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Bitcoin binance price12/18/2023 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." We are continually updating processes and technology as we learn about new risks and potential exposures. 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. Since Zhao's tweet in July, Binance has processed around $80 million in Iranian trades. 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. In August 2021, Binance announced that customers would no longer be able to open accounts and use its services without identification. Nor did the Tron Network, based in the British Virgin Islands, and its founder Justin Sun. Nobitex didn't respond to questions for this article. The exchange's billionaire founder, Changpeng Zhao, tweeted: "Binance banned Iranian users after sanctions, 7 got missed/found a workaround, they were banned later anyways."īinance declines to give details of the location or the entity behind its exchange. 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. It was one of a series of Reuters investigations into Binance's troubled history with financial regulatory compliance. 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. prohibitions on doing business with Iran, lawyers and trade-sanctions experts said. The transactions put the company at risk of falling afoul of U.S. 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. Other failures include Celsius, a bank-like company that took in crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.The new findings come as the U.S. Robinhood shares closed down roughly 14% and Coinbase shares lost around 10%.įTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have collapsed in value. Shares of publicly traded exchanges exposed to crypto also plunged on the news. To further illustrate FTX’s financial straits, Bankman-Fried asked his investors Wednesday for $8bn to cover withdrawal requests, according to the Wall Street Journal, citing unnamed sources.įTX is now reportedly under investigation by US authorities for how it handled customers’ deposits, according to Bloomberg News and other media outlets. Many of crypto investors’ concerns centered on whether the balance sheet of an affiliated company of FTX known as Alameda Research was saturated with increasingly worthless FTT tokens, whose total value would not exceed the exchange’s liabilities, effectively making FTX insolvent. The token, now worth around $2.50, was worth 10 times that amount only a week ago. The sudden sale was a shocking turn of events for Bankman-Fried, who was hailed as somewhat of a savior earlier this year when he helped shore up a number of cryptocurrency companies that ran into financial trouble.įTX’s own crypto token, known as FTT, plunged more than 50% on the reports. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital. The other major cryptocurrency, Ethereum, dropped 13%.įTX had agreed to sell itself to Binance after experiencing the cryptocurrency equivalent of a bank run. It had been above $20,000 earlier in the week. The price of bitcoin plunged more than 13% to $15,840, according to CoinDesk, its lowest level since November 2020. “In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said in a statement. After an initial review, Binance said in a statement on Wednesday that it had significant concerns that convinced it to back out of the deal.
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