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Binance Finally Responds To U.S. Regulatory Concerns; But Fails To Provide Financials

Binance Finally Responds To U.S. Regulatory Concerns; But Fails To Provide Financials WikiBit 2023-03-19 14:02

The latest news from Binance indicates that the exchange has issued a response to the accusations made by three prominent US senators.

Binance, the largest cryptocurrency exchange globally, has addressed the significant criticism and apprehensions voiced by prominent US senators, including Elizabeth Warren, concerning its operations. The exchange has come under intense regulatory scrutiny due to increased regulatory measures imposed on crypto firms operating in the United States.

Binance Responds To Allegations

In a letter obtained by major media outlets, Patrick Hillmann, Binance's Chief Strategy Officer, discussed the company's efforts to bolster its compliance program team. The letter spanned 14 pages, but Hillmann provided few specifics about the company's financial status.

The response provided by Hillmann did not satisfy the requests made by legislators in their March 1 letter, where they referred to Binance as a “hotbed” of criminal activity. Instead, Hillmann's statement emphasized Binance's commitment to prioritizing regulatory compliance, while also clarifying that Binance and Binance.US are distinct entities, despite certain public reports that suggest otherwise.

Hillmann had previously acknowledged the existence of compliance deficiencies during Binance's early years, which have now been rectified. The company now aims to establish stable relations with regulatory bodies.

Binances Regulatory Crackdown

Recent reports indicate that Binance and its US subsidiary have already shared financial and user data with relevant authorities, with the Senate Banking Committee members expected to review the submitted documents. Senator Marshall's office confirmed receipt of a response from Binance.US and is currently analyzing its contents.

Earlier, Elizabeth Warren, Chris van Hollen, and Roger Marshall sent a letter to Binance and Binance.US, raising concerns about their business practices, including alleged evasion of authorities, transfer of assets to criminals and sanctions violators, and withholding of basic financial information from clients and the public.

As a result of this news, Binance's native token, BNB, has been affected by significant FUD, with its price currently trading at around $341.23, down 1% in the past hour and up 2.53% in the previous 24 hours.

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