• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, May 22, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Gary Gensler offered to serve as an advisor to Binance in 2019

by Reshab Agarwal
June 8, 2023
in Crypto, Crypto Exchanges, News, Trending
Reading Time: 3 mins read
0
FTX may have violated securities laws: SEC Chair Gensler

FTX may have violated securities laws: SEC Chair Gensler

TwitterWhatsappLinkedin

In a surprising twist, lawyers representing Binance, one of the world’s largest cryptocurrency exchanges, claimed that Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), offered to serve as an advisor to Binance in 2019. The allegations have raised concerns about potential conflicts of interest and the regulatory impartiality of the SEC.

You might also like

Epic Games’ Fortnite Makes Triumphant Return to Apple’s App Store After Nearly Five-Year Ban

Paramount Faces Political Firestorm Over Possible Trump Lawsuit Settlement

Intel Considers Selling Network and Edge Units Amid Strategic Overhaul Under New CEO

Alleged Offer of Advisory Role by SEC Chair Raises Controversy in Binance Case

Binance and its founder Changpeng Zhao’s lawyers have alleged that Gary Gensler, the Chair of the United States Securities and Commission, made an offer to serve as an adviser to the crypto exchange.

Attorneys from Gibson & Dunn and Latham & Watkins, as stated in a CNBC report on June 7, have claimed that documents filed by the SEC on the same day revealed allegations that Gary Gensler offered to serve as an advisor to Binance in March 2019. Contrary to the recent allegations, a prior report from The Wall Street Journal in March stated that it was Binance who initially approached Gensler in 2018 for the adviser role.

Citing messages and documents from 2018 to 2020, The Wall Street Journal reported that Ella Zhang, the former head of Binance’s venture investing arm, and Harry Zhou, co-founder of Koi Trading (a firm in which Binance had invested), met with Gensler in October 2018 to propose an advisory role. However, Gensler ultimately turned down the offer.

Gensler’s Rejection of Advisory Offers and Appointment as SEC Chairman

Furthermore, according to the report, multiple private companies approached Gensler during his tenure at MIT to request his services as an advisor, but he declined all of those offers. Gary Gensler was nominated by United States President Joe Biden to assume the position of SEC Chairman in February 2021 and officially took office on April 17, 2021.

Before assuming his role at the SEC, Gensler held the position of a professor of the practice of global economics and management at the MIT Sloan School of Management. Additionally, he served as the chair of the Maryland Financial Consumer Protection Commission from 2017 to 2019.

On June 5, the SEC filed a lawsuit against Binance, accusing the crypto exchange of operating unlawfully in the United States and failing to register as a securities exchange. The regulatory authority leveled a total of 13 charges against Binance, encompassing allegations of unregistered sales and offers of Binance USD (BUSD) tokens, BNB tokens, and its staking program. As a result of the lawsuit, BNB and BUSD tickers have experienced a decrease, with BNB currently at $261 and BUSD at $1.00.

Binance Asserts Its Distinctiveness Amid Regulatory Scrutiny

Amid increased regulatory actions against Binance, on June 7, the crypto exchange issued a message through its Chinese social media channels, asserting that it possessed unique qualities that set it apart from other cryptocurrency exchanges.

The statement issued by Binance emphasized several key points. Firstly, Binance highlighted the transparency of its wallet addresses, emphasizing that it has never misappropriated users’ funds. Secondly, Binance stated that it has refrained from making substantial political donations or extensive sponsorships in the entertainment and media industry, alluding to practices that were associated with the now-closed cryptocurrency exchange FTX.

Simultaneously, Changpeng Zhao ignited a Twitter debate by highlighting that the SEC did not file a lawsuit against FTX, despite Gary Gensler stating in an interview that there were numerous “parallels” between the two companies.


The allegations that Gary Gensler offered to serve as an advisor to Binance in 2019 have raised concerns about potential conflicts of interest and the impartiality of the SEC. While Binance’s lawyers claim Gensler made the offer, previous reports suggest it was Binance who initially approached him. The controversy surrounding these allegations has underscored the need for greater transparency and accountability in cryptocurrency regulation.

As the legal battles between Binance and the SEC continue, the outcome of these investigations will likely have significant implications for the future of cryptocurrency regulation. Stakeholders are closely monitoring developments to assess the potential impact on the regulatory landscape and the perceived integrity of the SEC’s oversight.

Also Read: Gary Gensler accused of being incompetent for regulatory crackdown on Coinbase.

Tags: #Gary_GenslerAdvisorBinance
Tweet54SendShare15
Previous Post

Amazon is reportedly planning an ad-supported tier for Prime Video

Next Post

Electric Cars: The New Face of Tech-Driven Automotive Design

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

Epic Games’ Fortnite Makes Triumphant Return to Apple’s App Store After Nearly Five-Year Ban

by Anochie Esther
May 22, 2025
0
Fortnite

In a twist that has been long awaited by millions of fans and closely monitored by the tech and gaming industries alike, Fortnite is finally making its comeback...

Read more

Paramount Faces Political Firestorm Over Possible Trump Lawsuit Settlement

by Harikrishnan A
May 22, 2025
0
Paramount Faces Political Firestorm Over Possible Trump Lawsuit Settlement

Three senior U.S. senators are raising red flags over media giant Paramount Global’s ongoing legal entanglement with President Donald Trump, warning that a settlement in his $20 billion...

Read more

Intel Considers Selling Network and Edge Units Amid Strategic Overhaul Under New CEO

by Harikrishnan A
May 22, 2025
0
Pentagon Halts $2.5 Billion Chip Grant to Intel,

In a significant pivot that could reshape Intel’s future, the tech giant is quietly weighing whether to sell off its network and edge computing business units. The move...

Read more
Next Post
Photo by Bob Osias on Unsplash

Electric Cars: The New Face of Tech-Driven Automotive Design

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?