Binance is still under the eyes of the US regulator

Binance is under control – Once a feral rottweiler catches your puppy, a US regulator doesn’t seem ready to let it go. Changpeng Zhao. The CEO of the world’s largest exchange we have, Binance Produced Crypto-Portrait, is again under investigation. The US is now questioning its valued partners, investment funds. Decryption.

Is US Binance under attack?

It is not customary once, nor twice, nor three times. Federal prosecutors decided to stick their noses in In the case of Binance. And more so in the exchanges the platform maintains with its major investors, hedge funds. The goal? Find traces of potential violations of US anti-money laundering laws.

The Western Washington District Attorney’s Office in Seattle asked the corporate partners, backed by subpoenas or orders, to hand over their documents. Link to Binance. But the regulator has no evidence to allow it to do so charge exchange. This is the whole object of his study.

Binance is the new one in the spotlight of the US regulator

Binance’s reaction was immediate. Chief Strategy Officer at Binance, Patrick Hillmanrecalled that the company talks to him every day, so to speak, ” all regulators around the world on a daily basis “.

Follows FTX disaster, it makes sense that regulators are trying to use this to rush Binance. The CZ platform is now the undisputed leader of exchanges, far ahead of the competition. To see if it really is doubts were justified about operations carried out by the platform. Or if it’s about taking advantage of the sector’s current instability to impose bloated controls with no other ambitions for American power than to put spokes in the wheels of this pesky crypto-currency giant. they are fighting a long-standing conflict.

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Are controls too restrictive for the emerging crypto sector?

It must be said that Binance was out of control for a long time with its genesis. The crypto-fund market took the opportunity to grow wildly without real anti-money laundering procedures in place. However, this was a time when the crypto sector was still being judged on the sidelines without being considered by the regulator. The United States wants it now catch in the capital raising sector and the growing interest of the general public for these new digital nuggets.

Hillmann himself recognizes the shortcuts Binance took in its early days in its regulatory approach. However, in recent years, this has not really been the case. The stock market is even trying to make a name for itself Within American rule.

In recent years, Binance has instead sought to comply with regulatory requirements imposed by the United States.
Binance opts for tempting strategy with US regulator?

“During the last two years, the company has completely changed its position. Now that we have the resources, we are one of the most active companies in identifying, freezing and recovering laundered funds. »

And this is a logical evolution. respect for enhanced anti-money laundering controls can only be done with resources. Many ways. Binance now has the shoulders to carry out these analyses. It was not like this at the beginning. By the way, if he followed it from day 1, he would never have developed. And many companies entering the cryptocurrency space today can’t afford it either.

Regulations that are too restrictive and premature under the guise of anti-money laundering can therefore become de facto law. killing the sector. If not put in place with all necessary precautions. Because to prevent any entrepreneurial venture in the field of cryptocurrency in France and Europe inadequate regulation, is also not the correct solution. We will see what the future usually holds with future application MiCA (Crypto Assets Market) rules.

Binance has now reached critical mass enough to be able to return blow after blow in this kind of skirmish over bitcoin takeover funds internationally. To register on the exchange and form your opinion, this is the way. By visiting this link (trade link) you will save 10% on your trade fees.

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