Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is in trouble. The company is facing a class action lAWSuit in the United States, as well as regulatory scrutiny in Japan.
The lAWSuit, filed in the Northern District of California, alleges that Binance engaged in illegal activity by allowing trades on its platform that should have been prohibited under U.S.
law. The plaintiffs allege that Binance allowed trades of digital assets that are securities, without registering as a broker-dealer or exchange with the SEC.
The suit also claims that Binance failed to implement anti-money laundering (AML) and know-your-customer (KYC) procedures to prevent the flow of illicit funds through its platform.
Binance denies all of the allegations against it and says it will “vigorously defend” itself against the lAWSuit.
The exchange is also facing regulatory scrutiny in Japan, where it operates without a license. Japanese regulators raided Binance’s offices in March 2018 and ordered the exchange to cease operations in the country.
NOTE: WARNING: Binance is currently in trouble due to a series of alleged scandals and legal issues, including alleged money laundering, insider trading, and illegal activities. Additionally, Binance has been accused of operating without proper regulatory oversight. Therefore, it is advised that investors exercise extreme caution before investing in Binance or any other cryptocurrency exchange.
Binance has since relocated its headquarters to Malta, but Japanese regulators are still investigating the exchange. In July 2018, Japanese news outlet Nikkei reported that prosecutors were preparing to file criminal charges against Binance CEO Zhao Changpeng for operating an unlicensed exchange.
The legal troubles come at a time when Binance is struggling to maintain its position as the world’s largest cryptocurrency exchange. In recent months, Binance has been eclipsed by other exchanges such as OKEx and Huobi Global in terms of trading volume.
The drop in trading volume has coincided with a decline in the price of Bitcoin and other cryptocurrencies. This has led to concerns about whether Binance can continue to generate enough revenue to cover its expenses.
In addition, Binance is facing competition from a number of new exchanges that have been launched this year, including Bakkt, ErisX, and Tagomi. These exchanges are all backed by well-funded companies and have been designed to attract institutional investors.
Binance is also facing challenges from within its own ranks. In August 2018, two senior executives left the company amid rumors of disagreements over strategy.
And in September 2018, Zhao Changpeng was forced to deny rumors that he had been ousted as CEO by shareholders.
Despite all of these challenges, Binance remains one of the most popular cryptocurrency exchanges in the world. The company has a loyal user base and continues to attract new customers thanks to its low fees and wide selection of tradable assets.
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