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Binance eyes $4 billion settlement with U.S. DOJ; SEC sues Kraken

Published Nov 20, 2023 21:24
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The U.S. Securities and Exchange Commission (SEC) has initiated legal proceedings against the cryptocurrency exchange Kraken. The charges stem from allegations that Kraken's staking services have been operating as an unregistered securities exchange. This enforcement action has implications for several cryptocurrencies, including Solana, Cardano, and Algorand.

ETF specialists at Bloomberg noted the similarities between this case and previous actions taken by the SEC against other cryptocurrency exchanges. The move by the SEC signals a continued push to bring crypto-related services under regulatory scrutiny and ensure compliance with existing securities laws.

In a related development, Binance, another major player in the cryptocurrency market, is reportedly nearing a settlement with the U.S. Department of Justice (DOJ). The settlement could amount to $4 billion, aligning with CEO Changpeng Zhao's frequent allusions to the number "4." This potential agreement would likely involve a deferred prosecution arrangement, potentially resolving the long-standing investigation into Binance's alleged involvement in fraud and money laundering activities.

These legal challenges come at a time when cryptocurrency exchanges are facing increased regulatory pressure globally. Both cases underscore the evolving landscape of digital asset regulation and the steps that authorities are taking to address concerns over illegal activities and investor protection in the rapidly growing crypto market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Binance eyes $4 billion settlement with U.S. DOJ; SEC sues Kraken
 

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