Binance- the world's biggest crypto exchange and its Chief Executive Officer (CEO) and founder Changpeng Zhao were sued by the US Commodity Futures Trading Commission (CFTC) on Monday (March 27) for operating an allegedly ''illegal" exchange.

Binance- the world's biggest crypto exchange and its Chief Executive Officer (CEO) and founder Changpeng Zhao were sued by the US Commodity Futures Trading Commission (CFTC) on Monday (March 27) for operating an allegedly ''illegal" exchange. According to a statement, the CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of American law while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit. The lawsuit comes amid a broader and increasingly high-profile crackdown on crypto companies. On Monday, the CFTC said in its complaint that from at least July 2019 till now, Binance "offered and executed commodity derivatives transactions on behalf of US persons" in violation of American laws. Changpeng Zhao,46, meanwhile, has called the regulator's complaint "unexpected and disappointing." Who is Changpeng Zhao? Changpeng Zhao was born in China in 1977 and moved to Canada in 1989 when he was 12 years old. Zhao moved to Canada just after China's Tiananmen Square crackdown on pro-democracy protesters. As a child, Zhao expressed an interest in computer programming courses and later went on to study computer science at McGill University in Montreal. After university, Zhao interned for a subcontractor at the Tokyo Stock Exchange, according to a report by Forbes. He then worked for Bloomberg Tradebook in New York for several years, where he developed software to match trade orders. In 2005, he moved to China and tried his hand at several different tech startups before he got involved in crypto. 2017: Zhao founded Binance In 2017, Changpeng Zhao founded Binance- which became the world's biggest crypto exchange within six months. According to research firm CryptoCompare, Binance at present accounts for about 60% of global crypto trading volumes. In October last year, a report by the news agency Reuters said that Zhao has kept a tight grip on Binance from its earliest days as a powerful leader committed to secrecy and focused on market domination. Even in 2017 when the crypto exchange was founded, Zhao had towering ambitions. "We want to take over the entire market!" he told staff in a company chat group. And this year, the 46-year-old felt that a major goal was almost within his grasp: a seat at the top table of finance. "The idea that a five-year-old start-up could mature and operate at the same level as a financial institution that has been around for 200 years was once impossible to fathom," he wrote in January in a review of the previous year. The Reuters report added that Zhao installed a tight circle of associates, many of whom had worked or studied in China into top jobs. Though Binance has hired widely from the traditional financial and regulatory worlds in recent years, Zhao's tight control over his company continues. Zhao closely guards details about company's finances Changpeng Zhao has closely guarded details about Binance's finances. A Reuters analysis of Binance's corporate filings done last year showed that the core of the business- the Binance.com exchange had processed trades worth more than $22 trillion last year. This was mostly hidden from public view. The extent of Zhao's wealth is also unclear. The US regulator's complaint The CFTC's complaint on Monday detailed Binance's efforts to retain American customers even after the company, in partnership with a purportedly independent American firm, launched a US exchange in 2019 to serve American customers in compliance with US regulations. This American firm- BAM Trading- was in fact controlled by Zhao and managed by Binance as a de-facto subsidiary, the news agency previously reported. The CFTC said that under Zhao's orders, Binance from at least July 2019 till now told employees and customers to swerve compliance checks. It also alleged that the crypto exchange grew and concealed the US user base and failed to establish the money-laundering checks required of financial institutions. Speaking to CNBC on Tuesday, CFTC Chairman Rostin Behnam said, "This seemed to be a pretty clear case of evasion and something that we needed to step in aggressively with and do it as quickly as possible because this was an ongoing fraud." The US regulator has also accused Binance's former Chief Compliance Officer Samuel Lim of "aiding and abetting" the crypto exchange's violations. Zhao responds to allegations In a blog post on Monday, Changpeng Zhao said that the CFTC's complaint appeared to contain an incomplete recitation of facts "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. While we will only be able to give full responses in due time, we will address a few key points below," Zhao said in the post. "Binance is committed to transparency and cooperation with regulators and law enforcement — in the US and globally," Zhao said, adding, the crypto exchange intends to continue to respect and collaborate with the US and other regulators around the world. A spokesperson for Binance said the company would continue to collaborate with regulators, Reuters reported. The spokesperson added that Binance made significant investments to ensure it does not have US users on its platform. 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Explained: Who is Changpeng Zhao, Binance billionaire sued by US regulator?

The US Commodity Futures Trading Commission (CFTC) has initiated action against the CEO and founder of the largest cryptocurrency exchange in the world, Finance, for allegedly running an illegal exchange and a phony compliance programme.

CFTC charges Binance with evasion of federal law

A federal judge on Monday temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the US government more time to pursue appeals that challenge the legality of the deal.

The US Attorney's Office for the Southern District of New York and the Office of the US Trustee, the Department of Justice's (DOJ) bankruptcy watchdog, filed appeals in early March over a bankruptcy court's approval of the sale.

They argued that the protections could rubber stamp crypto tokens that might be unregistered securities, as well as transactions that could be illegal under US securities laws.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/australian-lending-firm-latitude-financial-says-data-of-14-million-customers-stolen-in-cyberattack-576192">Australian lending firm Latitude Financial says data of 14 million customers stolen in cyberattack</a>

US District Judge Jennifer Rearden in Manhattan ruled Monday that the sale should be put on hold, overruling Voyager's argument that a delay could cause Binance.US to back out of the deal entirely.

Binance.US and Voyager did not immediately respond to requests for comment late on Monday.

Voyager, which filed for bankruptcy in July, said in court filings last week that the DOJ appeals should not be allowed to keep the company and its customers "in limbo" during a legal process of uncertain duration.

Binance.US has agreed to pay $20 million in cash to Voyager, and take on crypto assets deposited by Voyager customers. Those assets, valued at $1.3 billion in February, account for the bulk of the deal's valuation, according to Voyager.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/saudi-national-bank-chair-steps-down-post-credit-suisse-collapse-576137">Saudi National Bank chair steps down post Credit Suisse collapse</a>

The international Binance crypto exchange was sued on Monday in a separate legal action by the US&nbsp;Commodity Futures Trading Commission (CFTC), which filed a lawsuit alleging that Binance.com operated an "illegal" exchange and a "sham" compliance program.

Binance.US maintains publicly that it is entirely independent of Binance.com, operating as the "US partner" to the world's biggest crypto exchange.

The CFTC disputed that in its lawsuit, alleging that Binance personnel "dictated Binance.US's corporate strategy, launch and early operations" and that it has an ongoing relationship with BAM Trading, a company controlled by Binance CEO and founder Changpeng Zhao.

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A federal judge on Monday temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the US government more time to pursue appeals that challenge the legality of the deal.

A federal judge on Monday temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to crypto exchange Binance.US, allowing the US government more time to pursue appeals that challenge the legality of the deal. The US Attorney's Office for the Southern District of New York and the Office of the US Trustee, the Department of Justice's (DOJ) bankruptcy watchdog, filed appeals in early March over a bankruptcy court's approval of the sale. They argued that the protections could rubber stamp crypto tokens that might be unregistered securities, as well as transactions that could be illegal under US securities laws. Also read | Australian lending firm Latitude Financial says data of 14 million customers stolen in cyberattack US District Judge Jennifer Rearden in Manhattan ruled Monday that the sale should be put on hold, overruling Voyager's argument that a delay could cause Binance.US to back out of the deal entirely. Binance.US and Voyager did not immediately respond to requests for comment late on Monday. Voyager, which filed for bankruptcy in July, said in court filings last week that the DOJ appeals should not be allowed to keep the company and its customers "in limbo" during a legal process of uncertain duration. Binance.US has agreed to pay $20 million in cash to Voyager, and take on crypto assets deposited by Voyager customers. Those assets, valued at $1.3 billion in February, account for the bulk of the deal's valuation, according to Voyager. Also read | Saudi National Bank chair steps down post Credit Suisse collapse The international Binance crypto exchange was sued on Monday in a separate legal action by the US Commodity Futures Trading Commission (CFTC), which filed a lawsuit alleging that Binance.com operated an "illegal" exchange and a "sham" compliance program. Binance.US maintains publicly that it is entirely independent of Binance.com, operating as the "US partner" to the world's biggest crypto exchange. The CFTC disputed that in its lawsuit, alleging that Binance personnel "dictated Binance.US's corporate strategy, launch and early operations" and that it has an ongoing relationship with BAM Trading, a company controlled by Binance CEO and founder Changpeng Zhao. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Judge halts Voyager Digital's $1.3 billion sale to Binance.US

As expected, embattled crypto trader and co-founder of FTX Sam Bankman-Fried on Tuesday pleaded not guilty to fraud charges at a New York federal court. The eight charges levelled on Bankman-Fried were related to the collapse of FTX and hedge fund Alameda Research.

As expected, embattled crypto trader and co-founder of FTX Sam Bankman-Fried on Tuesday pleaded not guilty to fraud charges at a New York federal court. The eight charges levelled on Bankman-Fried were related to the collapse of FTX and hedge fund Alameda Research. The charges vary from wire fraud to money laundering to campaign finance violations with five carrying a maximum sentence of 20 years in prison. Read more: As top Democrat donor, Sam Bankman-Fried had access to White House: Report With Bankman-Fried pleading not guilty, the stage is set for a court trial which is expected to begin in October, according to federal judge Lewis Kaplan. The US prosecutors argued that the 30-year-old former billionaire misused the funds of FTX and Alameda Research whilst duping the customers. WATCH | FTX founder Sam Bankman-Fried is 'ready to face music?' × Bankman-Fried, who was regarded as a crypto genius at the time quickly went to the Bahamas to avoid scrutiny by the US authorities. It was only after the request of the federal prosecutors in New York that he was sent to a prison on the island country where he spent nine days. Banman-Fried was released on a $250 million bail package last month only after he accepted to be extradited out of the Bahamas. During the ruling, a US magistrate judge said Bankman-Fried would have to remain under strict supervision at his parents’ home in Palo Alto, California. Read more: FTX co-founder Sam Bankman-Fried released on $250m bail While Bankman-Fried is willing to do the whole nine yards in the court, his top lieutenants in Caroline Ellison, the former chief executive of FTX's trading affiliate Alameda Research, and Gary Wang, another FTX co-founder have already pleaded guilty. What happened to FTX? FTX filed for bankruptcy in November last year after traders rushed to remove $6 billion off the platform in only 72 hours. The fate of the company was sealed after rival exchange Binance's rescue deal fell through. According to US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Bankman-Fried masterminded the misappropriation of more than $8 billion in funds from customer accounts. During one of the bankruptcy hearings, the attorneys representing FTX informed the court that Bankaman-Fried ran the now-bankrupt company as a 'personal fiefdom'. The attorneys said he splurged as much as $300 million on homes and vacation properties for senior staff, home and abroad. (With inputs from agencies) WATCH WION LIVE HERE:

FTX co-founder Sam Bankman-Fried pleads not guilty to fraud, setting stage for a court trial

Binance has registered $1.9 billion withdrawals in the last 24 hours. It's world's biggest crypto exchange and has temporarily paused withdrawals of USDC stable coins. Binance, whose dominance of crypto was cemented by fall of FTX last week tweeted the proof of reserves.

World Business Watch: Binance withdrawals hit $1.9 bn in 24 hours

After Binance reported record $1.9 billion in withdrawals during a 24-hour period between December 12 and December 13, its Chief Executive Officer Changpeng Zhao warned his colleagues to expect tough months ahead.

"While we expect the next several months to be bumpy, we will get past this challenging period – and we will be stronger for having been through it," Zhao's internal memo was quoted as saying by Bloomberg.&nbsp;

Binance is the world's largest cryptocurrency exchange trade platform. The $1.9 billion of withdrawals of tokens based on the Ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13,&nbsp;data compiled by&nbsp;blockchain analytics platform Nansen showed.&nbsp;

Earlier on Tuesday, Binance said that it had "temporarily paused" the withdrawals of the USDC stablecoin. The withdrawals were resumed later on Tuesday.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-was-under-the-federal-radar-long-before-its-collapse-report-536246">FTX was under the federal radar long before its collapse</a>

Both the users as well as the regulators, are closely watching the operational methods of cryptocurrency exchanges such as Binance after its rival crypto exchange platform FTX went bankrupt earlier this month. FTX founder Sam Bankman-Fried was also charged with defrauding customers by the US Securities and Exchange Commission.&nbsp;

FTX’s shock collapse has reportedly hit investor sentiment, prompting some traders to take control of their cryptocurrency tokens. Binance was one of the exchanges hit by large outflows on Tuesday.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/ftx-saga-continues-funds-vanish-at-bankrupt-crypto-exchange-company-confirms-unauthorised-access-533669">FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access'</a>

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At the time of Binance's resumption for withdrawals of the USDC stablecoin on Tuesday, CEO Changpeng Zhao&nbsp;had assured that the withdrawals were "business as usual".&nbsp;

"We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits," Binance CEO Changpeng Zhao tweeted on Tuesday.&nbsp;

A Binance spokesperson had earlier said that the platform had “more than enough funds” to meet withdrawal requests.&nbsp;

"User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free," the spokesperson had said in an official statement.

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.&nbsp;Binance has no headquarters, and claims to be&nbsp;a decentralised company.&nbsp;

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After Binance reported record $1.9 billion in withdrawals during a 24-hour period between December 12 and December 13, its Chief Executive Officer Changpeng Zhao warned his colleagues to expect tough months ahead.

After Binance reported record $1.9 billion in withdrawals during a 24-hour period between December 12 and December 13, its Chief Executive Officer Changpeng Zhao warned his colleagues to expect tough months ahead. "While we expect the next several months to be bumpy, we will get past this challenging period – and we will be stronger for having been through it," Zhao's internal memo was quoted as saying by Bloomberg. Binance is the world's largest cryptocurrency exchange trade platform. The $1.9 billion of withdrawals of tokens based on the Ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, data compiled by blockchain analytics platform Nansen showed. Earlier on Tuesday, Binance said that it had "temporarily paused" the withdrawals of the USDC stablecoin. The withdrawals were resumed later on Tuesday. ALSO READ | FTX was under the federal radar long before its collapse Both the users as well as the regulators, are closely watching the operational methods of cryptocurrency exchanges such as Binance after its rival crypto exchange platform FTX went bankrupt earlier this month. FTX founder Sam Bankman-Fried was also charged with defrauding customers by the US Securities and Exchange Commission. FTX’s shock collapse has reportedly hit investor sentiment, prompting some traders to take control of their cryptocurrency tokens. Binance was one of the exchanges hit by large outflows on Tuesday. WATCH | FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access' × At the time of Binance's resumption for withdrawals of the USDC stablecoin on Tuesday, CEO Changpeng Zhao had assured that the withdrawals were "business as usual". "We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits," Binance CEO Changpeng Zhao tweeted on Tuesday. A Binance spokesperson had earlier said that the platform had “more than enough funds” to meet withdrawal requests. "User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free," the spokesperson had said in an official statement. Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance has no headquarters, and claims to be a decentralised company. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Binance braces for 'challenging period' after record $1.9bn outflows

The US authorities are moving forward to probe the collapse of now-bankrupt cryptocurrency exchange FTX. Securities and Exchange Commission, Commodity Futures Trading Commission and the Justice Department have joined forces to investigate what led to the abject failure of a multi-billion dollar company.

The US authorities are moving forward to probe the collapse of now-bankrupt cryptocurrency exchange FTX. Securities and Exchange Commission, Commodity Futures Trading Commission and the Justice Department have joined forces to investigate what led to the abject failure of a multi-billion dollar company. WATCH | WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police × Reportedly, the agencies will be majorly focusing on how the second-largest crypto exchange in the world mishandled the customers' money. According to reports, nearly $1 billion of customer funds have vanished from FTX, ever since the fall was first documented. FTX Chief Executive Sam Bankman-Fried will be on the radar as it was under his watch that the firm nosedived. Apart from Sam, other high-ranking executives at the company will also be probed for any potential breaking of securities laws. However, the three agencies have declined to comment on the issue so far. As reported by WION, FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours. The fate of the company was sealed after rival exchange Binance's rescue deal fell through. Read more: Visa severs ties with troubled cypto exchange FTX, calls situation 'unfortunate' The fall of FTX has triggered panic across the sector with the big players now batting for regulations to win back the investors' confidence. "We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Binance Chief Executive Changpeng Zhao. FTX was once valued at $32 billion. Its collapse bears striking similarities to the downfall of Lehman Brothers in 2008 which led to a wider financial crisis across the world. Read more: 'We need regulations', says Binance CEO after rival exchange FTX goes under (With inputs from agencies) WATCH WION LIVE HERE:

USA: SEC, CFTC and DoJ launch investigation into FTX's collapse

Visa Inc. on Sunday announced it was severing its ties with now-bankrupt cryptocurrency&nbsp;exchange FTX.&nbsp;

“The situation with FTX is unfortunate and we are monitoring developments closely," said a Visa spokesperson.&nbsp;

“We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer," added the company.&nbsp;

Visa, the world's largest payments processor terminating the deal was a no-brainer, given FTX has gone under and the company's board looks entirely out of its depth to handle the situation.&nbsp;

<a href="https://www.wionews.com/business-economy/binance-halts-ftxs-ftt-token-deposits-urges-rivals-to-follow-533755" target="_blank">Read more: Binance halts FTX's FTT token deposits, urges other crypto exchanges to follow</a>

However, the termination of the deal comes barely a month after Visa and FTX announced an expanded partnership&nbsp;under which plans were in motion to introduce&nbsp;account-linked Visa debit cards in 40 new countries.

As reported by WION,&nbsp;FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours.&nbsp;

<a href="https://www.wionews.com/videos/us-founder-of-crypto-trading-firm-ftx-was-democrats-second-biggest-donor-533788">WATCH |&nbsp;US: Founder of crypto trading firm FTX was Democrats second biggest donor</a>

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One by one, companies across the board are ditching FTX.&nbsp; Last week, Binance chief executive Changpeng Zhao announced that his company no longer accepted&nbsp;deposits of FTX's FTT token on its platform.&nbsp;

FTX, the second largest crypto exchange was considered too big to fall by many. However, its fall has triggered panic across the sector with the big players now batting for regulations to win back the investors' confidence.

"We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali.&nbsp;

<a href="https://www.wionews.com/world/we-need-regulations-says-binance-ceo-after-rival-exchange-ftx-goes-under-533895">Read more:&nbsp;'We need regulations', says Binance CEO after rival exchange FTX goes under</a>

FTX was once&nbsp;valued at $32 billion. Its collapse bears striking similarities to the downfall of Lehman Brothers in 2008 which led to a wider financial crisis across the world.&nbsp;

(With inputs from agencies)

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Visa Inc. on Sunday announced it was severing its ties with now-bankrupt cryptocurrency exchange FTX. “The situation with FTX is unfortunate and we are monitoring developments closely," said a Visa spokesperson.

Visa Inc. on Sunday announced it was severing its ties with now-bankrupt cryptocurrency exchange FTX. “The situation with FTX is unfortunate and we are monitoring developments closely," said a Visa spokesperson. “We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer," added the company. Visa, the world's largest payments processor terminating the deal was a no-brainer, given FTX has gone under and the company's board looks entirely out of its depth to handle the situation. Read more: Binance halts FTX's FTT token deposits, urges other crypto exchanges to follow However, the termination of the deal comes barely a month after Visa and FTX announced an expanded partnership under which plans were in motion to introduce account-linked Visa debit cards in 40 new countries. As reported by WION, FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours. WATCH | US: Founder of crypto trading firm FTX was Democrats second biggest donor × One by one, companies across the board are ditching FTX. Last week, Binance chief executive Changpeng Zhao announced that his company no longer accepted deposits of FTX's FTT token on its platform. FTX, the second largest crypto exchange was considered too big to fall by many. However, its fall has triggered panic across the sector with the big players now batting for regulations to win back the investors' confidence. "We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali. Read more: 'We need regulations', says Binance CEO after rival exchange FTX goes under FTX was once valued at $32 billion. Its collapse bears striking similarities to the downfall of Lehman Brothers in 2008 which led to a wider financial crisis across the world. (With inputs from agencies) WATCH WION LIVE HERE:

Visa severs ties with troubled cypto exchange FTX, calls situation 'unfortunate'

Ever since cryptocurrency exchange FTX declared bankruptcy and its cryptocurrency genius and founder Sam Bankman-Fried resigned, the entire sector has been in turmoil.

Ever since cryptocurrency exchange FTX declared bankruptcy and its cryptocurrency genius and founder Sam Bankman-Fried resigned, the entire sector has been in turmoil. Now, FTX's rival exchange Binance's Chief Executive Changpeng Zhao has called for regulations in the industry. "We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali. "I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100% their responsibility," he added. WATCH | FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access' × As reported by WION, Zhao on Friday announced that his company no longer accepts deposits of FTX's FTT token on its platform. "(Binance) has stopped FTT deposits, to prevent the potential of questionable additional supplies affecting the market. We will monitor the situation," said CEO Zhao in a tweet. Read more: Binance halts FTX's FTT token deposits, urges other crypto exchanges to follow FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours. Sam Bankman-Fried, the exchange's 30-year-old founder has gone from being the face of the industry to being responsible for the sector's worst crash as a result of shoddy practices at the exchange platform. Read more: Who is Sam Bankman-Fried, the former FTX CEO & 'cryptogenius' who lost $14.5 billion in a day It is rather intriguing that an industry that took pride in being unregulated and far away from the red-tapism of bureaucracy is now coming around to it. According to experts, the confidence of crypto investors is at an all-time low and only regulation can restore it. (With inputs from agencies) WATCH WION LIVE HERE:

'We need regulations', says Binance CEO after rival exchange FTX goes under

Changpeng Zhao, the chief executive of cryptocurrency exchange Binance, announced on Sunday that the company no longer accepts deposits of FTX's FTT token on its platform and urged other competing exchanges to follow suit.&nbsp;

The crypto exchange FTX, which declared bankruptcy on Friday, stated it had discovered the unauthorised access on Saturday. Analysts also claimed that hundreds of millions of dollars worth of assets had been removed from the network under "suspicious circumstances."&nbsp;

"(Binance) has stopped FTT deposits, to prevent the potential of questionable additional supplies affecting the market. We will monitor the situation," said CEO Zhao in a&nbsp;tweet.

CEO tweeted, "FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what's going on."

In one of the most high-profile cryptocurrency meltdowns, FTX filed for bankruptcy on Friday after traders rushed to remove $6 billion off the platform in only 72 hours and rival exchange Binance abandoned a planned rescue package.

John J. Ray III, the chief executive of FTX, stated on Saturday that the business was collaborating with law enforcement and authorities to address the issue and was "making every effort to secure all assets, wherever located."&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/biden-urges-japan-s-korea-to-join-hands-on-n-korean-and-chinese-threat-533744">Biden urges Japan &amp; S Korea to join hands on N Korean and Chinese threat</a>

Sam Bankman-Fried, the exchange's 30-year-old founder, who is well known for wearing shorts and a T-shirt, has gone from being the face of the cryptocurrency industry's accomplishments to the main character of the sector's worst crash as a result of the exchange's rapid fall from grace.&nbsp;

Bankman-Fried, a resident of the Bahamas, has also come under scrutiny regarding his movements. On Twitter, he shot down allegations that he had travelled to South America.

(with inputs from agencies) 
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Changpeng Zhao, the chief executive of cryptocurrency exchange Binance, announced on Sunday that the company no longer accepts deposits of FTX's FTT token on its platform and urged other competing exchanges to follow suit.

Changpeng Zhao, the chief executive of cryptocurrency exchange Binance, announced on Sunday that the company no longer accepts deposits of FTX's FTT token on its platform and urged other competing exchanges to follow suit. The crypto exchange FTX, which declared bankruptcy on Friday, stated it had discovered the unauthorised access on Saturday. Analysts also claimed that hundreds of millions of dollars worth of assets had been removed from the network under "suspicious circumstances." "(Binance) has stopped FTT deposits, to prevent the potential of questionable additional supplies affecting the market. We will monitor the situation," said CEO Zhao in a tweet. CEO tweeted, "FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what's going on." In one of the most high-profile cryptocurrency meltdowns, FTX filed for bankruptcy on Friday after traders rushed to remove $6 billion off the platform in only 72 hours and rival exchange Binance abandoned a planned rescue package. John J. Ray III, the chief executive of FTX, stated on Saturday that the business was collaborating with law enforcement and authorities to address the issue and was "making every effort to secure all assets, wherever located." Also Read: Biden urges Japan & S Korea to join hands on N Korean and Chinese threat Sam Bankman-Fried, the exchange's 30-year-old founder, who is well known for wearing shorts and a T-shirt, has gone from being the face of the cryptocurrency industry's accomplishments to the main character of the sector's worst crash as a result of the exchange's rapid fall from grace. Bankman-Fried, a resident of the Bahamas, has also come under scrutiny regarding his movements. On Twitter, he shot down allegations that he had travelled to South America. (with inputs from agencies)

Binance halts FTX's FTT token deposits, urges other crypto exchanges to follow

Crypto exchange coinbase Global has cut over 60 jobs in recruiting and other onboarding teams. It is coming at a time when plummet digital coins risks another contagion in the sector and bigger rival FTX is inching closer to collapse.

World Business Watch: Crypto exchange coinbase cuts jobs

Major cryptocurrency platform Binance has announced that it is walking out of a non-binding deal to purchase failing rival FTX Trading, which has been hit by a liquidity crunch.

The fallout had an adverse impact on cryptocurrencies as bitcoin dropped below $16,000, while shares in cryptocurrency exchange Coinbase fell by more than 9.5 per cent.

In a statement posted on Twitter, Binance said that the issues facing FTX were "beyond our control or ability to help"

"Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market."

It said that the decision of not to move forward with the deal was made after due diligence.

The exchange said that its decision was taken after reports of FTX "mishandling customer funds and alleged US agency investigations".

"As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralisation, the ecosystem will grow stronger,” it added.

Watch |&nbsp;Binance walks away from FTX deal due to 'mishandled funds'

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FTX's founder Sam Bankman-Fried and Binance's chief executive Changpeng "CZ" Zhao are regarded as the two of the most powerful people in the cryptocurrency market and high-profile rivals.

Though there was no official reaction from FTX, Mr Zhao&nbsp;tweeted on Wednesday: "Sad day. Tried, but [crying emoji]".

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In the spirit of transparency, might as well share the actual note, sent to all Binance team globally a few hours ago.<a href="https://t.co/IUNkPcLC8T">https://t.co/IUNkPcLC8T</a> <a href="https://t.co/XGlIJB7EV5">pic.twitter.com/XGlIJB7EV5</a>
— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1590351182513729544?ref_src=twsrc%5Etfw">November 9, 2022</a></blockquote>
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&nbsp;A notice on its website said, "FTX is currently unable to process withdrawals. We strongly advise against depositing."

Meanwhile, the US securities regulator is investigating FTX's handling of customer funds amid a liquidity crunch, as well its crypto-lending activities, Reuters reported on Wednesday citing a source familiar with the matter.

The Securities and Exchange Commission (SEC) is examining whether the platform is following securities laws related to segregation of customer assets and trading against customers, the source said. The investigation was initiated few months ago.

The Commodity Futures Trading Commission (CFTC) is also probing the issue, Bloomberg reported earlier on Wednesday.

(With inputs from agencies)

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Major cryptocurrency platform Binance has announced that it is walking out of a non-binding deal to purchase failing rival FTX Trading, which has been hit by a liquidity crunch.

Major cryptocurrency platform Binance has announced that it is walking out of a non-binding deal to purchase failing rival FTX Trading, which has been hit by a liquidity crunch. The fallout had an adverse impact on cryptocurrencies as bitcoin dropped below $16,000, while shares in cryptocurrency exchange Coinbase fell by more than 9.5 per cent. In a statement posted on Twitter, Binance said that the issues facing FTX were "beyond our control or ability to help" "Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market." It said that the decision of not to move forward with the deal was made after due diligence. The exchange said that its decision was taken after reports of FTX "mishandling customer funds and alleged US agency investigations". "As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralisation, the ecosystem will grow stronger,” it added. Watch | Binance walks away from FTX deal due to 'mishandled funds' FTX's founder Sam Bankman-Fried and Binance's chief executive Changpeng "CZ" Zhao are regarded as the two of the most powerful people in the cryptocurrency market and high-profile rivals. Though there was no official reaction from FTX, Mr Zhao tweeted on Wednesday: "Sad day. Tried, but [crying emoji]". In the spirit of transparency, might as well share the actual note, sent to all Binance team globally a few hours ago.https://t.co/IUNkPcLC8T pic.twitter.com/XGlIJB7EV5 — CZ 🔶 Binance (@cz_binance) November 9, 2022 × A notice on its website said, "FTX is currently unable to process withdrawals. We strongly advise against depositing." Meanwhile, the US securities regulator is investigating FTX's handling of customer funds amid a liquidity crunch, as well its crypto-lending activities, Reuters reported on Wednesday citing a source familiar with the matter. The Securities and Exchange Commission (SEC) is examining whether the platform is following securities laws related to segregation of customer assets and trading against customers, the source said. The investigation was initiated few months ago. The Commodity Futures Trading Commission (CFTC) is also probing the issue, Bloomberg reported earlier on Wednesday. (With inputs from agencies) WATCH WION LIVE HERE:

Crypto market crashes as Binance walks out of FTX deal, amid US govt probe

A deal for leading cryptocurrency exchange FTX has collapsed after bigger rival Binance said that it was pulling out of the deal. Binance has now signed a non-binding agreement on Tuesday to buy FTX's non-United States' unit to help cover a liquidity crunch.

Binance walks away from FTX deal due to 'mishandled funds'

Cryptocurrencies tumble over failed FTX deal

Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”. The deal, which was signed between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, ended up causing panic among the FTX investors as over $6 billion was withdrawn in the past few days.

Also read |&nbsp;<a href="https://www.wionews.com/world/trump-threatens-to-release-unflattering-information-about-desantis-if-he-pursues-a-presidential-run-532458">Trump threatens DeSantis, warns him not to run for US president</a>

FTX was one of the major crypto exchanges in the world but the dramatic fall in the market meant that they required Binance to rescue them from a major crunch. The deal also directly impacted the FTX crypto token which fell under $6 – a 11 per cent drop since the announcement was made.

In a shot message to the investors, Bankman-Fried said that the decision was taken as "protecting shareholders is our highest priority" but added that the full details were "still being hashed out."

Also read |&nbsp;<a href="https://www.wionews.com/world/us-midterm-elections-2022-live-updates-voting-begins-with-experts-favouring-republicans-532269" hreflang="en">US midterms LIVE | 'Bloodbath!!!': Trump's son tweets as Republicans surge</a>

The announcement also came as a surprise for several people as FTX had earlier pledged support to struggling crypto exchanges. In May this year, FTX acquired a 7.6 per cent stake in Robinhood Markets Inc and said that they will be looking to take advantage of the dip in the crypto market.

It came as a bigger surprise that it was Binance that agreed to save FTX from their troubles. Binance invested in FTX back in 2019 but decided to withdraw in 2021. By that time, FTX had already become a competitor for Binance and the friction between Zhao and Bankman-Fried was well-known.

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Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”.

Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”. The deal, which was signed between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, ended up causing panic among the FTX investors as over $6 billion was withdrawn in the past few days. Also read | Trump threatens DeSantis, warns him not to run for US president FTX was one of the major crypto exchanges in the world but the dramatic fall in the market meant that they required Binance to rescue them from a major crunch. The deal also directly impacted the FTX crypto token which fell under $6 – a 11 per cent drop since the announcement was made. In a shot message to the investors, Bankman-Fried said that the decision was taken as "protecting shareholders is our highest priority" but added that the full details were "still being hashed out." Also read | US midterms LIVE | 'Bloodbath!!!': Trump's son tweets as Republicans surge The announcement also came as a surprise for several people as FTX had earlier pledged support to struggling crypto exchanges. In May this year, FTX acquired a 7.6 per cent stake in Robinhood Markets Inc and said that they will be looking to take advantage of the dip in the crypto market. It came as a bigger surprise that it was Binance that agreed to save FTX from their troubles. Binance invested in FTX back in 2019 but decided to withdraw in 2021. By that time, FTX had already become a competitor for Binance and the friction between Zhao and Bankman-Fried was well-known.

Crypto giant Binance rescues rival FTX facing major crunch after dramatic fall in market

Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite US&nbsp;sanctions intended to cut Iran off from the global financial system, blockchain data show.

Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading US&nbsp;blockchain researcher Chainalysis. Nobitex offers guidance on its website on how to skirt sanctions.

Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities. In a blog post last year, Nobitex encouraged clients to use Tron — a mid-tier token — to trade anonymously without "endangering assets due to sanctions."

The scale of Binance's Iranian crypto flows — and the fact that they are continuing — has not been previously reported.

The new findings come as the US&nbsp;Justice Department is pursuing an investigation into possible violations of money-laundering rules by Binance, which dominates the $1 trillion crypto industry, with over 120 million users. The transactions put the company at risk of falling afoul of US&nbsp;prohibitions on doing business with Iran, lawyers and trade-sanctions experts said.

In July, Reuters revealed that Binance continued to serve clients in Iran and that the exchange's popularity in the Islamic republic was known inside the company. It was one of a series of Reuters investigations into Binance's troubled history with financial regulatory compliance. The day of that article's publication, Binance said in a blog post that it follows international sanctions rules on Iran and blocks access to the platform to anyone based there. The exchange's billionaire founder, Changpeng Zhao, tweeted: "Binance banned Iranian users after sanctions, seven got missed/found a workaround, they were banned later anyways."

Also Read | <a href="https://www.wionews.com/world/iran-admits-it-provided-drones-to-russia-denies-supplying-missiles-531431">Iran finally admits it provided drones to Russia, but resolutely denies supplying missiles</a>

Binance didn't answer detailed questions about the new transactions uncovered by Reuters. In a statement, spokesperson Patrick Hillmann said, "Binance.com is not a US&nbsp;company, unlike other platforms that have exposure to these same US&nbsp;sanctioned entities. However, we have taken proactive steps to limit our exposure to the Iranian marketplace," working with industry partners and internal tools.

<img alt="Binance" data-entity-type="file" data-entity-uuid="617f2071-d203-4834-9218-14234562d307" src="//cdn.wionews.com/sites/default/files/inline-images/2022-11-04T170608Z_3_LYNXMPEIA30HV_RTROPTP_4_FINTECH-CRYPTO-BINANCE-IRAN.JPG" />

Binance declines to give details of the location or the entity behind its Binance.com exchange.

Nobitex didn't respond to questions for this article. Nor did the Tron Network, based in the British Virgin Islands, and its founder Justin Sun.

In August 2021, Binance announced that customers would no longer be able to open accounts and use its services without identification. But since then, the exchange has processed almost $1.05 billion in trades directly from Nobitex and other Iranian exchanges, according to the Chainalysis data, which runs to November of this year. Since Zhao's tweet in July, Binance has processed around $80 million in Iranian trades.

Hillmann said in the Binance statement that the company requires full "Know Your Customer" checks for all users "and residents of Iran are prohibited from opening or maintaining an account. We are continually updating processes and technology as we learn about new risks and potential exposures. As a result of these efforts, including real-time transaction monitoring in coordination with external vendors, between June of 2021 and November of 2022, Binance's exposure to Iranian-linked entities has seen an exponential decline."

The data reviewed by Reuters show that in total some $2.95 billion in crypto moved directly between Iranian exchanges and Binance since 2018.

A further $5 billion in crypto moved between Iranian exchanges and Binance through layers of intermediaries, the data also reveal. Regulators say such "indirect" flows should be a red flag to crypto exchanges - an indicator of possible money laundering and sanctions evasion. Crypto users seeking to cover their tracks often use sophisticated techniques to create complex chains of crypto transfers.

Nobitex advises its 4 million customers on its website to avoid "the direct transfer" of crypto between Iranian and foreign crypto platforms to "maintain security."

Binance spokesperson Hillmann told Reuters in June, in relation to the exchange's indirect exposure to illicit funds, that "what's important to note is not where the funds come from - as crypto deposits cannot be blocked - but what we do after the funds are deposited." He said Binance uses transaction monitoring and risk assessments to "ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner."

In addition to the Tron token, the remainder of the Iranian transactions were in major cryptocurrencies bitcoin, ether, tether and XRP, and a smaller token, litecoin.

Binance is the biggest market for trading Tron, according to industry data. Some other major exchanges, including U.S.-regulated Coinbase and Gemini, do not list the token.

Until recently, Tron has largely flown under the radar of cryptocurrency trackers. Market leader Chainalysis, used by US&nbsp;government agencies, only began fully supporting the tracing of Tron this May, according to an email Chainalysis sent to a client.

The Tron dataset details over 1.15 million direct transfers between Binance and Nobitex since April 2020, when the first Tron flows were recorded. The data include wallet addresses and a unique identification number for each transaction.

Reuters obtained the Tron figures, along with further datasets covering the other crypto tokens, from three firms with access to Chainalysis' Reactor investigation software. Reuters cross-checked each company's figures. A fourth firm also confirmed some of the figures on direct transfers based on a separate dataset compiled using different software.

Reuters is making available here the data for direct transactions since August 20, 2021, amounting to around $1 billion.

The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange, the data show. After Binance, the next most popular exchange for Nobitex users since 2018 was Seychelles-based KuCoin, which processed $820 million in direct and indirect transactions.

KuCoin and six other Iranian exchanges in the dataset– CoinNik Market, Iranicard, Rabex, Wallex, Sarmayex and Tether Land – did not respond to requests for comment.

SANCTIONS RISK

Binance has grown explosively since its launch in 2017. The company extended its reach from crypto last month by investing $500 million in Tesla boss Elon Musk's buyout of Twitter.

The main focus of the US&nbsp;Justice Department investigation is whether Binance violated U.S. anti-money laundering laws. As part of the case, ongoing since 2018, the department is also investigating Binance for possible criminal sanctions violations in connection with Iran, three people with knowledge of the probe said. In late 2020, the department sought records from Binance on its compliance programme, including any documents related to the transfer of crypto funds for people or entities in countries including Iran.

The Justice Department declined to comment.

The US&nbsp;government reimposed sanctions in 2018 on Iran that had been suspended three years earlier as part of Iran's nuclear deal with world powers. The West and the United Nations have targeted Tehran since 1979 with sanctions over its nuclear programme, along with alleged human rights violations and support for terrorism.

Six lawyers and sanctions experts said the Iranian transactions documented by Reuters put Binance at risk of US&nbsp;"secondary" sanctions, designed to prevent non-U.S. firms from doing business with sanctioned entities or helping Iranians evade the American trade embargo. Secondary sanctions can choke off a company's access to the US&nbsp;financial system.

Binance could also be exposed to direct "primary" sanctions if the company has what the U.S. Treasury Department calls a "nexus to the United States," the lawyers and experts said. Such links can include any US-incorporated entities, or transactions processed through the US&nbsp;financial system or using the dollar, they said. Treasury didn't respond to a request for comment.

In 2019, Britain's Standard Chartered agreed to pay almost $930 million to US&nbsp;authorities for criminal sanctions violations that included moving around $240 million via US&nbsp;financial institutions for Iranian customers. Standard Chartered accepted responsibility for the violations. French bank BNP Paribas in 2014 agreed to plead guilty to violating US&nbsp;sanctions on countries including Iran and to pay $8.9 billion. Both banks committed to improving their controls.

Binance says it does not accept customers in the United States. American clients are instead directed to a separate exchange called Binance.US, run by a US&nbsp;company which since 2019 has been registered with the Treasury as a money-service business.

Binance CEO Zhao has described Binance.US as a "fully independent entity." Reuters reported in October that he in fact controlled the U.S. exchange and directed its management from abroad. A Binance adviser, in a message to executives in 2018, described the U.S. operation as a "de facto subsidiary."

In a blog post after that article, Zhao reaffirmed that Binance.US "operates independently from Binance.com."

The vast majority of the $8 billion in Iranian crypto transactions identified by Reuters involved the main Binance exchange. But Binance.US also processed crypto transactions worth $1.5 million from Iranian exchanges Nobitex, Wallex and Tether Land, the Chainalysis data show.

US&nbsp;entities that violate the Iran sanctions can face criminal fines of up to $1 million per violation. People involved can face jail terms of up to 20 years. This October, the Treasury fined Seattle-based crypto exchange Bittrex $24 million for violating sanctions on Iran and other countries by processing crypto transactions worth over $260 million. Bittrex said at the time it was "pleased to have fully resolved" the matter.

Contacted for this article, a Binance.US spokesperson said Reuters' figures for its transactions with the Iranian exchanges were not accurate and that including "direct as well as indirect transactional data from Chainalysis both conflates and inflates the volume you cite." The spokesperson didn't provide an alternative figure.

Binance.US "adheres to all applicable US&nbsp;rules governing digital asset exchanges" and only permits trading by entities that have completed a "rigorous screening process," the spokesperson said.

Nobitex and the other Iranian crypto exchanges haven't been sanctioned by the United States. Reuters did not find evidence that sanctioned Iranian individuals, companies or organisations used Binance or Binance.US.

"THE BEST OPTION"

Nobitex, the largest Iranian exchange, launched in 2017. Its co-founder and CEO, Amirhosein Rad, did a doctorate in philosophy and chemical engineering at Iran's Sharif University of Technology, his LinkedIn profile shows. Rad didn't comment for this article.

Nobitex's aim, stated on its LinkedIn page earlier this year, is to allow Iranians to invest in crypto despite "the shadow of sanctions." As sanctions have hit Iran's ability to do business with the outside world, crypto has grown popular there for cross-border commerce. The exchange said it serves as a "safe bridge between 3.5 million Iranians and the world of cryptocurrencies."

Nobitex said in its 2021 annual report that it processes 70% of Iranian crypto transactions. The exchange has recommended that its clients use Binance in multiple posts on its website and social media channels, as recently as this year.

Nobitex users began moving bitcoin through Binance in April 2018, the Chainalysis data show.

In a trading guide on Nobitex's website, first published in 2019 and updated this October, Nobitex advised users to open accounts to convert their Iranian rials into crypto and then make transfers to a foreign exchange such as Binance, which it called the "most reliable." Subsequent posts in 2020 said that "for us Iranians, Binance is still the best option" and that Binance "causes fewer problems for Iranian users."

Noting the risk posed by U.S. sanctions, Nobitex's public terms of use recommend customers avoid the "direct transfer" of crypto from Nobitex to Binance and instead create multiple digital wallets to move funds in separate stages.

The volume of Tron transactions between Nobitex and Binance surged from August 2020, the Chainalysis data showed.

That same month, Tron's founder, Sun, said on Twitter the digital coin had enabled a new feature that allowed traders to mask their identities. Sun wrote that the feature, known as zk-SNARK, would "protect user data with the strongest privacy protection in the industry."

An article published in a Justice Department journal last year said the feature allows the development of "anonymity enhanced cryptocurrencies" that attract criminals "like sharks to chum" as they "seek out privacy to conceal their conduct."

Nobitex recommended that users open digital wallets with Binance to buy Tron due to its "high security." A Nobitex blog post in July 2021 said zk-SNARK was key to keeping those sending and receiving crypto "hidden."

Nobitex customers remained able to use Binance to trade Tron and other crypto tokens after Binance tightened its checks on clients on August 20, 2021, according to the data. Binance processed direct transactions from Nobitex totalling over $1 billion between that date and November of this year, far outstripping any other international exchange, it showed. As recently as this October, $20 million in Tron flowed directly between Binance and Nobitex, the data show.

Iranians sanctioned by the U.S. Treasury for cyberattacks and ransomware activity have used Nobitex, a Chainalysis report in September said. Between 2015 and 2022, the digital wallets of sanctioned Iranians received over $230,000 in bitcoin ransomware funds, Chainalysis said, with most of the crypto sent to Nobitex.

The Treasury said the same month that the sanctioned Iranians were all affiliated with the Islamic Revolutionary Guard Corps, a powerful faction that controls a business empire as well as elite armed and intelligence forces in Iran. Iranian authorities did not respond to a request for comment. The Iranian Foreign Ministry has called U.S. sanctions "unilateral, illegal and cruel."

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&nbsp;

Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite US sanctions intended to cut Iran off from the global financial system, blockchain data show.

Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite US sanctions intended to cut Iran off from the global financial system, blockchain data show. Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading US blockchain researcher Chainalysis. Nobitex offers guidance on its website on how to skirt sanctions. Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities. In a blog post last year, Nobitex encouraged clients to use Tron — a mid-tier token — to trade anonymously without "endangering assets due to sanctions." The scale of Binance's Iranian crypto flows — and the fact that they are continuing — has not been previously reported. The new findings come as the US Justice Department is pursuing an investigation into possible violations of money-laundering rules by Binance, which dominates the $1 trillion crypto industry, with over 120 million users. The transactions put the company at risk of falling afoul of US prohibitions on doing business with Iran, lawyers and trade-sanctions experts said. In July, Reuters revealed that Binance continued to serve clients in Iran and that the exchange's popularity in the Islamic republic was known inside the company. It was one of a series of Reuters investigations into Binance's troubled history with financial regulatory compliance. The day of that article's publication, Binance said in a blog post that it follows international sanctions rules on Iran and blocks access to the platform to anyone based there. The exchange's billionaire founder, Changpeng Zhao, tweeted: "Binance banned Iranian users after sanctions, seven got missed/found a workaround, they were banned later anyways." Also Read | Iran finally admits it provided drones to Russia, but resolutely denies supplying missiles Binance didn't answer detailed questions about the new transactions uncovered by Reuters. In a statement, spokesperson Patrick Hillmann said, "Binance.com is not a US company, unlike other platforms that have exposure to these same US sanctioned entities. However, we have taken proactive steps to limit our exposure to the Iranian marketplace," working with industry partners and internal tools. Binance declines to give details of the location or the entity behind its Binance.com exchange. Nobitex didn't respond to questions for this article. Nor did the Tron Network, based in the British Virgin Islands, and its founder Justin Sun. In August 2021, Binance announced that customers would no longer be able to open accounts and use its services without identification. But since then, the exchange has processed almost $1.05 billion in trades directly from Nobitex and other Iranian exchanges, according to the Chainalysis data, which runs to November of this year. Since Zhao's tweet in July, Binance has processed around $80 million in Iranian trades. Hillmann said in the Binance statement that the company requires full "Know Your Customer" checks for all users "and residents of Iran are prohibited from opening or maintaining an account. We are continually updating processes and technology as we learn about new risks and potential exposures. As a result of these efforts, including real-time transaction monitoring in coordination with external vendors, between June of 2021 and November of 2022, Binance's exposure to Iranian-linked entities has seen an exponential decline." The data reviewed by Reuters show that in total some $2.95 billion in crypto moved directly between Iranian exchanges and Binance since 2018. A further $5 billion in crypto moved between Iranian exchanges and Binance through layers of intermediaries, the data also reveal. Regulators say such "indirect" flows should be a red flag to crypto exchanges - an indicator of possible money laundering and sanctions evasion. Crypto users seeking to cover their tracks often use sophisticated techniques to create complex chains of crypto transfers. Nobitex advises its 4 million customers on its website to avoid "the direct transfer" of crypto between Iranian and foreign crypto platforms to "maintain security." Binance spokesperson Hillmann told Reuters in June, in relation to the exchange's indirect exposure to illicit funds, that "what's important to note is not where the funds come from - as crypto deposits cannot be blocked - but what we do after the funds are deposited." He said Binance uses transaction monitoring and risk assessments to "ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner." In addition to the Tron token, the remainder of the Iranian transactions were in major cryptocurrencies bitcoin, ether, tether and XRP, and a smaller token, litecoin. Binance is the biggest market for trading Tron, according to industry data. Some other major exchanges, including U.S.-regulated Coinbase and Gemini, do not list the token. Until recently, Tron has largely flown under the radar of cryptocurrency trackers. Market leader Chainalysis, used by US government agencies, only began fully supporting the tracing of Tron this May, according to an email Chainalysis sent to a client. The Tron dataset details over 1.15 million direct transfers between Binance and Nobitex since April 2020, when the first Tron flows were recorded. The data include wallet addresses and a unique identification number for each transaction. Reuters obtained the Tron figures, along with further datasets covering the other crypto tokens, from three firms with access to Chainalysis' Reactor investigation software. Reuters cross-checked each company's figures. A fourth firm also confirmed some of the figures on direct transfers based on a separate dataset compiled using different software. Reuters is making available here the data for direct transactions since August 20, 2021, amounting to around $1 billion. The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange, the data show. After Binance, the next most popular exchange for Nobitex users since 2018 was Seychelles-based KuCoin, which processed $820 million in direct and indirect transactions. KuCoin and six other Iranian exchanges in the dataset– CoinNik Market, Iranicard, Rabex, Wallex, Sarmayex and Tether Land – did not respond to requests for comment. SANCTIONS RISK Binance has grown explosively since its launch in 2017. The company extended its reach from crypto last month by investing $500 million in Tesla boss Elon Musk's buyout of Twitter. The main focus of the US Justice Department investigation is whether Binance violated U.S. anti-money laundering laws. As part of the case, ongoing since 2018, the department is also investigating Binance for possible criminal sanctions violations in connection with Iran, three people with knowledge of the probe said. In late 2020, the department sought records from Binance on its compliance programme, including any documents related to the transfer of crypto funds for people or entities in countries including Iran. The Justice Department declined to comment. The US government reimposed sanctions in 2018 on Iran that had been suspended three years earlier as part of Iran's nuclear deal with world powers. The West and the United Nations have targeted Tehran since 1979 with sanctions over its nuclear programme, along with alleged human rights violations and support for terrorism. Six lawyers and sanctions experts said the Iranian transactions documented by Reuters put Binance at risk of US "secondary" sanctions, designed to prevent non-U.S. firms from doing business with sanctioned entities or helping Iranians evade the American trade embargo. Secondary sanctions can choke off a company's access to the US financial system. Binance could also be exposed to direct "primary" sanctions if the company has what the U.S. Treasury Department calls a "nexus to the United States," the lawyers and experts said. Such links can include any US-incorporated entities, or transactions processed through the US financial system or using the dollar, they said. Treasury didn't respond to a request for comment. In 2019, Britain's Standard Chartered agreed to pay almost $930 million to US authorities for criminal sanctions violations that included moving around $240 million via US financial institutions for Iranian customers. Standard Chartered accepted responsibility for the violations. French bank BNP Paribas in 2014 agreed to plead guilty to violating US sanctions on countries including Iran and to pay $8.9 billion. Both banks committed to improving their controls. Binance says it does not accept customers in the United States. American clients are instead directed to a separate exchange called Binance.US, run by a US company which since 2019 has been registered with the Treasury as a money-service business. Binance CEO Zhao has described Binance.US as a "fully independent entity." Reuters reported in October that he in fact controlled the U.S. exchange and directed its management from abroad. A Binance adviser, in a message to executives in 2018, described the U.S. operation as a "de facto subsidiary." In a blog post after that article, Zhao reaffirmed that Binance.US "operates independently from Binance.com." The vast majority of the $8 billion in Iranian crypto transactions identified by Reuters involved the main Binance exchange. But Binance.US also processed crypto transactions worth $1.5 million from Iranian exchanges Nobitex, Wallex and Tether Land, the Chainalysis data show. US entities that violate the Iran sanctions can face criminal fines of up to $1 million per violation. People involved can face jail terms of up to 20 years. This October, the Treasury fined Seattle-based crypto exchange Bittrex $24 million for violating sanctions on Iran and other countries by processing crypto transactions worth over $260 million. Bittrex said at the time it was "pleased to have fully resolved" the matter. Contacted for this article, a Binance.US spokesperson said Reuters' figures for its transactions with the Iranian exchanges were not accurate and that including "direct as well as indirect transactional data from Chainalysis both conflates and inflates the volume you cite." The spokesperson didn't provide an alternative figure. Binance.US "adheres to all applicable US rules governing digital asset exchanges" and only permits trading by entities that have completed a "rigorous screening process," the spokesperson said. Nobitex and the other Iranian crypto exchanges haven't been sanctioned by the United States. Reuters did not find evidence that sanctioned Iranian individuals, companies or organisations used Binance or Binance.US. "THE BEST OPTION" Nobitex, the largest Iranian exchange, launched in 2017. Its co-founder and CEO, Amirhosein Rad, did a doctorate in philosophy and chemical engineering at Iran's Sharif University of Technology, his LinkedIn profile shows. Rad didn't comment for this article. Nobitex's aim, stated on its LinkedIn page earlier this year, is to allow Iranians to invest in crypto despite "the shadow of sanctions." As sanctions have hit Iran's ability to do business with the outside world, crypto has grown popular there for cross-border commerce. The exchange said it serves as a "safe bridge between 3.5 million Iranians and the world of cryptocurrencies." Nobitex said in its 2021 annual report that it processes 70% of Iranian crypto transactions. The exchange has recommended that its clients use Binance in multiple posts on its website and social media channels, as recently as this year. Nobitex users began moving bitcoin through Binance in April 2018, the Chainalysis data show. In a trading guide on Nobitex's website, first published in 2019 and updated this October, Nobitex advised users to open accounts to convert their Iranian rials into crypto and then make transfers to a foreign exchange such as Binance, which it called the "most reliable." Subsequent posts in 2020 said that "for us Iranians, Binance is still the best option" and that Binance "causes fewer problems for Iranian users." Noting the risk posed by U.S. sanctions, Nobitex's public terms of use recommend customers avoid the "direct transfer" of crypto from Nobitex to Binance and instead create multiple digital wallets to move funds in separate stages. The volume of Tron transactions between Nobitex and Binance surged from August 2020, the Chainalysis data showed. That same month, Tron's founder, Sun, said on Twitter the digital coin had enabled a new feature that allowed traders to mask their identities. Sun wrote that the feature, known as zk-SNARK, would "protect user data with the strongest privacy protection in the industry." An article published in a Justice Department journal last year said the feature allows the development of "anonymity enhanced cryptocurrencies" that attract criminals "like sharks to chum" as they "seek out privacy to conceal their conduct." Nobitex recommended that users open digital wallets with Binance to buy Tron due to its "high security." A Nobitex blog post in July 2021 said zk-SNARK was key to keeping those sending and receiving crypto "hidden." Nobitex customers remained able to use Binance to trade Tron and other crypto tokens after Binance tightened its checks on clients on August 20, 2021, according to the data. Binance processed direct transactions from Nobitex totalling over $1 billion between that date and November of this year, far outstripping any other international exchange, it showed. As recently as this October, $20 million in Tron flowed directly between Binance and Nobitex, the data show. Iranians sanctioned by the U.S. Treasury for cyberattacks and ransomware activity have used Nobitex, a Chainalysis report in September said. Between 2015 and 2022, the digital wallets of sanctioned Iranians received over $230,000 in bitcoin ransomware funds, Chainalysis said, with most of the crypto sent to Nobitex. The Treasury said the same month that the sanctioned Iranians were all affiliated with the Islamic Revolutionary Guard Corps, a powerful faction that controls a business empire as well as elite armed and intelligence forces in Iran. Iranian authorities did not respond to a request for comment. The Iranian Foreign Ministry has called U.S. sanctions "unilateral, illegal and cruel." You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Crypto exchange Binance helped Iranian firms trade $8 billion despite sanctions

In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies.&nbsp;

According to billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng "CZ" Zhao, an exploit took place on a bridge connecting blockchains, but the problem is "contained now," he wrote on Twitter on Friday.&nbsp;

A representative for the blockchain BNB Chain, which is supported by Binance, estimated that the event involved $100 million to $110 million in digital tokens. The official also said that at least $7 million in stolen money had already been blocked. BSC Token Hub, the bridge, has been shut down.

This year, crypto attacks cost almost $2 billion, and many of them were carried out by organisations with ties to North Korea. A common target has been cross-chain bridges used to move tokens between blockchains.&nbsp;

Theft of tokens valued at roughly $100 million weighs on the currency.&nbsp;

The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated that "in all likelihood, Binance will cover any fund that the hackers get away with."

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/data-lab-indias-supreme-court-legalises-abortion-regardless-of-marital-status-522735">Data Lab | India’s Supreme Court gives nod to abortion, regardless of marital status</a>

The BNB chain said that it is collaborating with security agencies to halt the transmission of stolen money. As of 10:08 am in Tokyo, Binance Coin, commonly known as BNB, was trading at around $285 after falling as high as 3.3 per cent&nbsp;on Friday.&nbsp;

Hacks and a severe market downturn that reduced the value of digital assets by almost $2 trillion have both devastated the crypto business.&nbsp;

The broader cryptocurrency markets welcomed the most recent events. Bitcoin's price remained stable at roughly $20,000.

(with inputs from agencies)

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies.

In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies. According to billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng "CZ" Zhao, an exploit took place on a bridge connecting blockchains, but the problem is "contained now," he wrote on Twitter on Friday. A representative for the blockchain BNB Chain, which is supported by Binance, estimated that the event involved $100 million to $110 million in digital tokens. The official also said that at least $7 million in stolen money had already been blocked. BSC Token Hub, the bridge, has been shut down. This year, crypto attacks cost almost $2 billion, and many of them were carried out by organisations with ties to North Korea. A common target has been cross-chain bridges used to move tokens between blockchains. Theft of tokens valued at roughly $100 million weighs on the currency. The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated that "in all likelihood, Binance will cover any fund that the hackers get away with." Also Read: Data Lab | India’s Supreme Court gives nod to abortion, regardless of marital status The BNB chain said that it is collaborating with security agencies to halt the transmission of stolen money. As of 10:08 am in Tokyo, Binance Coin, commonly known as BNB, was trading at around $285 after falling as high as 3.3 per cent on Friday. Hacks and a severe market downturn that reduced the value of digital assets by almost $2 trillion have both devastated the crypto business. The broader cryptocurrency markets welcomed the most recent events. Bitcoin's price remained stable at roughly $20,000. (with inputs from agencies)

Binance-backed blockchain loses $100 million in latest crypto theft, says stolen money blocked

Citing “extreme market conditions” crypto lender Celsius has blocked customers from pulling funds from its platform.

Following its lead Binance also halted withdrawals of bitcoin, blaming a “stuck transaction”, while digital assets slumped in price.

Amid a surge in&nbsp;inflation and signals from big central banks that they will cut back dramatically on stimulus, Bitcoin, ether, and other major tokens have wobbled in recent weeks.

According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56.

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Earlier, after signs of strain in the infrastructure were displayed, underpinning the digital asset market, there was a sharp decline in the price of bitcoin the previous day well.

Cory Klippsten, chief executive of Swan Bitcoin, a bitcoin savings platform, told news agency Reuters that "Almost anything can be systemic in crypto ... because the whole space is over-levered."

In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects.

US inflation data published last Friday prompted investors to raise their bets on Federal Reserve rate hikes and as a result markets extended a sell-off.

Briefly breaking its 1:1 peg with the dollar, Tether, the world's largest stablecoin collapsed followed by the terraUSD and luna tokens in May rattling the cryptocurrency investors.

(With inputs from agencies)

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Citing “extreme market conditions” crypto lender Celsius has blocked customers from pulling funds from its platform. Following its lead Binance also halted withdrawals of bitcoin, blaming a “stuck transaction”, while digital assets slumped in price.

Citing “extreme market conditions” crypto lender Celsius has blocked customers from pulling funds from its platform. Following its lead Binance also halted withdrawals of bitcoin, blaming a “stuck transaction”, while digital assets slumped in price. Amid a surge in inflation and signals from big central banks that they will cut back dramatically on stimulus, Bitcoin, ether, and other major tokens have wobbled in recent weeks. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56. × Earlier, after signs of strain in the infrastructure were displayed, underpinning the digital asset market, there was a sharp decline in the price of bitcoin the previous day well. Cory Klippsten, chief executive of Swan Bitcoin, a bitcoin savings platform, told news agency Reuters that "Almost anything can be systemic in crypto ... because the whole space is over-levered." In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects. US inflation data published last Friday prompted investors to raise their bets on Federal Reserve rate hikes and as a result markets extended a sell-off. Briefly breaking its 1:1 peg with the dollar, Tether, the world's largest stablecoin collapsed followed by the terraUSD and luna tokens in May rattling the cryptocurrency investors. (With inputs from agencies) Watch WION's live TV here:

After crypto lender Celsius blocks all redemptions, Bitcoin tumbles

The chief executive of crypto exchange Binance discussed buying Russian billionaire Roman Abramovich`s Premier League soccer club Chelsea but has ruled out any such deal, a spokesperson for Binance has told Reuters. Changpeng Zhao spoke with the Raine Group, the U.S. investment bank representing Chelsea on the sale, but declined to pursue it as owning a soccer club is not one of his priorities, the spokesperson said. 
Abramovich put Chelsea up for sale last week after Russia`s invasion of Ukraine triggered an international backlash against businessmen with close ties to Russian President Vladimir Putin. Abramovich has denied having such ties.

Binance, the world`s largest cryptocurrency exchange, has several ties to the soccer world. It sponsored the Africa Cup of Nations tournament, and also sponsors the Argentinian national team and Italian Serie A side Lazio. Raine did not immediately respond to a request for comment. Chelsea, current European and World Club Cup champions, have declined to comment on the sale.

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Abramovich expects the West London club to fetch more than 3 billion pounds ($4 billion), people familiar with the matter have said. Abramovich bought Chelsea in 2003 for a reported 140 million pounds. 
The sale has attracted interest from suitors including U.S. billionaire Todd Boehly, who owns stakes in the LA Dodgers baseball club and LA Lakers basketball team. Boehly has teamed up on a bid with Swiss billionaire businessman Hansjorg Wyss, sources have said.

Boehly and Wyss have declined to comment. Mixed martial arts star Conor McGregor has also publicly expressed interest in buying the club. Sources have said it may take about a month to agree to a sale with a successful bidder. Abramovich has said the proceeds from the sale will go to support the victims of the war in Ukraine.

Raine also advised Binance, which processes trades worth billions of dollars a month, on its $200 million investment last month in U.S. media group Forbes.

The chief executive of crypto exchange Binance discussed buying Russian billionaire Roman Abramovich`s Premier League soccer club Chelsea but has ruled out any such deal, a spokesperson for Binance has told Reuters.

The chief executive of crypto exchange Binance discussed buying Russian billionaire Roman Abramovich`s Premier League soccer club Chelsea but has ruled out any such deal, a spokesperson for Binance has told Reuters. Changpeng Zhao spoke with the Raine Group, the U.S. investment bank representing Chelsea on the sale, but declined to pursue it as owning a soccer club is not one of his priorities, the spokesperson said. Abramovich put Chelsea up for sale last week after Russia`s invasion of Ukraine triggered an international backlash against businessmen with close ties to Russian President Vladimir Putin. Abramovich has denied having such ties. Binance, the world`s largest cryptocurrency exchange, has several ties to the soccer world. It sponsored the Africa Cup of Nations tournament, and also sponsors the Argentinian national team and Italian Serie A side Lazio. Raine did not immediately respond to a request for comment. Chelsea, current European and World Club Cup champions, have declined to comment on the sale. ALSO READ | FIFA postpone Scotland's World Cup play-off semi-final against Ukraine amid war crisis Abramovich expects the West London club to fetch more than 3 billion pounds ($4 billion), people familiar with the matter have said. Abramovich bought Chelsea in 2003 for a reported 140 million pounds. The sale has attracted interest from suitors including U.S. billionaire Todd Boehly, who owns stakes in the LA Dodgers baseball club and LA Lakers basketball team. Boehly has teamed up on a bid with Swiss billionaire businessman Hansjorg Wyss, sources have said. Boehly and Wyss have declined to comment. Mixed martial arts star Conor McGregor has also publicly expressed interest in buying the club. Sources have said it may take about a month to agree to a sale with a successful bidder. Abramovich has said the proceeds from the sale will go to support the victims of the war in Ukraine. Raine also advised Binance, which processes trades worth billions of dollars a month, on its $200 million investment last month in U.S. media group Forbes.

Binance CEO turned down purchase of Chelsea, reveals spokesperson

Cryptocurrency exchange Binance is making a $200 million investment in Forbes. This has raised questions about the future independence of the magazine and digital platform.&nbsp;

However, a Binance spokesperson said that Forbes’s editorial independence would remain “sacrosanct” after the deal.&nbsp;

Once the deal closes, Forbes would become a publicly-traded company on the New York Stock Exchange.

Speaking about the same, Forbes said that the funds will help it execute its plan to merge with Magnum Opus Acquisition, which is a publicly-traded special purpose acquisition company.&nbsp;

The news comes in less than two years after Binance sued the company for defamation.

<a href="https://www.wionews.com/world/highly-confident-elon-musk-says-spacex-starship-to-reach-earths-orbit-this-year-452437">Also read |&nbsp;'Highly confident': Elon Musk says SpaceX Starship to reach Earth's orbit this year</a>

In November 2020, Binance sued Forbes and two of its writers after a story that claimed Binance “conceived of an elaborate corporate structure designed to intentionally deceive regulators”.

It stated that the story is “false, misleading and highly defamatory.”&nbsp;

The lawsuit was dropped by Binance in February last year.

As per both the companies, this deal would help in bringing a wider understanding of the subject of cryptocurrencies and blockchain.&nbsp;

Binance chief executive and founder, Changpeng Zhao, in a report by The Guardian, said, "As Web3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’s digital initiatives as they evolve into a next-level investment insights platform.”

(With inputs from agencies)

Cryptocurrency exchange Binance is making a $200 million investment in Forbes. This has raised questions about the future independence of the magazine and digital platform.

Cryptocurrency exchange Binance is making a $200 million investment in Forbes. This has raised questions about the future independence of the magazine and digital platform. However, a Binance spokesperson said that Forbes’s editorial independence would remain “sacrosanct” after the deal. Once the deal closes, Forbes would become a publicly-traded company on the New York Stock Exchange. Speaking about the same, Forbes said that the funds will help it execute its plan to merge with Magnum Opus Acquisition, which is a publicly-traded special purpose acquisition company. The news comes in less than two years after Binance sued the company for defamation. Also read | 'Highly confident': Elon Musk says SpaceX Starship to reach Earth's orbit this year In November 2020, Binance sued Forbes and two of its writers after a story that claimed Binance “conceived of an elaborate corporate structure designed to intentionally deceive regulators”. It stated that the story is “false, misleading and highly defamatory.” The lawsuit was dropped by Binance in February last year. As per both the companies, this deal would help in bringing a wider understanding of the subject of cryptocurrencies and blockchain. Binance chief executive and founder, Changpeng Zhao, in a report by The Guardian, said, "As Web3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’s digital initiatives as they evolve into a next-level investment insights platform.” (With inputs from agencies)

Crypto exchange Binance takes $200 million stakes in Forbes

Changpeng Zhao, the CEO of cryptocurrency exchange Binance, is the world's biggest crypto millionaire, with a fortune comparable to that of tech billionaires Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg.

Zhao's net worth was estimated to be $96 billion by Bloomberg on Monday, making him the world's 11th richest person.

Zhao, who is known in crypto circles as "CZ," is now sandwiched between No. 12 Mukesh Ambani, CEO of Indian giant Reliance Industries, and No. 10, Larry Ellison, cofounder of Oracle, who is worth an estimated $107 billion on the Bloomberg Billionaires Index.&nbsp;

Zhao's personal crypto assets are not included in the $96 billion number, so it could be significantly understated.

According to Bloomberg's index, the 44-year-old's closest competitors are FTX founder Sam Bankman-Fried ($15.4 billion) and Coinbase CEO Brian Armstrong ($8.9 billion). 
 
Watch | Gravitas: Crypto Scammers stole $14 billion in 2021

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According to CoinGecko, Binance is the world's largest cryptocurrency exchange, with a 24-hour trading volume of $106 billion as of January 6.

According to Bloomberg, it made at least $20 billion in sales last year.

Bloomberg projected Binance's revenue from spot and derivatives trading volumes, as well as stated fees, assuming Zhao owns 90% of the company.

It assigned a value to the company based on its publicly traded competitors.

Binance disputed the accuracy of the projections, and Zhao declined to respond to Bloomberg.&nbsp;

(With inputs from agencies)

Changpeng Zhao, the CEO of cryptocurrency exchange Binance, is the world's biggest crypto millionaire, with a fortune comparable to that of tech billionaires Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg.

Changpeng Zhao, the CEO of cryptocurrency exchange Binance, is the world's biggest crypto millionaire, with a fortune comparable to that of tech billionaires Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg. Zhao's net worth was estimated to be $96 billion by Bloomberg on Monday, making him the world's 11th richest person. Zhao, who is known in crypto circles as "CZ," is now sandwiched between No. 12 Mukesh Ambani, CEO of Indian giant Reliance Industries, and No. 10, Larry Ellison, cofounder of Oracle, who is worth an estimated $107 billion on the Bloomberg Billionaires Index. Zhao's personal crypto assets are not included in the $96 billion number, so it could be significantly understated. According to Bloomberg's index, the 44-year-old's closest competitors are FTX founder Sam Bankman-Fried ($15.4 billion) and Coinbase CEO Brian Armstrong ($8.9 billion). Watch | Gravitas: Crypto Scammers stole $14 billion in 2021 According to CoinGecko, Binance is the world's largest cryptocurrency exchange, with a 24-hour trading volume of $106 billion as of January 6. According to Bloomberg, it made at least $20 billion in sales last year. Bloomberg projected Binance's revenue from spot and derivatives trading volumes, as well as stated fees, assuming Zhao owns 90% of the company. It assigned a value to the company based on its publicly traded competitors. Binance disputed the accuracy of the projections, and Zhao declined to respond to Bloomberg. (With inputs from agencies)

This ex-McDonald's cook is now the 11th richest person in the world

Britain's financial regulator has said Binance, one of the world's largest cryptocurrency exchanges, cannot conduct any regulated activity and issued a warning to consumers about the platform, which is coming under growing scrutiny globally.

World Business Watch: Britain bans Binance's UK operations in latest cryptocurrency crackdown

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