European states join forces with SEC to investigate Binance while CEO remains steadfast in support of the Crypto Exchange Firm
Binance, a leading cryptocurrency exchange, recently faced a lawsuit from the United States Securities and Exchange Commission (U.S. SEC). Interestingly, many members of the crypto community have come together to show their support for Binance during this challenging time.
Additionally, European financial regulators and law enforcement agencies are collaborating with the SEC to gather information and investigate the situation surrounding Binance. This ongoing development has attracted attention and scrutiny within the cryptocurrency industry.
Also Read: Binance CEO CZ Asserts “No Beef” With Dutch Central Bank Amid Exit
🚨 Scoop: European states working with SEC on Binance investigation https://t.co/YVqKcNbmL1
— Protos (@Protos) June 19, 2023
The United States Securities and Exchange Commission (SEC) has sought assistance from European nations to gather information regarding Binance. While some European countries have expressed their support for the SEC’s actions and urged prompt action, others are still evaluating the significance of the Binance case before deciding how to proceed with the SEC’s request.
The situation continues to unfold as different perspectives and approaches are being considered in response to the SEC’s call for cooperation.
Heightened Expectations Surrounding Binance
According to Binance CEO Changpeng Zhao, the French police initiated an investigation into Binance in 2022 due to concerns about potential money laundering activities. This situation has led to some countries, such as Cyprus, considering revoking Binance’s license as a cryptocurrency exchange.
European nations have established specific criteria for granting licenses to crypto exchanges, but Binance had intentions to register in other countries like the UK, Ireland, and additional European nations, following its own plans.
Several companies in Europe have reported revenue ranging from thousands of Euros to five lakh Euros. Notably, this cumulative revenue amounts to 200 million Euros, equivalent to around 218 million dollars, over the course of a year.
In another instance, Guangying Chen, a shareholder of various Binance-registered companies in Europe, has raised concerns. Binance has presented Chen as a European passport holder, but in reality, she holds a Chinese passport and registered in Singapore.
The ongoing case in 2022 has been progressing, with Binance’s CEO, Changpeng Zhao, expressing belief in the validity of the claims. Zhao’s reputation as a trustworthy individual adds weight to the matter. Despite Chen providing evidence of her passport holding in 2022, it has not been officially confirmed during the investigation.
Also Read: Binance and Binance.US Strike Agreement with US SEC
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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