Unconfirmed: Why It Might Be Too Late for Binance to Avoid Regulatory Action - Ep.255

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 16 July 2021

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Christine Parker, partner at Reed Smith, summarizes the slew of regulatory headlines facing Binance and how such scrutiny may affect the exchange going forward. Show highlights: which countries are investigating Binance why it has been difficult for governing bodies to regulate Binance whether the reports that regulatory bodies, like the CFTC/IRS/DOJ, coming after Binance are correct when Christine expects regulators to make a move against Binance how hiring ex-regulators might help Binance in Congress whether Binance’s strategy of leaving countries with tight regulations helped or hurt the exchange what Christine thinks of Binance’s strategy to localize its business model whether or not it is too late to avoid regulatory penalties for Binance why transitioning to a DAO business model would not absolve Binance of prior infractions how the BitMEX situation could inform Binance whether criminal charges could be in Binance CEO Changpeng Zhao’s future Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021 Oasis: https://oasisprotocol.org NEAR: https://near.org Episode Links Christine Parker: https://www.linkedin.com/in/christine-parker-b09a31/ Binance Investigations https://www.coindesk.com/state-of-crypto-binance-is-firmly-in-the-regulatory-crosshairs https://www.theblockcrypto.com/post/110380/thailand-sec-binance-crypto-exchange-criminal-complaint https://www.theblockcrypto.com/linked/104836/binance-crypto-irs-us-government-investigation-report https://www.theblockcrypto.com/post/110510/barclays-customers-in-the-u-k-can-no-longer-transfer-funds-to-binance https://www.theblockcrypto.com/linked/110617/binance-suspends-deposits-from-key-european-payments-network https://www.theblockcrypto.com/post/111482/italy-binance-consob-warning Binance Material CZ letter https://www.binance.com/en/blog/421499824684902301/A-Letter-from-Our-CEO-Reflecting-on-Progress-and-the-Road-Ahead CZ Unchained appearance https://unchainedpodcast.com/listen-to-cz-compare-binance-to-bitcoin/ Binance’s compliance hiring spree https://www.radicalcompliance.com/2021/07/08/binance-compliance-hiring-spree/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi everyone, welcome to Unconfirmed. The show that reveals how the marquee names in
0:08.1	crypto are reacting to the least top headlines and gets the insidescube on what they see
0:12.0	on the horizon. I'm your host, Laura Shin, a journalist with over two decades of experience.
0:16.7	I started covering crypto six years ago and as a senior editor at Flores was the first
0:21.2	mainstream media reporter to cover cryptocurrency full-time. This is the July 16th 2021 episode
0:26.9	of Unconfirmed. My book, The Cryptopians, Idealism, Greed, Lies, and the making of the first big
0:32.4	cryptocurrency craze is available for pre-order on Amazon, Barnes and Noble, bookshop.org,
0:37.2	or any of your favorite bookstores. Go to bit.ly slash cryptopians, bit.ly slash C-R-Y-P-T-O-P-I-A-N-S.
0:46.6	The Oasis Network is a privacy-enabled blockchain platform for open finance,
0:50.9	and a new data economy. Start building your next idea on the Oasis Network.
0:56.2	The Crypto.com app pays you up to 8.5% interest on your Bitcoin. Get $25 when you download the
1:02.5	Crypto.com app with code, Laura. The link is in the description. Near is an open-source platform
1:09.3	that accelerates the development of decentralized applications. Overcoming high fees and slow
1:14.7	speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. Learn more
1:21.2	at N-E-A-R dot O-R-G. Today's guest is Christine Parker, partner Reid Smith. She focuses on regulatory
1:28.7	and enforcement actions in the areas of commodities, derivatives, and cryptocurrencies.
1:32.7	Welcome, Christine. Hey, thanks for having me. In recent weeks,
1:37.6	Binance has become the subject of a number of warnings or announced investigations by regulators
1:42.6	across several jurisdictions. So we're recording on Thursday June 15th, and just this morning,
1:48.5	there was yet another one where Italian securities regulator concepts said Binance was unauthorized
1:55.0	to offer services in the country. Can you give an overview of the various notices and actions
2:00.6	against Binance in recent weeks? Sure. They certainly are salient to head some headwinds.
	...

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