Binance Case Has Parallels With FTX Case: SEC’s Gensler

June 6, 2023 by Business Desk

Bloomberg Television published this video item, entitled “Binance Case Has Parallels With FTX Case: SEC’s Gensler” – below is their description.

US Securities and Exchange Commission Chair Gary Gensler discusses the “wild west” of cryptocurrency trading and the SEC’s suit against Binance that alleges the world’s largest crypto platform and its chief executive, Changpeng Zhao, mishandled customer funds, misled investors and regulators, and broke securities rules. He speaks with David Westin.
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In This Story: Binance

Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.

Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

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In This Story: FTX

FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX that launched on May 8, 2019.

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In This Story: Gary Gensler

Gary Gensler is an American government official and former investment banker serving as the chair of the U.S. Securities and Exchange Commission. Gensler previously led the Biden–Harris transition’s Federal Reserve, Banking, and Securities Regulators agency review team.