Cryptocurrency Q&A
Why is Binance banned in the US?
Why is Binance banned in the US?
GwanghwamunPride
Mon May 20 2024
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5 answers
1029
Why is it that Binance, a seemingly prominent cryptocurrency exchange, faces a ban in the United States? This puzzling situation begs for clarification. Could it be due to the exchange's alleged violation of US regulations, as reported by the Commodity Futures Trading Commission? Or is it related to the repeated efforts by Binance to circumvent regulatory oversight, despite the clear prohibition on its services in the country? It's intriguing to note that even with these restrictions, Americans have still been able to access Binance through VPNs, rendering the ban seemingly ineffectual. Furthermore, the actions taken by certain states, such as Florida and Alaska, to prohibit Binance.US from operating within their borders, add another layer of complexity to this already convoluted situation. Could these bans be a result of Binance's past legal troubles and the subsequent resignation of its founder? It seems that there's more to this story than meets the eye, and I'm eager to delve deeper into the reasons behind Binance's ban in the US.
5 answers
Giuseppe
Wed May 22 2024
Additionally, Binance confessed to operating without the necessary licenses for money transmitting. This violation underscores the importance of obtaining proper authorization before engaging in financial transactions.
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Silvia
Wed May 22 2024
Furthermore, the exchange admitted to violating sanctions imposed by the U.S. government. This acknowledgment emphasized the need for crypto businesses to comply with international sanctions and avoid dealings with restricted entities.
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SakuraBlooming
Wed May 22 2024
On November 21, 2023, Binance, a leading cryptocurrency exchange, made a significant announcement. The company pleaded guilty to federal charges in the United States, acknowledging its involvement in various financial violations. This admission marked a turning point in the industry, as Binance faced scrutiny for its practices.
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Riccardo
Wed May 22 2024
In response to these violations, Binance has agreed to pay over $4 billion in fines. This settlement demonstrates the severity of the charges and the commitment of the exchange to rectifying its past mistakes.
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Maria
Wed May 22 2024
Binance acknowledged engaging in money laundering activities, a serious offense that involves the concealment of the source of illegally obtained funds. This admission highlighted the need for increased regulation and compliance in the cryptocurrency space.
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