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Binance Faces Regulatory Concerns Over Missteps and Undue Influence
Binance, the world’s largest cryptocurrency exchange, is facing regulatory concerns over missteps and undue influence. According to a report by the Wall Street Journal, team members at Binance outside of the United States were concerned that U.S. regulators would flag undue influence over its American licensee, Binance.US, due to an errant Google Forms account and an early trading launch.
The report comes less than a month after Binance officials reportedly discussed paying monetary settlements in pending regulatory cases in the U.S. In December, the Justice Department was said to be considering criminal charges against Binance CEO and founder Changpeng “CZ” Zhao.
Binance was also among many firms that sought to bring Gary Gensler into the fold as an adviser while he was teaching at the Massachusetts Institute of Technology, the report said, as many as two years before Gensler became chairman of the Securities and Exchange Commission (SEC).
The concerns over Binance’s regulatory compliance have raised questions about the future of the cryptocurrency exchange. While Binance has grown rapidly in recent years, it has faced increasing scrutiny from regulators around the world. The company has been accused of facilitating money laundering and other illegal activities, and has been banned in several countries.
Binance has denied any wrongdoing and has said that it is committed to complying with all applicable laws and regulations. However, the company’s regulatory troubles are likely to continue, as regulators around the world step up their efforts to crack down on cryptocurrency exchanges and other digital assets.
