Cryptocurrency Q&A
Why is Binance not allowed in US?
Why is Binance not allowed in US?
Lucia
Fri Mar 29 2024
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5 answers
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I'm somewhat puzzled about the situation with Binance in the United States. As a leading global cryptocurrency exchange, Binance has always been renowned for its secure trading platform and extensive cryptocurrency options. However, I've noticed that it's not operational in the US. Could you enlighten me on the reasons behind this decision? Is it due to regulatory issues, or is there some other underlying factor? Given the growing popularity of cryptocurrencies in the US, I'm curious to know if there are any plans to re-enter the market in the future.
5 answers
ShintoMystic
Sun Mar 31 2024
The Securities Act of 1933 and the Securities Exchange Act of 1934 are federal laws in the United States that govern the securities industry. Broker-dealers are required to register with the SEC and adhere to certain rules and regulations.
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EclipseSeeker
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including trading, custody, and staking. Unlike Binance, BTCC has been registered with the UK's Financial Conduct Authority (FCA) and complies with its regulations.
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Federico
Sun Mar 31 2024
The SEC's allegations against Binance highlight the increasing scrutiny of the crypto industry by financial regulators. This could have a significant impact on the operations and growth of crypto exchanges, especially those operating without proper registration.
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GinsengBoostPower
Sun Mar 31 2024
The SEC has made allegations against Binance and its US-based affiliate, along with its CEO, Changpeng Zhao.
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JejuJoyfulHeartSoulMate
Sun Mar 31 2024
According to the SEC, Binance and its US arm have been operating as unregistered broker-dealers. This practice is deemed illegal as it violates the Securities Act of 1933 and the Securities Exchange Act of 1934.
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