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Brad Garlinghouse’s lawyers file request for Binance documents in ‘international’ challenge to SEC lawsuit

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The lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission, or SEC, now involves major crypto exchange Binance after a recent filing on behalf of Ripple CEO Brad Garlinghouse.

According to court documents filed in the Southern District of New York on Monday, Garlinghouse’s legal team has requested documents “relevant to the case and unobtainable through other means” from Binance Holdings Limited, the Cayman Islands-based subsidiary of the major cryptocurrency exchange. The filing cited U.S. laws concerning the Department of State and the Hague Convention and asked the court to issue a letter of request for the Central Authority of the Cayman Island to compel evidence from Binance.

“Mr. Garlinghouse seeks foreign discovery on the basis of his good faith belief that [Binance Holdings Limited] possesses unique documents and information concerning this case, and specifically, concerning the process by which transactions in XRP allegedly conducted by Mr. Garlinghouse on foreign digital asset trading platforms were conducted,” said the filing.

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Specifically, the lawyers seem to be challenging claims from the SEC that the Ripple CEO sold more than 357 million XRP tokens on “worldwide” crypto trading platforms to investors “all over the world.” The team cited Section Five of the Securities Act of 1933, stating the alleged illegal XRP sales applied only to domestic sales and offers of securities. The documents requested of Binance may contain evidence in support of that claim.

“As the SEC knows, Mr. Garlinghouse’s sales of XRP were overwhelmingly made on digital asset trading platforms outside of the United States […] the discovery that Mr. Garlinghouse seeks will be relevant to demonstrating that the offers and sales that the SEC challenges did not occur in this country and are not subject to the law that the SEC has invoked in this case.”

The request is part of a lawsuit the SEC filed against Ripple in December, alleging the firm, Garlinghouse and co-founder Chris Larsen had been conducting an “unregistered, ongoing digital asset securities offering” with their XRP token sales. Ripple’s legal team had previously claimed that XRP is more like Bitcoin (BTC) or Ether (ETH) — which the regulatory body has classified as commodities rather than securities.

However, the firm seems to be switching gears — or trying to augment its case — by challenging allegations of domestic versus international token sales. Garlinghouse and Larsen filed a motion in June petitioning international authorities to request documents from several non-U.S.-based crypto exchanges including Bitstamp, Huobi, and Upbit. The case will reportedly end the pre-trial discovery process on Oct. 15.

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Hear From CZ – Binance’s Approach to User Protection and Proactive Compliance

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We’re always looking to build a better Binance. As part of our vision to increase the freedom of money around the world, we’re holding ourselves to the highest standards when it comes to protecting our users and staying atop the evolving regulatory landscape. Here’s what you need to know about our latest initiatives as we continue to implement global compliance programs to build a sustainable path forward for the crypto industry.

Four years ago, we launched Binance with a simple yet enduring vision – to increase the freedom of money for people around the world. Our approach was simple – to focus unwaveringly on our users and always act in their best interests.

This user-focused approach resonated with a diverse and global audience, giving us a chance to build one of the industry’s largest and most passionate crypto communities.

Much has changed since we first started our journey.

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Today’s crypto industry is no longer the nascent field that primarily attracted tech-savvy first adopters and speculative participants.

Traditional institutions and longtime holdouts are now exploring or offering crypto services of their own. Adoption is climbing all over the world, powered by a combination of bull markets and innovation.

Despite these developments, our goals at Binance remain the same – we want to help bring crypto to more people around the world.

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Today’s compliance and regulatory landscape marks a historic moment for the blockchain and crypto industry. Like all innovative industries that have come before it, from manufacturing and pharmaceuticals to Big Tech and ridesharing, the blockchain and crypto industry is now reaching a critical new stage of development.

We see the regulatory process as an amazing opportunity for proactive companies like Binance to pave the way forward for the industry.

We firmly believe that by working alongside regulators and policymakers to develop clear regulatory and legal frameworks, engaging in active self-regulation and putting our users first by protecting their interests, we can help welcome the next billion users to the world of crypto.

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I would like to take this opportunity to share some of the active steps we are taking to shape our robust compliance program and protect our users.

Mastering crypto compliance

Compliance and cooperation go hand-in-hand. In many ways, they resemble two sides of the same coin – you can’t have one without the other.

The process of compliance requires proactive players within the industry to come together with regulators and policymakers to build rules and operating frameworks, organize the industry’s values and create a foundation for sustainable growth.

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In this regard, we have committed to the following.

  • Growing our compliance team – To help maintain compliance in operating jurisdictions around the world, we grew our compliance team by 500% in 2021 so far and plan to double the team’s size by the end of the year.
  • Bringing on strategic advisors – We onboarded key compliance advisors, including appointing Rick McDonell and Josée Nadeau, former FATF executive secretary and head of the Canadian delegation respectively. In addition, we brought on Max Baucus, former United States senator and ambassador to China, to provide high-level regulatory guidance.
  • Practicing self-regulation – We hold ourselves to the highest standards in line with our commitment to compliance. This month, we proactively restricted derivatives product offerings to Hong Kong users in order to help create a more sustainable blockchain ecosystem.
  • Localizing operations and businesses – We aim to be regulated and apply for crypto exchange-related operating licenses in more local jurisdictions than any other blockchain ecosystem. From Binance.US to Binance Singapore, we work to maintain fully regulated entities using the Binance brand.
  • Deploying industry-leading RegTech tools – To ensure compliance with global ‘travel rule’ regulations, Binance was one of the first exchanges to deploy CipherTrace Traveler, a regulatory technology tool designed to “help Binance continue to meet the highest standards for global anti-money laundering compliance,” according to CiperTrace CEO Dave Jevans. CipherTrace Traveler joins several other KYC and RegTech solutions in our compliance arsenal.
  • Maintaining know-your-customer (KYC) compliance – We have proactively furthered our industry-leading KYC efforts by expanding global KYC requirements to further user protection and provide a safe crypto environment.
  • Launching a law enforcement request system – We launched a law enforcement request system (LERS) to help us better collaborate with government and law enforcement agencies to review each case and cooperate on a case-by-case basis to disclose information as legally required, in accordance with our terms of use and applicable laws.
Finding new ways to protect users

Alongside our strict compliance initiatives, we find additional ways to protect users to ensure they have the crypto experience they deserve. I’m proud to say that from the beginning we have always taken our responsibility as an ecosystem provider seriously when it comes to safeguarding the interests of our users.

  • Combating cybercrimes worldwide – Binance takes unilateral action to prevent bad actors from using our platform, including working with local law enforcement to take down cybercriminal groups. In addition, we work with private sector chain analytics companies to proactively identify and offboard suspicious accounts.
  • Investing in user education – We dedicate resources to create free educational content in order to increase crypto access and literacy for users on and off our ecosystem, from our comprehensive support center that contains hundreds of tutorials, to Binance Academy, our free education platform.
  • Launching an industry-first responsible trading program – Binance is the first and only exchange to implement technical and educational measures to encourage users to trade responsibly. From anti-addiction notices to ‘cooling-off’ suspension features, we actively remind users to exercise caution when trading.
  • Instituting a SAFU emergency insurance fund – We allocate 10% of all trading fees received into the ‘secure asset fund for users’ (SAFU) to protect users and their funds in emergency scenarios.
  • Providing user-first security tools – To create a safe and secure environment for users, we safeguard our platform with user-accessible security tools like hardware, app-based, SMS and email two-factor authentication methods, stringent password requirements, withdrawal address management tools, security alerts in the case of suspicious activity and more.

These are just a few of the ongoing initiatives we’re working on, as we uphold our commitment to regulatory compliance and user protection.

As I’ve said in my previous open letter, we at Binance are looking forward to helping generate sustainable growth for the industry. By continuing our work with regulators and policymakers, and making every effort to protect our users and put their interests first, I’m confident we will rise to the occasion and meet the moment, helping increase the freedom of money for more people around the world.

CZ, Binance CEO and founder

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Ripple

103.5 Million XRP Kicked to Binance by Anon Crypto Whales

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Over one hundred million XRP have been shifted to Binance by owners of anon XRP addresses

Whale Alert platform has spread the word that, in the past day, it noticed 103.5 million XRP coins shoveled to the Binance exchange from anonymous crypto addresses. Data provided by the Bithomp analytics platform shows that the transactions were made from other large trading venues.

Two transactions were detected, carrying 40 million XRP from Huobi to Binance and 63.2 million sent by Bybit exchange to Binance.

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The transaction fee for the first transfer was 0.05 XRP and 0.000012 XRP for the second one.

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Image via Whale Alert

On Sept. 22, Ripple was spotted moving 20 million coins to Bitso, the Mexico-based exchange and Ripple’s ODL partner in the Latin America region. The transfer was made from one of Ripple’s alternative wallets used for moving XRP beyond Ripple—to its customers and partners—RL18-VN.

Twelve million coins were sent from Bittrex exchange to Upbit.

Over the past few days, XRP has been trading in the $0.90 range. The token has managed to recover this area after falling to the $0.89 level three times after the drop from the $1.07 mark on Sept. 19, according to CoinMarketCap.

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Binance Coin price analysis: Can bulls breakthrough the $375 resistance level?

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  • Binance Coin price analysis suggests recovery to $400
  • The closest support level lies at $350
  • BNB faces resistance at the $375 mark

The Binance Coin price analysis shows that the bulls have struggled free from the bears and now dominate the short-term charts as BNB makes a return to the $375 mark. However, the selling pressure at the $375 mark remains high as the fear of another price drop causes a short-term sell-off. 

The broader cryptocurrency market observes a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include ATOM and SOL recording a 17.84 and a 14.12 percent incline respectively.

 

Binance Coin price analysis: Bears dominate the market

Binance Coin price analysis: Can bulls breakthrough the $375 resistance level? 1
Technical indicators for BNB/USDT by Tradingview

Across the technical indicators, the MACD is currently bullish as expressed by the green histogram. The indicators have just observed a bullish crossover in the last 12 hours and since then show a growing bullish momentum as the price action heads towards the $400 mark. However, the price action faces resistance at the $375 mark that prevents the momentum from growing further. 

The EMAs are currently moving upwards as the Binance Coin market recovers. The 12-EMA is trading with a steeper slope suggesting an increasing bullish momentum as the buying activity continues in the markets.  

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The RSI was down in the oversold region yesterday but now shows a strong retreat towards the 50.00 index level. The indicator was issuing a buy signal yesterday but now trades in the neutral region showing room for movement in either direction. While the indicator is trading with an upwards slope at press time, its neutral position leaves room for high volatility in the BNB markets. 

The Bollinger Bands are currently wide but show slight convergence as BNB returns to the indicator’s mean line. While the bulls tried to recover to the $400 mark, the indicator’s mean level presents a resistance that needs to be overcome before BNB can continue moving upwards. Overall, the indicators suggest that the BNB price volatility may be declining across the short-term charts. 

Technical analysis for BNB/USDT

Overall, the 4-hour Binance Coin price analysis currently shows a neutral market sentiment and does not support the bulls or the bears. The analysis shows eight of the 26 major technical indicators suggesting an upwards movement while the same number of indicators also suggest downwards movement. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time. 

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The 24-hour Binance Coin price analysis issues a sell signal with 12 of the indicators suggesting a downwards price movement against only six indicators supporting the bulls across the timeframe. At the same time, eight indicators remain neutral and do not support either side of the market. 

What to expect from the Binance Coin price analysis?

Binance Coin price analysis: Can bulls breakthrough the $375 resistance level? 2
4-hour price chart by Tradingview

The Binance Coin price analysis shows that BNB has returned to a key level at the $375 mark as the market observes a momentum reversal. If BNB is able to break above the price can continue moving to the $400 mark with potential for further upwards movement. However, if the price action is rejected at the level it will fall back to the $350 mark with a potential drop to the $320 mark.

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