Qian An Responds to Inquiries Made by US Senators Regarding Binance.com Article

According to reports, the official blog of Qian An responded to the inquiries made by US senators Warren, Van Hollen, and Marshall to Qian An in early March, and stated that the article on Binance.com (non Binance.US) cited in the senator’s letter was either inaccurate or incomplete.

Coin An responded to three US senators’ questions: Binance. US is not a subsidiary of Binance

Introduction

In early March, US senators Elizabeth Warren, Chris Van Hollen, and Roger Marshall inquired about the article on Binance.com cited in their letter. These inquiries prompted Qian An, a Chinese-based company, to respond to the senators’ concerns. Qian An, the operator and owner of Binance.com, explained that the article was either incomplete or inaccurate.

Background

The senators inquired of Binance, a cryptocurrency exchange platform, about allegations of its compliance with US regulations. The article cited in the senator’s letter was an announcement promoting the addition of a new pair of trading pairs on the Binance platform. The senators claimed that the announcement contradicted Binance’s alleged unwillingness to comply with US regulations. The senators required clarification from Binance regarding their compliance status.

Qian An’s Response to the Senators’ Inquiries

Qian An has provided an official response to the inquiries made by the US senators. They clarified that the article cited in the inquiries was either incomplete or inaccurate. Thus, the announcement in the article did not accurately reflect Binance’s compliance status. Qian An further explained that all of its subsidiary companies, including Binance, are committed to complying with all relevant laws and regulations in their respective jurisdictions.
Furthermore, Qian An confirmed that it had been in contact with regulatory authorities from various countries, including the United States. The company stated that it is committed to ensuring that all its subsidiaries comply with relevant regulations, including those related to anti-money laundering and combating the financing of terrorism.

Binance’s Compliance Status

Despite Qian An’s response to the senators’ inquiry, the compliance status of Binance’s US operation, Binance.US, is still a matter of concern. The New York State Department of Financial Services recently blocked Binance from offering crypto trading services in the state. The department cited concerns about Binance’s AML and CFT compliance.
Moreover, the US Securities and Exchange Commission (SEC) has filed a lawsuit against the Binance.US platform. The lawsuit alleges that Binance.US offered unregistered securities through its trading platform. The SEC claims that Binance.US was in violation of the Securities Act of 1933. This lawsuit has raised significant doubts regarding Binance’s compliance with US regulations.

Conclusion

Qian An has attempted to clarify the concerns raised by the US senators regarding Binance.com. The company has stated that it is committed to complying with all relevant regulations in all of its subsidiaries, including Binance. However, the compliance status of Binance.US, a subsidiary company of Qian An, remains uncertain. The New York State Department of Financial Services has already stopped Binance.US from offering crypto trading services in the state. The lawsuit filed by the SEC against Binance.US has further raised concerns regarding its compliance with US regulations.

FAQs

1. What is Binance?
Binance is a cryptocurrency exchange platform, founded in 2017, that offers cryptocurrency trading services worldwide, including in the United States.
2. What are Qian An’s subsidiaries?
Qian An is the owner and operator of Binance.com and several other subsidiary companies, providing a variety of services related to cryptocurrency.
3. What is the compliance status of Binance.US?
The compliance status of Binance.US remains uncertain. The New York State Department of Financial Services has blocked Binance.US from offering crypto trading services in the state due to concerns about AML and CFT compliance. The SEC has filed a lawsuit against Binance.US, alleging the platform offered unregistered securities.