Latest news with #Binance.US
Yahoo
3 days ago
- Business
- Yahoo
Binance walks free but crypto's future still hangs on politics
Binance walks free but crypto's future still hangs on politics originally appeared on TheStreet. [From the Editor's desk] Binance, the world's largest cryptocurrency exchange, just walked out of one of the biggest crypto lawsuits in U.S. history, clean. The Securities and Exchange Commission (SEC) officially dropped its case against the exchange and its founder, Changpeng Zhao, bringing a messy, drawn-out legal fight to a quiet end. On paper, it's a massive win for Binance. But zoom out a bit, and the picture gets more complicated. For the industry, this is a relief. A big one. But it's also a reminder that just because the storm is passing doesn't mean the skies are clear. Let's rewind. Back in June 2023, the SEC came down hard on Binance, accusing the platform of operating illegally, commingling customer funds, and basically playing fast and loose with U.S. securities laws. It wasn't a great look, especially after Binance's global entity admitted to anti-money laundering violations and paid a jaw-dropping $4.3 billion fine. Zhao even got a four-month sentence. So yeah, this week's court filing? Big deal. The SEC dropped the case. immediately posted that this proves what they've always said: they didn't break U.S. securities they're talking growth, trust, and 'getting back to business.' But here's the thing — getting let off the hook doesn't erase the past two years. The lawsuits, the reputational hits, the lost partnerships, those scars don't just vanish overnight. Well, a lot, actually. Gensler is out. The SEC now has a new crypto task force, a new chair (Paul Atkins), and a new approach, one that's less about 'regulation by enforcement' and more about creating an actual rulebook for crypto. That's a huge shift. And yes, it's coming under Trump's administration. Love him or hate him, Trump has been good for crypto prices. Bitcoin has shot up more than 50% since his win. Vice President JD Vance is endorsing Bitcoin at conferences. And the shift is real—regulators seem more willing to work with the industry than against it. But let's not kid ourselves. Just because the SEC backed off this time doesn't mean everything's fixed. Gensler's crackdown did real damage. Builders fled. Banks shut their doors. Token listings dried up. And trust? Still shaky. Here's where things get a little murky. Reports surfaced earlier this year that Trump's family members were exploring investing in the U.S. arm of Binance. There were even whispers that Zhao was seeking a pardon. He later confirmed it. If crypto's fate in the U.S. depends on who's in office, we're not building a stable future. We're just playing a different kind of game. Regulation has to be bigger than politics. Otherwise, the industry's just one election away from getting back to the square said, this is a massive opportunity. The SEC stepping back gives the U.S. crypto industry room to breathe. Room to build. Room to finally show that it can grow responsibly, without regulators breathing down its neck. gets a second chance. So does the rest of the industry. But this time, the burden's on crypto to show it can play it straight: protect users, follow rules, and actually earn back the trust it lost. Because yeah, beating the SEC is a big deal. But it's not the end of the story, it's just the end of the first chapter. And if crypto really wants to win in America, this is where the hard part walks free but crypto's future still hangs on politics first appeared on TheStreet on May 30, 2025 This story was originally reported by TheStreet on May 30, 2025, where it first appeared.
Yahoo
4 days ago
- Business
- Yahoo
SEC Files to Dismiss Long-Running Lawsuit Against Binance
The U.S. Securities and Exchange Commission moved to drop its long-running lawsuit against crypto exchange Binance on Thursday, without providing an explanation in a court filing. The SEC and Binance filed a joint motion, noting that the case had already been paused while the SEC's new crypto task force worked to "develop a regulatory framework for crypto assets." "In the exercise of its discretion and as a policy matter, the Commission believes the dismissal of this Litigation is appropriate," the joint filing said. "... the Commission's decision to seek dismissal of this Litigation does not necessarily reflect the Commission's position in any other litigation or proceeding." The SEC has not published a framework yet, though lawmakers in the U.S. House of Representatives introduced their formal bill to define how the SEC and its sister agency, the Commodity Futures Trading Commission, would each oversee digital assets earlier on Thursday. The parties want the case dismissed with prejudice, meaning the SEC would not be able to bring this lawsuit against Binance again in the future. The filing also includes provisions to block Binance or its affiliated entities and executives from filing a suit or complaint against the SEC tied to the lawsuit, which was brought in June 2023 against Binance, and Binance founder Changpeng CZ Zhao. Judge Amy Berman Jackson, who's overseeing the case, previously ruled that the SEC had brought plausible charges against the exchange and allowed most the lawsuit to proceed last year. In a statement, an external spokesperson for said they were "pleased that the SEC fully dismissed its charges against confirming what we have always known — that the company did not violate U.S. securities laws." "Today's news is a major milestone for our company, as putting this matter to rest allows us to focus entirely on growing our business and work on restoring our relationships that were impacted by the SEC," the statement said. "We are excited about the future of and crypto in the U.S. and look forward to continuing to offer access to crypto in the U.S., while maintaining our commitment to compliance and our customers." Thursday's filing just marks the latest withdrawal for the SEC, which already moved to drop over a dozen other investigations and lawsuits. Prior to 2025, the SEC was investigating non-fungible token marketplaces and suing crypto exchanges. Binance was just one exchange the SEC alleged was illegally operating as an unregistered broker, clearinghouse and exchange. Others included Coinbase and Kraken. The SEC's about-turn came after Donald Trump retook office as the U.S. President, appointing Commissioner Mark Uyeda as acting chair and nominating Paul Atkins to be the agency's full chair. Atkins was confirmed and sworn into office last month. Last week, Binance announced it would list USD1, a stablecoin issued by World Liberty Financial, a crypto company tied to Trump, some of Trump's children and some of his affiliates. Earlier Thursday, SEC Commissioner Hester Peirce said during an appearance at Bitcoin 2025 in Las Vegas that some crypto investors should not expect a bailout or government protection if they invest in speculative digital assets. UPDATE (May 29, 2025, 22:08 UTC): Adds additional detail. UPDATE (May 29, 22:45): Adds statement. UPDATE (May 29, 23:05): Adds USD1 note.
Yahoo
13-03-2025
- Business
- Yahoo
Trump Family Held Talks to Buy Stake in Binance.US: WSJ
A Trump family representative held talks to buy a stake in Binance's U.S. arm, according to a Wall Street Journal report on Thursday. The stake could have been acquired through Trump-family backed crypto project World Liberty Financial, the report said, citing people familiar with the matter. Steve Witkoff, a friend of the U.S. president, was involved in the deal talks, the report added. Witkoff and his family founded World Liberty Financial two months before Trump was elected President in November. The talks started last year after Binance reached out to Trump's allies offering to reach a deal with the family so as to bring the crypto exchange back to the U.S. BNB, the native cryptocurrency of the Binance linked BNB Chain, jumped as much as 5% on the news, surpassing $600 for the first time in a week. A representative for declined to comment on the report. However, Binance CEO Changpeng "CZ" Zhao said in a post on X that the Journal "got the facts wrong." "I have had no discussions of a Binance US deal with … well, anyone," CZ wrote. The WSJ didn't report that CZ was involved in the talks, but rather that Binance executives were pursuing it. The WSJ had also reported that CZ asked President Trump for a pardon. CZ denied he made a deal but did not explicitly say he hadn't asked for a pardon. "No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA charge. Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the "war on crypto" from the last administration are still at work. I am always happy to make crypto great everywhere, US and the rest of the world. It's good to see that even WSJ thinks I should be pardoned," he continued. The exchange just recently saw its U.S. dollar fiat services restored after it lost the ability to deposit and withdraw USD under the Biden Administration. Former Securities and Exchange Commission (SEC) Chair Gary Gensler had previously branded "a cauldron of fraud" and tried everything in his power to crack down on the exchange. As a result, the company lost thousands of customers and was forced to lay off 70% of its staff after losing billions of dollars. Binance also took its institutional investment on Wednesday as Abu-Dhabi based investment firm MGX put $2 billion in the exchange. UPDATE (March 11, 13:40 UTC): Adds BNB movement and Binance's comment. UPDATE (March 11, 13:55 UTC): Adds background information on struggles in the U.S. market. UPDATE (March 11, 14:50 UTC): Adds Binance CEO Changpeng Zhao's response to the report. Sign in to access your portfolio
Bloomberg
19-02-2025
- Business
- Bloomberg
Binance.US Restores Use of Dollars on Platform Via Bank Transfer
said its customers will soon be able to deposit and withdraw US dollars on the crypto exchange for the first time in almost two years. A variety of US dollar-based services, including converting between crypto and the currency, will be made available beginning today, according to a statement from the Miami-based company on Wednesday. has been operating as a crypto only exchange since such services were suspended in 2023 due in part to the lack of support from banking partners amid a clampdown by US regulators.
