American securities watchdog planning enforcement action against Binance & BinanceUS: Report

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Popular crypto-related inside information reporter disclosed that the US SEC might initiate charges against the Binance & BinanceUS crypto exchanges. 

Binance is a popular crypto exchange. The services of this exchange are available in almost every country, where crypto trading is legal. In the US, Binance provides crypto services via a fully independent subsidiary BinanceUS. 

On 8 May 2023, X3 founder Andrew informed the crypto community that two sources informed him that the United States Securities and Exchange Commission (SEC) is very near to take regulatory action against the Binance exchange & also its subsidiary BinanceUS.

If the SEC body will take action against these mentioned crypto exchanges, then possible charges will be securities & AML law violations.

Earlier this already Binance exchange sued by the Department of Justice (Doj) over unregistered derivatives trading for US residents. The DOJ charges alleged that Binance failed to prohibit US citizens to trade on the Binance exchange.

BinanceUS & staking services

Recently a Crypto Twitter user reported that Binance exchanged continuously unstaking huge amounts of crypto assets from the staking pools & sending them back to the crypto cold wallets. 

There are huge possibilities that BinanceUS may suspend its crypto staking services amid increasing regulatory pressure on the Crypto companies in the US. 

So far Coinbase received Wells from the US SEC over potential violation of securities law and also the kraken exchange faced  a $30 million fine over crypto staking services. 

Read also: India’s NEP introduces blockchain technology in the revised syllabus for classes 9 to 12

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