023.
{{cite web}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ Kowsmann, Patricia; Ostroff, Caitlin (14 July 2023). es-d59ff6ad "Binance Lays Off Over 1,000 Employees". The Wall Street Journal. om/amp/articles/binance-lays-off-over-1-000-employees-d59ff6ad Archived from the original on 17 July 2023.
{{cite news}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ d-is-binance-a-chinese-company-2386330931319516973 "Who Is Guangying Chen, and Is Binance a "Chinese Company"?". Binance Blog. 1 September 2022. Retrieved 23 May 2023.
We have subsidiaries in many countries, including France, Spain, Italy, UAE, and Bahrain,
{{cite web}}
: Check|url=
value (help) - ^ Yang, Yueqi; Miller, Hannah (3 August 2022). [https://www.bloomberg.com/news/articles/2022-08-03/binance-co-fo
under-yi-he-to-lead-7-5-billion-vc-arm-in-shuffle "Binance Co-Founder He to Lead $7.5 Billion VC Arm in Shuffle"]. Bloomberg News. Retrieved 14 November 2023.
{{cite web}}
: Check|url=
value (help); line feed character in|url=
at position 65 (help) - ^ Gordon, Nicholas (4 August 2022). -cofounder-crypto-winter-venture-capital/ "Crypto exchange Binance taps its 36-year-old billionaire cofounder He Yi to lead its $7.5 billion venture capital division". Fortune. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Lam La, Thao (22 July 2022). chain-incubation-program "Binance names 27 projects in latest blockchain incubator cohort". Tech in Asia. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Russell, Jon (23 August 2018). m/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_re ferrer_sig=AQAAAICI2jkPfa6jB0IjmmbTK6Km9nnnsCHngp-bEMvogga--zREYwQTX3 54HK77dXhIrilimzRPII_YzPjRSbcFc8Gy3TsUw1RUOR_dwhIH3HT6A22AWVUd-uYzi3p lkF0m896Y8DDzz2VUqRVso2MjvNg0h-vBIVQfDsgHmfWMXxdM "Binance launches an incubator program to develop early stage blockchain startups". TechCrunch. Retrieved 14 November 2023.
{{cite web}}
: Check|url=
value (help) - ^ es-its-learn-and-earn-programme-327334-2022-03-25 "Binance Academy launches its learn and earn programme". Business Today. 25 August 2022. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ milies-facing-famine-across-the-horn-of-africa-with-its-giving-tuesda y-campaign/ "Binance Charity supports families facing famine across the Horn of Africa with its Giving Tuesday campaign". UNICEF Lëtzebuerg.
{{cite web}}
: Check|url=
value (help) - ^ Ambler, Pamela (7 February 2018). hao-binance-exchange-crypto-cryptocurrency/#390a79b81eee "From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance". Forbes.
{{cite news}}
: Check|url=
value (help) - ^ de la Merced, Michael J.; Karaian, Jason (15 April 2021). t.html "What's next for Coinbase?". The New York Times. ISSN 0362-4331. Retrieved 12 May 2021.
{{cite news}}
: Check|url=
value (help) - ^ Nakamura, Yuji (23 March 2018). iggest-cryptocurrency-exchange-is-moving-to-malta "World's Biggest Cryptocurrency Exchange Is Heading to Malta". Bloomberg. Retrieved 24 March 2018.
{{cite news}}
: Check|url=
value (help) - ^ DUM-OF-UNDERSTANDING-Binance.pdf "The Continuing Development Of A Fintech Ecosystem For Bermuda" (PDF). Ber News. 27 April 2018. ront.bernews.com/wp-content/uploads/2018/06/MEMORANDUM-OF-UNDERSTANDI NG-Binance.pdf Archived (PDF) from the original on 19 January 2019. Retrieved 4 February 2021.
{{cite news}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ plc, Malta Stock Exchange. malta.com.mt/article-mse-binance-mou "MSE and Binance sign MoU". Malta Stock Exchange. Archived from the original on 19 January 2019. Retrieved 19 January 2019.
{{cite web}}
: Check|archive-url=
value (help) - ^ [https://www.bloomberg.com/news/articles/2018-06-11/crypto-giant-
binance-to-offer-euro-trading-pairs-this-year "Crypto Giant Binance to Offer Euro Trading Pairs This Year"]. Bloomberg. 11 June 2018. Retrieved 14 June 2018.
{{cite news}}
: Check|url=
value (help); line feed character in|url=
at position 65 (help) - ^ "chiliZ raises $65 million from Binance, other organisations - Esports Insider". Esportsinsider. 8 June 2018. Retrieved 19 February 2023.
- ^ Russell, Jon (31 July 2018). rust-wallet-in-first-acquisition-deal/ "Crypto exchange Binance buys Trust Wallet in first acquisition deal".
{{cite web}}
: Check|url=
value (help) - ^ e.com/2018/08/29/cryptocurrency-exchanges-back-32-million-stable-coin -project/ "Binance and Other Crypto Exchanges Back $32 Million Stable Coin Project". Fortune. Archived from illion-stable-coin-project/ the original on 29 August 2018. Retrieved 30 August 2018.
{{cite news}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ Russell, Jon (31 January 2019). rcard/ "Binance now lets users buy crypto with a credit card". TechCrunch. Retrieved 31 January 2019.
{{cite web}}
: Check|url=
value (help) - ^ Kharpal, Arjun (8 May 2019). lion-of-cryptocurrency-stolen.html "Binance bitcoin hack: Over $40 million of cryptocurrency stolen". CNBC. Retrieved 8 May 2019.
{{cite web}}
: Check|url=
value (help) - ^ Valinsky, Jordan (8 May 2019). tml "Hackers steal $40 million worth of bitcoin in massive security breach". CNN. Retrieved 8 May 2019.
{{cite web}}
: Check|url=
value (help) - ^ Stewart, Emily (8 May 2019). n-stolen-blockchain-security-safu "If bitcoin is so safe, why does it keep getting hacked?". Vox. Retrieved 12 May 2021.
{{cite web}}
: Check|url=
value (help) - ^ Thompson, Luke (8 May 2019). 0m-hack/ "Binance offers full refund after $40m hack". Asia Times. Retrieved 12 May 2021.
{{cite web}}
: Check|url=
value (help) - ^ dent-Recap "Security Incident Recap". Binance Blog. 19 May 2019. inance.com/en/blog/336904059293999104/Security-Incident-Recap Archived from the original on 20 May 2019. Retrieved 12 May 2021.
{{cite web}}
: Check|archive-url=
value (help); Check|url=
value (help); line feed character in|website=
at position 9 (help) - ^ customers/ "Binance begins to restrict US users ahead of regulatory-compliant exchange launch". TechCrunch. Retrieved 6 November 2023.
{{cite web}}
: Check|url=
value (help); line feed character in|title=
at position 46 (help) - ^ d-tai-chi-document-reveals-binances-elaborate-scheme-to-evade-bitcoin -regulators/ "Leaked 'Tai Chi' Document Reveals Binance's Elaborate Scheme To Evade Bitcoin Regulators". Forbes. Retrieved 6 November 2023.
{{cite web}}
: Check|url=
value (help); line feed character in|title=
at position 17 (help) - ^ zhao-cz-crypto-binance-1234740435/ "Crypto's Richest Man Is Waiting Out the Chaos". Rolling Stone. Retrieved 6 November 2023.
{{cite web}}
: Check|url=
value (help) - ^ lators-gain-upper-hand-as-derivative-trading-surges "Bitcoin Speculators Gain Upper Hand as Derivative Trading Surges". Bloomberg.com. 22 October 2019. Retrieved 21 January 2021.
{{cite news}}
: Check|url=
value (help) - ^ Shen, Muyao (3 February 2023). -exchange-wazirx-moves-funds-from-binance-wallets "Indian Crypto Exchange WazirX Moves Funds After Binance Cuts Off Service". Bloomberg News. Retrieved 30 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ "Public Statement". Malta Financial Services Authority. 21 February 2020. fsa.mt/news-item/public-statement-2020/ Archived from the original on 21 February
2020. Retrieved 26 February 2020.
{{cite web}}
: Check|archive-url=
value (help); Check date values in:|archive-date=
(help); line feed character in|archive-date=
at position 12 (help) - ^ Qu, Tracy (20 July 2020). 903/covid-19-net-positive-cryptocurrencies-performance "Covid-19 has been 'net positive' for cryptocurrencies, Binance founder says". South China Morning Post. Retrieved 18 February 2023.
{{cite news}}
: Check|url=
value (help) - ^ partnership/ "Binance forges China supply-chain partnership". Asia Times. 3 July 2020. Retrieved 18 February 2023.
{{cite news}}
: Check|url=
value (help) - ^ der-irs-and-doj-investigation/ "Crypto Exchange Binance Under IRS and DOJ Investigation". Daily Newsbrief.
{{cite news}}
: Check|url=
value (help) - ^ Schoenberg, Tom (13 May 2021). d-by-u-s-as-money-laundering-tax-sleuths-bore-in "Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths". Bloomberg.com. loomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money laundering-tax-sleuths-bore-in Archived from the original on 13 May 2021. Retrieved 13 May 2021.
{{cite web}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ y-justice-department-irs-bloomberg-news-2021-05-13/ "Binance under investigation by Justice Department, IRS – Bloomberg News". Reuters. 13 May 2021. Retrieved 13 May 2021.
{{cite web}}
: Check|url=
value (help) - ^ Browne, Ryan (27 April 2021). binance-to-launch-nft-marketplace.html "Binance, the world's largest cryptocurrency exchange, is launching an NFT marketplace". CNBC. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ "Crypto exchange Binance to take $200m stake in Forbes". BBC News. 10 February 2022.
- ^ Hirsch, Lauren; Mullin, Benjamin (31 May 2022). spac-deal.html "Forbes, Chronicler of Wealthy and Powerful, Will Scrap Plan to Go Public via SPAC". The New York Times. Retrieved 7 May 2023.
{{cite web}}
: Check|url=
value (help) - ^ Nicolle, Emily; Lacqua, Francine; Mackenzie, Tom (16 June 2022). -million-forbes-deal-is-changing-ceo-zhao-says "Binance's $200 Million Forbes Deal is 'Changing,' CEO Zhao Says". Bloomberg L.P. Retrieved 7 May 2023.
{{cite web}}
: Check|url=
value (help) - ^ CZ �� Binance [@cz_binance] (28 February
2023). "I am deeply disappointed that Forbes continues to write baseless articles, losing their own credibility. 9/9" (Tweet). er.com/cz_binance/status/1630466341978136578 Archived from the original on 18 March 2023. Retrieved 22 May 2023 – via Twitter.
{{cite web}}
: Check|archive-url=
value (help); Check date values in:|date=
(help); line feed character in|date=
at position 12 (help); replacement character in|author-mask=
at position 4 (help); replacement character in|author1=
at position 4 (help) - ^ "Ukraine crisis: Crypto exchange boss rejects Russian user ban". BBC News. BBC News. 2 March 2022.
- ^ ing-point-cryptocurrency-rcna18705 "How the Ukraine conflict became a turning point for cryptocurrency". NBC News. Retrieved 7 March 2022.
{{cite news}}
: Check|url=
value (help) - ^ Wilson, Tom; Dey, Mrinmay; Sharma, Akriti (21 April 2022). -limits-services-russia-after-eu-sanctions-2022-04-21/ "Crypto exchange Binance curbs services in Russia". Reuters. Retrieved 14 November 2022.
{{cite news}}
: Check|url=
value (help) - ^ Berwick, Angus; Wilson, Tom (22 April 2022). t-ties-russian-fsb-linked-agency-2022-04-22/ "Special Report: How crypto giant Binance built ties to a Russian FSB-linked agency". Reuters. Retrieved 22 April 2022.
{{cite news}}
: Check|url=
value (help); line feed character in|title=
at position 58 (help) - ^ an-users/ "BINANCE RESTRICTS P2P TRADING FOR RUSSIAN USERS". financefeeds.com. 14 March 2023.
{{cite web}}
: Check|url=
value (help) - ^ {{Cite web|url=https://www.rbc.ru/crypto/news/6513e3749a79474f7da2bcf0%7Ctitle =Биржа Binance объявила об уходе из России и продаже российского бизнеса|language=ru|date=2023-09-27|website=RBK}}
- ^ -regulator-amid-plans-expand-europe-2022-05-27/ "Binance registers with Italy's regulator amid plans to expand in Europe". Reuters. 27 May 2022. Retrieved 29 May 2022.
{{cite news}}
: Check|url=
value (help) - ^ a b ts-crypto-registry-2022-07-08/ "Bank of Spain includes Binance in its crypto registry". Reuters. 8 July 2022. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ a b c ce-registers-sweden-2023-01-12/ "Crypto exchange Binance registers in Sweden". Reuters. 12 January 2023. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Griffin, Andrew (13 June 2022). ge-withdrawal-latest-b2099726.html "Crypto exchange Binance blocks bitcoin withdrawals amid market collapse". Independent.
{{cite news}}
: Check|url=
value (help) - ^ Binance (13 June 2022). [https://www.binance.com/en/support/announcement/d312178e0fce43c9
b8c457a31139f783 "Withdrawals on Bitcoin (BTC) Network Resumed"].
{{cite news}}
: Check|url=
value (help); line feed character in|url=
at position 65 (help) - ^ Endurance, Okafor (13 January 2022). nsor-of-2021-totalenergies-africa-cup-of-nations/ "Binance becomes official sponsor of 2021 TotalEnergies Africa Cup of Nations". Businessday NG. Retrieved 11 October 2022.
{{cite news}}
: Check|url=
value (help) - ^ onsor-of-africa-cup-of-nations-soccer-tournament "Binance Has Deal to Become Crypto Sponsor of Africa Cup of Nations Soccer Tournament". www.sporttechie.com. 11 January 2022. Retrieved 11 October 2022.
{{cite web}}
: Check|url=
value (help) - ^ Nnamani, Caleb (21 September 2022). ica-tour-to-drive-crypto-education/ "Binance is touring francophone Africa with crypto education". TechCabal. Retrieved 11 October 2022.
{{cite web}}
: Check|url=
value (help) - ^ Hu, Krystal (28 October 2022). -co-investor-help-twitter-with-blockchain-2022-10-28/ "Crypto exchange Binance, Musk's co-investor, to help Twitter with blockchain". Reuters.
{{cite news}}
: Check|url=
value (help) - ^ Template:C ite news
- ^ Kowsmann, Patricia (25 November 2022). 022/card/crypto-exchange-binance-starts-showing-its-reserves-2nuBwkJL Ox7qICxKuYzU "Crypto Exchange Binance Starts Showing Its Reserves". The Wall Street Journal. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Yang, Yueqi; Kharif, Olga (8 November 2022). ge-binance-to-buy-rival-ftx-com-terms-undisclosed "CZ's Binance to Buy Rival FTX After Sam Bankman-Fried Faces Liquidity Crunch". Bloomberg News.
{{cite news}}
: Check|url=
value (help) - ^ Sigalos, MacKenzie (8 November 2022). s-operations-to-fix-liquidity-crunch.html "Binance offers to buy FTX's non-U.S. operations to fix 'liquidity crunch'". CNBC.
{{cite news}}
: Check|url=
value (help) - ^ Sigalos, MacKenzie; Rooney, Kate (9 November 2022). leaving-the-crypto-exchange-on-the-brink-of-collapse.html "Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse". CNBC.
{{cite news}}
: Check|url=
value (help) - ^ Wilson, Tom; Shekhawat, Jaiveer; Wilson, Tom (7 July 2023). [https://www.reuters.com/technology/binances-chief-strategy-offic
er-patrick-hillman-quits-tweet-2023-07-06/ "Crypto exchange Binance hit by executive exodus"]. Reuters. Retrieved 23 July 2023.
{{cite web}}
: Check|url=
value (help); line feed character in|url=
at position 66 (help) - ^ Ostroff, Caitlin; Kowsmann, Patricia (17 July 2023). -citing-decline-in-profit-51d51cf7 "Binance Cuts Back Employee Benefits, Citing Decline in Profit". Wall Street Journal. Retrieved 23 July 2023.
{{cite web}}
: Check|url=
value (help) - ^ Goswami, Rohan (14 July 2023). in-response-to-doj-probe-source.html "Binance could lay off thousands as company buckles down for DOJ probe, source says". CNBC. Retrieved 23 July 2023.
{{cite web}}
: Check|url=
value (help); line feed character in|title=
at position 14 (help) - ^ Hamilton, Katherine (6 June 2023). e-out-790-million-as-investors-move-assets-after-sec-lawsuit-research -firm-reports/?sh=47a9243a4302 "Binance Out $790 Million As Investors Move Assets After SEC Lawsuit, Research Firm Reports". Forbes. Retrieved 6 September 2023.
{{cite web}}
: Check|url=
value (help) - ^ a b c Anneken, Tappe (22 April 2021). p-five-bitcoin-ethereum/index.html "Bitcoin? Ethereum? Dogecoin? Your guide to the biggest names in crypto". CNN. nn.com/2021/04/22/investing/cryptocurrency-guide-top-five-bitcoin-eth ereum/index.html Archived from the original on 22 April 2021. Retrieved 12 May 2021.
{{cite web}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ Roth, Emma (13 February 2023). ec-binance-usd-stablecoin "Crypto firm Paxos ordered to stop issuing Binance stablecoin". The Verge. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ inance-coin-bnb/ "Binance Coin (BNB)". Corporate Finance Institute. 6 December 2022. ratefinanceinstitute.com/resources/cryptocurrency/binance-coin-bnb/ Archived from the original on 7 January 2023. Retrieved 7 January 2023.
{{cite web}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ Vigna, Paul (3 May 2021). zyso-is-network-congestion-11620050853 "Ethereum Is Booming in the NFT Frenzy—So Is Network Congestion". The Wall Street Journal. ISSN 0099-9660. sj.com/articles/ethereum-is-booming-in-the-nft-frenzyso-is-network-co ngestion-11620050853 Archived from the original on 3 May 2021. Retrieved 12 May 2021.
{{cite news}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ lockchain-defi-crypto-074504608.html "Battle of the blockchains: Binance Smart Chain versus Ethereum". uk.finance.yahoo.com. 29 October 2021. Retrieved 10 September 2022.
{{cite web}}
: Check|url=
value (help); line feed character in|title=
at position 15 (help) - ^ a b Odejumo, Oluwapelumi (16 February 2022). 091824225.html "Binance Smart Chain Rebrands to BNB Chain, Reveals Multi-chain Goal". Yahoo Finance. ce.yahoo.com/news/binance-smart-chain-rebrands-bnb-091824225.html Archived from the original on 22 August 2022. Retrieved 22 August 2022.
{{cite news}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ the-evolution-of-binance-smart-chain-421499824684903436 "Introducing BNB Chain: The Evolution of Binance Smart Chain". Binance. 15 February 2022. inance.com/en/blog/ecosystem/introducing-bnb-chain-the-evolution-of-b inance-smart-chain-421499824684903436/ Archived from the original on 15 August 2022. Retrieved 19 August 2022.
{{cite web}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ Howcroft, Elizabeth (7 October 2022). ion-cryptocurrency-binance-linked-blockchain-2022-10-07/ "Binance-linked blockchain hit by $570 million crypto hack". Reuters. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ "A complete guide to BNB Smart Chain". imToken. .im/bsc-wallet Archived from the original on 7 January 2023. Retrieved 7 January 2023.
{{cite web}}
: Check|archive-url=
value (help) - ^ Howcroft, Elizabeth (11 August 2022). rge-312-trillion-july-cryptocompare-2022-08-11/ "Crypto derivatives volumes surge to $3.12 trillion in July - CryptoCompare". Reuters. Retrieved 22 August 2022.
BinanceUSD - a stablecoin issued by crypto exchange Binance
{{cite news}}
: Check|url=
value (help); line feed character in|title=
at position 20 (help) - ^ Nicolle, Emily; Shen, Muyao (10 January 2023). cknowledges-past-flaws-in-managing-busd-peg-stablecoin-reserves "Binance Acknowledges Past Flaws in Maintaining Stablecoin Backing". Bloomberg. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ my.binance.com/ph/articles/what-is-busd "What Is BUSD?". Binance Academy. Binance. 28 June 2022. Archived from the original on 6 April 2023. Retrieved 19 August 2022.
{{cite web}}
: Check|archive-url=
value (help) - ^ Nicolle, Emily; Shen, Muyao (10 January 2023). cknowledges-past-flaws-in-managing-busd-peg-stablecoin-reserves "Binance Acknowledges Past Flaws in Maintaining Stablecoin Backing". Bloomberg.com. Retrieved 11 January 2023.
{{cite web}}
: Check|url=
value (help) - ^ Eichengreen, Barry; Viswanath-Natraj, Ganesh (February 2022). "Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges*". Asian Economic Papers. 21 (1). Massachusetts Institute of Technology: 29–46. doi:10.1162/asep_a_00843. eISSN 1536-0083. ISSN 1535-3516. S2CID 245866286.
- ^ Y. Liao, Gordon; Caramichael, John (January 2022). "Stablecoins: Growth Potential and Impact on Banking". International Finance Discussion Paper. International Finance Discussion Papers. 2022 (1334). Board of Governors of the Federal Reserve System: 2–4. doi:10.17016/IFDP.2022.1334. eISSN 1073-2500. ISSN 1073-2500. S2CID 246518865.
- ^ Ostroff, Patricia Kowsmann and Caitlin (13 February 2023). ollar-pegged-binance-token-94f65e52 "Crypto Firm Paxos to Stop Issuing Dollar-Pegged Binance Token". Wall Street Journal. Retrieved 13 February 2023.
{{cite news}}
: Check|url=
value (help) - ^ Vardai, Zoltan (13 February 2023). e-110809459.html "Paxos ordered to stop issuing Binance USD stablecoin: report". Yahoo! Finance. Retrieved 13 February 2023.
{{cite web}}
: Check|url=
value (help) - ^ -review/#:~:text=Binance.US%20is%20not%20available,and%20more%20advan ced%20trading%20views. "Binance.US Review: Low Fees, But Investors Should Take a Pass". Time. 20 July 2021. ISSN 0040-781X. Retrieved 29 July 2022.
{{cite magazine}}
: Check|url=
value (help) - ^ Schoenberg, Tom (13 May 2021). d-by-u-s-as-money-laundering-tax-sleuths-bore-in "Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths". Bloomberg News. Retrieved 27 June 2021.
{{cite news}}
: Check|url=
value (help) - ^ loomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-th at-is-now-world-s-fifth-largest "US Probes Binance Over Token That Is Now World's Fifth Largest". Bloomberg.com. 6 June 2022. Archived from the original on 21 July 2022. Retrieved 7 June 2022.
{{cite news}}
: Check|archive-url=
value (help)CS1 maint: bot: original URL status unknown (link) - ^ Melinek, Jacquelyn (27 April 2023). s-1-3b-deal-with-voyager-now-what/ "Binance.US sailed away from its $1.3B deal with Voyager, now what?". TechCrunch. Retrieved 7 May 2023.
{{cite web}}
: Check|url=
value (help) - ^ Berwick, Angus; Wilson, Tom (16 February 2023). 0-million-us-partner-firm-managed-by-ceo-zhao-2023-02-16/ "Crypto giant Binance moved $400 million from U.S. partner to firm managed by CEO Zhao". Reuters. Retrieved 6 March 2023.
{{cite web}}
: Check|url=
value (help) - ^ Kharif, Olga (2 March 2023). -hotbed-illegal-financial-activity-elizabeth-warren/ "Senators write a scathing letter to Binance alleging it's a 'hotbed of illegal financial activity' and has facilitated billions in criminal payments". Fortune. Retrieved 8 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Warren, Elizabeth; Van Hollen, Chris; Marshall, Roger (1 March 2023). 20to%20Binance%20and%20Binance.US%20re%20Compliance%20and%20Risk.pdf "2023.03.01 Letter to Binance and Binance.US re Compliance and Risk" (PDF). senate.gov. Retrieved 8 November 2023.
{{cite web}}
: Check|url=
value (help) - ^ a b ge-binance-sued-by-us-cftc-for-alleged-derivatives-rule-lapses "Binance and Its CEO Sued by CFTC Over US Regulatory Violations". Bloomberg News. 27 March 2023. Retrieved 27 March 2023.
{{cite news}}
: Check|url=
value (help){{Subscription required}} - ^ Milmo, Dan (27 March 2023). sues-crypto-exchange-binance-and-boss-changpeng-zhao "US regulator sues crypto exchange Binance and boss Changpeng Zhao". The Guardian. Retrieved 27 March 2023.
{{cite news}}
: Check|url=
value (help) - ^ "Binance accused of breaking US financial laws". BBC News. 27 March 2023. Retrieved 28 March 2023.
- ^ ower-and-radix-are-unnamed-vips-in-binance-case "Jane Street, Tower and Radix Are Unnamed 'VIPs' in Binance Case". Bloomberg.com. 5 April 2023. Retrieved 24 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ nce-and-ceo-zhao-for-breaking-us-securities-rules "SEC Sues Binance and CEO Zhao for Breaking US Securities Rules". Bloomberg News. 5 June 2023. Retrieved 5 June 2023.
{{cite news}}
: Check|url=
value (help)(subscription required) - ^ Goldstein, Matthew; Flitter, Emily; Yaffe-Bellany, David (5 June 2023). html "S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators". The New York Times. Retrieved 5 June 2023.
{{cite news}}
: Check|url=
value (help) - ^ s-crypto-5cad2ad5fa8b6a385a4c85992a9ae508 "Binance.US CEO departs as crypto company cuts a third of its workforce". AP News. 13 September 2023. Retrieved 14 September 2023.
{{cite web}}
: Check|url=
value (help) - ^ Jacobino, Nicholas; Akuffo, Rachelle (26 October 2023). 356.html "Senate meets in bid to 'crack down' on crypto-backed terrorism". finance.yahoo.com. Retrieved 8 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Matthews, Chris (27 October 2023). ypto-industry-fights-back-against-funding-claims-9e67ca70 "U.S. adds Hamas sanctions as crypto industry fights back against funding claims". MarketWatch. Retrieved 8 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Michaels, Dave; Kowsmann, Patricia; Salama, Vivian (21 November 2023). [https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zha
o-step-down-plead-guilty-01f72a40 "WSJ News Exclusive | Binance Founder Changpeng Zhao Agrees to Step Down, Plead Guilty"]. WSJ.
{{cite web}}
: Check|url=
value (help); line feed character in|url=
at position 66 (help) - ^ Helmore, Edward (21 November 2023). ent-crypto-exchange "Crypto giant Binance admits to money laundering and agrees to pay $4.3bn". The Guardian. Retrieved 21 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ ks-investments-advertising-high-returns-based-cryptoassets "FCA warns consumers of the risks of investments advertising high returns based on cryptoassets". Financial Conduct Authority. 1 November 2021. ca.org.uk/news/news-stories/fca-warns-consumers-risks-investments-adv ertising-high-returns-based-cryptoassets Archived from the original on 18 January 2023. Retrieved 18 January 2023.
{{cite web}}
: Check|archive-url=
value (help); Check|url=
value (help) - ^ ders-crypto-exchange-binance-to-stop-regulated-activities-in-uk-idUSL 2N2O907S "Britain bans Binance in latest cryptocurrency crackdown". Reuters. 27 June 2021. Retrieved 27 June 2021.
{{cite news}}
: Check|url=
value (help) - ^ Azevedo Rocha, Priscila; Ossinger, Joanna (27 June 2021). -regulator-bars-crypto-exchange-binance "Crypto Exchange Binance Banned From Doing Business in U.K." Bloomberg News. Retrieved 27 June 2021.
{{cite news}}
: Check|url=
value (help) - ^ "NewRegister". register.fca.org.uk. Retrieved 24 June 2023.
- ^ shilyo.pdf "Japan Financial Services Agency - Binance Warning #2" (PDF). fsa.go.jp (in Japanese). Retrieved 17 September 2021.
{{cite web}}
: Check|url=
value (help) - ^ hilyo.pdf "Japan Financial Services Agency - Binance Warning #1" (PDF). fsa.go.jp (in Japanese). Retrieved 17 September 2021.
{{cite web}}
: Check|url=
value (help) - ^ Undertaking-and-Acknowledgement.pdf "Undertaking and Acknowledgement by Binance Holdings Limited" (PDF). Ontario Securities Commission. 17 March 2022.
{{cite news}}
: Check|url=
value (help); More than one of|work=
and|website=
specified (help) - ^ Moon, Mariella (13 May 2023). rypto-rules-140134938.html "Binance leaves Canada due to stricter crypto rules". Engadget. Retrieved 14 May 2023.
{{cite web}}
: Check|url=
value (help) - ^ Shecter, Barbara. ating-binance-despite-canada-exit "OSC investigating crypto exchange Binance despite Canadian exit". financialpost. Retrieved 2 June 2023.
{{cite web}}
: Check|url=
value (help) - ^ fines-binance-33-million-euros/article65656961.ece "Dutch central bank fines Binance 3.3 million euros". thehindu.com. The Hindu. 19 July 2022. Retrieved 27 July 2022.
{{cite web}}
: Check|url=
value (help) - ^ "Binance exits Netherlands and faces France probe". BBC News. 16 June 2023. Retrieved 19 June 2023.
- ^ [https://www.reuters.com/business/finance/india-freezes-assets-bi
nance-owned-local-unit-wazirx-2022-08-05/ "India freezes assets of Binance-owned local unit WazirX"]. reuters.com. Reuters. 5 August 2022. Retrieved 5 August 2022.
{{cite web}}
: Check|url=
value (help); line feed character in|url=
at position 66 (help) - ^ Singh, Manish (5 August 2022). ian-exchange-wazirx-years-after-acquisition-announcement/ "Binance says it doesn't own Indian exchange WazirX, years after acquisition announcement". TechCrunch.
{{cite web}}
: Check|url=
value (help) - ^ 2023-releases/23-091mr-binance-australia-derivatives-afs-licence-canc elled/ "23-091MR Binance Australia Derivatives – AFS licence cancelled". asic.gov.au. Retrieved 18 May 2023.
{{cite web}}
: Check|url=
value (help) - ^ Jackson, Lewis (6 April 2023). nancial-services-licence-amid-probe-2023-04-06/ "Australia cancels Binance's financial services licence amid probe". Reuters. Retrieved 30 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Binance Australia [@Binance_AUS] (18 May 2023). "Fellow Binancians, We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank… https://t.co/P8iM2X4orp" (Tweet). er.com/Binance_AUS/status/1659018600496373760 Archived from the original on 18 May 2023. Retrieved 22 May 2023 – via Twitter.
{{cite web}}
: Check|archive-url=
value (help) - ^ 23/18-May/ "Westpac trials new cryptocurrency blocks to prevent scam losses". www.westpac.com.au. Retrieved 18 May 2023.
{{cite web}}
: Check|url=
value (help) - ^ Sier, Jessica (18 May 2023). ayments-to-binance-crypto-exchange-20230518-p5d9ec "Westpac places immediate ban on payments to Binance crypto exchange". Australian Financial Review. Retrieved 18 May 2023.
{{cite web}}
: Check|url=
value (help); line feed character in|title=
at position 44 (help) - ^ binance-operations-illegal-2023-06-10/ "Nigeria regulator says local Binance operations 'illegal'". Reuters. 10 June 2023. Retrieved 10 June 2023.
{{cite news}}
: Check|url=
value (help) - ^ Media, R. V. O. (9 June 2023). -limited/ "Circular on the Activities of Binance Nigeria Limited". The Securities and Exchange Commission, Nigeria. Retrieved 10 June 2023.
{{cite web}}
: Check|url=
value (help) - ^ y-all-offers-virtual-currency-services-belgium "FSMA orders Binance to cease immediately all offers of virtual currency services in Belgium | FSMA". www.fsma.be. 23 June 2023. Retrieved 24 June 2023.
{{cite web}}
: Check|url=
value (help) - ^ Kar-Gupta, Sudip (23 June 2023). tal-currency-services-belgium-2023-06-23/ "Binance ordered to stop all digital currency services in Belgium". Reuters. Retrieved 24 June 2023.
{{cite web}}
: Check|url=
value (help) - ^ Harsano, Norman (19 December 2022). -tokocrypto-ceo-and-is-cutting-58-of-jobs-at-unit "Binance Ousts Tokocrypto CEO and Is Cutting 58% of Jobs at Unit". Bloomberg News. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ leaving-singapore-its-just-not-setting-up-a-crypto-exchange/articlesh ow/88254918.cms "Binance isn't leaving Singapore, it's just not setting up a crypto exchange". Business Insider. 13 December 2021. Retrieved 20 October 2023.
{{cite news}}
: Check|url=
value (help) - ^ a b Browne, Ryan (16 June 2023). as-it-fails-to-get-regulatory-approval.html "Binance to exit the Netherlands after failing to obtain regulatory approval". CNBC. Retrieved 14 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Liao, Rita (30 November 2022). / "Binance poised for Japan expansion after buying local exchange Sakura". TechCrunch. Retrieved 14 November 2023.
{{cite web}}
: Check|url=
value (help) - ^ Browne, Ryan (11 April 2022). [https://www.cnbc.com/2022/04/11/binance-deepens-middle-east-expa
nsion-with-abu-dhabi-approval.html "Crypto giant Binance deepens Middle East expansion with Abu Dhabi approval; CEO says 'more to come'"]. CNBC. Retrieved 16 November 2023.
{{cite news}}
: Check|url=
value (help); line feed character in|url=
at position 65 (help) - ^ gulf-crypto-licence-bahrain-2022-03-15/ "Binance gets its first Gulf crypto licence in Bahrain". Reuters. 15 March 2022. Retrieved 16 November 2023.
{{cite news}}
: Check|url=
value (help) - ^ Weiss, Ben (31 July 2023). mvp-uae-changpeng-zhao-cz-international-pullback/ "Binance secures license in Dubai amid international pullback and mounting legal woes". Fortune. Retrieved 16 November 2023.
{{cite news}}
: Check|url=
value (help)
External links
Media related to KB at Binance/sandbox at Wikimedia Commons
- No URL found. Please specify a URL here or add one to Wikidata.