Binance said that the Securities and Exchange Commission’s (SEC) move to freeze the assets of its American affiliate, Binance.US, would effectively destroy the crypto exchange. The SEC filed a temporary restraining order on June 12,to freeze Binance.US’s funds until it was able to prove that no one at the firm, including its CEO, Changpeng “CZ” Zhao, could access…
Binance.US Says SEC’s Temporary Restraining Order Would Destroy the Company
June 14, 2023
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Binance Lawsuit Triggers $700M in Withdrawals
June 7, 2023
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binanceBusiness & MarketsCompaniesCrime & Public Safetycrypto currencycryptocurrencyeconomyExecutive BranchInvestmentMarketsMedia & Big TechPolicies & ImpactsPoliticsSecurities and Exchange CommissionstocksTechTech NewsUS
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The Securities and Exchange Commission (SEC) lawsuit against crypto platform, Binance, triggered over $700 million in withdrawals as crypto traders continued to face losses. The SEC filed 13 charges against Binance and its CEO, Changpeng “CZ” Zhao, for allegedly participating in an “extensive web of deception” to mislead customers and evade federal regulatory laws. The case against…
Binance Lawsuit Triggers $700 Million in Withdrawals
June 7, 2023
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binanceBusiness & MarketsCompaniesCrime & Public Safetycrypto currencycryptocurrencyeconomyExecutive BranchInvestmentMarketsMedia & Big TechPolicies & ImpactsPoliticsSecurities and Exchange CommissionstocksTechTech NewsUS
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The Securities and Exchange Commission (SEC) lawsuit against crypto platform, Binance, triggered over $700 million in withdrawals as crypto traders continued to face losses. The SEC filed 13 charges against Binance and its CEO, Changpeng “CZ” Zhao, for allegedly participating in an “extensive web of deception” to mislead customers and evade federal regulatory laws. The case against…
US Agency Sues Cryptocurrency Exchange Coinbase
The U.S. Securities and Exchange Commission (SEC) on June 6 sued one of the largest cryptocurrency platforms in the world, sending the company’s stock down. Coinbase, the platform, has been operating its crypto platform without registration, violating federal law, according to the lawsuit. “Coinbase has never registered with the SEC as a broker, national securities…
US Agency Sues Major Cryptocurrency Exchange
The U.S. Securities and Exchange Commission (SEC) on June 6 sued one of the largest cryptocurrency platforms in the world, sending the company’s stock down. Coinbase, the platform, has been operating its crypto platform without registration, violating federal law, according to the lawsuit. “Coinbase has never registered with the SEC as a broker, national securities…
US Crypto Exchange Bittrex Seeks Bankruptcy After SEC Complaint
May 9, 2023
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Cryptocurrency exchange Bittrex filed for bankruptcy protection three weeks after the Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange for years. On May 8, the crypto firm made the filing in a Wilmington, Delaware, court after announcing in March that it would wind down operations in the United States by the…
Goldman Sachs Under Federal Investigation for Role in Failed Silicon Valley Bank Fundraising Deal
May 5, 2023
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The Goldman Sachs Group (GSG) is under federal investigation for its attempt to raise money for Silicon Valley Bank (SVB) before its collapse in March. The U.S. investment bank said it was cooperating and providing information to various government agencies in their investigation of SVB in a filing with the Securities and Exchange Commission on May…
SEC Moves to Curb Stock Buybacks, Drawing Criticism From Companies and Investors
May 5, 2023
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The Securities and Exchange Commission (SEC) moved to curtail the use of stock buybacks, drawing much criticism from corporate lobbyists. The regulator on May 3 announced changes to share-repurchase disclosure rules that would increase transparency, competition, and efficiency in the $25 trillion marketplace for hedge fund and private equity fund advisors. The new updates will amend Form…
‘It’s Nonsensical’: GOP-Led House Panel Grills SEC Chair on Climate Change Rules
During an April 18 hearing by the House Financial Services Committee, Rep. Patrick McHenry (R-N.C.) and other committee members criticized Securities and Exchange Commission (SEC) Chair Gary Gensler for his “rushed” approach to rulemaking. Gensler’s policies around climate-related disclosures came under hot water, with McHenry accusing the SEC chair of “endangering American competitiveness.” McHenry, chairman…
Bank Finds ‘Material Weaknesses’ in Financial Reporting, Cuts Executive Bonuses
Credit Suisse on March 14 reported finding “material weaknesses” in financial reporting procedures after U.S. authorities inquired about potential issues. PricewaterhouseCoopers AG, which audited the Switzerland-based bank, identified a failure to “design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements,” Credit Suisse said in its annual report. The weaknesses…
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