The worlds largest crypto exchange Binance on Tuesday said it will airdrop crypto worth $500,000 in total. The latest announcement came in response to promoting the use of its newly launched Web3 Wallet amid the crypto market rally.

Binances Web3 Wallet is a self-custody crypto wallet built within the Binance app allowing users to swap thousands of tokens across various networks, explore decentralized applications (dApps), transfer funds between exchange and wallet, and earn yield on their crypto.

Crypto exchange Binance took to X on December 5 to announce a plan to airdrop crypto worth $500,000, ranging from 1 SHIB to 1 BTC. This means a user can get BTC, ETH, BNB, SHIB, and other cryptocurrencies from $0.00000936 to $42,000.

To become eligible for the airdrop, users need to make a swap using their Web3 Wallet. The airdrop event is valid until December 31, 2023.

Notably, the airdrop is supported by its partner projects for supporting the airdrop. There are Maverick Protocol, GMX, Gala Games, Radiant Capital, DODO, Kava Chain, Acala Network, CyberConnect, Chiliz, Alchemy Pay, Lido Finance, QuickSwap, Sei Network, WOOFI, and BinaryX.

The announcement caught the attention of the crypto community, with many seeking rewards in this bull season as the crypto market cap attains the $1.5 trillion milestone in 6 weeks.

Also Read: BitMEX Announces Terra Classic (LUNC) Perpetual Contract Listing After USTC

Amid the crypto market rally when investors are holding onto their crypto holdings, liquidity becomes an issue for crypto exchanges. With Binance recording billions of cumulative trading volumes, it has launched several activities such as zero-fee trading.

CoinGape reported zero-fee trading for Ethereum(ETH),XRP,BNB,Solana(SOL),Dogecoin(DOGE), andChainlink (LINK) in FDUSD spot and margin pairs. The exchange also launched one-hour interest fee waiver forBTC, DOGE, ETH, GALA, GMT, LINK, MATIC, ORDI, SEI, SOL, TIA and XRP pairs.

Also Read: Ripple CTO David Schwartz Criticizes SECs Shocking Conduct In Debt Box Case

Read more:

Binance News: Binance To Airdrop BTC, ETH And SHIB Worth $500K To Users, But There's A Catch - CoinGape

This first-in-crypto solution replicates traditional finance framework enabling institutions to fulfill risk management obligations by pledging fiat or fiat equivalent trading collateral with banking custodians

DUBAI, UAE, Nov. 30, 2023 /PRNewswire/ --Binance, the global blockchain ecosystem behind the largest cryptocurrency exchange by trading volume, is pleased to announce it has successfully executed the world's first cryptocurrency triparty arrangement with a third party banking partner.

This solution enables institutional investors to keep trading collateral, off-exchange in the custody of a third party banking partner. This is the first in a series of pilot projects initiated by Binance, which is currently the only cryptocurrency exchange offering such a solution.

This arrangement directly tackles the issue of counterparty risk, the primary concern for institutional investors today. It replicates a framework common in traditional financial markets, which enables investors to proportion their crypto-asset allocation based on their risk tolerance. Collateral held with the banking partner can be in the form of fiat equivalent such as Treasury Bills which has the added benefit of being a yielding asset.

Catherine Chen, Head of VIP and Institutional at Binance, said, "Counterparty risk has long been a concern of institutional investors across the industry. Our team of crypto natives and traditional finance professionals has been exploring a banking triparty agreement for more than a year to address their concern. We've developed a solution that ensures our institutional clients can optimize their collateral and cryptocurrency investments, modeled after the traditional markets' trading conduct. We are in close discussions with an array of banking partners and institutional investors who have also expressed strong interest in participating."

About Binance.comBinance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

For more information, visit: https://www.binance.com

About Binance VIP & InstitutionalBinance VIP & Institutional empowers institutions and private wealth clients with robust asset management infrastructure, personalized VIP services and advanced end-to-end institutional trading tools powering the world's most regulated and reliable trading platform. With deep financial services experience in both traditional and crypto markets, its global team of trusted experts provides VIP & Institutional clients with the support they need to confidently capitalize on the industry's deepest liquidity and tightest markets.

For more information, visit: https://www.binanceinstitutional.com

SOURCE Binance

See the original post:

Binance Pilots Banking Triparty Agreement to Help Institutional Investors to Manage Counterparty Exposure - PR Newswire

Listen and follow Hard Fork Apple | Spotify | Amazon | YouTube

The drama at OpenAI is not over. Kevin and Casey take stock of new information theyve gathered since last week, and look at how other artificial intelligence companies are trying to capitalize on the debacle. Then, why people are still buying cryptocurrency even after Binance, the worlds largest crypto exchange, and its founder pleaded guilty to money laundering violations. And finally, three ways A.I. is ruining web search. Or is it?

Todays guest: David Yaffe-Bellany covers crypto for The New York Times.

Additional Reading:

Casey has new details from the OpenAI board fight.

Changpeng Zhao, the Binance founder, agreed to pay a $50 million fine and step down from his role as chief executive.

Hard Fork is hosted by Kevin Roose and Casey Newton, and produced by Davis Land and Rachel Cohn. The show is edited by Jen Poyant. Engineering by Brad Fisher and original music by Dan Powell, Marion Lozano and Rowan Niemisto. Fact-checking by Caitlin Love.

Special thanks to Paula Szuchman, Pui-Wing Tam, Nell Gallogly, Kate LoPresti and Jeffrey Miranda.

Read the original:

What's Next for OpenAI, Binance Is Binanceled and A.I. Is Eating the Internet - The New York Times

Brian Armstrong, CEO of Coinbase, slammed the U.S. Securities and Exchange Commission. He also said the cryptocurrency exchange is looking to invest more outside of the U.S.

Carlos Jasso | Bloomberg | Getty Images

In a month that saw two of the crypto industry's leading figures headed on the path to prison, Coinbase shares rocketed more than 60%, their second-best monthly performance since the cryptocurrency exchange went public in 2021.

Bolstered by rallies in bitcoin and ether as well as crises at key competitors, Coinbase has been one of Wall Street's best bets all year, climbing more than 250% in the first 11 months of 2023.

For early holders of the stock, the rebound helps ease the pain of 2022, when Coinbase lost 86% of its value as soaring inflation and rising interest rates pushed investors out of crypto and high-growth tech companies, and into assets deemed safer in a recession.

Tech stocks have roared back this year, particularly those tied to the artificial intelligence boom and crypto. Coinbase has the added benefit of having survived the so-called crypto winter, while so many of its rivals disappeared or downsized.

The industry fallout came to a head this month, when Sam Bankman-Fried, founder of former Coinbase rival FTX, was found guilty of seven criminal fraud counts tied to the collapse of his exchange and the theft of customer funds. His conviction landed on Nov. 2 after a monthlong trial.

Less than three weeks later, on Nov. 21, Binance founder Changpeng Zhao pleaded guilty to violations of the Bank Secrecy Act for failing to implement an effective anti-money laundering program and for willfully violating U.S. economic sanctions.

Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance.

Getty Images | Reuters

Bankman-Fried, who faces potential life behind bars, is scheduled to be sentenced in March. Zhao's sentencing is set for February. While guidelines suggest a sentence of 12 to 18 months, the Justice Department could push for a lengthier punishment for the Binance founder.

Unlike FTX, which filed for bankruptcy in late 2022, Binance is still standing, though now without Zhao, who agreed to step down as CEO as part of the plea deal. Even before that, the company was seeing a plunge in trading, with volume down by two-thirds between the first and third quarters of the year, according to crypto analyst site CoinGecko.

With assets of more than $65 billion on the platform, Binance remains the world's largest crypto exchange globally. But its market share fell from over 60% in February to under 50% in September, "an indication that the exchange may be losing its grip on the industry as regulators continue to pressure it," CoinGecko said.

In the first 24 hours after the Justice Department announced its $4.3 billion settlement with Binance, customerspulled more than $1 billionfrom the exchange. Liquidity also dropped 25% in the immediate aftermath of the announcement as market makers pulled back their positions, according to data provider Kaiko.

A Binance spokesperson told CNBC in a statement that Zhao appeared in court "to protect our users and to ensure the longevity of our company."

"Binance's resilience has been tested unlike any other exchange around today," the spokesperson said. "Yet, we continue to operate the world's largest cryptocurrency exchange by volume. In fact, we currently see a climbing percentage of institutional user transactions."

Coinbase is the fourth-biggest global exchange by daily volume, according to CoinGecko. It's the only one that's publicly traded in the U.S. and has a market cap of close $30 billion.

In a report to clients on Wednesday, analysts at Mizuho noted that Coinbase shares are up about 20% since Zhao's settlement, a rally that's likely "in anticipation of potential share gains for COIN in wake of outflows from Binance, the industry's largest exchange," they wrote. Coinbase shares fell 2.4% to $124.72 on Thursday, wiping out some of their recent gains.

Mizuho raised its price target on the stock to $35 from $31, while keeping its underperform rating, which it's maintained since December.

A Coinbase spokesperson declined to comment for this story, but CEO Brian Armstrong told CNBC's Joumanna Bercetche earlier this week that the Binance settlement allows the crypto industry to move past a spate of scandals.

"The enforcement action againstBinance, that's allowing us to kind of turn the page on that and hopefully close that chapter of history," Armstrong said. "I think that regulatory clarity is going to help bring in more investment, especially from institutions."

Both Coinbase and Binance still face legal battles with the Securities and Exchange Commission, which was noticeably absent from the Binance settlement. Meanwhile, Coinbase executives havefloated the idea of leaving the U.S. altogetherfor a jurisdiction with hard-and-fast rules on crypto, should the company be unable to come to a resolution with the SEC.

Wall Street appears to be shrugging off that concern.

Analysts at Needham, who recommend buying Coinbase shares, wrote in a report on Nov. 21 that the company "exited the crypto 'winter' better positioned than in the prior up cycle." They also noted that in addition to FTX's failure and Binance's retreat, crypto trading platform Bittrex has also exited the market.

Bittrex said on Nov. 20, that effective Dec. 4, "all trading activity on Bittrex Global will be disabled," and it encouraged customers "to log into their account and withdraw assets as soon as possible." In April, the SEC charged Bittrex and its ex-CEO with operating an unregistered exchange.

Yet there may be a new competitive threat on the horizon.

U.S. regulators are expected to soon approve the first U.S. spot bitcoin exchange-traded funds, which would allow investors to buy into digital currency directly through the same mechanism they use to buy stock and bond ETFs. Top asset managers, including BlackRock, WisdomTree and Invesco, have filed applications with the SEC.

Regulatory approval would open up many more avenues for people to buy bitcoin. While Coinbase allows investors to buy a variety of cryptocurrencies, bitcoin accounted for 38% of transaction volume in the third quarter and almost the same percentage of revenue. For casual investors who just want some exposure to bitcoin, there will potentially be additional ways to buy, including through their primary online brokerage.

JPMorgan Chase analysts wrote last week that crypto ETFs would likely be good for Coinbase in the short term but more problematic as time passes.

The initial boost would come from custody revenue tied to the ETFs. Most of the big asset managers jumping into market, including BlackRock, Franklin Templeton and WisdomTree, have picked Coinbase for custody services, which involves the storage and safekeeping of the assets.

However, the longer-term concern, according to JPMorgan, is that fewer people will need Coinbase accounts, leading to pricing pressure.

"We see many novice investors never going beyond these flagship tokens and thus never needing the services of a Coinbase," wrote the analysts, who have a neutral rating on the stock and an $80 price target. "We also see the ETF markets as more transparent, efficient and lower cost to execute and we see the potential for a migration to ETFs for cheaper exposure and trading driving Coinbase to lower fees."

WATCH: Former SEC enforcement chief on 'casualness' in crypto compliance

Go here to read the rest:

Coinbase rallies more than 60% in same month that FTX and Binance founders brace for prison - CNBC

Source: Pexels

Web3Auth, a wallet-as-a-service infrastructure provider has teamed up with the smart contract-based multi-signature crypto wallet provider Safe (formerly known as Gnosis Safe) to launch SafeAuth a service which allows users to create wallets quickly without the need for seed phrases.

Web3Auth is backed by Sequoia Capital, Union Square Ventures, and Binance working with well-known brands such as NBCUniversal, Fox.com, McDonalds, Trust Wallet and Metamask.

For many in the crypto space, the use of seed phases is seen as a nuisance and can be easily lost when needed the most. To make this work Web3Auths social login technology will be used in combination with Safes account abstraction which is a blockchain technology that allows users to use smart contracts as their accounts.

Multi-signature wallets are a type of smart contract wallet that require multiple signatures or keys to authorize transactions the SafeAuth service will allow its users to connect across hundreds of dApps with one smart account.

The release of SafeAuth will allow its users to create wallets swiftly through social logins secured by multi-party computation, without the need for seed phrases, according to Web3Auth and Safe.

The real game-changer is the interoperability SafeAuth brings, allowing existing and future dApps to interact more fluidly than ever before. Yong Zhen Yu, co-founder and Chief Executive Officer at Web3Auth said in a press release shared with CryptoNews.

Enter your email for our Free Daily Newsletter

A quick 3min read about today's crypto news!

See original here:

Binance Backed Crypto Wallet Firm Web3Auth, and Safe Launch SafeAuth - Cryptonews

Crypto is full of divisive figures, but Binance CEO Changpeng Zhao is right up there.

Hes threatened to sue journalists, airdropped crypto to earthquake victims in lieu of food or aid, and even once suggested rolling back the Bitcoin blockchain to undo a $40 million hack on his exchange.

Or should I say, was right up there. The US muzzled Zhao with money laundering and sanctions violations last week.

But like a monk shedding himself of worldly possessions before attaining enlightenment, crypto as an industry could probably do without quite as many cults of personality.

And what better way than to remove one of the largest personalities than with a court order?

The Department of Justices case against Binance and CZ in particular is ironclad. Last weeks plea deal forced Zhao to resign as Binance CEO a position he has with an iron grip held since founding the company in 2017 and he now could face up to 18 months in prison. CZ also has to stay in the US, rather than return to his home in Dubai until his sentencing hearing early next year.

Read more: Here are the details of Binance and Changpeng Zhaos plea deal

Part of the deal was that Zhao and Binance agreed to never even hint that they werent responsible for their crimes a shame, as that wouldve played incredibly well on X, a platform that CZ cares so much about he even invested in it with Elon Musk.

A much tamer successor in traditional finance veteran, Richard Teng, has taken over as Binance CEO. Teng has never threatened to sue journalists on a social media platform.

Thats not to say that Teng isnt qualified to run a crypto exchange. Even before Binance Singapore, Teng spent 13 years at the nations central bank and another six as head honcho at Abu Dhabis financial center.

Binance has more hoops ahead of it than a Border Collie at Crufts, and Teng is exactly the kind of agility instructor required to navigate that mess. But Zhao had represented a very particular breed of crypto entrepreneur, one that drives critics up the wall.

Big Tech has characters like Mark Zuckerberg, Jeff Bezos and Elon Musk: They relentlessly believe that what they and their companies do makes the world a better place. The spin makes them easy targets, as their salesmanship resembles out-of-touch naivete.

Meta isnt exploiting our brain chemistry to undermine social discourse its a bastion of free speech that brings us all together.

Amazon fulfillment centers arent soulless symptoms of late-stage capitalism theyre fun places full of people helping invent the future.

And Elon Musks Neuralink isnt a grisly horror show ripped from the Twilight Zone its a paradise for terminally-ill monkeys complete with playground equipment and TVs.

Zhao was just as painfully stubborn about Binance. The platform isnt an opportunistic hotbed of low quality cryptocurrencies with illiquid markets prone to manipulation its a charitable smorgasbord of blockchain innovation totally free of shitcoins (and securities).

Toeing the company line seemed easy for Zhao. Like most entrepreneur influencers, much of his online persona revolves around the toxic positivity typical of founders and venture capitalists, alongside dog whistles for crypto diehards: Dips are when diamond hands are tested, and when in doubt, zoom out on the chart. And then theres the whole 4 thing.

Where spiritual gurus would light some sage or chant a mantra to cleanse their chakras of negative energy, Zhao zealots would shoo away bad vibes with a very special brand of shitposting. Just the number 4, representing the fourth of Zhaos 2023 resolutions: Ignore FUD (fear uncertainty and doubt), fake news, attacks, etc.

(Education, compliance and product and service were the first three).

Tengs incredibly formal demeanor as compared to Zhao is so noticeable that he was asked about it on a recent Twitter Spaces, his first as CEO.

Yes and no. I do think that certain things do require certain seriousness in terms of level of communication, because youre talking about serious matters, especially on matters relating to protection of users, for example, security of users when you talk to the regulators, Teng said.

He continued: So I adopt a slightly different mode of communication for different channels. And theyll be very informal channels of communication as well. So I think, keep [those posts coming].

So, Teng will very likely be far less interesting to follow, or cheer for, or even hate-follow from afar. It hasnt been long, and its doubtful hell attract a cult following like Zhao. But thats okay.

Maybe crypto needs less cartoonish ringmasters and more sensible suits who show real discomfort for servicing the worst of the worst for the sake of profits.

Dont miss the next big story join ourfree daily newsletter.

See the article here:

The US watered down crypto when it ousted Binance's Zhao and that's okay - Blockworks

Cristiano Ronaldo is facing a $1billion class action lawsuit in the U.S. after promoting his non-fungible token (NFT) collaboration with cryptocurrency exchange Binance on social media.

Binance has recently taken a hit to its reputation. Last week, Binance chief executive Changpeng Zhao resigned from the company after pleading guilty to money laundering violations. The United States justice department also said Binance would be required to pay $4.3billion (3.4bn) in penalties and report suspicious activity to federal authorities.

Last November, Ronaldo launched a collection of NFTs with the company, the cheapest of which was priced at $77. One year later, this costs about $1. The plaintiffs are suing the 38-year-old in Florida, claiming they made loss-making investments on the back of his social media advertisements for Binance products.

The Athletic dug through the 130-page lawsuit to explain the claims against Ronaldo and to analyse what it means for the wider issue of footballers promoting controversial investments.

Cristiano Ronaldos representatives did not comment when contacted. Binance has also been approached for comment.

Ronaldo announced a tie-in with Binance in November 2022 but the lawsuit says the deal was signed some months before. Binance announced its CR7 collection of NFTs in partnership with the Al Nassr forward.

NFTs are virtual assets based on the blockchain technology that underpins cryptocurrencies, such as Bitcoin, and can be bought and sold as investments.

These digital assets could be bought online and traded. Associated with this was entry to competitions with prizes such as the opportunity to meet Ronaldo.

While a year or two ago NFTs were widely touted as the future of fan engagement in football, the hype has largely died off as token prices have plunged in value.

GO DEEPER

Remember NFTs? This is how football's projects dived in value

The lawsuit explains how Ronaldo has repeatedly promoted not just his NFTs but also Binance generally on his social media pages, including last month.

The lawsuit claims the overarching objective of the partnership was for Ronaldo to help Binance successfully solicit or attempt to solicit investors in Binances crypto-related securities from Florida and nationwide. It also notes that Binance is listed on Ronaldos personal website in a section called I work with brands I believe in.

The investors claim Ronaldo is responsible for them losing their money because, they say, the fact he was promoting his collaborative NFT collection with Binance materially misled them into believing that other crypto assets held on the platform were safe and were not being invested in unregistered securities when, they claim, that was not the case. They say Ronaldo knew or ought to have known this and that in promoting Binance, without disclosing how much he was being paid for doing so, he engaged in unfair and deceptive practices.

They accuse Ronaldo of a sustained and aggressive promotion and advertising campaign that was incredibly successful in signing up new users.

GO DEEPER

'The main reason we invested was him': Losing three months' wages in Pogba crypto scheme

After the news of Ronaldos newly created NFT collection with Binance was publicly announced, online searches for NFT-related search terms surged, including a 500 per cent increase in searches using the keyword Binance, the lawsuit says, adding that premium-level NFTs sold out within the first week.

The lawsuit argues that once users had signed up for Binance to access Ronaldos NFTs and associated benefits, they were more likely to invest in Binance for other purposes. This included buying cryptocurrency tokens that were not formally regulated by financial regulators. They are therefore suing Ronaldo for $1billion in damages.

GO DEEPER

John Terrys NFT collection plunges 90% in value

The lawsuit also says that, given Ronaldos vast financial resources with which to obtain advice, he knew or should have known of potential concerns about Binance selling unregistered crypto securities that may have played a role in fraud.

The lawsuit says through his social media promotions, NFT collection, and other advertising activities, Mr Ronaldo personally participated in and aided Binance in making the sale of unregistered securities.

This concept of unregistered securities forms a major part of the lawsuit.

The U.S. Securities and Exchange Commission (SEC) says assets like cryptocurrencies can be considered securities financial assets that can be traded and thus celebrities endorsing them must follow U.S. law.

On June 8, 2023, Gary Gensler, chair of the SEC, said cryptocurrency tokens are classic securities.

This means tokens must generally be registered with the authorities. This was not the case for Binances cryptocurrency products, which the plaintiffs allege were promoted to them after they were made aware of the platform when they came across it via Ronaldos Instagram account.

Evidence now reveals that Binances 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, most powerful and recognized organizations and celebrities across the globe just like the defendant, Ronaldo, the lawsuit says, adding that social media influencers such as Ronaldo played a major role in Binances rise by hyping these unregistered securities.

Jemma Fleetwood, a digital asset specialist lawyer at JMW Solicitors, says that now he has been served with court proceedings, Ronaldo will have the opportunity to respond.

Ronaldo will likely be discussing with his legal advisers whether the claim has legal merit, what his defence will be and whether he should make an offer to settle the case, Fleetwood says.

Given the level of damages claimed, it will likely be difficult for him to settle this case at an early stage and so the matter could eventually reach a trial where the parties would be required to publicly give evidence on the case.

Basketball legend Shaquille ONeal was accused in two separate lawsuits of promoting unregistered securities as part of a sponsorship deal with the cryptocurrency exchange FTX.

Fleetwood says ONeal and Ronaldo are not the only ones.

There have been similar cases brought against boxing legend Floyd Mayweather, along with music producer DJ Khaled, for failing to disclose payments received from promoting initial coin offerings (ICOs), she says. Mayweather and Khaled previously settled those claims for around $750,000.

Ronaldo may similarly attempt to settle the claims brought against him to avoid a public trial, the escalation of legal costs and significant time spent on preparing court filings.

Over the past couple of years, cryptocurrency companies have worked with many football players and clubs to promote their products. Insiders say this is because the sport is seen as the cheapest way to advertise around the world to the young male demographic, who tend to be particularly interested in football and cryptocurrency.

Despite lots of hype when cryptocurrency prices started booming in the pandemic, making some people rich very quickly, things look a lot less rosy now. Token prices have plummeted and top clubs and players have seen tokens they promoted plunge in value.

GO DEEPER

Explained: How the crypto crash has impacted each Premier League club

It is striking that few footballers are still promoting cryptocurrency products on their social media profiles. But two of the players still doing so are Ronaldo and Lionel Messi, who has promoted multiple cryptocurrency companies including in recent months. They are unlikely to need the money, given their on-pitch success, but do it anyway.

The two men are the two most followed people on Instagram in the world.

While lesser players no longer promote cryptocurrency, as the industrys reputation has taken a serious hit, the two most famous players in the world are still doing so. There have been no suggestions Messis promotions are illegal, but anyone promoting crypto assets will be watching this case with interest to see what the U.S. courts say about to what extent they can be responsible for anything improper done by a company with which they have links, even if the product they are promoting is problem-free.

(Top photo: Yasser Bakhsh/Getty Images)

See the article here:

Why Cristiano Ronaldo is being sued in $1bn lawsuit by people who bought his NFTs - The Athletic

Legal December 1, 2023, 8:58AM EST Published 1 minute earlier on

Binance's biggest traders, attending a conference in Singapore this September, were privy to the crypto exchange's forthcoming settlement with U.S. authorities during a luxurious private dinner.

The exclusive gathering, held in the sophisticated 1880 members-only club, saw a select group of market makers and traders, referred to as VIPs, gain insight into Binance's impending legal turmoil amidst a setting of American Angus beef and Australian truffles, according to several attendees, Bloomberg reported.

The attendees broke off into smaller groups and reportedly quizzed Binance executives on the companys legal troubles, raising the likelihood of a $4 billion fine and leaving convinced the firm could afford and would pay it.

Binances now-former CEO Changpeng CZ Zhao was notably absent, while Richard Teng who replaced Zhao as CEO last week was there but asked not to be identified discussing the private gathering, according to Bloomberg. However, the bottom line was that Binance would survive.

A Binance spokesperson told Bloomberg the depiction of the event was inaccurate but declined to identify which aspects were wrong. Binance did not respond to a request for comment from The Block.

Two months later, U.S. authorities, including the Department of Justice, Department of the Treasury and the Commodity Futures Trading Commission settled with Binance last week, concluding a criminal investigation into allegations of money laundering and sanctions violations marking one of the largest corporate settlements in U.S. history. The settlement involved $4.3 billion in penalties and included criminal charges against Zhao.

The DOJ had been investigating Binance and its executives since 2018 over concerns about money laundering and sanctions violations, with scrutiny on the firm increasing throughout 2023 from additional financial regulatory bodies, including a lawsuit filed in June by the Securities and Exchange Commission though the SEC wasnt part of the $4.3 billion settlement deal.

Zhao also agreed to step down as CEO as part of a deal with the DOJ. He pleaded guilty to violations of the Bank Secrecy Act and will pay a $50 million fine. Zhao also posted a $175 million personal recognizance bond and faces a potential prison sentence of up to 18 months.

His sentencing is scheduled for February 2024, and he will have to stay in the U.S. ahead of the hearing, at least until a further review is conducted. If Zhao fails to show up at the court in February 2024, he will face up to 10 years' imprisonment and a fine of $250,000.

Zhao's absence was not just confined to this event; he also missed Binances conference in Istanbul last month, choosing instead to stay near his Dubai residence in the United Arab Emirates. The UAE doesnt have an extradition agreement with the U.S., but Zhao voluntarily flew to the U.S. to attend last weeks hearing.

Zhao had been preparing to step down since May, according to four people familiar with conversations during Binances leadership calls. A possible deal with the DOJ earlier in the year fell through after some officials pushed for him to personally face a stiffer penalty, according to a person with direct knowledge of the matter, Bloomberg reported.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Originally posted here:

Binance's 'VIP' traders were forewarned of $4 billion settlement penalty: Bloomberg - The Block - Crypto News

The chief legal officer of crypto exchange Kraken is optimistic that Binances decision to settle with the US government will benefit the digital asset industry.

Last month, the worlds largest crypto exchange by trading volume agreed to pay over $4 billion in fines after pleading guilty to engaging in money laundering, violating sanctions and operating an unregistered money-transmitting business.

In a new CNBC interview, Krakens Marco Santori says Binances settlement will pave the way for a new era for crypto.

The industry, the ecosystem, regulators, policymakers, I think, are ready to move forward from the Binance settlement, thats what settlements do. They set the stage for moving forward into something better.

Binance users, I think, were relieved to find that there were no allegations that money was missing. There were no allegations of insolvency.

There were allegations of violations of financial services laws, which were serious but thankfully, I think that this is just further evidence of a bright future ahead of crypto and a digital asset ecosystem thats putting behind it a lot of its darker days.

Santoris statement about the implication of Binances settlement on the future of crypto comes as the U.S. Securities and Exchange Commission (SEC) announced last month that it was suing Kraken for allegedly operating as an unregistered securities exchange, broker, dealer and clearing agency.

He says Kraken is keeping a close eye on a US bill that will regulate crypto exchanges.

In the US, were tracking the movement of a bill that made its way out of committee recently called Fit21. Its a market structure bill that would regulate companies like ours, would regulate Kraken, Coinbase and Gemini and all the rest in the United States.

I

Generated Image: Midjourney

Read more here:

Kraken Chief Legal Officer Says Bright Future Ahead for Crypto After Binance Settlement With US Government - The Daily Hodl

Table of Contents

Binance (BNB) has reached a new outflow milestone following the departure of former CEO Changpeng Zhao. As a result, many are now looking to diversify, and Solana (SOL) has been one of the primary choices as it surged 90% in the past month.

Yet, another presale star has risen, and that's Pullix (PLX), with its unique community-based exchange offering. Today, we will look at each crypto to see how far they can spike.

Binance (BNB) recently saw $1.684 billion in outflows, according to data from DeFiLlama, after the Founder and former CEO Changpeng Zhao stepped down from his position at the company.

Yet, the price of the Binance crypto has not dipped too significantly and is still up 5.5% on the monthly chart, leading many to question the future price outlook for the crypto. The Binance trading volume has seen a rapid decrease, but its value moved up from $227.95 to $266.86 during the past week.

The BNB market cap is now at $35,950,116,903, while its trading volume is at $415,955,705. Based on the current Binance price prediction, it can kick back up as high as $262.62 by the end of the year.

Solana (SOL) is getting a lot of attention from crypto analysts, and one notable example is Altcoin Sherpa. On X, formerly Twitter, the analyst noted how he is bullish on the Solana price trend in the long term.

In the short term, the analyst commented that it could be corrected, and a sub-50 entry point would be ideal. The analysts' Solana price prediction is that it will likely hit three digits in 2024, representing a massive surge.

During the past week, SOL moved up from $52.21 to $61.17. The Solana market cap is now at $24,947,106,329, while its trading volume is at $1,221,150,965, signifying healthy market activity.

Aside from Binance and Solana, another crypto that's getting attention is Pullix (PLX). This will be the world's first community-backed exchange and will foster the next generation of TradeFi.

Through Pullix, users can seamlessly access the platform and engage with it.

There will be no need to download additional software applications, which will streamline the experience and lower the barrier of entry.

Users will be able to trade the global markets 24/7, alongside cryptocurrencies all from a single platform.

By utilizing blockchain security infrastructure, all of the interactions, trades, and transactions will be encrypted.

The platform will feature real-time community engagement through Telegram channels and Discord groups, coupled with loyalty incentives.

At the core of the project is the PLX cryptocurrency. It was created to guarantee sustainability, foster platform growth, and encourage trader engagement. During the presale period, it is offered at an initial price of $0.04.

Holders of the crypto can stake it to earn rewards and bonuses. It also features access to cashback, distribution of rewards, and promotional offers.

The platform will also introduce periodic token burns that can decrease the circulating supply and enhance scarcity as well as value. At launch, the crypto can see a price upswing of 100x, according to analyst projections.

Site: https://pullix.io/

Twitter: https://x.com/pullixmarkets

Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Read more from the original source:

Binance Experiences $1.684B in Outflows Traders Diversify With Solana and Pullix for Massive ROI - CryptoDaily