Binance Enhances Customer Screening in the United States

According to Bloomberg, Binance has urged leading brokers to enhance customer screening to ensure they do not serve customers in the United States.

Azcnews (2)

Global cryptocurrency exchange Binance has asked leading brokers such as FalconX and Hidden Road to improve their customer vetting processes to prevent Americans from trading on the platform.

According to the report, since brokers primarily serve institutional investors, information needed from customers includes the geographical location of their offices, founders, and employees. They also require customers to provide authentic information to ensure accuracy.

Binance’s situation after CZ pleaded guilty

The report said that since Binance was accused in November, the cryptocurrency exchange has asked top brokers to increase information about their customers.

Binance after pleading guilty and admitting to violating the Bank Secrecy Act last year. The United States Department of Justice announced a settlement with Binance over charges related to money laundering, fraud, and sanctions violations, resulting in the exchange paying a $4.3 billion fine.

Changpeng Zhao
Changpeng Zhao

Changpeng Zhao turned Binance, the company he founded and runs as CEO, into the world’s largest cryptocurrency exchange by targeting the US market, but declined comply with the laws of the United States,” Acting Assistant Attorney General Nicole M. Argentieri of the DOJ’s criminal division said in a statement last November.

Binance’s US branch faced a lawsuit from the Securities and Exchange Commission last June, along with Binance and Zhao, claiming it had to cut its staff by more than two-thirds after revenue fell 75% following enforcement measures.

Related: Former Binance CEO CZ Announces Upcoming Plans

However, the global exchange appears to have grown stronger since Zhao’s guilty plea and subsequent resignation, as the total value of assets under management has increased from $67 billion to $112.5 billion. USD since November, according to data from DefiLlama. This may be because the value of bitcoin has seen record increases over the past few months.

Binance remains the world’s largest cryptocurrency exchange in terms of trading volume, according to data from CoinMarketCap.

5.0/5

(8 votes)
  1. Avatar of Malik Sohail jahnbaz
    Malik Sohail jahnbaz

    Z Coin 🪙 it’s amazing Coin

Comments are closed.

Latest

Azcnews Whale Gains Massive Profits From Shiba Inu Bull Run

News | Altcoin | Editor Choice | Memecoin

Whale Gains Massive Profits from Shiba Inu Bull Run

A smart whale has made a huge profit during the Shiba Inu price surge, sparking speculation that a new high for SHIB may be coming.

Crypto Market Capitalization Approaches France Gdp

News | Bitcoin | Editor Choice

Crypto Market Capitalization Approaches France GDP

Bitcoin has reached the milestone of $90,000, with a market capitalization of $1.77 trillion, surpassing the silver market. Meanwhile, the total market capitalization of cryptocurrencies has reached $3.12 trillion, closely approaching the GDP of France, which is among the top seven economies in the world.

Azcnews Cronos Surges 183%, Leading The Market In Gains

Altcoin | Analytics | Editor Choice | News

Cronos Surges 183%, Leading the Market in Gains

CRO has increased in price by more than 183% in the past 7 days, recording the strongest growth coin in the market, compared to all other coins.

Ftx Sues Binance And Cz

News | Editor Choice | Policy & Regulations

FTX Sues Binance and CZ, Demanding Compensation of Up to $1.76 Billion

FTX has filed a lawsuit against Binance and CZ in the Delaware Bankruptcy Court, seeking damages of up to $1.76 billion. They claim that Binance and CZ were the main causes of the 2022 collapse.

Azcnews Bitcoin Surges To $89,000, Igniting A Market Wide Boom

News | Bitcoin | Editor Choice

Bitcoin Surges to $89,000, Igniting a Market-Wide Boom

Bitcoin has surged to $89,000, marking a new all-time high. Bitcoin is just 12% away from hitting $100,000.