Company Directory - Binance Chain
Company Details - Binance Chain
Binance Chain
WebsiteA cryptocurrency and blockchain network that enables decentralized finance (DeFi) functions, decentralized apps (DApps), and supports non-fungible tokens (NFTs).
CCI Score
CCI Score: Binance Chain
-63.28
0.03%
Latest Event
Binance Fined $2.7B for Concealing Unauthorized US Trading
Binance reached a settlement with US regulators after a federal court approved a $2.7 billion fine for hiding unauthorized US trading activities and evading regulatory compliance. The settlement, which also involved penalties for CEO Changpeng Zhao and other executives, highlights the company's deliberate circumvention of US Know-Your-Customer procedures.
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Binance Chain is currently rated as an Architect.
Latest Events
- DEC192023
Binance reached a settlement with US regulators after a federal court approved a $2.7 billion fine for hiding unauthorized US trading activities and evading regulatory compliance. The settlement, which also involved penalties for CEO Changpeng Zhao and other executives, highlights the company's deliberate circumvention of US Know-Your-Customer procedures.
-80
Business Practices and Ethical Responsibility
April 8
Binance's decision to conceal the presence of US customers and bypass mandatory KYC requirements reflects deeply unethical business practices. Such actions not only undermine regulatory frameworks but also facilitate money laundering and other financial crimes, making it a significant negative event under business practices and ethical responsibility.
Binance to pay $2.7 billion fine after hiding shady transactions from feds
-80
Regulatory Capture
April 8
By systematically evading US regulatory oversight and instructing customers to bypass compliance systems, Binance demonstrated actions consistent with regulatory capture. This undermines the integrity of financial markets and empowers a corporate culture that resists accountability.
Binance to pay $2.7 billion fine after hiding shady transactions from feds
- DEC052023
A US financial regulator imposed a $4.3bn fine on Binance as a deterrent, signaling serious concerns about its regulatory compliance and business practices.
-60
Business Practices and Ethical Responsibility
April 8
The imposition of a $4.3bn fine by a top US financial regulator highlights significant shortcomings in Binance's adherence to regulatory standards. This punitive measure reflects unethical business practices which can undermine market integrity and erode public trust, potentially weakening safeguards that protect against authoritarian exploitation.
Binance's $4.3bn fine was set high as a warning, says US regulator
- NOV212023
Binance and its CEO, Changpeng Zhao, agreed to a proposed consent order on November 21, 2023, which mandates the payment of $2.85 billion in penalties. The order addresses charges of willfully evading U.S. law, operating an illegal digital asset derivatives exchange, and intentionally bypassing compliance measures such as know-your-customer protocols.
-80
Public and Political Behavior
April 8
Binance's deliberate evasion of U.S. regulatory frameworks undermines public trust and the integrity of financial oversight, thereby negatively affecting democratic market safeguards. This action, which shows disregard for civic regulations, falls within Public and Political Behavior concerns by weakening the state’s capacity to enforce protections for investors and consumers.
-90
Business Practices and Ethical Responsibility
April 8
The company's willful disregard for regulatory requirements, including knowingly operating an unregistered digital asset derivatives exchange and circumventing mandatory compliance measures, demonstrates profoundly unethical business practices. This directly harms market stability and investor protections, contributing to an environment where corporate misconduct can flourish.
- NOV212023
FinCEN announced a $3.4 billion settlement and a five-year monitorship with Binance following willful violations of the Bank Secrecy Act, including mandates that force the company to exit the U.S. market. This unprecedented enforcement action highlights significant non-compliance with financial regulations.
-90
Business Practices and Ethical Responsibility
April 8
Binance's deliberate, willful violations of the Bank Secrecy Act—culminating in an unprecedented $3.4 billion penalty and enforced exit from the U.S.—demonstrate a flagrant disregard for ethical business practices and regulatory compliance. Such actions undermine public trust and contribute to an environment where corporate misbehavior could indirectly facilitate further systemic abuses.
- AUG172023
The article details how Binance spent over $1 million in the first half of 2023 on lobbying activities in Washington, using well‐connected lobbyists and former political staffers to shape crypto-related legislation. This move highlights concerns over corporate influence in the democratic process, potentially undermining public regulatory oversight.
-70
Political Contributions and Lobbying Efforts
April 8
Binance’s spending over $1 million on lobbying in early 2023, by hiring experienced lobbyists to influence Capitol Hill, exemplifies corporate efforts to shape policy in favor of industry interests. Such political contributions and lobbying undermine democratic processes and are indicative of corporate capture, aligning with authoritarian tendencies in corporate power.
Coinbase and Binance crank up lobbying push as Congress prepares to debate crypto bills
-50
Regulatory Capture
April 8
By engaging lobbyists with deep political connections, including former regulators and senior political staffers, Binance appears to be attempting to secure a favorable regulatory framework. This effort to sway policymaking is a classic example of regulatory capture, where private interests override public accountability, a move that is harmful from a democratic perspective.
Coinbase and Binance crank up lobbying push as Congress prepares to debate crypto bills
- JUN062023
On June 6, 2023, the SEC brought a lawsuit against Binance alleging securities violations, deceptive practices, and aggressive lobbying efforts, including payments of $430,000 to four lobbying firms during Q1 2023. This action exposes concerns over the company's use of political influence and potential regulatory capture.
-60
Regulatory Capture
April 8
The SEC lawsuit accuses Binance of engaging in deceptive practices and conflicts of interest. These allegations suggest an attempt to evade regulatory oversight and contribute to a culture of regulatory capture, undermining investor protection and contributing to broader democratic erosion.
SEC sues Coinbase, Binance in blow to crypto industry efforts to shape cryptocurrency regulations
-70
Political Contributions and Lobbying Efforts
April 8
Binance's payment of $430,000 to lobbying firms and its involvement in a SEC lawsuit raise serious concerns. The company's active lobbying efforts are seen as a means to influence regulatory frameworks in favor of corporate interests at the expense of investor protection and democratic accountability.
SEC sues Coinbase, Binance in blow to crypto industry efforts to shape cryptocurrency regulations
- JUN052023
On June 5, 2023, the SEC filed a lawsuit against Binance alleging that the company operated an illegal, unlicensed securities exchange in the U.S., commingled billions in customer funds, and misled investors. The complaint also named CEO Changpeng Zhao as a defendant, highlighting claims of deliberate evasion of U.S. securities laws.
-80
Business Practices and Ethical Responsibility
April 8
Binance is accused of severe business misconduct by allegedly commingling customer assets, providing misleading disclosures, and operating without the proper licensing. Such deceptive business practices undermine investor trust and violate ethical standards, marking a clear departure from responsible corporate behavior.
-70
Executive Political Engagement
April 8
The lawsuit also implicates CEO Changpeng Zhao and Binance’s leadership for their role in evading regulatory oversight. By allegedly downplaying internal compliance failures and misleading investors about risk control measures, the company's executive actions exhibit a neglect of public accountability in the political arena of regulatory enforcement.
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