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Binance Gets $4.6 Billion In Inflows After US Settlement

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Binance Gets $4.6 Billion In Inflows After US Settlement

(CTN News) – In a landmark settlement, Binance agreed to pay the United States government $4.3 billion.

Based on data from DefiLlama, Bloomberg News reported Thursday (Jan. 18) that the world’s largest cryptocurrency exchange has seen net inflows of $4.6 billion since then.

According to the report, Binance is bringing in $1 billion more than its biggest competitors this month, the highest amount since November 2022.

As part of Binance’s settlement, the company has admitted to money laundering and sanctions evasion. As part of this agreement, Changpeng Zhao, the company’s founder and CEO, stepped down. It is expected that he will be sentenced next month.

A crypto revival in the past few months has led to the price of Bitcoin soaring nearly 160% in the last year, due to a crypto revival in recent months. It was announced earlier this month that crypto’s most popular token has won a victory when the U.S. Securities and Exchange Commission has approved the first bitcoin ETF to be listed on the United States stock exchange.

The report states that Binance CEO Richard Teng has also been assigned the task of setting up a global headquarters, naming a board, and appointing an independent monitor for a period of three years, as stipulated in the government settlement.

Also, the company recently suffered a setback in India when the authorities there blocked the websites of Binance and other exchanges and ordered Apple and Google to remove these companies’ apps from their stores.

In addition, Binance has been sued by the Securities and Exchange Commission since June of last year. The SEC’s Gary Gensler described the company and Zhao as engaging in an extensive web of deception, conflicts of interest, nondisclosure, and calculated evasion of the law.

This platform will be vigorously defended in court by Binance. In the meantime, Coinbase, which was also sued at the same time as Binance, went to court this week seeking dismissal of the suit.

The company’s attorney William Savitt argued that the tokens traded on the exchange should not be considered securities. In contrast to traditional stocks or bonds, buyers of these tokens do not acquire any rights as a result of their purchase, according to Savitt.

According to him, purchasing Beanie Babies Inc. is different from purchasing Beanie Babies themselves.

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