Cryptocurrency Q&A
Why is Binance banned in NY?
Why is Binance banned in NY?
SamuraiWarriorSoulful
Fri Feb 21 2025
|
5
answers
1218
Binance, a leading cryptocurrency exchange, has been banned in New York due to regulatory issues. The New York Financial Services Department ordered Paxos, the stablecoin issuer for Binance's BUSD, to stop minting the stablecoin because of unresolved supervisory issues related to Paxos' relationship with Binance. Additionally, Binance has faced legal challenges from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which have accused the exchange of violating securities rules and operating illegally in the U.S. These regulatory and legal issues led to the ban of Binance in New York.
Previous
Is Frug (Frug) outperforming the global cryptocurrency market?
Next
How long does it take for coins to show up?
5 answers
Carolina
Sun Feb 23 2025
Allegations have surfaced claiming that Binance might be employed as a means to finance terrorist activities.
Was this helpful?
319
53
CryptoVisionary
Sat Feb 22 2025
Concurrently, the Internal Revenue Service also launched an inquiry into the exchange, aiming to uncover any tax offenses that may have been committed.
Was this helpful?
258
27
Martino
Sat Feb 22 2025
These accusations add a layer of concern regarding the utilization of the cryptocurrency exchange platform.
Was this helpful?
97
84
Stefano
Sat Feb 22 2025
The year 2021 marked a significant turning point for Binance as it found itself under scrutiny from regulatory bodies.
Was this helpful?
152
20
GeishaElegance
Sat Feb 22 2025
Specifically, the United States Department of Justice initiated an investigation into Binance, focusing on potential money laundering activities.
Was this helpful?
392
41
