Archive for the ‘Binance’ Category
Binance: Can the biggest crypto exchange reform itself? – The Week
Posted: December 6, 2023 at 2:43 am
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Terrorists, hackers, drug dealers and pedophiles meet the customers of the worlds largest crypto exchange, said Allyson Versprille and David Voreacos in Bloomberg. Binance "turned a blind eye" to a staggering number of criminal failures, prosecutors said last week in announcing the exchanges $4.3 billion guilty plea on money-laundering charges. Regulators found chats from Binances own compliance chief joking about the exchange "being used to funnel money to Hamas." Bitcoin transactions were commonplace among other terror organizations, including al Qaida and ISIS. Millions of transactions were conducted by people living in Iran, Syria and Cuba, in violation of U.S. sanctions. More than $100 million sat in Binance wallets traced to a Russian darknet marketplace that "sold hacking software, fake IDs and illegal drugs." And more than 1,000 transactions took place involving three marketplaces that dealt in child pornography. As part of the settlement, chief executive Changpeng Zhao agreed to step down and pay a $50 million fine.
Another week, another crypto titan goes down, said James Mackintosh in The Wall Street Journal. Less than a month after FTX leader Sam Bankman-Fried was convicted of fraud, Zhao, the richest man in crypto, pleads guilty to money laundering. The twin kill shots by the Justice Department bolster the argument that "the two main use cases" for crypto are "fraud and crime." Now Bitcoin seems primed for an "inevitable collapse in value." Binance still got off too easy, said Thomas P. Vartanian in The Hill. An organization that evades anti-money-laundering laws is enabling crimes. If it were a bank, "its FDIC deposit insurance may have been terminated, its charter revoked and its doors shuttered." Anyone in management with any involvement in such a scheme should be facing jail time and never be permitted to work in the financial industry again. Its time to stop quibbling over regulatory action. "If they look like a bank, swim like a security and quack like an exchange, they should be regulated like them."
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This is not the end for crypto, said Gillian Tett in the Financial Times. But things will probably be different moving forward. Part of cryptos anti-establishment appeal was that it was "widely viewed as anonymous." Thats clearly not the case anymore the Binance court documents "describe transactions with Iran," for instance, in vivid detail. A cleaned-up and supervised crypto industry "will make libertarians squeal," but the reform will allow it to be "slowly absorbed into the financial establishment." Binances pleading guilty and giving in to "Uncle Sam is a watershed moment," said Henry Farrell and Abraham Newman in The Wall Street Journal. The $4.3 billion penalty is an attention-grabber, but a monitoring agreement as part of the settlement "is arguably even more important." It stipulates that Binance must create "a truly effective anti-money-laundering system." Businesses that want to work with Binance will need to be just as vigilant. The platform will transform "from a scofflaw into a watcher and enforcer on the U.S. governments behalf." That alone "redefines the relationship between government and crypto."
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Binance: Can the biggest crypto exchange reform itself? - The Week
Binance Announces Mystery Airdrop With Exciting Rewards – Milk Road
Posted: at 2:43 am
Binance has launched a surprise crypto airdrop tied to its Web3 wallet usage before the new year. Traders completing a single wallet swap enter drawings for prizes ranging from 1 Shiba Inu to 1 BTC.
The largest cryptocurrency exchange announced the airdrop campaign via X on Tuesday.Binance will airdrop $500,000 in Bitcoin and altcoins to people using its Web3 Wallet.
Key Details:
The company didnt provide many details except for the New Years Eve deadline. Users can win a full bitcoin, depending on the airdrops terms and conditions.
Read more: City Of Lugano Now Accepts Bitcoin And Tether For Tax Payments
Binance first stoked anticipation for the crypto airdrop on December 3rd by tweeting a smartphone swap and airdrop emoji. Intriguingly, the tweet included the word soon, leaving the community in suspense and speculating about a potential major announcement.
The airdrop promo aims to drive the adoption of Binances non-custodial wallet, allowing asset control using private keys. The exchange announced the giveaway, which was one of the first ones, following a hectic month of November. In addition, the exchange also launched the Web3 wallet on November 8, pushing self-custody.
Read more:Coinbase NFT And OpenSea Address Web3 Vulnerability Alert From Thirdweb
November witnessed a drastic change for Binance, as the exchange was asked to pay $4.3 billion for a legal settlement. To everyones surprise, the exchanges founder and CEO, Changpeng Zhao, also stepped down. Following his departure, Richard Teng took over the throne as CEO.
In one of the most recent announcements, the exchange also announced zero-fee trading for six FDUSD spot and margin trading pairs. These include BNB/FDUSD, DOGE/FDUSD, ETH/FDUSD, LINK/FDUSD, SOL/FDUSD, and XRP/FDUSD.
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.
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Binance Announces Mystery Airdrop With Exciting Rewards - Milk Road
Binance’s $4.3B penalty hard to beat, CFTC senior official says – Protos
Posted: at 2:43 am
A senior commissioner at the Commodity Futures Trading Commission (CFTC) stated that its unlikely well see a penalty brought against a crypto firm that can exceed the $4.3 billion in fines that Binance agreed to pay.
CFTC commissioner Kristin Johnson told the audience at a recent crypto summit that she hopes the landmark case against Binance will really be a bit of a cautionary tale. The commissioner added that Binances penalties established guardrails to bring order and structure to the market, Reuters reports.
My hope would be that we have seen a spike, and what we will see going forward is that these early cases will really be a bit of a cautionary tale for those firms that really do want to successfully operate in this ecosystem, Johnson said.
At the same summit, Johnson added that Binances penalties were heightened because the crypto exchange had been warned plenty of times before that it must comply with regulations.
Read more: Top Binance exec Noah Perlmans ties to Epstein, Moonstone, and Gemini
The commissioner added that the settlement of the case did not involve any allegation of fraud or similar misconduct. These sentiments are echoed by Binance chief Changpeng Zhao, who controversially posted that in our resolutions with US agencies they do not allege that Binance misappropriated any user funds, and do not allege that Binance engaged in any market manipulation.
That said, Johnson added that the CFTC is deep and careful in its preparation before deciding civil penalties. Binances penalties were mostly heightened because the CFTC has publicly reiterated several times that it needs to comply, and it still failed to.
Binances $4.3 billion penalty marked the largest settlement to be reached with a crypto firm, and simultaneously settled several cases with other US agencies. However, it didnt get rid of the Securities and Exchange Commissions (SEC) lawsuit against Binance, which claims that the exchange and CZ engaged in massive wash-trading.
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Binance's $4.3B penalty hard to beat, CFTC senior official says - Protos
Master Trader, Who Nailed Binance (BNB) And Polygon (MATIC) Price Predictions, Unveils The Next 100X Altcoin Gem – The Crypto Basic
Posted: at 2:43 am
A significant analyst who predicted the rise of Binance (BNB) and Polygon (MATIC) recently focused on a new altcoin poised to bring the same returns. Many experts believe that it could be the next 100x token. Today, we will look at all three of these tokens and find out what makes this newcomer so appealing.
Despite bullish Binance (BNB) price predictions from AMBCrypto, it faces significant hurdles in achieving the $506 valuation by 2024. The present market dynamics suggest that reaching this target might prove challenging. Currently valued at $228, the Binance Coin price would need to experience a considerable surge of 121% increase to touch the forecasted value.
A closer look at the numbers reveals that for Binance to reach the projected $506, its market cap must catapult from the current $34B to $76B. This monumental leap in valuation is a daunting task, especially considering the ongoing market fluctuations and challenges.
Adding to the complexities, Binances recent announcement about the termination of support for its BUSD stablecoin by December 15th has caused a stir within the crypto community. Despite assurances of continued redemption until February 2024, traders are exploring alternative tokens amidst these changes.
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Binance and Polygon face challenges as their high market cap hinders them from reaching their full potential. This is because they require a major influx of new funds for their values to rise. On the other hand, tokens with low market caps do not have these problems. A crypto expert has taken notice of one such coin Pullix ($PLX).
This project will introduce the worlds first hybrid DeFi exchange that will enable the trading of all assets in one place and complete privacy (no KYC checks). Its mission is to give back to the community. So, if you hold the $PLX native token, you will receive a percentage of the daily revenues generated by the exchange an excellent passive income opportunity.
The master traders optimistic outlook on Pullix stems from its low value and market cap. Since it is now in its presale run, it costs only $0.04 and has a market cap of $8M. This valuation means it can experience price growth much faster than Binance and Polygon as fewer new funds are needed.
He also pointed out that Pullix has ties to the OTC derivatives market, which is valued at $20.7T in 2022. Because of this, the analyst predicts a 1,000% pump for $PLX before its presale ends.
Similarly, AMBCrypto posted a Polygon price prediction, with the token reaching $1.61 in 2024. The current price of $0.78 suggests a substantial 106% surge would be necessary to hit this target. Its worth noting that since April 2022, Polygon has yet to breach the $1.60 mark, indicating historical challenges in reaching such heights.
The formidable hurdle lies in the market cap, which currently stands at $7B. To reach the $1.61 valuation, Polygons market cap would need to reach $14B. Such a significant leap in valuation might prove challenging within the speculated timeframe, considering the volatile nature of the crypto market.
The recent Polygon price performance showed a 2.30% increase from November 30th to December 1st. This rise came after an X post by Captain Faibik claiming this as the final opportunity before an impending bull run. However, traders are redirecting their attention toward alternative projects with perceived greater potential for substantial growth.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Binance Exchange Unveils $500,000 Airdrop to Boost Web3 Wallet Usage and Liquidity – Coinpedia Fintech News
Posted: at 2:43 am
In a strategic move to enhance liquidity and promote its recently launched Web3 Wallet, Binance, the worlds largest cryptocurrency exchange, has announced a generous airdrop worth $500,000. The official announcement was made today via Binances official handle in an X post, heralding the much-anticipated Airdrop time.
According to the post, participants stand a chance to receive crypto rewards ranging from 1 $SHIB to 1 $BTC by simply making a swap using their Binance Web3 Wallet. The initiative aims to stimulate user engagement during the ongoing surge in the cryptocurrency market.
The post provides limited details, revealing only the core aspect of the airdrop linked with a promotional message. Participants can purchase a variety of cryptocurrencies, including BTC, ETH, BNB, SHIB, and others, at prices ranging from $0.00000936 to $42,000.
What sets the Binance Web3 Wallet apart is its functionality within the Binance app, allowing users to seamlessly swap thousands of tokens across different networks. Additionally, users can explore decentralized apps (dApps), transfer funds between exchanges and wallets, and earn returns on their cryptocurrency holdings.
To qualify for the airdrop, users must execute an exchange using their Web3 Wallets, with the airdrop opportunity available until December 31, 2023. Noteworthy partners supporting this initiative include Alchemy Pay, Chiliz, Acala Network, CyberConnect, GMX, Gala Games, Radiant Capital, DODO, Kava Chain, QuickSwap, Sei Network, WOOFI, and BinaryX.
This announcement has captured the attention of the cryptocurrency community, particularly those seeking to capitalize on the bullish market trend, which has seen the market size surge to $1.5 trillion in just six weeks.
Behind the airdrop lies Binances strategic goal of addressing liquidity challenges. Cryptocurrency exchanges often face liquidity issues when investors hold onto their assets during market upswings.
Binance, responding proactively to this challenge, has initiated various measures, including zero-fee trading, following substantial trade volumes reaching billions overall. The $500,000 airdrop serves as a targeted effort to incentivize trading activity, thus contributing to improved liquidity for the exchange.
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New Binance CEO Evasive in First Marquee Interview Since Getting One of the Biggest Jobs in Crypto – CoinDesk
Posted: at 2:43 am
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Binance’s Multi-Billion CFTC Penalty Was ‘Heightened,’ Says Commissioner Kristin Johnson – CoinDesk
Posted: at 2:43 am
Multi-billion dollar penalties levied by the U.S. Commodity Futures Trading Commission (CFTC) against crypto exchange Binance were "heightened" because of the regulator's prior public warnings for crypto firms to comply, Commissioner Kristin Johnson said during a Tuesday event hosted by the Financial Times.
Johnson clarified that the agency took enforcement action against the world's largest crypto exchange because it "simply failed to comply with regulation."
As part of the deal, Binance agreed to pay $1.35 billion in civil penalties and another $1.35 billion in disgorgement to the CFTC to settle a March suit, which argued it operated an unlicensed crypto derivatives trading platform in the U.S. and tried to hide it from regulators. Binance Founder Changpeng "CZ" Zhao stepped down as part of the deal and paid a $150 million fine to the agency.
"There's a common assumption that enforcement actions in the crypto or digital assets ecosystem connote bad actors or bad conduct. Admittedly, there is plenty of evidence to support this assumption," Johnson said, but added that, in Binance's case, "the matter and the resolution of the litigation did not involve any allegation of fraud or similar misconduct."
She did, however, say that the agency has a "deep and careful" methodology before deciding civil penalties and that Binance's penalties were "heightened" mostly because the agency has been "on record and publicly saying, if you come to U.S. markets and operate, inviting U.S. customers to participate, you have to comply."
Despite the string of 2022 bankruptcies that rattled the crypto world, the industry has largely criticized U.S. regulators for taking tough action against firms they believe aren't compliant with the country's rules without providing any clarity on how to comply.
"We are excited for market participants to operate our market, but it's critical that if you're operating in our markets, that you are complying with regulation," Johnson said.
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Binance's Multi-Billion CFTC Penalty Was 'Heightened,' Says Commissioner Kristin Johnson - CoinDesk
Ronaldo hit with $1 billion class-action lawsuit for endorsing Binance NFTs – CBS News
Posted: at 2:42 am
Portuguese soccer star Cristiano Ronaldo is facing a class-action lawsuit seeking at least $1 billion in damages for his role in promoting cryptocurrency-related "non-fungible tokens," or NFTs, issued by the beleaguered cryptocurrency exchange Binance to millions of his fans.
The lawsuit, filed in federal court in the Southern District of Florida Monday, alleges that Ronaldo's promotion of Binance was "deceptive and unlawful." Binance's partnership with high-profile figures like Ronaldo, the plaintiffs claim, led them into costly and unsafe investments.
Under the marketing partnership, Ronaldo encouraged millions of his fans and supporters to invest with Binance, even though many of them were unfamiliar with cryptocurrencies or the platform, the lawsuit alleges. As a result of his endorsement, his fans came away with the impression that the investments were safe such was the case with the plaintiffs in the lawsuit, who bought products sold on Binance after seeing Ronaldo's endorsements, it claims.
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Ultimately, they lost money, the lawsuit states.
"Evidence now reveals that Binance's fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe just like Defendant Ronaldo," the suit reads.
Representatives for Ronaldo declined to comment Thursday. Binance, the world's largest cryptocurrency exchange, did not immediately return requests for statement from The Associated Press.
Ronaldo isn't the first celebrity to be sued over their involvement with the crypto world. Last year, NFL quarterback Tom Brady, supermodel Gisele Bundchen and comedian Larry David were among a star-studded list of people accused of defrauding investors who lost money in the cryptocurrency exchange's collapse.
The stars had appeared in a Super Bowl ad and other promotions for FTX. The suit argued that the celebrities' status made them culpable for promoting FTX's failed business model.
Ronaldo launched his inaugural NFT "CR7" collection with Binance in November of last year, ahead of the 2022 World Cup. The NFTs which had starting prices ranging from the equivalent of about $77 to $10,000 featured seven animated statues depicting Ronaldo from iconic moments in his life, from bicycle-kick goals to his childhood in Portugal.
Monday's suit says that the promotional efforts of Ronaldo's Binance partnership were "incredibly successful" alleging a 500% increase in online searches using the keyword "Binance" after the soccer star's NFTs was announced. The collection's premium-level NFTs sold out within the first week, the suit claims.
The suit also alleges that Ronaldo should've disclosed how much Binance has paid him for the partnership. The U.S. Securities and Exchange Commission previously noted that federal law requires celebrities to publicly disclose how much they're getting paid to promote securities, including crypto assets.
NFTs are ordinary digital images with an attached version number that have been added to a cryptocurrency blockchain, a process designed to make them "unique" collectibles. NFTs enjoyed a brief boom, but have since largely collapsed in value as the crypto industry has been marred by scandals and market meltdowns.
Over the summer, Binance was accused of operating as an unregistered securities exchange and violating a slew of U.S. securities laws in a lawsuit from regulators. The crypto exchange agreed last week to pay a roughly $4 billion settlement and its founder Changpeng Zhao stepped down as CEO and pleaded guilty to a felony related to his failure to prevent money laundering on the platform.
Ronaldo is one of the most recognizable and wealthiest athletes in the world. He leads his home country Portugal's national team and has played for the Spanish team Real Madrid, the Italian club Juventus and Manchester United in England. He now plays for the Saudi Arabian professional team Al Nassr.
Ronaldo has continued to promote Binance on his official website and social media platforms. Most recently, on X (the platform formerly known as Twitter) Ronaldo reposted a Binance video and wrote that he was "Cooking something up" with the crypto exchange on Tuesday.
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Ronaldo hit with $1 billion class-action lawsuit for endorsing Binance NFTs - CBS News
Binance looks to boost FDUSD adoption with fee-free trading for Ethereum, XRP, others – CryptoSlate
Posted: at 2:42 am
Binance has expanded its free trading options for the spot and margin trading pairs of the First Digital USD (FDUSD) stablecoin pairing with six digital assets, including BNB, Dogecoin, Chainlink, Ethereum, Solana, and XRP, according to a Dec. 5 statement.
Binance users will see zero maker and taker fees for these pairs starting Dec. 8 for an undisclosed period. The exchange explained that the free trading option would exclude these pairs from BNB fee discounts, rebates, and other adjustments.
However, the firm stated that it reserves the right to disqualify trades deemed to be wash trades or illegally bulk account registrations, as well as trades that display attributes of self-dealing or market manipulation.
The free transaction promotion is part of Binances ongoing efforts to encourage its users to use the FDUSD stablecoin.
Last week, the crypto platform said it would phase out support for Binance USD (BUSD) by Dec. 15. Binance urged users to convert their BUSD holdings into the new stablecoin before the end of the year, sayingit would end BUSD withdrawals by Dec. 31 and that BUSD balances would be automatically converted to FDUSD.
Binances decision relates to the BUSD stablecoins regulatory issues. Earlier in the year, the BUSD issuer, Paxos, suspended the stablecoin issuance following scrutiny from U.S. regulators. At the time, the company received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), which classified the stablecoin as a security.
While Binance and Paxos have vehementlyrejectedthis classification, the crypto community promptlydeserted the stablecoin, with its circulating supply dropping to less than $2 billion as of press time, according to CryptoSlates data.
Concurrently, Binance has been heavily pushing FDUSD as a viable alternative, introducing new products for the digital asset and incentivizing its use. However, FDUSDs circulating supply remains less than 1 billion andis only available on less than five crypto exchanges.
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Binance looks to boost FDUSD adoption with fee-free trading for Ethereum, XRP, others - CryptoSlate
$PEPE Witnesses Significant Surge After Binance Unveils New Promotion – The Merkle Hash
Posted: at 2:42 am
Experiencing a notable increase of over 25% in a single day, the price of $PEPE surged following a major announcement from Binance, a renowned cryptocurrency exchange.
In a strategic move, Binance introduced an enticing promotion for users participating in Binance Loans (Flexible Rates) and utilizing PEPE as collateral. This promotion allows users to acquire 10 million PEPE in locked products while leveraging PEPE as collateral on Binance Loans flexible rates.
The market responded robustly to this Binance borrow and earn feature, propelling $PEPE to achieve a substantial price gain. The tokens market capitalization has now reclaimed the $650 million mark, rebounding after a previous dip.
Before the announcement triggering the surge, insights from analyst Spotonchain revealed that a savvy trader with the handle 0x37d accumulated a substantial amount of $PEPEtotaling 495.5 billion ($605,000) from Binance at a rate of $0.051221. The trader currently holds 1.97 trillion $PEPE ($2.82 million) with an estimated unrealized profit of $240,000.
The meme coin is witnessing continued buying pressure, further contributing to its recent surge.
As Binance plays a pivotal role in shaping the market dynamics of various cryptocurrencies, $PEPE stands out with its remarkable performance. This reflects the impact of strategic promotions and market sentiments on token value. The sustained interest and positive market response indicate a renewed bullish momentum for $PEPE in the evolving cryptocurrency landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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$PEPE Witnesses Significant Surge After Binance Unveils New Promotion - The Merkle Hash