Cryptocurrency Q&A
Why is Binance not legal in US?
Why is Binance not legal in US?
Riccardo
Wed Jun 05 2024
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5 answers
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Could you please elaborate on why Binance is not considered legal in the United States? I'm curious to understand the specific regulatory challenges or legal obstacles that prevent it from operating within the country's jurisdiction. Could you also explain any potential risks or concerns that might be associated with using Binance in the US despite its unregulated status? Thank you for shedding some light on this matter.
5 answers
CryptoNinja
Fri Jun 07 2024
The legal proceedings against Zhao and Binance.US have attracted widespread attention in the crypto community. In April 2024, Zhao was sentenced to four months in prison for violating the Bank Secrecy Act, a serious blow to his reputation and the Binance brand.
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BlockchainMastermind
Fri Jun 07 2024
Despite these challenges, Binance.US has continued to operate in the US market, striving to comply with local regulations and ensure the safety of its users' funds. The exchange has also taken steps to address the SEC's concerns, including improving its internal controls and enhancing transparency.
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CryptoPioneer
Fri Jun 07 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including spot trading, futures, and wallet solutions. These services cater to a diverse range of investors, from retail traders to institutional investors. BTCC's commitment to compliance and security has made it a trusted player in the global crypto market.
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ethan_carter_engineer
Fri Jun 07 2024
Binance.US, a leading cryptocurrency exchange in the United States, has faced significant regulatory challenges in recent years. In 2023, the Securities and Exchange Commission (SEC) brought charges against Binance's founder, Changpeng Zhao, and Binance.US for alleged violations of securities laws.
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isabella_bailey_economist
Fri Jun 07 2024
The SEC's accusations centered around the allegation that Binance and Zhao secretly controlled Binance.US, in violation of regulatory requirements. This charge underscores the importance of transparency and compliance in the cryptocurrency industry, where regulations are constantly evolving.
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