In a move that has sent shockwaves through the cryptocurrency market, a staggering 19,197 Bitcoin (BTC), equivalent to approximately $652 million, has been withdrawn from Binance, one of the world’s largest cryptocurrency exchanges. Notably, the withdrawal was carried out in two transactions as highlighted by Blockchain.com. This event has ignited intense speculation and discussions among...Read More
The top 10 centralized crypto exchanges (CEXs) recorded a spot trading volume of $1.12 trillion in Q3 2023, indicating a significant plunge from the Q2 total of $1.42 trillion. According to the CoinGecko 2023 Q3 Crypto Industry Report, the third quarter spot trading volume for the top 10 CEXs represented a 20.1% decrease from Q2. Analysts...Read More
Last week, the Wall Street Journal inaccurately reported that Hamas and affiliated terror groups had received tens of millions of dollars in cryptocurrency, which was allegedly being used to support the ongoing conflict in the Middle East. However, blockchain analytics firms, such as Chainalysis and Elliptic, have contradicted this claim, suggesting that the actual funding...Read More
In a surprising development, Senator Cynthia Lummis and Representative French Hill, popular pro-crypto lawmakers, have urged the U.S. Department of Justice to expedite the investigation against Binance and Tether for illicit financial activities. Binance, the largest crypto exchange, and Tether, the biggest stablecoin issuer, have been implicated in a scheme for facilitating terrorist financing. Accusations...Read More
Binance.US has garnered support from a major crypto lobbyist group in warding off an ongoing lawsuit from the U.S. Securities and Exchange Commission (SEC). In a new amicus brief, the US Chamber of Digital Commerce argued that the agency’s claims against the exchange are misplaced, and that its actions are turning crypto businesses away from...Read More
Cryptocurrency exchange Binance announced notching strategic partnerships with multiple new fiat service providers. Through these collaborations, the platform can now offer a comprehensive range of Euro (EUR) services to its European users. The Importance of Fiat Partnerships In a significant move to enhance user accessibility and expand its foothold in the European market, cryptocurrency exchange...Read More
Major cryptocurrency exchange Binance has stopped onboarding new users from the United Kingdom, pending when the firm can find a new FCA-authorized partner to approve its cryptocurrency promotions. The UK financial regulator restricted Binance’s previous local partner from approving crypto marketing materials. Binance Currently Unable to Promote Crypto to UK Customers Binance said it will...Read More
Binance’s American entity, Binance.US, has officially informed its customers that their digital assets held on the exchange are no longer Federal Deposit Insurance Corporation (FDIC) insured. This change follows a previous advisory from the US agency, alerting individuals to the fact that funds placed with financial service providers dealing in cryptocurrency do not fall under...Read More
Hamas has been leveraging a global financial network to channel support from charities and sympathetic nations, employing various methods, including cryptocurrencies, to circumvent international sanctions. This has prompted the Israeli authorities to freeze several crypto accounts and seize millions of dollars worth of crypto coins following its attack on the country. Israel Freezes Over 100...Read More
Binance, one of the world’s largest cryptocurrency exchanges, has been in the spotlight due to various adverse news reports in recent months. The exchange’s leader, Changpeng Zhao, also known as CZ, has been using social media to address these concerns and dismiss them as “fear, uncertainty, and doubt” (FUD). However, a famous crypto analyst, Adam...Read More
Soccer legend Cristiano Ronaldo and Binance announced the launch of their third NFT collection: The CR7 ForeverZone, which features 50,000 limited-edition mystery boxes, will be made available for free to new and existing users of the exchange. This marks the latest development in the ongoing collaboration between Ronaldo and Binance, with the shared objective of...Read More
In a 500+ page report, a Brazilian congressional committee has laid out recommendations for indictments against CZ, local executives, and those of several other crypto-related firms. The committee in question is led by congressional deputy Ricardo Silva and recommends further investigation into the crypto platform – separate from an investigation into Binance already underway by...Read More
Israeli authorities have frozen several cryptocurrency accounts allegedly linked to the Palestinian militant group Hamas. The operation was carried out in collaboration with the crypto exchange Binance, highlighting an increasing global trend towards monitoring and regulating digital currencies to prevent their misuse for illicit activities. Binance Assists Israeli Police in Halting Crypto Financing for Hamas...Read More
As Binance exits the Russian cryptocurrency market, Russian clients are transitioning their trading activities to different platforms. However, CommEX, the company that acquired Binance’s Russian business, is encountering difficulties attracting these users. This migration has been accompanied by a notable drop in peer-to-peer (P2P) trading activity, with a decline ranging from 10% to 30%, according...Read More
According to Michael Lewis’ book “Going Infinite,” Binance CEO Changpeng “CZ” Zhao turned down an offer in March 2019 from former FTX CEO Sam Bankman-Fried to invest $40 million in creating a cryptocurrency futures exchange. Binance, originally a spot crypto exchange, decided to develop a futures exchange internally instead of accepting an offer from Bankman-Fried....Read More
Oracles serve as bridges between the worlds of on-chain and off-chain, enabling blockchains to tap into real-world information. Whether it’s retrieving crypto asset prices or fetching the outcomes of a soccer game, oracles can access a wide range of external data, which can then be easily incorporated into the crypto ecosystem. While oracles significantly enhance...Read More
In a significant development in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and major cryptocurrency exchange Binance, stablecoin issuer Circle has intervened, asserting that stablecoins should not be categorized as securities under existing financial regulations. This comes after earlier this year, Binance faced several legal accusations from regulators with the...Read More
Binance announced the sale of its Russian entity to a relatively unknown company called CommEX, the transaction of which raised several questions and concerns within the crypto community, primarily due to the limited information available about the company and its ownership. Moreover, CommEX was officially launched on Tuesday. To address these concerns and provide clarity,...Read More
Filing a brief for amicus curiae in the United States District Court, for the District of Columbia on 28th of September 2023, Circle Internet Financial LLC has now officially entered the lawsuit of Securities and Exchange Commission v. Binance Holdings Ltd. et al., as a ‘friend of the court’ to provide important information or advice...Read More
Binance has issued an official statement detailing how users should proceed after its France division’s partnership with Paysafe expired this week. Binance expects a brief interruption to certain services as a result of the end of the collaboration, a decision that has been deemed to be “unilateral.” Paysafe ‘Unilaterally Decided to Stop Processing EUR Deposits’...Read More
Earlier this summer, Binance was required to wind down operations in Belgium due to a warning from the FMSA, the country’s principal financial regulator. Previous Dispute With Regulator The FMSA’s warning was, according to the regulator, wholly unrelated to the legal dispute currently underway across the pond. Instead, the watchdog expressed concern over Binance’s practice...Read More
Crypto exchanges often find themselves struggling with hackers. But amidst the challenges, there’s always room for a little banter, especially when it comes from industry giants. Changpeng Zhao, better known as CZ, the CEO of Binance, couldn’t resist taking a playful jab at Justin Sun, the founder of Huobi Global, after the latter’s exchange faced...Read More
Marina Parthuisot, Binance’s French legal director, stated that due to the upcoming MiCA bill that has not yet approved any stablecoins, Binance is planning to delist all such assets in Europe on June 30, 2024. However, Changpeng Zhao (CZ), the CEO of Binance, has responded to this statement on X, saying that it may have...Read More
Binance has seen immense activity on one of its Ethereum hot wallets in recent weeks. However, things got heated up on September 21st as a result of high on-chain activity by the Binance 14 wallet. The hot wallet, in question, spent an astonishing 530 Ether in gas fees, worth around $840k, in a span of...Read More
On Sept. 21, the company submitted a 60-page petition asserting that the financial regulator overstepped its authority when it sued them. The SEC sued Binance in June, alleging a range of misdemeanors, including mishandling customer funds, misleading investors and regulators, and violating securities rules. Binance and CZ have accused the SEC of “attempting to impose...Read More
Aditya Baradwaj, a former engineer at the bankrupt cryptocurrency trading firm Alameda Research, has revealed that the company was behind bitcoin’s 87% plunge in 2021. Baradwaj explained the events that led to the sudden drop, saying the incident was a result of a work philosophy established by Alameda’s co-founder Sam Bankman-Fried (SBF), which maintained that...Read More
Binance CEO Changpeng ‘CZ’ Zhao has refuted a recent report alleging that he received a $250 million loan from BAM Management, the company that serves as the holding entity for Binance.US. The development comes amidst Binance’s struggles with plunging trading volume as the world’s largest cryptocurrency exchange faces mounting lawsuits and increased regulatory scrutiny. CZ...Read More
It is safe to say that Binance US – the American subsidiary of the world’s leading cryptocurrency exchange – has passed through turbulent times, witnessing considerable customer withdrawals and diminished trading volume in the past several months. According to the market data provider Kaiko, weekly trade volumes on the platform have recently plunged to a...Read More
Changpeng “CZ” Zhao, the CEO of Binance, has publicly spoken out against allegations made by the U.S. Securities and Exchange Commission (SEC). The regulatory body claimed that Binance.US, the American arm of the global cryptocurrency exchange, might have used a custody unit potentially linked to its parent company, thereby exposing clients to a foreign entity....Read More
The largest cryptocurrency by market capitalization is pre-determined to have 21 million coins ever mined. Many BTC proponents believe this anti-inflationary feature should make the asset more scarce and valuable in time. The total amount of Bitcoin produced as of today stands at almost 19.5 million, with over 15% owned by ten individuals or organizations....Read More
