{"id":501598,"date":"2022-10-17T20:30:00","date_gmt":"2022-10-17T17:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-allegations-arise-regarding-binances-regulatory-framework\/"},"modified":"2022-10-17T20:30:00","modified_gmt":"2022-10-17T17:30:00","slug":"new-allegations-arise-regarding-binances-regulatory-framework","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-allegations-arise-regarding-binances-regulatory-framework\/","title":{"rendered":"# New allegations arise regarding Binance&#8217;s regulatory framework"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27eeac437d4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27eeac437d4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/new-allegations-arise-regarding-binances-regulatory-framework\/#%E2%80%9D_New_allegations_arise_regarding_Binances_regulatory_framework_%E2%80%9C\" >&#8221; New allegations arise regarding Binance&#8217;s regulatory framework  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_New_allegations_arise_regarding_Binances_regulatory_framework_%E2%80%9C\"><\/span>&#8221; New allegations arise regarding Binance&#8217;s regulatory framework  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvODI5NzM2NjMtOWJhNC00N2QyLWJkNmUtOTdkMTE5MzI4NDAxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>On Oct. 17, a new report <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/investigates\/special-report\/fintech-crypto-binance-zhao\/\">published<\/a> by Reuters alleged that cryptocurrency exchange Binance &#8220;swerved scrutiny&#8221; from regulators in the United Kingdom and the United States. The main spearhead of the allegations arises from two supposed incidents in its operating history.<\/p>\n<p>First, Reuters wrote of Binance strategy executive Zoe Wei&#8217;s proposal to backdate a service agreement relating to various operations between Binance&#8217;s U.K. unit and Binance&#8217;s Cayman Islands holding company on March 11, 2020. The move allegedly allowed Binance to exempt itself from registration with the country&#8217;s Financial Conduct Authority for one year, as any firm operating before January 10, 2020, could do so before new regulations came into place.<\/p>\n<p>Second, Reuters reported that Harry Zhou, a Binance-affiliated entrepreneur, presented a proposal in November 2018 that would allegedly direct enforcement attention to a U.S. entity instead of Binance, itself. Reuters alleged that the proposal arose because &#8220;despite the ban on U.S. users [due to financial crime laws], Binance was aware that traders there continued to use the main platform.&#8221;<\/p>\n<p>Hours later, Changpeng Zhao (CZ), Binance&#8217;s CEO, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/blog\/from-cz\/our-response-to-the-latest-reuters-story-3429055481452985078\">posted<\/a> a rebuttal to the Reuters report. In the article, CZ specifically addressed the allegations surrounding its U.S. entity:<\/p>\n<blockquote><p>&#8220;This is the tale of the so-called &#8220;Tai-Chi [defensive action] PowerPoint,&#8221; which was submitted by an external consultant as a suggestion on how to set up a business in the US. Let me state clearly once again for the record: it was never implemented. I personally rejected it.<\/p><\/blockquote>\n<p>With regard to its regulatory framework, CZ explained that Binance&#8217;s market cap has &#8220;multiplied exponentially&#8221; over a short period of time and that &#8220;there isn&#8217;t a manual that explains how to im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely pivot from a small start-up to a Fortune 100 organization.&#8221; He added, &#8220;But we&#8217;re learning fast,&#8221; pointing to Binance being the first major exchange outside of the U.S. to KYC users. Though, the crypto executive did not provide comments regarding Reuter&#8217;s allegations of its conduct in the U.K.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/new-allegations-arise-regarding-binance-s-regulatory-framework\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; New allegations arise regarding Binance&#8217;s regulatory framework &#8220; On Oct. 17, a new report published by Reuters alleged that cryptocurrency exchange Binance &#8220;swerved scrutiny&#8221; from regulators in the United Kingdom and the United States. The main spearhead of the allegations arises from two supposed incidents in its operating history. First, Reuters wrote of Binance&#8230;<\/p>\n","protected":false},"author":1,"featured_media":501599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvODI5NzM2NjMtOWJhNC00N2QyLWJkNmUtOTdkMTE5MzI4NDAxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74894,74863,117,70934],"class_list":["post-501598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-blockchain","tag-cryptocurrencies","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=501598"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/501599"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=501598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=501598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=501598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}