Latest news with #ChangpengZhao
Yahoo
3 hours ago
- Business
- Yahoo
BNB Down 4% as Global Trade Tensions Overshadow SEC Victory
Binance Coin (BNB) dropped nearly 4% over the past 24 hours, rattled by renewed global trade tensions and broad market volatility that overshadowed positive regulatory news. The token fell from $672.53 to a low of $646.27, with selling accelerating during high-volume trading hours as traders reacted to macroeconomic Background President Trump's announcement of new tariffs on Canada and Mexico reignited fears of a trade war, sending shockwaves across financial markets. The crypto market wasn't immune, with BNB underperforming despite the SEC's voluntary dismissal of its lawsuit against Binance and founder Changpeng Zhao. That case, which had alleged Binance facilitated trading of unregistered securities, had hung over the exchange for nearly two years. BNB Chain saw an active week with BSC recording 1.93 million daily active users and opBNB surpassing 2 million. Total weekly trading volume hit $69.75B, while TVL stands at $10.5 billion. Key projects launched include UpTop (DeFi), Volare Finance (options trading), and WeApe by Wello (stablecoin payments). The chain also launched an incentive program for real-world assets, went live with its AI Bot, and activated the Maxwell Hardfork on testnet for faster block times. The BNB AI Hack announced winners for its latest batch, and the Featured Activities Series now offers upward of $60,000 in rewards on Technically, BNB established a high-volume resistance zone around $669.68 after repeated failures to sustain bullish momentum. A second wave of selling hit during the midnight hour, with volume spiking to 81,409 units as prices broke below the $650 support level. Although BNB has managed a modest recovery from its cycle lows, forming potential support between $646-$648, the overall trend remains bearish with lower highs and lower lows. Technical Analysis Recap BNB fell from $672.53 to $646.27, a 3.91% decline over the 24-hour period. Most dramatic selling occurred at 16:00 with volume spiking to 100,471 units, establishing key resistance at $669.68. Additional selling pressure hit at midnight, with volume reaching 81,409 units as prices fell below $650. A modest support zone formed between $646-$648, though the broader trend remains bearish. The hourly chart shows higher lows forming an ascending support trendline, suggesting a short-term bullish attempt that could stall further downside. As global trade tensions weigh on risk assets, BNB's resilience will be tested as traders weigh regulatory clarity against macroeconomic headwinds. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
The Guardian
a day ago
- Business
- The Guardian
US regulator dismisses suit against Binance in latest crypto-friendly move by Trump
The US on Thursday voluntarily dismissed its civil lawsuit against Binance, the world's largest cryptocurrency exchange. The move extends the new, friendly approach to cryptocurrencies of the Securities and Exchange Commission (SEC), a major financial regulator, since Donald Trump re-entered the White House. A joint stipulation of dismissal signed by lawyers for the SEC, Binance and its founder, Changpeng Zhao, was filed in the Washington DC federal court. Its dismissal is with prejudice, meaning the SEC cannot pursue the case again. The SEC said that dismissing the enforcement case was appropriate 'in the exercise of its discretion and as a policy matter'. In a statement, a Binance spokesperson called the dismissal 'a landmark moment. We're deeply grateful to [SEC] Chairman Paul Atkins and the Trump administration for recognizing that innovation can't thrive under regulation by enforcement.' An SEC spokesperson declined additional comment. Trump promised during his 2024 White House run to be a 'crypto president', becoming the first major presidential candidate to accept crypto donations, and pledged to reverse an industry crackdown overseen by Atkins' predecessor, Gary Gensler. The SEC has since withdrawn or put on hold many cryptocurrency enforcement cases. Trump himself has launched a cryptocurrency and hosted a dinner for the coin's top holders. The SEC sued Binance and Zhao in June 2023, accusing the exchange of artificially inflating trading volumes, diverting customer funds and misleading investors about its surveillance controls. Binance was also accused of unlawfully facilitating the trading of several cryptocurrency tokens that SEC leadership during Joe Biden's administration believed should have been registered as securities. The case was separate from Binance's November 2023 guilty plea and $4.32bn criminal penalty for violating federal anti-money laundering and sanctions laws through lapses in internal controls. Zhao himself pleaded guilty to money laundering violations, stepped down as CEO and was released from prison last September after serving a four-month sentence. In February, the SEC dismissed a separate enforcement case accusing Coinbase, the largest US cryptocurrency exchange, of arranging trading in at least 13 unregistered tokens. The crypto industry has long chafed over regulatory efforts to apply federal securities laws to digital assets, with many companies likening tokens to commodities. Classifying tokens as securities would require cryptocurrency companies to register with the SEC and disclose more to investors. Atkins said on 12 May that developing a regulatory framework which establishes 'clear rules of the road' for issuing, trading and safekeeping crypto assets, while discouraging lawbreakers, would be a key priority.
The Verge
a day ago
- Business
- The Verge
SEC drops Binance lawsuit in yet another gift to crypto
Two years after legal proceedings began, the SEC has formally dropped its lawsuit against Binance, the world's largest crypto exchange. It was one of the US government's final ongoing actions against crypto companies. Lawyers for the SEC and Binance jointly moved to dismiss the case in a filing on Thursday. It follows a 60-day pause requested by both parties in February. The case has been dismissed with prejudice, meaning the SEC can't pursue it again. 'We're deeply grateful to [SEC] Chairman Paul Atkins and the Trump administration for recognizing that innovation can't thrive under regulation by enforcement,' Binance told Reuters in a statement, calling the dismissal 'a landmark moment.' The SEC sued Binance in 2023, accusing it, and founder Changpeng Zhao, of operating an illegal exchange in the US and defrauding investors, along with a string of other offenses. Binance settled a separate case with the Department of Justice in 2023, which saw the company agree to pay $4.3 billion in fines. Zhao himself stepped down from the company and pled guilty to breaking anti-money-laundering laws, paying $50 million in personal fines and serving a four-month prison sentence. The SEC dismissal is the latest sign of the Trump administration's embrace of the cryptocurrency industry. In April it disbanded a DOJ unit dedicated to enforcing cryptocurrency fraud, and already this year the SEC has dropped investigations into both Coinbase and Robinhood. Meanwhile Trump has bolstered the crypto industry by launching a Crypto Strategic Reserve and hosting a private dinner for those willing to back (or short) his own $TRUMP meme coin.
Finextra
a day ago
- Business
- Finextra
Binance civil enforcement action dismissed by SEC
In June 2023, The Securities and Exchange Commission filed charges alleging that the crypto asset trading platform committed a variety of securities law violations. 2 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. This week, a litigation release revealed that the SEC filed a joint stipulation with Binance entities and founder Changpeng Zhao to drop, with prejudice, the ongoing civil enforcement action. The release says: "In the exercise of its discretion and as a policy matter, the Commission determined that the dismissal of this action is appropriate. Furthermore, as stated in the joint stipulation, 'the Commission's decision to seek dismissal of this Litigation does not necessarily reflect the Commission's position on any other litigation or proceeding."" Celebrating the news on X, Binance posted: "Huge win for crypto today. The SEC's case against us is dismissed. Thank you to Chairman Atkins & the Trump team for pushing back against regulation by enforcement. U.S. innovation is back on track - and it's just the beginning." This message was built upon in a blog post, which describes this as "a major win for our customers, our business, and the digital asset industry." The blog continues: "From the outset, we maintained that the SEC's claims were baseless, unjustified, and politically motivated. Instead of providing regulatory clarity to help American consumers safely access the benefits of digital assets, the SEC chose instead to wage an aggressive campaign of regulation by enforcement. This approach has created nothing but harm for American consumers and businesses alike. "There is a real and serious cost when a powerful regulatory agency like the SEC, which has a mandate to prevent fraud and ensure fair and orderly markets, instead chooses to bring unwarranted cases against companies that have not violated U.S. laws and regulations. This overreach has taken a significant toll on our business, forcing us to divert significant resources to defend against claims that never should have been brought. However, with today's victory and new leadership in place at the SEC, a meaningful shift is underway." In March 2023, the US Commodity Futures and Trading Commission (CFTC) charged Binance and two of its top executives with "willful evasion of US law", seeking penalties and permanent trading and registration bans against the digital asset firm. In June of the same year, Binance failed in its bid to secure a virtual asset service provider (VASP) license in the Netherlands, forcing the crypto exchange to exit the country. Alongside that, French prosecutors started investigating Binance for concerns regarding possible "aggravated money laundering by taking part in investment operations, concealment and conversion, the latter being carried out by perpetrators of offenses having generated profits." At the time, the SEC alleged securities law violations and accused the crypto exchange of engaging in an "extensive web of deception." In October 2023, after the UK's FCA introduced new rules outlining that firms wishing to promote cryptoassets in the UK must be authorised or registered by the FCA, or alternatively have their marketing approved by an authorised firm, Binance initially engaged to review and approve financial promotions, but it soon became apparent that the company was not licensed to do this. Late in November, Binance agreed to pay $4.3 billion in penalties and forfeitures in order to settle a long-running investigation by the US Department of Justice and other federal agencies. Founder Changpeng Zhao also plead guilty to violating anti-money laundering charges and stepped down as CEO, with Richard Teng, Binance's head of regional markets, taking over as the new CEO. "I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself," Zhao posted on X at the time. Along with the Department of Justice lawsuit, Binance also settled the charges with the CFTC.
Crypto Insight
2 days ago
- Business
- Crypto Insight
SEC drops lawsuit against crypto giant Binance
The US Securities and Exchange Commission will drop its long-running lawsuit against crypto exchange Binance in the regulator's latest backdown from policing the crypto industry. A joint motion filed on May 29 by the SEC, Binance and its co-founder Changpeng Zhao asked a Washington, DC, federal court to allow the regulator's complaint that it filed in June 2023 to be dismissed. The motion mentioned the SEC's Crypto Task Force 'might impact and facilitate the potential resolution of this litigation' and that the regulator believed dropping the suit was appropriate 'in the exercise of its discretion and as a policy matter.' The motion also bids for the lawsuit to be dropped with prejudice, meaning it cannot be filed again. The SEC and Binance had paused the action in February, and again in April, saying that the agency's crypto unit could see the agency eventually drop the case. The SEC sued Binance, Zhao and its US-based arm, BAM Trading, in June 2023, alleging they violated securities law, mishandled customer funds and misled customers. Binance and Zhao settled a separate case with the Department of Justice in November 2023, agreeing to pay a $4.3 billion fine and admitting that the company violated sanctions, was an unlicensed money transmitter and failed to implement appropriate Anti-Money Laundering measures. As part of the deal, Zhao stepped down as Binance's CEO and copped to a money laundering charge. He was later sentenced to four months in prison in April 2024. Binance said on X that the latest joint motion was a 'huge win for crypto' and thanked President Donald Trump and SEC chair Paul Atkins 'for pushing back against regulation by enforcement.' SEC's latest crypto backdown The motion is the SEC's latest step away from its bid to regulate crypto under the Trump administration, with the agency dropping multiple enforcement actions it filed against crypto firms under the Biden administration. The SEC has also abandoned or settled complaints against Coinbase, Consensus and Kraken, among others, and has ended investigations into the likes of Circle, Immutable and OpenSea. Trump has installed former crypto lobbyist Atkins as head of the agency. Atkins has said he plans to create a framework for digital assets, and the SEC has set up a series of roundtables with the industry to discuss policy. Source:
