Do Kwon’s Huge Fine Shows the SEC Is Ratcheting Up Penalties Against Crypto Firms
Suggested fines the securities watchdog suggested for Terraform Labs and Ripple are out-of-line with what it has collected from crypto firms in the past.
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changpeng Zhao
Suggested fines the securities watchdog suggested for Terraform Labs and Ripple are out-of-line with what it has collected from crypto firms in the past.
Binance’s fairly new boss Richard Teng has said Bitcoin (BTC) will exceed his previous expectations of hitting the $80,000 mark by the end of this year, according to Bloomberg.
In his first public interview since getting the job last month after founder Changpeng “CZ” Zhao was formed to step down amid a $4.3 billion legal settlement with the U.S. government, Teng said Binance’s compliance systems were inadequate in the past and that mistakes were made. But Teng, who has held senior positions at Binance for several years, refused to give answers about the company’s governance.
The former BitMEX CEO said the record-breaking penalties against Binance represent an institutional bias against the transformative impact of cryptocurrency and blockchain technology.
U.S. argues that Binance’s former CEO should remain free until sentencing – but only in the U.S.
The crypto exchange Binance’s expensive deal with U.S. prosecutors this week bears harsh consequences, but could mean a positive outlook for the company in the long term.
In this week’s edition of The Protocol newsletter, we share a few trends stand out to close 2023: the proliferation of Ethereum layer-2 networks, the ascendancy of zero-knowledge cryptography and the appearance of tokens, smart contracts and now file hosting on the Bitcoin blockchain.
Data shows the exchange sits on over $67 billion worth of tokens, easing concerns of a possible bank run.
Some observers believe Binance’s downfall has boosted the spot-ETF approval odds.
(Photos from Smorshedi/Wikimedia Commons and CoinDesk/Flickr, modified by CoinDesk)