Binance Asia-Pacific Head Leon Foong Leaves Amidst Legal Issues

Leon Foong Steps Down Amid Rising Legal Issues

Foong’s decision comes as Binance faces mounting challenges due to increased regulatory scrutiny and allegations of various transgressions. Recent months have witnessed the departure of several key executives, including Chief Strategy Officer Patrick Hillman and General Counsel Hon Ng.

advertisement

With regulatory actions impacting Binance’s operations in the US and Europe, the Asia-Pacific region and the Middle East have become focal points for the exchange’s growth strategy. However, Binance’s dominance in global crypto trading has waned due to these regulatory concerns and the loss of certain banking partnerships, leading some traders to migrate to alternative exchanges.

The US Commodity Futures Trading Commission (CFTC) filed a complaint against Binance in March, alleging that the exchange and its founder, Changpeng “CZ” Zhao, had violated derivatives laws and taken insufficient compliance procedures. These charges were refuted by Binance, which described the lawsuit as “unexpected and disappointing.”

Subsequently, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Zhao in June, accusing the company of flouting investor protection regulations by operating unregistered exchanges, misrepresenting trading controls, and engaging in the sale of unregistered securities.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Trading Bots List 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Also Read: Elon Musk Plans To Roll Out Audio And Video Calls On X

Binance Cease Support For BUSD Stablecoin

Binance is currently facing legal issues in foreign countries. French authorities are looking into the exchange for allegedly providing services for digital assets illegally and perhaps laundering money. Additionally, it ran into regulatory conflicts in Australia, the Netherlands, and Canada, where it left after failing to register with the regional financial authorities.

Signaling a shift in Binance’s operations amidst ongoing legal battles, the exchange has announced its plans to cease support for the BUSD stablecoin. This move underlines the evolving landscape for Binance, as it navigates complex regulatory challenges on multiple fronts.

As Binance continues to grapple with legal intricacies, the departure of Leon Foong underscores the intensifying pressure that regulatory actions are placing on the cryptocurrency exchange giant.

Also Read: BTC Price Needs to Hold In This Range to Confirm Bitcoin Recovery

Comments

Post a Comment

Popular posts from this blog

Tron rising as Rebel Satoshi’s Early Bird presale phase sells out

Rebel Satoshi presale ongoing.  Supporters bullish on RBLZ  TRON could soar to $0.2 in 2024. Tron (TRX) is on a tear, but some analysts are still skeptical. Amid this, Rebel Satoshi (RBLZ), a new crypto project, has caught the attention of investors. Rebel Satoshi draws investors Rebel Satoshi has been attracting investors with its unique blend of a meme coin and a movement focused on reshaping the crypto landscape.  As investors seek alternatives to underperforming assets, they are drawn to Rebel Satoshi’s narrative and Features . At the heart of Rebel Satoshi lies RBLZ, a governance and membership token. You might also like: Analysts focus on Rebel Satoshi, Shiba Inu, and Zcash ahead of crypto bull run Holding RBLZ grants a stake in the movement and provides access to quests, rewards, and a community dedicated to shaping a fully decentralized crypto future. The early stages of Rebel Satoshi’s public presale have seen over 10 million tokens sold within just 48 ho
Read more

Rebase Tokens: What Are They & How Do They Work?

Image
If you're interested in cryptocurrency, you've probably noticed that the price of many digital assets can be highly volatile. This can make it challenging to use cryptocurrency as a means of exchange or as a store of value. Rebase tokens, also known as elastic tokens, seek to offer a solution to this problem.  In this article, we'll explore what rebase tokens are, how they work, and whether or not they might be a good investment for you.  What Are Rebase/Elastic Tokens? Rebase tokens are a type of cryptocurrency that adjusts their supply to maintain price stability. This is in contrast to traditional cryptocurrencies, which have a fixed supply determined at the time of their creation. Rebase tokens achieve price stability through a process known as a "rebase," which is triggered at regular intervals (e.g., every 24 hours). During a rebase, the supply of the token is adjusted based on a predetermined formula.  For example, if the demand for a re
Read more

Lloyds Bank issues urgent warning of crypto scams in the UK

Image
A recent press release issued by Britain’s Lloyds Bank shares that crypto scams that have surged 23% over the course of the year. Young investors between the ages of 25 and 34 years old are said to be the most prevalent target for these attacks. Social media home base The press release goes on to report victims of crypto investment scams are facing an average loss of £10,741, marking an increase from the previous year’s £7,010.  Additional data goes on to state that 66% of all investment scams originate on social media platforms, with Instagram and Facebook emerging as the primary sources. You might also like: Kraken helps UK police in recovering $2m in stolen crypto Crypto investors were then said to make an average of three payments before realizing they were involved in a scam, meaning that it would often take 100 days from the date of the first transaction before a report was issued to the bank. Unfortunately, by the time it was, Lloyds shares that the money is ty
Read more