Jane Street, Tower Research and Radix Are Binance’s ‘VIP’ Clients in CFTC Suit: Report
Jane Street Group, Tower Research Capital, and Radix Trading have been identified as Binance's three "VIP" clients in the recent lawsuit filed against Binance by the US commodities regulator. Radix Trading is "Trading Firm A" in the Commodities Futures Trading Commission's (CFTC) suit, while Jane Street was "Trading Firm B" and Tower Research was "Trading Firm C." The firms were examples of US clients allegedly able to access Binance. The CFTC claimed that the "VIP" treatment from Binance actively facilitated violations of US law by helping US trading firms evade Know Your Customer (KYC) compliance standards. Binance has denied the claims of compliance and market manipulation violations.
Binance Suffers 16% Drop in Market Share Amid Banking Crisis and CFTC Lawsuit: Kaiko
Bittrex has closed its U.S. operations, while Coinbase, known for its strong regulatory efforts, received a Wells Notice and saw its market share drop from 60% to 49% in Q1.
Binance Loses 16% of Market Share After End of Zero Fees on BTC Pairs and Rising Regulation Troubles
Binance has lost a big share of its total trading volumes since ending its zero fees on Bitcoin pairs and in wake of the US Commodity Futures and Trading Commission (CFTC)’s lawsuit against the firm.
Binance Market Share Hits Lowest Since November After CFTC Lawsuit, End of Zero-Fee Trading
Binance, the world's largest crypto exchange by volume, has seen a significant drop in market share due to accusations of fraud by a U.S. regulator and the elimination of zero-fee trading for some trading pairs. Its market share relative to other exchanges has fallen to 54% from 70% in the past two weeks, the lowest sustained market share since August, according to data from research platform Kaiko. The U.S. Commodity Futures Trading Commission (CFTC) sued the exchange and founder Changpeng Zhao on March 27 for offering unregistered crypto derivatives products in the U.S. against federal law. The U.S. market is particularly fragile right now for remaining crypto exchanges due to increased regulatory scrutiny. In the U.S., Coinbase also saw its market share drop in Q1, while Binance.US picked up the slack, surging from 8% to 24%, according to Kaiko.
Binance Market Share Tumbles 16%,Data Debrief: April 3, 2023
Over the past two weeks, Binance has lost 16% market share of trade volume following a CFTC lawsuit and the decision to end its zero-fee trading program.
CFTC Sues Binance and CZ; SBF Allegedly Paid $40 Million to Bride Chinese Official | Cointime Weekly Mar.26 – Apr.1
Do Kwon extradition sought by US and South Korea; US gov sold $216M of seized Silk Road Bitcoin this month; Denmark says Bitcoin profits are taxable; Ledger raises most of $109M round.
Crypto Morning Briefing: FTX EU Sets Up Website to Repay Users
U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month; BUSD Trading Temporarily Halted by Binance.US After CFTC Allegations
BUSD Trading Temporarily Halted by Binance.US After CFTC Allegations
Binance US temporarily halted trading of BUSD (Binance USD) after allegations from the Commodity Futures Trading Commission (CFTC) that Binance had engaged in illegal activities. The allegations relate to Binance's failure to register with the CFTC as a derivatives exchange, and the trading of futures contracts without proper authorization.
Former Binance US CEO Catherine Coley Hires Attorney Over CFTC's Lawsuit
Former CEO of Binance US, Catherine Coley, has hired an attorney to advise her regarding the Commodities Futures Trading Commission's (CFTC) lawsuit against Binance, according to an anonymous source. Coley is said to have hired James McDonald, a partner at Sullivan & Cromwell who previously worked as the director of enforcement at the CFTC.
Binance’s Bitcoin, Ethereum, Stablecoins Netflow Reveals Stability Despite US CFTC Suit
On-chain data firm CryptoQuant has analyzed Binance's health after the US CFTC lawsuit accused the exchange and its CEO CZ of violating crypto trading and derivatives rules. The analysis found that Binance's Bitcoin and Ethereum reserves remained healthy and even increased from December levels. Binance's net outflows of Bitcoin, Ethereum, and stablecoins have also remained within historical ranges, with recent Bitcoin outflows relatively low compared to earlier events. Bitcoin and Ethereum prices are trading above $28,000 and $1,800 respectively amid positive sentiment in the market.
