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Fraud Response Analyst Cape Town
Customer Care Champion Cape Town

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.

By Georgina Crouth

24 May 2024

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

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