In February, U.S. regulators forced New York-based Paxos Trust Company to stop issuing Binance's stablecoin. Binance, the largest cryptocurrency exchange in the world, has now embraced a stablecoin issued out of Hong Kong, sparking concerns that the actions of U.S. regulators are threatening the hegemony of the U.S. dollar and the U.S.'s position as a global financial leader.
When a massive earthquake hit Turkey in February, many residents were left without access to critical supplies. Mustafa, who first discovered Binance on YouTube in 2020, said the cryptocurrency exchange’s actions in the wake of the earthquake enabled his parents to replace their glasses and hearing aids that were lost in the rubble while banks were shut down.
The Israeli government has recognized Binance, the largest cryptocurrency exchange in the world by volume, for assisting in seizing crypto assets tied to the terrorist organization Hezbollah. Binance said in a tweet that it works with law enforcement agencies around the world to help combat criminal activity.
Attorney John Deaton, managing partner at Deaton Law Firm, said Judge Amy Berman Jackson denied the U.S. Securities and Exchange Commission’s (SEC) “unreasonable” request for an emergency temporary restraining order (TRO) against cryptocurrency exchange Binance.
The U.S. Securities and Exchange Commission's former chief counsel criticized the commission's lawsuits against against major crypto exchanges Binance and Coinbase, calling the suits "regulation-by-enforcement."