Coin On’s evasion of regulatory authorities questioned by US Senate

03/19/2023 00:31 • AI Insights • 88 views

On March 19th, it was reported that Qian An did not mention financial issues in response to criticism from the United States Senate. On March 1, three senators from the Senate Banking Committee wrote to Coin On and Binance US, stating that Coin On and its related entities deliberately evaded regulatory authorities, transferred assets to criminals, and hid basic financial information from customers and the public. The three senators also requested information on the relationship between Coin Security and Binance US. They asked Qian An to respond before March 16th. In its response on March 16th, Coin On did not provide much information, but emphasized that Coin On and its US branches were independent entities. The response also pointed out that Coin Security has a core and supporting compliance staff team of approximately 750 people, including several former regulatory and law enforcement officials. (Bloomberg)

In response to criticism from US senators, Qian An and its US branches are independent entities

Analysis based on this information:

Coin On, one of the largest cryptocurrency exchanges in the world, has come under scrutiny from the United States Senate for its alleged evasion of regulatory authorities. The Senate Banking Committee had written to Coin On and its US counterpart, Binance US, accusing them of transferring assets to criminals and hiding financial information from customers and the public. The three senators had requested information on the relationship between the two entities and had given Qian An, Coin On’s CEO, until March 16th to respond.

On March 19th, it was reported that Qian An did not mention financial issues in his response to the Senate’s accusations. Instead, he emphasized the independence of Coin On and its US entities and pointed out that Coin Security had a compliance team of about 750 people, including former regulatory and law enforcement officials. However, Qian An’s response did not provide much information and did not address the specific allegations made by the Senate.

The Senate’s concern about Coin On’s evasion of regulatory authorities is not unfounded. Cryptocurrency exchanges have long been criticized for their low level of transparency and regulation. Coin On has already faced regulatory issues in various countries, including Japan and South Korea, and has been accused of market manipulation and insider trading. The Senate’s accusations of transferring assets to criminals and hiding basic financial information from customers and the public are serious allegations that could potentially damage Coin On’s reputation and investor confidence.

Coin On’s response, which did not address the specific allegations made by the Senate, is unlikely to alleviate the concerns of regulators and investors. The emphasis on the independence of Coin On and its US entities could also be seen as an attempt to distance itself from any wrongdoing by Binance US. However, the relationship between the two entities and the allegations of asset transfer and lack of transparency will require further investigation and clarification.

In conclusion, Coin On’s evasion of regulatory authorities and the Senate’s accusations of transferring assets to criminals and hiding financial information are serious concerns that could undermine investor confidence and harm the reputation of the cryptocurrency industry. Cryptocurrency exchanges need to be more transparent and compliant with regulatory authorities to gain the trust of investors and the public.

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Coin On’s evasion of regulatory authorities questioned by US Senate

In response to criticism from US senators, Qian An and its US branches are independent entities

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