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Binance reviews washington1/1/2024 ![]() The longer this drags out, the more it could color how crypto investors see these two companies. "These cases sometimes aren't resolved not only for many months, but many years." "We are operating as business as usual," says Paul Grewal, Coinbase's chief legal officer. ![]() Meanwhile, Stephen Glagola, an analyst at TD Cowen who covers Coinbase, which is a publicly traded company, says Coinbase could emerge from this fight "a materially different business versus today."īoth of these companies have resolved to fight the charges against them, and they're preparing for the long haul. In many ways, this is an existential fight for these companies.īinance, perhaps, faces the most serious allegations, including that the exchange and its CEO, Changpeng Zhao misled investors about the exchange's ability to detect market manipulation, and it misused customer funds. "I think these cases will be fundamental to the shape of crypto regulation," says Timothy Massad, who is the former chairman of the CFTC. ![]() If the SEC prevails in the courts, it could potentially force crypto companies to register with the SEC, which would be a sea change. What many crypto companies want are new rules of the road that are crypto-specific. By design, crypto is supposed to operate outside of the traditional financial system. That's something that crypto companies have fought tooth and nail. Binance and Zhao face a barrage of lawsuits from the SEC. Gensler believes most cryptocurrencies are securities, and as such, current laws give his agency the power to regulate them, and the sites and apps on which they are bought and sold.Īlthough these two lawsuits are different in many ways, at their heart, Coinbase and Binance are both being accused of failing to register their exchanges with the SEC.ĪFP via Getty Images Binance founder and CEO Changpeng Zhao poses during an interview at a technology startups and innovation fair in Paris on May 16, 2022. After all, most of the current finance rules were set before cryptocurrencies came into being.Ī turf war continues, between the SEC and another federal regulator, the Commodity Futures Trading Commission (CFTC), over which agency has the power to oversee these assets and the broader sector. Yet crypto, since its beginnings, has existed in a regulatory gray area. Billions of dollars worth of digital assets change hands on these platforms every day, and they have customers all over the world. They stand to answer a critical question: Who gets to police crypto companies?Īlthough Binance and Coinbase may not be household names, they are well known in the world of crypto. ![]() Here's what to know about the fight, and why it's so important. The Securities and Exchange Commission unveiled a barrage of charges against two of the world's largest crypto exchanges - Coinbase and Binance - kicking off a legal battle that will help define the future of cryptocurrencies. This week, he delivered on that threat, big time. Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.Since Gary Gensler became Wall Street's top cop two years ago, his message to cryptocurrency companies has been consistent: He would do all it takes to tame a world he likens to "the Wild West." You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. ![]()
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