<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-overcomes-legal-hurdles-in-2023/" data-wpel-link="internal">Binance Overcomes Legal Hurdles in 2023</a><br></p>
<p style="text-align: justify"><a href="https://en.coin-turk.com/binance-adds-new-trading-pairs-to-binance-spot-and-introduces-fdusd-stablecoin/" data-wpel-link="internal">Binance</a>, still the most dominant cryptocurrency exchange by trading volume, experienced a tough year in 2023. During what was expected to be the calmest week of the year, the exchange was stunned by an SEC lawsuit but months later had the opportunity to resolve issues with US officials, settling with a huge bill.</p> 
<h2 style="text-align: justify" id="binance-and-legal-challenges">Binance and Legal Challenges</h2> 
<p style="text-align: justify">The lawsuit filed by the CFTC last year and <a href="https://newslinker.co/" data-wpel-link="exclude">news</a> that the US Department of Justice was about to conclude its years-long investigation dominated the first half of the year. Investors were concerned about the potentially devastating problems Binance exchange could face. The allegations put forward by the CFTC were of the kind that could hinder the exchange’s operations.</p> 
<p style="text-align: justify">Binance admitted that in its early years, it did not comply with many necessary regulations for rapid growth. Its laxity in Know Your Customer (KYC) and anti-money laundering measures formed the basis of the CFTC and Department of Justice investigations.</p> 
<p style="text-align: justify">Even though Binance announced a proactive approach to compliance in 2021 and rapidly expanded its compliance team, it could not cover up past mistakes. By November 2023, the company managed to pay a $4.3 billion fine and start with a clean slate.</p> 
<p style="text-align: justify">The exchange, currently overseen by a US-appointed auditor, continues its battle with the SEC. However, since other US institutions have refuted the SEC’s allegations of mixing customer assets, this case is not expected to end differently from the Coinbase process.</p> 
<h2 style="text-align: justify" id="binance-recovers">Binance Recovers</h2> 
<p style="text-align: justify">According to data from crypto research firm Kaiko, the popular cryptocurrency exchange’s market share rose to 49% after the US settlement. This increase occurred as the exchange resolved its legal issues, following a period when its dominance had fallen to its weakest levels in recent years. Although the exchange started 2023 strongly, its spot market share, which was 55.2% in January 2023, had dropped to 34.3% by September.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-309179 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/Binance-Pazar-Payi.jpg" alt="" width="1310" height="702"></p> 
<p style="text-align: justify">In June 2023, analytics firm Nansen reported that Binance experienced a net outflow of $2.36 billion, which was not as high as feared. While it was not yet clear how the market would price this following the November settlement, we were discussing that there had not been a massive net outflow, suggesting that cryptocurrencies could rise. Indeed, as expected, the markets priced this positively.</p> 
<p style="text-align: justify">Binance gained 40 million users in 2023, and a spokesperson for the exchange said;</p> 
<blockquote> 
 <p style="text-align: justify">“At Binance, our focus has always been to place users at the center of every decision we make. As a result, as we move into a new chapter of Binance’s story, users can continue to trust our platform.”</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/binance-overcomes-legal-hurdles-in-2023/" data-wpel-link="internal">Binance Overcomes Legal Hurdles in 2023</a></h5>

Binance Overcomes Legal Hurdles in 2023

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