The federal probe into Binance is unfolding at a time of deep uncertainty in the crypto industry
The implosion of FTX, a popular trading platform that authorities say was a years-long scheme to defraud investors, has fueled concerns about the freewheeling, largely unregulated online marketplaces where digital assets are bought and sold.
During his time as a prosecutor, Ghose said, “Binance did not have a reputation of being a responsible exchange.”Binance’s Hillmann acknowledged the company had shortcomings in its approach to regulatory compliance in the first few years of its rapid expansion. But more recently, he said, Binance has heavily invested in compliance programs, worked closely with law enforcement and developed new technology for catching criminals on its platform.
“The basis of those charges is whether there are U.S. customers,” he said. “If there are U.S. customers, there are charges for avoiding the money laundering requirements.”As part of its response to growing regulatory interest, Binance has embarked on a Washington charm offensive.
Zhao has said Binance has more than enough reserves to back all user deposits, a fact he said was substantiated by an independent auditor’s Zhao founded Binance in China, but later moved the company to Japan, and then Malta. Since 2020, he’s claimed the business has no singular headquarters. Binance Holding Ltd.
Hillmann, the Binance executive, said the company has tested this and other supposed loopholes for accessing its trading platform and found they do not work. “There is no ability for any user today in the U.S. to be able to accessIn interviews with The Washington Post, several large crypto-focused hedge funds in the United States said they either do not use Binance or only have accounts on the more limited Binance.US trading platform.
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