Binance's top executives including the Chief Strategy Officer and General Counsel, have quit the company. The executives blamed their departure at CEO Changpeng Zhao's handling of the investigation by the U.S. Department of Justice.
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Binance has lost more than 10% of its spot market share in 2023. Meanwhile Binance US' market share has slipped below 1%. The recent regulatory crackdown and lawsuits by the CFTC and SEC have been blamed for the tanking market share.
Documents released by the Federal Deposit Insurance Corp (FDIC) revealed that Sequoia Capital and Circle were among the top depositors at Silicon Valley Bank. These high-profile clients were given backstops of up to $1 billion by the regulator.
Responding to the lawsuit filed by the SEC against Coinbase, CEO Brian Armstrong has stated that his firm is proud to represent the industry in court in pursuit of clarity surrounding rules for the crypto.
U.S. House Republicans have introduced a draft bill in Congress that would provide regulatory clarity for the crypto industry and protect crypto assets from enforcement actions.
CFTC-regulated Coinbase Derivatives Exchange will begin offering Bitcoin and Ether futures contracts to its institutional clients starting June 5, 2023.
Binance US is reportedly exploring ways to cut the controlling stake of its founder and owner Changpeng Zhao. The crypto exchange is hoping to bring down the regulatory scrutiny by limiting its relationship with Zhao.
Market-making giants Jane Street Group and Jump Trading are scaling back their crypto trading operations in the United States in light of the regulatory crackdown on the crypto industry.