![]() Many of the industry’s once-brightest stars are in jail or being sued. The bigger picture, though, is that the SEC complaint marks another major negative moment for crypto after more than a year rife with such brutal milestones. In a statement, the company said it intends to defend itself and that the SEC doesn’t have the jurisdiction to file this suit anyway, given that Binance - at least in theory - doesn’t operate in the United States. What the suit alleges, though, stands in stark contrast to that image.īinance and Zhao aren’t accused of any crimes, but the allegations are the most serious made by the federal government against a standing crypto giant. Zhao also positioned himself as something of an anti–Bankman-Fried, a calm and steady truth-teller rather than a fidgety liar. ![]() Binance has stood alone as the only truly global giant crypto exchange, a go-to place for the buying and selling of just about every digital currency in the world. Last year, Zhao effectively destroyed FTX in a series of tweets highlighting the financial rot at the core of Bankman-Fried’s crypto empire. The suit is also a rebuke to the invulnerable image created by Zhao, who goes by the initials CZ to his fans. “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC chair Gary Gensler said in a press release. The undercurrent here is that fraud, or at least deceit, was crucial to its business model. The scope of the suit is not only damning for Binance but signals that the crypto industry as it has operated for the past five years could be coming to an end. financial system while evading rules and safety measures. The 13-count, 136-page lawsuit offers a detailed picture of how the Cayman Islands-based exchange, which has no fixed address, has obtained money from the U.S. Because this is a crypto fraud accusation, there’s even a mysterious $11 million yacht. Binance, the world’s largest crypto exchange, and its founder, Changpeng Zhao, are accused of running an anything-goes crypto casino that committed some of the same cardinal misdeeds that contributed to the downfall of Sam Bankman-Fried’s FTX - including stealing customer money and using secret trading firms to prop up the business, according to a suit filed by the Securities and Exchange Commission in federal court. sent a message to the digital currency industry: When it comes to crypto, nothing is too big to fail. On Monday, securities regulators in the U.S. ![]() Below are the open orders I have on the same pair, hoping to sell for a small profit.Photo: Pedro Fiúza/NurPhoto via Getty Images Over the last month I’ve bought quite a lot of Enjin Coin. If we unnest the balances column then we can see the balance of each coin per day.Įnjeth_trades % select ( symbol, time, id, order_id, side, price, qty, commission ) # A tibble: 13 × 8 However, already the total_asset_of_btc provides a summary of the account with all balances converted to BTC. The details are wrapped up in the balances list column.
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