Home / Tether News /DexCoyote's Daily Trading Volume Exceeded $1․5 Million And Broke Into The Top 6 DEX Exchanges On DappEadar

DexCoyote's Daily Trading Volume Exceeded $1․5 Million And Broke Into The Top 6 DEX Exchanges On DappEadar

27 Mar 2023

The world’s largest crypto exchange by trade volume, Binance Holdings Ltd., has been sued by the U.S. Commodity Futures Trading Commission. Binance CEO Changpeng Zhao has been named in the lawsuit and the charges claim the crypto exchange broke several trading and derivatives rules. The lawsuit also names Binance’s former chief compliance officer, Samuel Lim, for allegedly aiding and abetting Binance’s violations.

The CFTC has charged Binance with willful evasion of federal law as the regulator insists Binance operated an illegal digital asset derivatives exchange. The CFTC filed the lawsuit in the U.S. District Court for the Northern District of Illinois. The regulator claims that Binance engaged in a calculated strategy of regulatory arbitrage to their commercial benefit.

The crux of the charges stem from Binance allegedly offering commodity derivatives transactions to U.S. residents from 2019 until today. Under CEO Changpeng Zhao’s direction, Binance’s compliance program has been ineffective, the regulator stressed in a press statement.

“The complaint charges that for much of the relevant period, Binance did not require its customers to provide any identity-verifying information before trading on the platform, despite the legal duty that entities like Binance functioning as futures commission merchants (FCMs) collect such information, and failed to implement basic compliance procedures designed to prevent and detect terrorist financing and money laundering,” the CFTC explained on Monday.

The CFTC notes that facilitating derivatives transactions without registering with the regulator is illegal. The regulator stressed that CEO Changpeng Zhao is responsible for such compliance failures. The CFTC stated:

Zhao is liable for Binance’s violations based on his control over Binance and his long-running failure to act in good faith concerning Binance’s misconduct.

Following the news, the entire crypto economy lost 2.94% against the U.S. dollar with bitcoin (BTC) sinking below the $27,000 per unit range. The CFTC is seeking civil monetary penalties, permanent trading and registration bans, and disgorgement. “Today’s enforcement action demonstrates that there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors,” CFTC Chairman Rostin Behnam said in a statement.

“I have been clear that the CFTC will continue to use all of its authority to find and stop misconduct in the volatile and risky digital asset market,” Behnam added. “For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law,” the chairman concluded.

What do you think about the CFTC suing Binance? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Iryna Budanova / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

The world’s largest crypto exchange by trade volume, Binance Holdings Ltd., has been sued by the U.S. Commodity Futures Trading Commission. Binance CEO Changpeng Zhao has been named in the lawsuit and the charges claim the crypto exchange broke several trading and derivatives rules. The lawsuit also names Binance’s former chief compliance officer, Samuel Lim, for allegedly aiding and abetting Binance’s violations.

The CFTC has charged Binance with willful evasion of federal law as the regulator insists Binance operated an illegal digital asset derivatives exchange. The CFTC filed the lawsuit in the U.S. District Court for the Northern District of Illinois. The regulator claims that Binance engaged in a calculated strategy of regulatory arbitrage to their commercial benefit.

The crux of the charges stem from Binance allegedly offering commodity derivatives transactions to U.S. residents from 2019 until today. Under CEO Changpeng Zhao’s direction, Binance’s compliance program has been ineffective, the regulator stressed in a press statement.

“The complaint charges that for much of the relevant period, Binance did not require its customers to provide any identity-verifying information before trading on the platform, despite the legal duty that entities like Binance functioning as futures commission merchants (FCMs) collect such information, and failed to implement basic compliance procedures designed to prevent and detect terrorist financing and money laundering,” the CFTC explained on Monday.

The CFTC notes that facilitating derivatives transactions without registering with the regulator is illegal. The regulator stressed that CEO Changpeng Zhao is responsible for such compliance failures. The CFTC stated:

Zhao is liable for Binance’s violations based on his control over Binance and his long-running failure to act in good faith concerning Binance’s misconduct.

Following the news, the entire crypto economy lost 2.94% against the U.S. dollar with bitcoin (BTC) sinking below the $27,000 per unit range. The CFTC is seeking civil monetary penalties, permanent trading and registration bans, and disgorgement. “Today’s enforcement action demonstrates that there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors,” CFTC Chairman Rostin Behnam said in a statement.

“I have been clear that the CFTC will continue to use all of its authority to find and stop misconduct in the volatile and risky digital asset market,” Behnam added. “For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law,” the chairman concluded.

What do you think about the CFTC suing Binance? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Iryna Budanova / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

Xrp moved back towards a five-month high on Monday, as prices surged for a third straight session. The token formerly known as ripple was one of the very few gainers to start the week, as markets mostly consolidated. Polygon edged closer to a multi-week low to start the week.

XRP, formerly ripple, rose for a third consecutive session on Monday, as prices neared a five-month high.

Following a low of 0.4438 on Sunday, XRP/USD raced to an intraday high of $0.4877 earlier in today’s session.

As a result of the move, XRP moved closer to a recent high of $0.4940, which is the strongest point the token has hit since November 6.

Looking at the chart, this latest rally comes as the relative strength index (RSI) moved towards a ceiling at 70.00.

As of writing, the index is tracking at 66.91, and should it pass the 70.00 mark, then XRP will likely hit a fresh multi-month high.

A long-term ceiling at the $0.5000 mark could potentially be a target for current bulls in the market.

Polygon (MATIC), moved lower to start the week, with the token falling towards a recent support point.

MATIC/USD fell to a bottom at $1.08, which comes a day after prices were trading at a high of $1.12.

Overall, polygon is now on the brink of colliding with the $1.05 floor, which was last hit on March 12.

From the chart, it looks like a downward cross has taken place between the 10-day (red), and 25-day (blue) moving averages.

In addition to this, the RSI is now tracking at 43.62, which is marginally above a resistance level of 43.00.

Should momentum continue to fall, there is a strong possibility that MATIC will move below $1.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, matic, Polygon, Ripple, XRP

Do you expect polygon to move lower in upcoming days? Let us know your thoughts in the comments.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

Xrp moved back towards a five-month high on Monday, as prices surged for a third straight session. The token formerly known as ripple was one of the very few gainers to start the week, as markets mostly consolidated. Polygon edged closer to a multi-week low to start the week.

XRP, formerly ripple, rose for a third consecutive session on Monday, as prices neared a five-month high.

Following a low of 0.4438 on Sunday, XRP/USD raced to an intraday high of $0.4877 earlier in today’s session.

As a result of the move, XRP moved closer to a recent high of $0.4940, which is the strongest point the token has hit since November 6.

Looking at the chart, this latest rally comes as the relative strength index (RSI) moved towards a ceiling at 70.00.

As of writing, the index is tracking at 66.91, and should it pass the 70.00 mark, then XRP will likely hit a fresh multi-month high.

A long-term ceiling at the $0.5000 mark could potentially be a target for current bulls in the market.

Polygon (MATIC), moved lower to start the week, with the token falling towards a recent support point.

MATIC/USD fell to a bottom at $1.08, which comes a day after prices were trading at a high of $1.12.

Overall, polygon is now on the brink of colliding with the $1.05 floor, which was last hit on March 12.

From the chart, it looks like a downward cross has taken place between the 10-day (red), and 25-day (blue) moving averages.

In addition to this, the RSI is now tracking at 43.62, which is marginally above a resistance level of 43.00.

Should momentum continue to fall, there is a strong possibility that MATIC will move below $1.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, matic, Polygon, Ripple, XRP

Do you expect polygon to move lower in upcoming days? Let us know your thoughts in the comments.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

PRESS RELEASE. DexCoyote.com is a free decentralized tool for your successful IDO. With the help of DexCoyote, any user without special skills and experience can create their own token, distribute it via AirDrop, attract the attention of the community, launch IDO and organize staking – for free and in a couple of minutes!

The project has already attracted the first investments in the amount of $500,000 and is successfully holding its position in the market. As of March 24, 2023, DexCoyote was the 6th largest DEX exchange in terms of daily trading volume on Binance Smart Chain with $1.5 million in turnover.

The tool is currently available on Ethereum, Polygon and Binance Smart Chain. Later, administrators promise to expand the list of networks available for work.

https://dexcoyote.com

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

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