The administration of Donald Trump continues to show his friendliest face to the world of cryptocurrencies while the president himself and his family take out personal benefit from the sector. The United States Securities and Stock Exchange Commission (the SEC) has communicated this Thursday to a Washington Court that withdraws the demand that the supervisor itself presented against the cryptocurrency platform during the mandate of Joe Biden. In a four -page brief, the SD asks that a case be dismissed in which it had accumulated numerous indications of bad practices by Binance. American regulators accused Binance, the world’s largest cryptodyese market, to “divert customer assets at will” and mix them with others without any control, violating the law. The denounced indicated that he diverted billions of clients to a subsidiary called Merit Peak Limited controlled by its founder and then Chief, Changpeng Zhao, which in another criminal case was sentenced to four months of prison for allowing money laundering on their platform. In that criminal case Binance accepted paying a record fine of 4,368 million dollars for violating the laws against money and the regulation of stock markets. In addition, Zhao declared himself guilty of the crime for the later was sentenced and agreed to resign as the first Binance executive, although maintaining the company’s shareholding. The demand of the SEC was a different case and presented himself together with those of other US regulators. Among the accusations of the stock market supervisor, which presented 13 charges against Binance, was that the firm did not take the appropriate measures to avoid addressing US investors, thus skipping the regulations. According to the SEC then, although Zhao and Binance publicly claimed that the United States clients had restricted transactions at Binance.com, they actually subverted their own controls to secretly allow large clients to continue operating. La Sec assured that Binance entered 11.6 billion dollars in revenues, among other things, of commissions for transactions of US clients without being properly registered for This, according to supervisors, Zhao was responsible for all important strategic decisions in Binance, including the conception of the secret plot to instruct VIP clients based in the United States to evade compliance controls. He also asked his collaborators to use applications with messages that were deleted automatically. “Avisales to make sure that they do not connect from an IP address of the USA. Do not leave anything in writing. (…) Do you have a signal?” Zhao said in a message. After the fall of the FTX market, US supervisors strengthened the fence against the sector and presented numerous regulatory and judicial actions against the signatures of cryptocuries. Trump’s return to the White House has meant a 180 degree turn in that policy. The Republican chose for President of the SEC to Paul Atkins, a cryptodivsis defender, replacing Gary Gensler, very hard with the sector. He also appointed David Sacks as “Tsar crypt.” The SEC withdrew his lawsuit against Coinbase. That same month asked to suspend the case against Binance. Now, without many explanations, ask that the case be filed. “In the exercise of its discretion and as a matter of its policy, the commission believes that the dismissal of this case is appropriate,” he says in his writing. (Tagstotranslate) Economics
