Binance Coin Loses Third Place in Cryptocurrency Ranking Amid US, German Investigations
News Analysis
The Binance Coin recently dropped out of the top three in cryptocurrency market ranking as Binance, the world’s largest crypto asset trading platform, is being investigated by U.S. and German authorities.
As of May 25, the Binance Coin (BNB) ranked fourth in market value at $50.8 billion, dropping from $90.5 billion, its market value on May 17 when it ranked third.
Bloomberg reported this month that Binance is under investigation by the U.S. Department of Justice and the IRS for issues related to money laundering and tax offenses. This is the third time in the past two months that the company has been investigated internationally.
4/29/2021 4:10:04 AM GMT
The BaFin has released a legal opinion stating that Binance should have informed legal authorities prior to launching its stock tokens.
The German watchdog claims that these tokens are not quite different from stocks from a regulatory perspective.
Binance’s new offering could cease in Germany, and the crypto exchange could face a hefty fine.
The German Financial Supervisory Authority, known as BaFin, is currently investigating whether crypto exchange Binance violates securities laws with its tokenized share offerings.
Binance could face a fine of over 5 million euros
Earlier this month, the world’s largest crypto exchange by trading volume launched tokens tied to the price of Tesla and Coinbase stocks.
BaFin States that Binance Stock Tokens Could Violate Securities Laws
Last Updated: 29 April 2021
German’s regulator has stated that Binance Stock Tokens could go against security laws in the country. The product could be missing a few legal requirements.
BaFin, German’s Financial Supervisory Authority, is currently investigating Binance over offering tokenized shares. The regulator is presently holding a preliminary conclusion from its investigation, which is not favorable to one of the largest crypto exchange platforms in the world.
In a report on the regulator’s website, Binance could violate securities laws by offering shares of publicly listed companies such as Tesla. This could be against the law, even though the stock for such companies will be traded on the blockchain.
Message :
Required fields
DGAP-News: Deutsche Beteiligungs AG / Key word(s): Capital Increase
Deutsche Beteiligungs AG: Capital increase successfully executed
2021-04-28 / 08:52
The issuer is solely responsible for the content of this announcement.
=
NOT FOR DISTRIBUTION, PUBLICATION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN OR WITHIN THE UNITED STATES OF AMERICA,
AUSTRALIA, CANADA OR JAPAN OR ANY OTHER COUNTRIES IN WHICH SUCH PUBLICATION MAY BE UNLAWFUL. PLEASE READ THE NOTE AT
THE END OF THIS RELEASE.
Deutsche Beteiligungs AG: Capital increase successfully executed
- All 3.76 million new shares placed
- Gross issue proceeds of approximately 105 million euros
Frankfurt/Main, 28 April 2021 - Deutsche Beteiligungs AG ( DBAG , the Company ; Deutsche Börse Prime Standard, ISIN