Scandal-ridden Binance in SA court to keep dealings with local minority partner under wraps
Binance, the world’s largest cryptocurrency exchange in terms of daily trading volumes, has been hauled to court in South Africa, to thwart its attempt to force a business partner into arbitration which would keep its business conduct out of public attention.
Source: Reuters/Dado Ruvic.
Dimplx alleges that Binance has misled authorities and customers about its operations; contravened the UK’s anti-money laundering and counter-terrorist financing laws and regulations; amended and backdated changes to its terms and conditions to obfuscate the true UK domicilium of the group entity transacting with users of Binance.com; and channelled customers’ money into offshore bank accounts controlled by its founder, Changpeng Zhao.
Binance’s website records indicate that more than £46bn worth of transactions of crypto transactions were performed between June 2020 and December 2023.
Read the full article by Georgina Crouth at Daily Maverick.
Source: Daily Maverick
Daily Maverick is a unique blend of news, information, analysis and opinion delivered from our newsrooms in Cape Town and Johannesburg, South Africa. There are many ways to describe exactly what we do (and for the price of a cup of coffee we’re capable of talking your ears off about it), but the best way to understand the end result is to experience it. Every part of Daily Maverick is free-to-air and no payment is required, although free registration is required for a small subset of functions and pages.
Daily Maverick is run by an independently owned, private company with no affiliation to any other media group (or political party or religious organisation.) Follow Daily Maverick on Twitter at @dailymaverick.
Go to: https://www.dailymaverick.co.za/Related
No NGOs under investigation for money laundering, terror financing 11 Mar 2025 Nigeria suing Binance for $81.5bn in economic losses and back tax 20 Feb 2025 Luno’s predictions for 2025's crypto landscape 15 Jan 2025 Capitec's R56m brush with Sarb 27 Dec 2024 Sasfin: Defeated after the scandal on the rot in its foreign exchange business 20 Dec 2024 AltSchool Africa and Binance launch scholarships to nurture digital skills in 500 Africans 3 Dec 2024
