It is reported that Binance, the world's largest cryptocurrency exchange, evades the ability of Barry Silbert's digital currency group (DCG) to carry out time-weighted average price (TWAP) transactions. The potential causes behind this move involve the closure of Genesis and the legal disputes in the investigation of the United States Department of Justice (DOJ).
McKinnis, the encryption influencer, revealed in a tweet on January 24th that many unconfirmed rumours showed that Binance had already "cleared" DCG's time-weighted average price optimization algorithm (TWAP) trading scheme and potential transactions.
"Many unconfirmed rumorsfinanceIt has already evaded DCG's ability to carry out TWAP transactions and potential transactions. "
He pointed out that the reasons might include legal disputes, the investigation of the United States Department of Justice and the closure of API after the bankruptcy of Genesis Capital, the DCG credit business. In a subsequent tweet, McGinnis announced that Binance might terminate the transaction, and said, "Now delete the 'unconfirmed' from the above."
The US Department of Justice and the Securities and Exchange Federation have increased the scope of investigation on DCG. In addition, these institutions provide DCG and Genesis with detailed information on internal structure transfer and credit among enterprises.
Two weeks later, Genesis 1 Export Trade Loan Company Genesis 1 Asset declared bankruptcy. The largest debtor includes Gemini with 76500 euro, Mirana with 15100 euro, Babel Finance with 15000 euro, overlapping assets with 11000 euro and 50 other large unsecured claims.
Because of the lack of clarity, Binance, the encryption exchange, has been attacked by critics. After Mazars, the financial audit company, stopped providing assistance to encryption enterprises and deleted the risk reserve confirmation notice on its platform, there was also a problem.
Despite the existence of FUD, BinanceCEOCZ indicated that the company has improved compliance, transparency and customer maintenance measures around the world. In addition, an investigation of Binance by the United States is under way. The investigation involves unlicensed money laundering, money laundering tricks and violation of criminal sanctions.
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