Binance has stood alone as the only truly global giant crypto exchange, a go-to place for the buying and selling of just about every digital currency in the world.
BINANCE ACCOUNT BALANCE SERIES
Last year, Zhao effectively destroyed FTX in a series of tweets highlighting the financial rot at the core of Bankman-Fried’s crypto empire. The suit is also a rebuke to the invulnerable image created by Zhao, who goes by the initials CZ to his fans. “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC chair Gary Gensler said in a press release. The undercurrent here is that fraud, or at least deceit, was crucial to its business model. The scope of the suit is not only damning for Binance but signals that the crypto industry as it has operated for the past five years could be coming to an end. financial system while evading rules and safety measures. The 13-count, 136-page lawsuit offers a detailed picture of how the Cayman Islands-based exchange, which has no fixed address, has obtained money from the U.S. Because this is a crypto fraud accusation, there’s even a mysterious $11 million yacht. Binance, the world’s largest crypto exchange, and its founder, Changpeng Zhao, are accused of running an anything-goes crypto casino that committed some of the same cardinal misdeeds that contributed to the downfall of Sam Bankman-Fried’s FTX - including stealing customer money and using secret trading firms to prop up the business, according to a suit filed by the Securities and Exchange Commission in federal court. sent a message to the digital currency industry: When it comes to crypto, nothing is too big to fail. On Monday, securities regulators in the U.S. Please refer to our Terms of Use for more information.īinance.US reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.Photo: Pedro Fiúza/NurPhoto via Getty Images Binance.US is not responsible for any loss that you may incur from price fluctuations when you buy, sell, or hold cryptocurrencies. The volatile and unpredictable nature of the price of cryptocurrencies may result in a significant loss. Risk warning: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. Binance.US shall not be liable for any consequences thereof. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information.
All information is provided on an as-is basis and is subject to change without notice. Legal disclaimer: This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice or (2) relied upon for any investment activities. Pending orders are included in the balance calculationĭownload the Binance.US app to trade on the go: iOS | Androidįollow us to stay up to date with Binance.US news and announcements:.Hourly snapshots will occur at random times.This BNB balance calculation mechanism will impact the following aspects of the Binance.US Ecosystem: Daily Average Sub-account Balance is calculated as the sum of the hourly snapshots of the BNB balance in the sub-account in a day divided by 24 (hours).Average Spot Account Balance is calculated using the sum of the hourly snapshots of BNB balance in the spot account in a day divided by 24 (hours).Total Daily Average BNB Balance = Daily Average Account Balance + Daily Average Subaccounts Balance. The calculation mechanism used to record daily BNB balance is Daily Average BNB Balance (including BNB held in normal Binance.US Accounts, and Sub-Accounts).
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