![]() ![]() He continued to discuss his relationship with Abu Dhabi and further interest in the Gulf in the discussion with CEO of financial services company Galaxy Digital Holdings Mike Novogratz. “It’s not a saturated market we don’t need to compete with the 1% of today,” he said about the United Arab Emirates and the region. ![]() On Monday, Zhao announced Binance had previously held a $580 million value of FTT, of which "we only sold quite a small portion - we still hold a large bag."īinance is currently under investigation by the US Justice Department for possible violations of money laundering rules, Reuters reported last week.īinance was granted a license to operate in Dubai in March of this year, which Zhao said was an ideal place to operate. 6 when he said in a tweet that Binance would sell its holdings of FTT, a token of the now-bankrupt FTX Exchange. The overall cryptocurrency market has fallen by about two-thirds from its peak to $1.07 trillion.īefore FTX’s collapse, Zhao sparked concerns among investors on Nov. ![]() Why it matters: Binance is the largest infrastructure provider in the global $1 trillion cryptocurrency industry, reaching more than 120 million users. What it means: There is increasing skepticism about the reliability of cryptocurrencies and the exchanges that manage them amid the fluctuating market that has caused huge losses among investors and led to a crypto winter. Very transparent in all their dealings and putting in so much $ for security & adoption of crypto," wrote Twitter user Danladi Dimah Tia from Ghana. "No one in the crypto space is doing even 1/4 of what and is doing for the crypto industry. There was opposition to the views of the professor emeritus of economics at New York University, with Binance receiving support from people in the audience and globally for their pioneering work and process. "I can't believe has a license to operate in the UAE," he told CNBC correspondent Dan Murphy while on stage. "Me calling for to be kicked out of the UAE while I was live on stage today," wrote Roubini. Nouriel Roubini, the chief economist at Atlas Capital, went on the event's main stage after Zhao and berated the CEO on stage in addition to tweeting about it. What happened: Bahamas-based cryptocurrency exchange FTX filed for bankruptcy last week, and Binance’s role in it has led to big reactions. A speaker at the event tweeted about his distrust of Zhao shortly after. Yet not everyone attending the second day of the Abu Dhabi Global Market (ADGM) event was buying it. Its trading volumes hit $34 trillion in 2021.ABU DHABI - Binance CEO Changpeng Zhao stood in support of crypto, reassuring a packed hall on Wednesday at Abu Dhabi Finance Week (ADFW) that crypto is the future. Its core exchange, the world's biggest, processed trades worth about $23 trillion last year, according to data provider CryptoCompare. law," CFTC Chairman Rostin Behnam said in a statement.īinance dominates the global digital asset sector. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. "For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. It also accused Binance's former Chief Compliance Officer Samuel Lim of aiding and abetting Binance's violations.īinance did not immediately respond to a request for comment. laws, the CFTC said in its complaint.īinance's compliance program has been "ineffective" and the firm, under the direction of Zhao, told employees and customers to go around compliance controls, the CFTC said. Commodity Futures Trading Commission (CFTC) for regulatory violations, according to a court filing on Monday.īinance, the world's biggest crypto exchange, had from at least July 2019 to the present "offered and executed commodity derivatives transactions on behalf of U.S. Major cryptocurrency exchange Binance and executives, including CEO and founder Changpeng Zhao, have been sued by the U.S. ![]()
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