If those allegations are true, he said, "it would have been fraud regardless of what regulations were in place." PIECES OF A JIGSAWīinance's surge in outflows last week was attributed by analysts to concern over how crypto exchanges hold user funds and the Reuters report on the DOJ investigation. Hillmann also noted that FTX's founder stands accused by U.S. In a statement, Mars said it was "absurd" to compare its corporate governance and financial reporting requirements with Binance's, adding that its goods and services are "highly regulated." "We are a private company and are not required to publicize our corporate finances," he continued, comparing the exchange to privately-held firms such as U.S. "There is absolutely no transparency, no sunlight, no confirmation of any kind about its financial position."īinance Chief Strategy Officer Patrick Hillmann said the Reuters analysis of the units' filings in the 14 jurisdictions was "categorically false." "The amount of corporate and financial information that has to be disclosed to regulators in those markets is immense, often requiring a six-month-long disclosure process," he said. Stark said Binance's operations were more opaque even than those of FTX. Securities and Exchange Commission's Office of Internet Enforcement. "They are co-opting the nomenclature of regulation to create a veneer of legitimacy," said John Reed Stark, a former chief of the U.S. The Reuters analysis also found that several of the units appear to have little activity.įormer regulators and ex-Binance executives say these local businesses serve as window dressing for the main unregulated exchange. The public filings do not show, for example, how much money flows between the units and the main exchange. ![]() The filings show that these units appear to have submitted scant information about Binance's business to authorities. Zhao has described the authorisations as milestones in Binance's "journey to being fully licensed and regulated around the world." Hopefully, there are even more presents waiting on Christmas day.In an effort to look inside Binance's books, Reuters reviewed filings by Binance units in 14 jurisdictions where the exchange on its website says it has "regulatory licenses, registrations, authorisations and approvals." These locations include several European Union states, Dubai and Canada. It seems that Ripple enthusiasts got to open a present early for Christmas Eve. The added XRP pairs should provide additional liquidity to TRON and Zcoin as well. The move is meaningful because it represents more widespread acceptance of XRP, and provides a potentially more cost effective alternative to using Bitcoin or Ethereum as a base pair. The two new pairs include an XRP and TRON pair, as well as a XRP and Zcoin pair. Not only that, Binance is renaming the ETH Trading Market (ETH) to the ALTS Trading Market (ALTS) to support more trading pairs with other quote currencies in the future. We will be adding a couple trading pairs with XRP as the quote currency shortly.Īnd rename ETH markets to ALTS market. 23 from Binance CEO Changpeng Zhao (CZ), in addition to an official announcement on the Binance website, the company has added two new trading pairs coupled with XRP. ![]() ![]() Today, XRP secures a small win as it becomes more accepted as a base trading pair. Ripple has had a strong month of partnerships and has effectively weathered the crypto bear market. Furthermore, the ETH Trading Market will be renamed to the ALTS Trading Market, allowing for the possibility of more trading pairs with different quote currencies in the future. Binance is adding new XRP trading pairs for the holidays, including TRX/XRP and XZV/XRP.
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