Legal troubles faced by Binance, the largest crypto exchange in the world, have allowed other exchanges to grow their market share, new data reports.

Following Binances $4 billion settlement with the US government and its former CEOs admission of violating anti-money laundering (AML) laws, Coinbase and Bybit have gained ground in the crypto trading industry, analytics firm Kaiko reveals.

Kaiko says news of the Binance settlement added fuel to the fire of Coinbases already strong November.

Coinbase was already in the midst of a strong month when the news broke, and the news seemingly only added fuel to the fire, propelling the stock to a 75% gain in a single month. The prevailing narrative is that the bear market is thawing, and Coinbase will be a major beneficiary of this change in conditions.

Kaiko says that Binance has ceded some market share to Coinbase during non-US trading hours and to Bybit across the board.

While the charges against Binance have largely been perceived as negative for the company, Kaiko says theres an argument to be made that Binance has now cleared up any uncertainty directed at the exchange and could allow for clearer skies ahead.

Its too early to make sweeping predictions, but early trends look far from dire for Binance, while also promising for Coinbase and Bybit. This competition developed an interesting wrinkle this week in the form of an email from Coinbase to customers, which informed them that Coinbase received a subpoena from the CFTC (Commodity Futures Trading Commission) related to Bybit.

While the most popular theory is that Binance will lose share to other exchanges, its also possible that the compliance monitor and improved AML/KYC (know-your-customer) procedures will increase trust in the exchange, helping to maintain its share. While it could be argued that centralized exchanges are perfect substitutes, the turbulence of the past couple of years has shown that there is some stickiness to liquidity and volumes; people tend to want to keep using the exchanges that theyre already using.

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Coinbase and Bybit Grab Market Share After Binances Settlement With the US Government: Analytics Firm Kaiko - The Daily Hodl

Binance reportedly held a dinner for its biggest market makers ahead of the $4 billion settlement announcement with the Department of Justice.

The topic at hand? According to Bloomberg: the settlement. The dinner was held in a Singapore night club and took place back in September; months before the $4 billion figure was made publicly reported and the settlement was officially announced.

After conversations with company representatives present at the dinner, some VIP guests were left convinced that the firm would pay that sum an amount Binance could easily afford, the Bloomberg report claimed.

Former CEO Changpeng Zhao was also, according to the report, absent from the gathering of VIPs. Richard Teng, Binances new CEO, was present however.

Zhao reached a plea agreement with the US government in late November. As part of the agreement, he resigned from his position as CEO and pleaded guilty to anti-money laundering violations.

While Magistrate Judge Brian Tsuchida originally found that Zhao was at no risk of flight, US District Judge Richard Jones disagreed, and plans to keep Zhao in the US until such time as this court resolves the governments motion for review.

Zhao a citizen of Canada and the United Arab Emirates resides in the UAE with his partner and children. He faces sentencing in February of next year.

Binance had long been under investigation by the Department of Justice. In late October, lawmakers penned a letter to Attorney General Merrick Garland who announced the charges and settlement with Binance to expeditiously conclude the DOJs investigation into the crypto exchange.

As part of its deal, Binance pleaded guilty to operating as an unlicensed money transmitting business and failing to comply with registration requirements as well as violating sanctions laws.

Zhao is barred from operating or managing Binance for a period of three years from the date a monitor is appointed.

Binances legal woes are not over, however, as it still faces a legal battle against the Securities and Exchange Commission, which alleges that it commingled customer funds and both offered and sold unregistered securities.

Binance did not immediately return a request for comment, though it told Bloomberg that the depiction of the event was inaccurate.

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Binance gave VIP traders a heads up on $4B settlement: Bloomberg - Blockworks

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A Solana (SOL) whale recently moved 2 million SOL to Binance, which is typically associated with cashing out. This transfer triggered concerns about a potential sell-off.

Amid this, Galaxy Fox (GFOX) is being perceived as a safer option. The play-to-earn (P2E) project operates without venture capitalists. Early investors enter the same stage as venture capital, transitioning into owners rather than providing exit liquidity.

Galaxy Fox is currently conducting its presale. This project has garnered attention in the GameFi space due to its web3 runner game.

Galaxy Foxs game mechanics are reminiscent of the popular mobile game Temple Run, with a web3 twist that rewards the top 20% of players each season with prizes directly exchangeable for GFOX.

This approach allows players to monetize their gaming skills, earning real cash from the game.

Beyond the play-to-earn aspect, Galaxy Fox supports staking and has unique tokenomics that eliminate theoretical limits.

Unlike traditional staking protocols that rely on token emissions, which can dilute the value of tokens over time, Galaxy Fox utilizes buy-and-sell taxes to fund staking rewards.

This approach ensures no token inflation, maintaining long-term supply stability and fostering a bullish sentiment.

Additionally, staking rewards grow alongside the ecosystems growth, rewarding early adopters.

Galaxy Fox also has a post-launch token burn mechanism. This indirect value accrual strategy allows new investors to stake and earn GFOX. At the same time, the protocol steadily reduces the total supply, locking in value over time.

The absence of token inflation in Galaxy Fox benefits early adopters.

A whale has transferred almost 2 million SOL to Binance and seems to be preparing to cash out after SOLs recent rally.

This has brought attention to a harsh reality that many investors are either unaware of or choose to ignore.

All major altcoins have entities that hold absurd amounts of the supply and have the power to halt any rally in its tracks.

Solana had numerous early investors, with FTX being a notable example.

The FTX estate has, on multiple occasions, dumped SOL, forcing prices lower.

Only accredited investors can access early-stage opportunities in traditional finance, limiting financial gains to affluent participants.

Crypto, however, democratizes finance, and presales exemplify equal access on-chain. Anyone can participate in a presale and become an early adopter.

The state of the Galaxy Fox presale, as it currently pans out, may mark cryptos final volatile cycle before institutional adoption. Ahead of the expected bull run, investors can explore the project.

Learn more about GFOX here:

Visit Galaxy Fox Presale|Join the Community

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Whale transfers 2m Solana to Binance, investors exploring this safer alternative - crypto.news

With a rise of more than 22% in the past day, LUNC, the ecosystem token of the original Terra Chain rebranded as Terra Classic, is increasing its weekly gains.

Terra Classic tokens, USTC (previously the UST stablecoin), and LUNC started strong this week. USTC surged by as much as 300% at the beginning of the week following Binance's announcement of the launch of USTC perpetual contracts.

As interest in the Terra Classic ecosystem increased, LUNC increased by 88.38% over the previous seven days. Since Nov. 22, LUNC has been steadily increasing, and this trend is still going strong presently.

During this time, LUNC experienced days with strong price spikes; on Dec. 1, for instance, LUNC reached highs of $0.000146.

At the time of writing, LUNC was up 22% in the last 24 hours to $0.0001405. The sudden spike in value over the past day coincides with Binance burning about 4 billion LUNC tokens in its 16th batch of LUNC burns.

On Dec. 1, Binance burned 3,903,522,969.89 LUNC tokens, representing trading fees on LUNC spot and margin trading pairs from Oct. 31 until Nov. 29. This amounted to a USDT equivalent of 362,617.17.

Binance's support for LUNC burning dates back to September 2022, after the Terra collapse, when it decided to burn all trading fees received from LUNC spot and margin trading pairs. After the LUNC community voted to change the LUNC burn mechanism, Binance announced changes to the burning of Terra Classic (LUNC) trading fees.

Binance began burning 50% of the LUNC spot and margin trading fees in December 2022 as opposed to 100%, which it still does at present.

About the author

Tomiwabold Olajide

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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Terra Classic (LUNC) Up 22% as Binance Burns 3.9 Billion Tokens - U.Today

Nov 30, 2023, 01:31 PM ET

Portuguese soccer star Cristiano Ronaldo has been hit with 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.

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.

- Stream on ESPN+: LaLiga, Bundesliga, more (U.S.)

"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 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.

This week's lawsuit against Ronaldo isn't the first time that a celebrity has faced litigation over crypto promotions. Last year, for example, a host of Hollywood and sports stars -- including Larry David and Tom Brady -- were named as defendants in a class-action suit against FTX, which was the second-largest crypto exchange before it collapsed in November 2022. The suit argued that the celebrities' status made them culpable for promoting FTX's failed business model.

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, Ronaldo reposted a Binance video and wrote that he was "Cooking something up" with the crypto exchange on Tuesday.

Link:

Cristiano Ronaldo faces $1B class-action suit over Binance NFTs - ESPN

Terra Classic (LUNC) has been rallying over the past week, surging more than 181% due to intense buying pressure. Further fueling interest in LUNC, Binance just completed its 16th token burn, removing 3.9 billion LUNC from circulation.

As LUNC keeps drawing attention, traders are also watching new gaming altcoin, TG.Casino (TGC), which has raised over $3.3 million in presale.

On Dec. 1, Binance executed its 16th token burn of LUNC, covering trading fees accumulated on the exchange from Oct. 31 to Nov. 29.

Binance has burned over 43 billion LUNC from fees to date, significantly reducing the circulating supply.

The recent burn of 3.9 billion tokens is significantly higher than Novembers burn of 760 million tokens, the lowest amount yet.

This surge in the burn rate correlates with a massive spike in LUNC trading volumes on Binance in the final week of November.

When trading volume ramps up, more fees accumulate, leading to more LUNC being burned.

By permanently removing these tokens from circulation, Binances burns put deflationary pressure on LUNC.

With fewer tokens available to trade, this can positively impact LUNCs price if demand remains steady or increases.

As such, LUNC has rallied to $0.00026 at the time of writing, marking its highest value since November 2022.

While Binances token burn has contributed, LUNC price spike also stems from additional factors.

LUNC is riding on the wave of positive sentiment in the broader crypto market, which has seen Bitcoin (BTC) and Ethereum (ETH) rally since mid-October.

Investors are increasingly bullish on crypto after recent inflation cool-downs, meaning speculative altcoins like LUNC are becoming more appealing.

LUNC has also been boosted by surging past resistance at $0.000125, helping boost its momentum.

With LUNC holding firmly above the $0.00025 psychological level, many traders expect the trend to continue.

Between the improving market environment and solid technicals, its no surprise that Terra Classic is now ranked first in CoinMarketCaps list of trending cryptocurrencies.

As Terra Classic continues its resurgence, TG.Casino and its native token, TGC, are drawing investors attention.

TG.Casino is a gaming platform leveraging Telegrams user base to integrate crypto payments and various useful features.

Unlike competitors that require extensive know-your-customer (KYC) checks, TG.Casino allows anonymous crypto gaming for enhanced privacy.

Players can enjoy classic games like blackjack, roulette, and slots while funding their accounts using top cryptocurrencies or TGC.

TG.Casino has attracted over 10,200 active Telegram community members.

TGC holders also gain access to attracting staking rewards, with yields currently standing at 177% APY.

The platform also provides a 200% rake-back bonus up to 10 ETH and 25% cashback on losses for those who wager using TGC.

TG.Casino has a selection of high-roller NFTs, awarded to users who hit specific presale investment or wagering milestones.

Holders will receive additional perks, like seasonal rewards and a share of the TGC distributed through TG.Casinos buyback-and-burn mechanism.

TGC are only available through the ongoing presale phase, which has now raised over $1.3 million.

Tokens are priced at $0.175 in the current stage, although they will increase in price in each successive stage.

With presale momentum accelerating, and TG.Casinos X following growing, TGC is being considered by optimistic investors.

Visit TG.Casino presale

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Terra Classic rally after Binance burns 3.9b LUNC, this altcoin could also soar - crypto.news

Galaxy Fox offers rewards, staking, and gaming opportunities, with its deflationary model making it an attractive investment.

Binance exchange has not had the last of its struggle with regulators in 2023. According to reports, the exchange will delist $BUSD from its platform this month due to regulatory pressure.

Meanwhile, its native token, $BNB has entered the red region, forcing holders to start looking for the next best cryptocurrency investment, which many signs say could be a new P2E/Memecoin, now in its early presale stages.

Galaxy Fox ($GFOX), is garnering major attention thanks to its deflationary model and highly versatile utility. So, let's learn more about this project.

>>BUY $GFOX TOKENS<<

Galaxy Fox ($GFOX), a meme coin and play-to-earn (P2E) gaming project, has garnered significant attention lately as analysts tagged it the one of the best cryptocurrencies to invest in right now. Galaxy Fox stands out as one of the best altcoins for both newbies and professionals alike.

Interestingly, the platform boasts a range of features and benefits. With Galaxy Fox, people can earn rewards and bag exciting prizes. Additionally, the platform had created various avenues for $GFOX holders to increase their holdings - staking and gaming.

Galaxy Fox has an ERC-20 coin named $GFOX in the presale stage. The token gains value over time due to a "token burn" mechanism. This feature positions it as one of the best crypto investments today. Participating in the Galaxy Fox presale represents a compelling option for crypto investors. The treasury fund also offers rewards to top performers within the ecosystem.

Furthermore, Galaxy Fox has exciting plans to launch the coolest NFT collection comprising 3,000 unique NFTs. However, access to these NFTs is reserved for $GFOX token holders. Currently priced at just $0.0008778, the $GFOX is one of the best cryptocurrency investment options right now. Market experts have projected a 450% price increase by the end of the presale.

>>BUY $GFOX TOKENS<<

Binance exchange has announced plans to stop support for the $BUSD stablecoin as of December 15th. This decision was made due to increasing regulatory pressure on Paxos, the issuer of BUSD. Reports revealed that the New York Department of Financial Services has instructed Paxos to halt the creation of $BUSD in February. No reason was cited for the massive step.

Currently, Binance has advised its users to either withdraw or convert their $BUSD holdings into alternative cryptocurrencies. Additionally, the platform highlighted the option to convert to their own $FDUSD stablecoin at a 1:1 ratio.

Binance added that it would disable withdrawals by December 31st. After that, it would automatically convert all remaining $BUSD balances into $FDUSD. This news comes as Binance's native token, $BNB continues to grapple with bearish pressure.

$BNB recorded a little recovery during the Uptober rally but collapsed after CZ's resignation. According to CoinMarketCap, the $BNB price has dropped from a 7-day high of $234.42 to a low of $223.78. The BNB price chart showed losses of -2.5% and -5.8% on the 7-day and 14-day chart, respectively.

The future remains blurred for $BNB as it tries to shake off the negative effects of Changpeng Zhao's resignation on the Binance ecosystem. While the new CEO is trying to revamp the platform, investors can find solace in the new token Galaxy Fox (GFOX).

Galaxy Fox has captured the attention of the crypto community with its duality as a P2E token and a memecoin. $GFOX gets to benefit from the meteoric rise of memecoins which offer more utility as a gaming token. This makes $GFOX among the 5 best cryptocurrency investment options you should consider.

Learn more about Galaxy Fox ($GFOX) here:

Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter

Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $275. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

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Binance to End $BUSD -- $BNB Price Drops as Investors Look to This Next Hot Altcoin - BSC NEWS

Source: Iryna Budanova/Adobe

The digital asset market recorded an 11% uptick last month with Solana (SOL) and Chainlink (LINK) becoming the top-performing assets as decentralized finance (DeFi) volumes surge, a new report shows.

A recent Binance Monthly Market Insight report shows a growth in the general outlook as most cryptocurrencies surge in value pushing the total market cap over $1.5 trillion.

According to the report, November started with bulls dictating the pace of the market with a 12% increase in the first half before making a slight correction as described as an oscillation between bullish and bearish sentiments.

In October and November, the market gained 19% and 11% respectively signalling a strong finish to the year recovering losses from previous months occasioned by wider macroeconomic factors. Only Junaurys 30% surge beats the last two in growth metrics.

All the top 10 coins ended November with positive gains, with SOL and LINK followed with a 29.11% increase. Solanas resurgence in the crypto Solana Breakpoint, drew over 13,000 attendees to one of its four venues, highlighting the growing community interest.

Last month, Bitcoin (BTC) recorded more transaction fees than Ethereum (ETH), a deviation from the regular pattern recorded in several years due to higher network activity on Ethereum hinged on the higher concentration of decentralized applications on the blockchain.

Notably, the new trend stayed constant for nearly two-thirds of the month hitting its widest point in two years. The disparity was fueled by the increasing demand of Bitcoin Ordinals, the popularly described non-fungible token of the market leader which boosted activities on the network clogging the mempool earlier this year.

According to recent data from CryptoSlam, Ordinal transactions were at the highest in November with about $367 million culminating in the high number outpacing Ethereum.

The bull run has led to an uptick in DeFi volumes including the rapid movement of institutional funds into digital asset products. Overall, total value locked (TVL) across DeFi platforms has surged 11% in the past 30 days with Solana (SOL) registering a 56% increase.

This year, Solana has been described as an institutional investor favorite after weeks of record inflows even when altcoin figures were at a record low. Altcoin leader Ethereum also notched an increase in institutional inflow in recent weeks as its asset price broke through the $2,000 mark.

Optimism and Avalanche also recorded gains in DeFi TVL of 17% and 16% respectively. NFT volumes posted a turnaround from plunging volumes in previous months. Last month, NFT volumes stood at $0.91 billion marking a 200% growth.

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Bitcoin Transaction Fees Outpace Ethereum, DeFi TVL Surges 11% in November: Binance - Cryptonews

The failure of three major crypto-friendly banks Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank caused the USD Coin (USDC) stablecoin to fall to as low as $0.87 from its $1 peg.

Amid the concern mounting around stablecoins, Binance co-founder and CEO Changpeng CZ Zhao tweeted on March 13 that with the changes in stablecoins and banks, the exchange will be converting the remaining $1 billion funds in its Industry Recovery Initiative to native crypto.

The native cryptocurrencies listed by CZ included Bitcoin (BTC), BNB (BNB) and Ether (ETH). He then posted links to the hash ID for the BTC and ETH transactions, saying $980 million took 15 seconds to move with a $1.98 transaction fee.

In response to the move by the Binance co-founder, Crypto Twitter had mixed reactions. Some praised the decision, calling it pure gold, and offered a suggestion to use alternative currencies to peg stablecoins:

However, others questioned the move to sell the Binance USD (BUSD) stablecoin and convert the fund to more volatile assets.

On March 10, Circle, the company behind USDC, disclosed it had around $3.3 billion tied up at the failing SVB, which caused the initial depegging event. However, by March 13, USDC had bounced back toward its $1 peg currently hovering around $0.99.

Related: Breaking: Silicon Valley Bank UK arm acquired by HSBC for one pound

Circle also has an undisclosed amount of reserve funds stuck in Silvergate, another United States-based crypto-friendly bank that went bankrupt.

The instability surrounding USDC caused a domino effect on other stablecoins such as Dai (DAI), USDD and FRAX, which also slipped from their $1 peg.

Since the events began unfolding on March 10, the crypto space has been on edge as to what will happen next. Twitter users have claimedthat there is nobody left to bank crypto companies.

Read the original:

Binance CEO announces recovery funds conversion from BUSD to native crypto - Cointelegraph

The panic caused due to USD Coins (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes.

The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7:00 pm UTC. The reason for the impulse spike is unknown and was likely due to a fat finger trade of a large order.

The potential reason for the flash spike is likely due to thin order books for the newly launched BTC/USDC pair on Binance.The exchange listed the pair only a few hours before the impulse price surge.

According to a trader on Crypto Twitter, it is likely that a Bitcoin market order ate through the limit sell-orders on the pair up to $50,000.

The pairs trading price returned toward the market spot price of around $22,000 in minutes following the spike, suggesting it was an isolated incident. Fortunately, the futures market remained unaffected by the spot BTC/USDC pair; otherwise, it could have triggered massive short-side liquidations.

But this isnt the first time cryptocurrency exchanges have seen flash crashes and spikes. Multiple exchanges in the past had similar issues, inciting anger and refund requests from affected customers.

Related:Deribit to pay users $1.3M after Bitcoin price flash crash to $7.7K

In August 2017, a flash crash on GDAX, now called Coinbase Pro, saw Ether (ETH) prices plummet to as low as $0.1 due to a customer error. Ether was trading at around $300 elsewhere at the time.

USDCs value dropped to lows of $0.87 on March 11 after Circle, the issuer of USDC, revealed that it had $3.3 billion exposure to the defunctSilicon Valley Bank (SVB).

USDC trading pairs have been unstable on other exchanges since the SVB revelations. On March 11, the BTC/USDC pair on Kraken spiked to over $26,000 due to fears about the collapse of USDC.

At the time, USDC was trading at a 10% discount, which would have priced Bitcoin at around $22,200. However, the spike toward $26,000 indicates that panic causes serious volatility.

The fears amplified over the weekend due to uncertainty around the fate of SVB depositors. In response, the United States Treasury, Federal Reserve, and Federal Deposit Insurance Corporation decided to bail out the customers of SVB and Signature Bank but not the shareholders and other stakeholders, restoring market confidence for now.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps - Cointelegraph