#Crypto alt binance news march 019 update
#Crypto alt binance news march 019 Offline

Its hold has been strengthened by the recent collapse of rival exchange FTX.īinance's defense attorneys at U.S. If the investigation goes against Binance and Zhao, it could loosen Binance's grip on the industry. The stakes are high for the deeply troubled crypto sector. Prosecutors' deliberations on charging Binance have not been previously reported. law enforcement officials and ex-Binance advisors, along with a review of company records, Reuters has pieced together the most comprehensive account so far of how the investigation developed and how Binance has sought to keep it at bay. Through interviews with almost a dozen people familiar with the case, including current and former U.S. Leaders from the other two offices, along with higher-level DOJ officials, would likely also have to sign off on any action against Binance, three of the sources said. Justice Department regulations say that money laundering charges against a financial institution must be approved by the MLARS chief. Attorney's Office for the Western District of Washington in Seattle and the National Cryptocurrency Enforcement Team. The inquiry involves prosecutors at three Justice Department offices: the Money Laundering and Asset Recovery Section, known as MLARS, the U.S. Others have argued taking time to review more evidence, the sources said. Some of the at least half dozen federal prosecutors involved in the case believe the evidence already gathered justifies moving aggressively against the exchange and filing criminal charges against individual executives including founder Changpeng Zhao, said two of the sources. anti-money laundering laws and sanctions, these people said. The investigation began in 2018 and is focused on Binance's compliance with U.S.

Department of Justice prosecutors are delaying the conclusion of a long-running criminal investigation into the world's largest cryptocurrency exchange Binance, four people familiar with the matter have told Reuters.

#Crypto alt binance news march 019 update

'The feature of liquid dollar digital currencies should be that they are redeemable on demand, and at par at all times, even during conditions of stress,' Disparte added.įor a weekly update on cryptocurrencies and digital assets sign up for Reuters Crypto Wire newsletter here.WASHINGTON, Dec 12 (Reuters) - Splits between U.S. Dante Disparte, Circle's chief strategy officer and head of global policy, said that there will be 'challenges' relating to liquidity and redemptions when assets are swapped in the way Binance has done with USDC. USDC, issued by U.S.-based firm Circle, is the world's second-biggest stablecoin. We expect the situation will be restored when the banks open.' 'The banks are not open for another few hours. Zhao said on Tuesday swapping USDC with two other tokens - Paxos Standard and Binance USD - requires using traditional dollars at a bank in New York.

#Crypto alt binance news march 019 Offline

'User assets at Binance are all backed 1:1 and Binance's capital structure is debt free,' the person said.Īsked whether Binance had enough USDC to meet USDC withdrawal requests, the person added it may need to move funds to online 'hot' digital wallets from offline wallets, convert stablecoins from one another or carry out network upgrades, sometimes causing delays.īinance said in a tweet around 1654 GMT that USDC withdrawals had resumed.Ĭrypto news outlet CoinDesk reported earlier that Binance saw outflows of $902 million on Monday.īinance said in September it would automatically convert user balances and new deposits of USD Coin and two other stablecoins into its own stablecoin, Binance USD. Some days we have net withdrawals some days we have net deposits.'Ī Binance spokesperson earlier said it always had 'more than enough funds' to meet withdrawal requests.

'We saw some withdrawals today (net $1.14b ish). The withdrawals were 'business as usual,' Binance CEO Changpeng Zhao tweeted. 'Binance's withdrawals are increasing due to the growing uncertainty about its reserves report,' a Nansen spokesperson said. The $1.9 billion of withdrawals of tokens based on the ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, the Nansen data showed, and accounted for the majority of the funds being pulled in the last seven days.