Jan 26, 2024

Binance.US Excluded from Alaska and Florida, Impact on UNFI, WAX, VVS, VGX, WLUNA, ZIL, XCN Crypto Projects

Binance.US gets the cold shoulder in Alaska and Florida - featuring web 3.0 crypto projects such as UNFI, VGX, and WLUNA.
Binance.US gets the cold shoulder in Alaska and Florida

Binance.US Continues to Face Regulatory Pressure Amidst Former CEO’s Guilty Plea

The troubled cryptocurrency exchange Binance.US is facing ongoing challenges from regulators in the United States following the guilty plea of its former CEO.

According to a report from The Wall Street Journal on Jan. 25, Binance.US has been told by regulators in Florida and Alaska that it can no longer operate in those states. The Alaska Division of Banking and Securities has denied the exchange’s license renewal for 2024, while the Florida Office of Financial Regulation has issued an emergency suspension order against its money transmitter license.

These actions come in the wake of Binance founder and former CEO Changpeng Zhao’s guilty plea to charges of violating U.S. Anti-Money-Laundering policies on Nov. 21, 2023. This has raised concerns about the exchange’s compliance with regulations and its ability to serve customers in the U.S.

Web 3.0 and the Future of Crypto

The rise of web 3.0 products, also known as decentralized applications (DApps), has brought new possibilities to the world of cryptocurrency. Projects like Unfi, WAX, VVS, VGX, WLUNA, ZIL, and XCN are all examples of the potential for web 3.0 in the crypto space.

Web 3.0 offers a more decentralized and secure way of interacting with the internet, allowing for greater privacy and control over personal data. As more web 3.0 crypto projects emerge, we can expect to see a shift towards a more decentralized and democratized internet in the future.

Binance.US Continues Operations Despite Founder’s Guilty Plea and Securities Pledge

After pleading guilty to Bank Secrecy Act violations, Binance.US founder Zhao stepped down as chair and transferred his voting rights, removing his influence on the firm’s governance. However, the U.S. exchange remains fully operational, serving customers with the same products and services.

Despite government action against global Binance, local business Binance.US has reached agreements with regulators in Arkansas, Illinois, and South Dakota to continue operating in those states. As part of the agreement, Zhao’s voting rights must remain irreversible.

Zhao, who attempted to pledge his $4.5 billion stake in Binance.US as security in order to travel to his home in the United Arab Emirates, was denied by Judge Richard Jones in a private hearing on Dec. 29.

Zhao is facing a potential sentence of up to 18 months in prison, with a scheduled sentencing date of Feb. 23, 2024. This comes as a result of their involvement in various web 3.0 crypto projects, such as UNFI, WAX, VVS, VGX, WLUNA, ZIL, and XCN. Web 3.0 products, also known as the next generation of internet technology, have been gaining traction in the crypto world.

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