A person familiar with the document said Coley signed it.Ĭoley left Binance.US in 2021. The resolution document, reviewed by Reuters and authored by a Silvergate relationship manager, requested that Coley authorize Chen to "open accounts, transact, and otherwise operate" accounts on behalf of BAM Trading. In December 2019, a Binance.US employee told Coley that Silvergate wanted her to sign a banking resolution, a document that defines a firm's banking relationship, to "make sure it is ok" for Chen to manage Binance.US's bank accounts, according to messages exchanged between Binance.US employees. regulators' scrutiny away from the global exchange. Reuters reported last year that, in fact, Zhao created Binance.US as a de-facto subsidiary to draw U.S. But Binance.US said it operated solely as a "US partner" of Binance. Zhao owned BAM Trading through layers of offshore companies, company documents show. The Binance.US trading platform was launched by its operating firm, BAM Trading, in mid-2019 under chief executive Catherine Coley. Binance denied mixing customer deposits and company funds, saying that users who sent money to the account were not making deposits but rather buying Binance's bespoke dollar-linked crypto token. financial rules that require client money to be kept separate. Reuters also reported on May 23 that Binance commingled its customers' funds with its corporate revenues in Merit Peak's Silvergate account, in breach of U.S. Juvvadi said an investigation Binance.US conducted into Reuters' previous findings found they were "simply not true." Binance.US has said the trading firm, Merit Peak, was withdrawing its own funds, money that derived from its trading activity on the exchange. Reuters has previously reported that a deputy of Chen's had access to one Binance.US Silvergate account and that the account transferred more than $400 million in 2021 to a trading firm controlled by Zhao. Zhao called the civil charges an "incomplete recitation of facts." The CFTC had no comment for this article. regulations designed to protect investors. Commodity Futures Trading Commission in March charged Binance and Zhao with willful evasion of commodities laws by "intentionally structuring entities" to avoid U.S. Musk said, before adding, “Yeah, it’s a hustle.” The price of Dogecoin plunged nearly 35 percent in the hours after the show aired.The U.S. It’s an unstoppable financial vehicle that’s going to take over the world,” Mr. The billionaire Elon Musk, who hosted “Saturday Night Live” this weekend, was asked about Dogecoin, a cryptocurrency featuring the face of a Shiba Inu dog that was created as a joke but has recently surged in value. FTX, the cryptocurrency trading firm, is spending $135 million to secure the naming rights to the home arena of the Miami Heat. The lobbying burst is one of several recent signs nationwide that the industry is becoming a bigger presence in the economy. Some of the biggest spenders on lobbying include Ripple, Coinbase - the largest cryptocurrency exchange in the United States - and trade groups like the Blockchain Association. Lobbying disclosure records show that at least 65 contracts as of early 2021 addressed industry matters such as digital currency, cryptocurrency or blockchain, up from about 20 in 2019. Max Baucus, the Democratic former chairman of the Senate Finance Committee, and Jim Messina, a former top Obama adviser, also have recently been named to senior industry posts. Christopher Giancarlo, who was named to the board of BlockFi, a financial services company that tries to link cryptocurrencies with traditional wealth managers. The board of advisers at the digital chamber is stuffed with former federal regulators, including a former member of Congress and a recent chairman of the Commodity Futures Trading Commission, J.
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