Binance: Difference between revisions - Wikipedia

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'''Binance Holdings Ltd.''', branded '''Binance''', is a global<ref>{{Cite web |date=2022-09-01 |title=Who Is Guangying Chen, and Is Binance a "Chinese Company"? |url=https://www.binance.com/en/blog/from-cz/who-is-guangying-chen-and-is-binance-a-chinese-company-2386330931319516973 |access-date=2023-05-23 |website=Binance Blog |language=en |quote=We have subsidiaries in many countries, including France, Spain, Italy, UAE, and Bahrain,}}</ref> company that operates the largest [[cryptocurrency exchange]] in terms of daily trading [[Volume (finance)|volume]] of [[cryptocurrencies]]. Binance was founded in 2017 by [[Changpeng Zhao]], a developer who had previously created [[high frequency trading|high-frequency trading]] software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.

Binance has been the subject of lawsuits and challenges from regulatory authorities throughout its history. As a result, Binance has been banned from operating or ordered to cease operations in some countries, and has been issued fines. It has been alleged that Binance could be used as a funding mechanism for terrorist groups. In November 2023, the company pleaded guilty in a U.S. federal court to money laundering, unlicensed money transmitting, and sanctions violations. In 2021, Binance was put under investigation by both the [[United States Department of Justice]] and [[Internal Revenue Service]] on allegations of [[money laundering]] and tax offenses.<ref name="Daily Newsbrief">{{Cite news |title=Crypto Exchange Binance Under IRS and DOJ Investigation |work=Daily Newsbrief |url=https://dailynewsbrief.com/2021/05/14/crypto-exchange-binance-under-irs-and-doj-investigation/ |access-date=16 May 2021 |archive-date=29 October 2021 |archive-url=https://web.archive.org/web/20211029221319/https://dailynewsbrief.com/2021/05/14/crypto-exchange-binance-under-irs-and-doj-investigation/ |url-status=dead }}</ref><ref name="bloomberg.com">{{Cite web |last=Schoenberg |first=Tom |date=2021-05-13 |title=Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths |url=https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in |url-status=live |archive-url=https://web.archive.org/web/20210513170404/https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in |archive-date=13 May 2021 |access-date=2021-05-13 |website=Bloomberg.com}}</ref><ref name="reuters.com">{{Cite web |date=2021-05-13 |title=Binance under investigation by Justice Department, IRS – Bloomberg News |url=https://www.reuters.com/technology/binance-under-investigation-by-justice-department-irs-bloomberg-news-2021-05-13/ |access-date=2021-05-13 |website=Reuters}}</ref> The UK's [[Financial Conduct Authority]] ordered Binance to stop all regulated activity in the United Kingdom in June 2021.<ref>{{Cite web |date=2021-06-26 |title=Consumer warning on Binance Markets Limited and the Binance Group |url=https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group |url-status=live |archive-url=https://web.archive.org/web/20210626230614/https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group |archive-date=26 June 2021 |access-date=2021-12-08 |website=fca.org.uk}}</ref> That same year, Binance shared client data, including names and addresses, with the Russian government.<ref>{{Cite news |last=Berwick |first=Angus |date=22 April 2022 |title=Special Report: How crypto giant Binance built ties to a Russian FSB-linked agency |language=en |work=Reuters |url=https://www.reuters.com/technology/how-crypto-giant-binance-built-ties-russian-fsb-linked-agency-2022-04-22/ |access-date=2022-04-22}}</ref>

== History ==

[[File:5 years birthday Binance cake in Paris - 2022-07-08.jpg|thumb|5 years birthday Binance cake in Paris in July 2022.]]

===2013–2017: company beginnings and move out of China===

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In August 2018, Binance along with three other big exchanges raised $32 million for a "[[stablecoin]]" project. The idea of stablecoins is to provide a cryptocurrency without the notorious volatility of [[Bitcoin]] and other popular [[digital asset]]s.<ref>{{Cite news |title=Binance and Other Crypto Exchanges Back $32 Million Stable Coin Project |language=en |work=Fortune |url=http://fortune.com/2018/08/29/cryptocurrency-exchanges-back-32-million-stable-coin-project/ |url-status=dead |access-date=2018-08-30 |archive-url=https://web.archive.org/web/20180829194927/http://fortune.com/2018/08/29/cryptocurrency-exchanges-back-32-million-stable-coin-project/ |archive-date=29 August 2018}}</ref>

In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including [[Visa Inc.|Visa]] and [[Mastercard]]. The purchases are subject to Simplex's local bank policies and are limited to Bitcoinbitcoin, [[Ethereum]], [[Litecoin]] and [[Ripple (payment protocol)|Ripple's]] [[XRP]].<ref>{{Cite web |last=Russell |first=Jon |date=31 January 2019 |title=Binance now lets users buy crypto with a credit card |url=https://techcrunch.com/2019/01/31/binance-credit-card-visa-mastercard/ |access-date=31 January 2019 |website=TechCrunch}}</ref>

On 7 May 2019, Binance revealed that it had been the victim of a "large scale security breach" in which hackers had stolen 7,000 Bitcoinbitcoin worth around $40 million at the time.<ref>{{Cite web |last=Kharpal |first=Arjun |date=8 May 2019 |title=Binance bitcoin hack: Over $40 million of cryptocurrency stolen |url=https://www.cnbc.com/2019/05/08/binance-bitcoin-hack-over-40-million-of-cryptocurrency-stolen.html |access-date=8 May 2019 |publisher=CNBC |language=en}}</ref> Binance CEO Changpeng Zhao said the hackers "used a variety of techniques, including [[phishing]], viruses and other attacks" and structured their transaction "in a way that passed our existing security checks."<ref>{{Cite web |last=Valinsky |first=Jordan |date=8 May 2019 |title=Hackers steal $40 million worth of bitcoin in massive security breach |url=https://www.cnn.com/2019/05/08/tech/bitcoin-binance-hack/index.html |access-date=8 May 2019 |publisher=CNN}}</ref> Binance halted further withdrawals and deposits but allowed trading to continue. The site pledged to reimburse customers through its "Secure Asset Fund for Users (SAFU)".<ref>{{Cite web |last=Stewart |first=Emily |date=2019-05-08 |title=If bitcoin is so safe, why does it keep getting hacked? |url=https://www.vox.com/recode/2019/5/8/18537073/binance-hack-bitcoin-stolen-blockchain-security-safu |access-date=2021-05-12 |website=Vox |language=en}}</ref><ref>{{Cite web |last=Thompson |first=Luke |date=2019-05-08 |title=Binance offers full refund after $40m hack |url=https://asiatimes.com/2019/05/binance-offers-full-refund-after-40m-hack/ |access-date=2021-05-12 |website=Asia Times |language=en-US}}</ref> Withdrawals resumed by 19 May.<ref>{{Cite web |date=19 May 2019 |title=Security Incident Recap |url=https://www.binance.com/en/blog/336904059293999104/Security-Incident-Recap |url-status=live |archive-url=https://web.archive.org/web/20190520134154/https://www.binance.com/en/blog/336904059293999104/Security-Incident-Recap |archive-date=20 May 2019 |access-date=2021-05-12 |website=Binance Blog |language=en}}</ref>{{Better source needed|reason=Citation is the Binance company website, which is not objective.|date=August 2022}}

In June 2019 the company announced it would prohibit US passport holders as well as anyone residing in the US, and would set up a new entity binance.us to support those customers.<ref>{{Cite web |title=Binance begins to restrict US users ahead of regulatory-compliant exchange launch |url=https://techcrunch.com/2019/06/14/binance-begins-to-restrict-us-customers/ |access-date=2023-11-06 |website=TechCrunch |date=14 June 2019 |language=en}}</ref> Later in 2023 Forbes leaked a document allegedly from Binance titled "TaiChi" that proposed this regulatory solution to reduce US regulatory risk.<ref>{{Cite web |title=Leaked 'Tai Chi' Document Reveals Binance's Elaborate Scheme To Evade Bitcoin Regulators |url=https://www.forbes.com/sites/michaeldelcastillo/2020/10/29/leaked-tai-chi-document-reveals-binances-elaborate-scheme-to-evade-bitcoin-regulators/ |access-date=2023-11-06 |website=Forbes |language=en}}</ref> Binance subsequently denied the document, sued Forbes for defamation, and subsequently dropped the lawsuit.<ref>{{Cite magazine |title=Crypto's Richest Man Is Waiting Out the Chaos |url=https://www.rollingstone.com/culture/culture-features/changpeng-zhao-cz-crypto-binance-1234740435/ |access-date=2023-11-06 |magazine=Rolling Stone|date=3 June 2023 |language=en}}</ref>

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On 28 October 2020, ''[[Forbes magazine|Forbes]]'' staff released leaked documents showing that Binance and Changpeng Zhao created an elaborate corporate structure designed to intentionally deceive United States regulators and secretly profit from cryptocurrency investors located in the country.<ref name="Forbes 2020-10-28">{{Cite news |date=2020-10-28 |title=Leaked 'Tai Chi' Document Reveals Binance's Elaborate Scheme To Evade Bitcoin Regulators |work=[[Forbes]] |url=https://www.forbes.com/sites/michaeldelcastillo/2020/10/29/leaked-tai-chi-document-reveals-binances-elaborate-scheme-to-evade-bitcoin-regulators/ |access-date=2020-10-30}}</ref> Binance officially blocks access from [[IP addresses]] located in the United States, but "potential customers would be taught how to evade geographic restrictions", ''Forbes'' claimed.<ref name="Forbes 2020-10-28" />

In May 2021 it was reported that Binance was under investigation by both the [[Internal Revenue Service]] and the [[United States Department of Justice]] on allegations of money laundering and tax offenses.<ref name="Daily Newsbrief">{{Cite news |title=Crypto Exchange Binance Under IRS and DOJ Investigation |work=Daily Newsbrief |url=https://dailynewsbrief.com/2021/05/14/crypto-exchange-binance-under-irs-and-doj-investigation/}}</ref><ref name="bloomberg.com">{{Cite web |last=Schoenberg |first=Tom |date=2021-05-13 |title=Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths |url=https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in |url-status=live |archive-url=https://web.archive.org/web/20210513170404/https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in |archive-date=13 May 2021 |access-date=2021-05-13 |website=Bloomberg.com}}</ref><ref name="reuters.com">{{Cite web |date=2021-05-13 |title=Binance under investigation by Justice Department, IRS – Bloomberg News |url=https://www.reuters.com/technology/binance-under-investigation-by-justice-department-irs-bloomberg-news-2021-05-13/ |access-date=2021-05-13 |website=Reuters}}</ref>

In February 2022, Binance took a $200 million stake in ''Forbes''.<ref>{{Cite news |date=10 February 2022 |title=Crypto exchange Binance to take $200m stake in Forbes |publisher=BBC News |url=https://www.bbc.com/news/business-60339561}}</ref> It's unclear if this investment was ever completed. In May 2022, Forbes Global Media Holdings halted plans to go public via a merger with Magnum Opus Acquisition Ltd, a Hong Kong-based [[special-purpose acquisition company]].<ref>{{Cite web |last1=Hirsch |first1=Lauren |last2=Mullin |first2=Benjamin |date=31 May 2022 |title=Forbes, Chronicler of Wealthy and Powerful, Will Scrap Plan to Go Public via SPAC |url=https://www.nytimes.com/2022/05/31/business/media/forbes-public-spac-deal.html |access-date=7 May 2023 |website=The New York Times}}</ref> Zhao said the plan had "changed a little bit, but I believe that's still in discussions."<ref>{{Cite web |last1=Nicolle |first1=Emily |last2=Lacqua |first2=Francine |last3=Mackenzie |first3=Tom |date=16 June 2022 |title=Binance's $200 Million Forbes Deal is 'Changing,' CEO Zhao Says |url=https://www.bloomberg.com/news/articles/2022-06-16/binance-s-200-million-forbes-deal-is-changing-ceo-zhao-says |access-date=7 May 2023 |website=[[Bloomberg L.P.]] |language=en}}</ref> In February 2023, Zhao tweeted his disappointment that Forbes "continues to write baseless articles" about Binance.<ref>{{Cite tweet |number=1630466341978136578 |user=cz_binance |title=I am deeply disappointed that Forbes continues to write baseless articles, losing their own credibility. 9/9 |author=CZ 🔶 Binance |date=28 February 2023 |access-date=22 May 2023 |language=en |archive-url=https://web.archive.org/web/20230318032340/https://twitter.com/cz_binance/status/1630466341978136578 |archive-date=18 March 2023 |url-status=live}}</ref>

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On 27 May 2022, Binance announced the registration of its legal entity in Italy and plans to open offices in the country. At the time, the company was also seeking registration in more European countries, such as Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.<ref>{{Cite news |date=2022-05-27 |title=Binance registers with Italy's regulator amid plans to expand in Europe |url=https://www.reuters.com/markets/us/binance-registers-with-italys-regulator-amid-plans-expand-europe-2022-05-27/ |access-date=2022-05-29 |work=Reuters |language=en}}</ref> Binance registered to operate in Spain in July 2022,<ref name="Reuters July2022">{{cite news |last1= |first1= |date=July 8, 2022 |title=Bank of Spain includes Binance in its crypto registry |url=https://www.reuters.com/technology/bank-spain-includes-binance-its-crypto-registry-2022-07-08/ |access-date=November 14, 2023 |work=Reuters}}</ref> and in Sweden in January 2023.<ref name="Reuters January2023">{{cite news |last1= |first1= |date=January 12, 2023 |title=Crypto exchange Binance registers in Sweden |url=https://www.reuters.com/markets/currencies/crypto-exchange-binance-registers-sweden-2023-01-12/ |access-date=November 14, 2023 |work=Reuters}}</ref><ref>{{Cite news |date=2022-05-27 |title=Binance registers with Italy's regulator amid plans to expand in Europe |language=en |work=Reuters |url=https://www.reuters.com/markets/us/binance-registers-with-italys-regulator-amid-plans-expand-europe-2022-05-27/ |access-date=2022-05-29}}</ref>

On 13 June 2022 Binance announced that users would, for an unspecified period of time, be unable to withdraw their funds held in Bitcoinbitcoin, as the value of cryptocurrencies suffered serious declines.<ref>{{Cite news |last=Griffin |first=Andrew |date=2022-06-13 |title=Crypto exchange Binance blocks bitcoin withdrawals amid market collapse |language=en |work=Independent |url=https://www.independent.co.uk/tech/binance-bitcoin-crypto-exchange-withdrawal-latest-b2099726.html}}</ref> Two hours after that announcement, Bitcoinbitcoin withdrawals were allowed to resume.<ref>{{Cite news |last=Binance |date=2022-06-13 |title=Withdrawals on Bitcoin (BTC) Network Resumed |language=en |url=https://www.binance.com/en/support/announcement/d312178e0fce43c9b8c457a31139f783}}</ref>{{Better source needed|reason=Citation is the Binance company website, which is not objective.|date=August 2022}}

Binance sponsored the [[Africa Cup of Nations]] in 2021.<ref>{{Cite news |last=Endurance |first=Okafor |date=2022-01-13 |title=Binance becomes official sponsor of 2021 TotalEnergies Africa Cup of Nations |language=en-US |work=Businessday NG |url=https://businessday.ng/news/article/binance-becomes-official-sponsor-of-2021-totalenergies-africa-cup-of-nations/ |access-date=2022-10-11}}</ref><ref>{{Cite web |title=Binance Has Deal to Become Crypto Sponsor of Africa Cup of Nations Soccer Tournament |url=https://www.sporttechie.com/binance-has-deal-to-become-crypto-sponsor-of-africa-cup-of-nations-soccer-tournament |access-date=2022-10-11 |website=www.sporttechie.com |date=11 January 2022 |language=en}}</ref> It is also taking crypto education to many countries on the continent.<ref>{{Cite web |last=Nnamani |first=Caleb |date=2022-09-21 |title=Binance is touring francophone Africa with crypto education |url=https://techcabal.com/2022/09/21/binance-goes-on-francophone-africa-tour-to-drive-crypto-education/ |access-date=2022-10-11 |website=TechCabal |language=en-US}}</ref>

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On 30 November 2022, Binance purchased Sakura Exchange. The acquisition allowed Binance to re-enter the Japanese cryptocurrency market.<ref>{{Cite news |date=30 November 2022 |title=Binance re-enters Japanese crypto market with Sakura Exchange acquisition |work=Financial Times |url=https://www.ft.com/content/a9e93da3-80d1-4de1-b1a4-8fc70bc1a549}}</ref><ref>{{Cite news |date=30 November 2022 |title=Binance enters Japanese market with Sakura Exchange BitCoin deal |work=Reuters |url=https://www.reuters.com/technology/binance-enters-japanese-market-with-sakura-exchange-bitcoin-deal-2022-11-30/ |via=www.reuters.com}}</ref>

In July 2023, several senior executives resigned from the company.<ref>{{Cite web |last1=Wilson |first1=Tom |last2=Shekhawat |first2=Jaiveer |last3=Wilson |first3=Tom |date=7 July 2023 |title=Crypto exchange Binance hit by executive exodus |url=https://www.reuters.com/technology/binances-chief-strategy-officer-patrick-hillman-quits-tweet-2023-07-06/ |access-date=23 July 2023 |website=Reuters |language=en}}</ref> ''The Wall Street Journal'' reported that Binance had cut its global workforce by as many as 1,000 staff.<ref>{{Cite web |last1=Ostroff |first1=Caitlin |last2=Kowsmann |first2=Patricia |date=17 July 2023 |title=Binance Cuts Back Employee Benefits, Citing Decline in Profit |url=https://www.wsj.com/articles/binance-cuts-back-employee-benefits-citing-decline-in-profit-51d51cf7 |access-date=23 July 2023 |website=Wall Street Journal}}</ref> CNBC reported that the number of staff cuts could total 3,000 by the end of 2023.<ref>{{Cite web |last=Goswami |first=Rohan |date=14 July 2023 |title=Binance could lay off thousands as company buckles down for DOJ probe, source says |url=https://www.cnbc.com/2023/07/14/binance-could-lay-off-thousands-in-response-to-doj-probe-source.html |access-date=23 July 2023 |website=CNBC |language=en}}</ref> Zhao didn't deny layoffs were occurring but claimed both the reported numbers and the reasons for the senior executive departures weren't accurate. In June 2023 Binance had 790 million US dollars in outflows after the SEC announced its lawsuit and Forbes reported that the company had 120 million users globally.<ref>{{Cite web |last=Hamilton |first=Katherine |date=6 June 2023 |title=Binance Out $790 Million As Investors Move Assets After SEC Lawsuit, Research Firm Reports |url=https://www.forbes.com/sites/katherinehamilton/2023/06/06/binance-out-790-million-as-investors-move-assets-after-sec-lawsuit-research-firm-reports/?sh=47a9243a4302 |access-date=6 September 2023 |website=Forbes |language=en}}</ref> On November 21, 2023, a US judge convicted Binance on multiple charges—including violations of the Bank Secrecy Act, money laundering schemes, unlicensed money transmitting, and sanctions violations. As part of the plea deal, the company agreed to pay $4 billion in fines, and Changpeng Zhao stepped down as CEO with a $50 million fine.<ref name=":1" /> Zhao was succeeded by [[Richard Teng]].<ref name=":1">{{cite news |last1=Palma |first1=Stefania |last2=Chipolina |first2=Scott |title=Binance chief resigns as crypto exchange pays $4bn in fines |url=https://archive.today/20231122084628/https://www.ft.com/content/d10af983-1376-457f-9709-815e04ba59fb |access-date=22 November 2023 |agency=Financial Times |publisher=Financial Times |date=2023-11-21 |archive-date=22 November 2023 |archive-url=https://archive.today/20231122084628/https://www.ft.com/content/d10af983-1376-457f-9709-815e04ba59fb |url-status=bot: unknown }}</ref>

According to a 2024 report in ''The Wall Street Journal'', in 2023 Binance fired several members of its internal investigation team who were tasked with investigating [[market manipulation]] such as [[pump and dump]] schemes and [[wash trading]]. According to ''The Wall Street Journal'', an internal investigation within Binance found that a VIP client of the company, a trading and investment firm named DWF Labs, had previously advertised its ability to manipulate the market by generating "believable" artificial volume to increase the price of tokens. The investigation also found examples of DWF selling tokens its founder had promoted causing a crash in those token's price, which is consistent with a pump and dump scheme, and is against Binanace's terms of service. In response to this report, Binance fired the investigators and retained DWF as a client, saying that the self trading could have been accidental and that the internal team collaborated too closely with one of DWF's competitors. Binance has denied any wrongdoing.<ref>{{cite news |last1=Berwick |first1=Angus |last2=Elaine |first2=Yu |title=Binance Pledged to Thwart Suspicious Trading—Until It Involved a Lamborghini-Loving High Roller |url=https://www.msn.com/en-us/money/news/binance-pledged-to-thwart-suspicious-trading-until-it-involved-a-lamborghini-loving-high-roller/ar-BB1m5vDa |access-date=10 May 2024 |work=The Wall Street Journal |date=9 May 2024 |via=MSN.com}}</ref>

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===First Digital USD===

In a formal statement issued on September 1, 2023, Binance announced it would discontinue support for its proprietary stablecoin, BUSD. The company advised users in possession of Binance USD assets to migrate to [[First Digital USD]] (FDUSD), with the conclusion of this transition set for February 2024.<ref>{{Cite web |title=Binance Initiates Transition Away From BUSD Support, Encourages Users to Embrace FDUSD|url=https://www.binance.com/en/feed/post/1071371|access-date=22 February 2024 |website=Binance}}</ref>{{primary source inline|date=May 2024}}

==Legal status==

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On 12 January 2024, The Binance application was removed from istore and Google Play Store to prevent Indian Crypto investors from using them.<ref>{{Cite news |last=Singh |first=Navdeep |date=2024-01-14 |title=India bans foreign crypto platforms like Binance, Kucoin. What should investors do now? |url=https://economictimes.indiatimes.com/markets/cryptocurrency/india-bans-foreign-crypto-platforms-like-binance-kucoin-what-should-investors-do-now/articleshow/106830654.cms?from=mdr |access-date=2024-05-02 |work=The Economic Times |issn=0013-0389}}</ref>

In June 2024, Binance was imposed with a fine of US$ 2.25 million by the [[Financial Intelligence Unit—India|Financial Intelligence Unit]], for operating in India in violation of local anti-money laundering regulations.<ref>{{cite news |title=Indian financial watchdog imposes $2.25m penalty on crypto exchange Binance |url=https://www.dawn.com/news/1840821/indian-financial-watchdog-imposes-225m-penalty-on-crypto-exchange-binance |work=DAWN |date=20 June 2024 |language=en}}</ref>

=== Japan ===

On 25 June 2021, Japan's [[Financial Services Agency]] warned Binance that it was not registered to do business in Japan.<ref>{{Cite web |last=Steiner |first=Rupert |date=28 June 2021 |title=Regulators Warn Against Binance Exchange But Cryptocurrencies Are Rising – Here’sHere's Why |url=https://www.barrons.com/articles/bitcoin-binance-cryptocurrencies-japan-51624910392 |access-date=2 May 2024 |website=Barrons}}</ref> This was the second notice Binance received from the FSA.<ref>{{Cite web |date=2021-06-25 |title=Japan’sJapan's Financial Services Regulator Issues Binance Warning |url=https://ca.finance.yahoo.com/news/japan-financial-services-watchdog-issues-124735922.html |access-date=2024-05-02 |website=ca.finance.yahoo.com |language=en-CA}}</ref> Previously, a similar warning was issued on 23 March 2018.<ref>{{Cite web |date=2021-06-25 |title=Japan’sJapan's Financial Services Regulator Issues Binance Warning |url=https://ca.finance.yahoo.com/news/japan-financial-services-watchdog-issues-124735922.html |access-date=2024-05-02 |website=ca.finance.yahoo.com |language=en-CA}}</ref>

===Netherlands===

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In June 2023, [[Securities and Exchange Commission (Nigeria)|Nigeria's Securities and Exchange Commission]] recently deemed Binance's activities in the country as “illegal.” It issued a declaration stating that Binance Nigeria Limited, a subsidiary of Binance, was operating unlawfully in the country. The regulator specifically instructed Binance to cease all its activities within Nigeria.<ref>{{Cite news |date=2023-06-10 |title=Nigeria regulator says local Binance operations 'illegal' |language=en |work=Reuters |url=https://www.reuters.com/technology/nigeria-regulator-says-local-binance-operations-illegal-2023-06-10/ |access-date=2023-06-10}}</ref><ref>{{Cite web |last=Media |first=R. V. O. |date=2023-06-09 |title=Circular on the Activities of Binance Nigeria Limited |url=https://sec.gov.ng/circular-on-the-activities-of-binance-nigeria-limited/ |access-date=2023-06-10 |website=The Securities and Exchange Commission, Nigeria}}</ref>

On 28 February 2024, two Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, were detained by Nigeria's government on allegations of illegal operations and forex manipulation.<ref>{{Cite web |last=Eboh |first=Camillus |date=April 4, 2024 |title=Detained Binance executive in court on Nigerian tax, money laundry charges |website=[[Reuters]] |url=https://www.reuters.com/world/africa/detained-binance-executive-court-nigerian-tax-money-laundry-charges-2024-04-04/}}</ref> Anjarwalla escaped custody<ref>{{Cite web |last=Olawoyin |first=Oladeinde |date=2024-03-25 |title=Exclusive: Detained Binance executive escapes from custody in Nigeria |url=https://www.premiumtimesng.com/news/top-news/680511-exclusive-detained-binance-executive-escapes-from-custody-in-nigeria.html |access-date=2024-05-15 |website=Premium Times Nigeria |language=en}}</ref> in March. The Nigerian government subsequently filed a criminal charge against Binance for tax evasion. Amid regulatory issues in Nigeria, Binance disabled its Naira services on 8 March 2024. In May, Binance's CEO, Richard Teng, claimed that officials sought a bribe of cryptocurrency to resolve the issues,<ref>{{Cite web |last=Olurounbi |first=Ruth |date=July 5, 2024 |title=Binance Says It Was Asked for ‘Secret’'Secret' Payment Over Nigeria Woes |url=https://www.bloomberg.com/news/articles/2024-05-07/binance-suggests-bribe-sought-to-make-nigeria-problems-go-away?embedded-checkout=true |website=Bloomberg}}</ref><ref>{{Cite web |last=Akintaro |first=Samson |date=2024-05-12 |title=Binance’sBinance's bribery allegation may hinder foreign investments into Nigeria – SBM Intelligence |url=https://nairametrics.com/2024/05/12/binances-bribery-allegation-may-hinder-foreign-investments-into-nigeria-sbm-intelligence/ |access-date=2024-05-15 |website=Nairametrics |language=en-US}}</ref> but the country's House of Representatives denied the allegations, stating that Binance's actions were an attempt to divert attention from serious criminal allegations against the company.

=== Philippines ===

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On January 31, 2024, Binance was sued by the US victims of the [[2023 Hamas-led attack on Israel]], as well as their families, in [[United States District Court for the Southern District of New York|Manhattan federal court]] for allegedly facilitating [[Hamas]]'s terrorist activities by providing a funding mechanism for Hamas. The plaintiffs include released hostages of Hamas and families of victims who were killed in the attack.<ref>{{Cite web |title=Crypto exchange Binance sued by Hamas hostages, Oct. 7 victims' families for allegedly 'facilitating terrorism' |url=https://abcnews.go.com/International/crypto-exchange-binance-sued-hamas-hostages-oct-7/story?id=106864117 |access-date=2024-02-20 |website=ABC News |language=en}}</ref><ref>{{Cite web |title=Binance Sued by Hamas Hostage, Families of Victims in Attack (1) |url=https://news.bloomberglaw.com/crypto/binance-sued-by-hamas-hostage-families-of-victims-in-attack |access-date=2024-02-20 |website=news.bloomberglaw.com |language=en}}</ref><ref>{{Cite web |date=2024-02-01 |title=Binance Sued by Families of Hamas Victims, Hostages |url=https://finance.yahoo.com/news/binance-sued-families-hamas-victims-091411571.html |access-date=2024-02-20 |website=Yahoo Finance |language=en-US}}</ref>

In April 2024, Zhao was sentenced to four months in prison after pleading guilty to violating U.S. money laundering laws.<ref>{{Cite news |last=Michaels |first=Caitlin Ostroff and Dave |title=Founder of Binance, World’sWorld's Largest Crypto Firm, Sentenced to Four Months |url=https://www.wsj.com/finance/currencies/binance-founder-changpeng-zhao-sentencing-90daed12 |access-date=2024-05-01 |work=WSJ |language=en-US}}</ref><ref>{{Cite web |lastlast1=Sigalos |firstfirst1=MacKenzie |last2=Browne |first2=Ryan |date=2024-04-30 |title=Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal |url=https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html |access-date=2024-05-01 |website=CNBC |language=en}}</ref><ref>{{Cite web |lastlast1=Bloom |firstfirst1=Deborah |last2=Stempel |first2=Jonathan |date=1 May 2024 |title=Binance crypto founder Zhao sentenced to four months in prison |url=https://www.reuters.com/legal/binances-ceo-zhao-faces-sentencing-over-money-laundering-violations-2024-04-30/ |access-date=2 May 2024 |website=Reuters}}</ref>

== See also ==

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{{Commons category-inline}}

* {{Official website}}

*[https://www.dailymoon.com/ Crypto news]

{{Cryptocurrencies|state=expanded}}

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[[Category:Bitcoin companies]]

[[Category:Blockchain entities]]

[[Category:Chinese companies established in 2017]]