The past few years for Binance, the largest crypto exchange by trading volume, have been one for the books. They have been marked by intense regulatory drama across various jurisdictions, which has resulted in hefty sanctions and penalties for the exchange, such as the ousting of its founder from his executive position, operational license suspensions, and the exchanges exit from several key markets.

Despite the challenges, Binance has continued to grow, and it is now celebrating a major milestone that highlights its resilience over the years.

Celebrating the exchanges seventh-year anniversary, Binance CEO Richard Teng reflected on the exchanges accomplishments since its inception.

At the heart of his reflection is an appreciation for the exchanges journey since its launch in 2017, evolving from ground zero to its current status as one of the industrys foremost exchanges. Teng highlighted several of Binances notable achievements, including its accumulation of a 200 million global user base and exceeding $100 billion in fund holdings.

While the exchange is renowned for its major regulatory troubles across various regions, the CEO asserted that Binance has made substantial progress in its regulatory foothold. He emphasized that the exchange has placed an even greater focus on compliance, even collaborating with global authorities to combat illicit activity across the industry.

Binance has also recorded a significant 36% increase in institutional registrations this year, alongside increased utilization of its educational platform, Binance Academy.

The celebrations were not Tengs only focus, as the CEO charted an optimistic outlook for the exchanges future.

Looking to the future, Binances recently appointed CEO has outlined the exchanges key focus areas. Teng emphasized that the exchange is gearing up for the next phase of the industry and aims to remain at the forefront to accommodate evolving trends.

The industry is expected to attract more large-scale investors and capital, driven by the growing institutionalization of digital assets and greater regulatory clarity. To accommodate the expanding ecosystem and participants, Binance will prioritize enhancing user experience, providing accessible crypto knowledge, and improving customer support.

CEO Teng further asserted that the exchange will maintain its leadership position in the coming years. With the trust and support of our global community, we are confident that our first seven years of hard work have laid a solid foundation for even greater success on the path of expanding financial freedom and inclusion. Weve only just begun, he remarked.

Despite its many troubles, Binance has undoubtedly cemented its place as an industry leader. However, the exchange still faces several regulatory woes, and its ability to successfully navigate these challenges and maintain positive momentum will determine its ability to retain its position.

Read more about the Binance executive detained in Nigeria Binance Gambaryans Health At Risk as Test Results Denied

Find out more about BitMEXs counter of the DOJs regulatory violation claims: Old News: BitMEX Dismisses Guilty Plea to AML Violations

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Binance CEO on 7th Anniversary: Weve Only Just Begun - DailyCoin

The US House of Representatives introduced a resolution urging Nigeria to release Tigran Gambaryan, a former federal agent and Binance employee who has been detained in the country since February.

Representatives Rich McCormick and French Hill submitted the resolution on July 11.The document emphasizes Gambaryans service as a federal agent and his role in recovering over $4 billion in illicit funds.

At the time of his detention, Gambaryan was serving as Binance Holdings Limiteds Head of Financial Crime Compliance.

Gambaryan traveled to Nigeria on Feb. 26 for high-level meetings regarding Binances compliance issues amid the countrys challenges with increased adoption of crypto via peer-to-peer markets, which indirectly caused a steep devaluation in the naira.

According to the resolution, the meetings became hostile, leading to Gambaryans detention without due process. Nigerian authorities held Gambaryan in a government-owned house for five days, preventing him from contacting his family, company, attorneys, or the US Department of State.

Despite a court order limiting his detention to 14 days, Nigerian officials continued to hold him without legal basis from March 12 to April 5, at which point authorities charged Gambaryan with charges including tax evasion and money laundering.

Gambaryan was subsequently transferred to Kuje Prison, known for its harsh conditions and housing members of Boko Haram. The Department of States 2023 human rights report documented significant abuses in Nigerian prisons, raising concerns about Gambaryans treatment.

The resolution claims Nigeria is wrongfully detaining Gambaryan to extort Binance, citing statements from Nigerian Information Minister Mohammed Idris.

It adds that efforts to secure Gambaryans release have faced numerous obstacles, including intentionally delayed proceedings and denial of bail requests.During his detention, officials have not allowed him to speak privately with his attorneys or family.

According to the document, a congressional delegation visited Gambaryan on June 20 and expressed extreme concern over his condition.

The resolution further details that Gambaryans health has deteriorated due to inadequate medical care. He tested positive for malaria and collapsed in court on May 23, yet authorities delayed his hospital treatment. Although a judge ordered his hospitalization, officials returned him to prison after a brief visit.

The resolution calls on the US government to take immediate action to secure Gambaryans release, recognize his wrongful detention, and ensure he receives full consular and medical access while in detention.

The House resolution demands Nigeria uphold due process and human rights for Gambaryan and all political prisoners and expresses solidarity with his family during this challenging time.

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US Congress says Nigeria 'wrongfully detaining' Binance exec to 'extort' exchange, initiates legislation to free him - CryptoSlate

A court in Nigeria has said it will begin a trial against cryptocurrency exchange Binance over tax evasion charges on Oct. 11, the judge hearing the matter said on Friday.

The Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, face separate trials on charges of tax evasion and money laundering. Teng emphasized that Binance is challenging these allegations.

Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, was held in Nigeria for over two months, while Anjarwalla, a British-Kenyan regional manager for Africa, fled the country in March.

Teng revealed that Binance executives initially engaged in discussions with Nigerian authorities in January, followed by a subsequent meeting on February 26. During this meeting,

Nigerian authorities labeled the issues concerning Binance as matters of national security. They demanded the delisting of the naira currency from Binance's platform and requested detailed information on all Nigerian users.

The detention of Gambaryan and Anjarwalla after collaborative meetings with Nigerian authorities was strongly condemned by Teng. He stated that this action sets a dangerous precedent for companies worldwide.

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Nigerian court says it will begin hearing Binance tax evasion case in October - Africanews English

The Federal Inland Revenue Service (FIRS) has re-arraigned Binance on a four-count accusation of suspected tax evasion.

Binances representative in Nigeria Ayodele Omotilewa was charged on Friday before Emeka Nwite, a federal high court judge in Abuja.

Omotilewa pleaded not guilty to the four counts.

Theonlydefendantnamedintheupdatedcharge,whichwassubmittedonJune14,isBinanceHoldingsLimited.

Following the representation made by Binance, Moses Ideho, FIRSs attorney, requested a date for the trial to begin. The trial was then scheduled for October 11 by the presiding judge.

The head of financial crime compliance at Binance Tigran Gambaryan has been on trial in Nigeria for suspected tax evasion and money laundering for the past few months.

The tax accusations against Gambaryan were withdrawn by the Federal Inland Revenue Service (FIRS) on June 14.

A federal high court in Abuja dismissed Gambaryan after the FIRS validated Omotilewas designation as the firms representative.

However, the EFCC has not dropped its allegations against Binance and its management.

The anti-graft commission has charged Binance Holdings Limited, Gambaryan, and Nadeem Anjarwalla, Binances regional manager for Africa, with money laundering.

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FG re-arraigns Binance on tax evasion charges - TV360

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Rep McCormick Introduces Legislation To Secure Release of Binance Executive - CoinGape

Two U.S. Congressmen have submitted a resolution to the House Committee on Foreign Affairs urging the government to consider a Binance executive detained in Nigeria as a hostage.

In the resolution, Rep. French Hill (R-AR) and Rep. Rich McCormick (R-GA) demanded the release of Binance's head of financial crime compliance Tigran Gambaryan, a U.S. citizen who has been held in custody in Nigeria since February.

Calling Gambaryan's detention "a clear violation of his rights and a grave injustice," McCormick urged the Nigerian government to release him, and called on the U.S. government to "do everything in its power to secure the release of one of our citizens wrongfully detained abroad."

Gambaryan was first detained alongside his colleague Nadeem Anjarwalla, who subsequently fled custody and escaped the country. Immediately afterward, Nigeria's Economic Financial Crimes Commission (EFCC) charged Binance and the two executives with money laundering to the tune of $35 million and manipulating the foreign exchange (forex) market.

Binance was also initially charged with tax violations, but those have since been droppedby the Federal Inland Revenue Service.

In their resolution, Hill and McCormick argued that Gambaryan is "being tried in lieu of pursuing legal action against his employer," adding that during a court hearing, the Nigerian government stated that Gambaryan was "the only thing we have to hold on to." Hill added that Gambaryan should be released, returned to the U.S. and the "fabricated" charges against him dropped.

Hill, who recently visited Gambaryan in the Nigerian prison where he is being held, reported that his health is "deteriorating" in custody, while McCormick urged the Nigerian authorities to provide Gambaryan with "the necessary medical care."

During a court hearing in May, Gambaryan collapsed and was subsequently put on medication for malaria. His family claim that he has been suffering immensely while being held in the Kuje prison, noting that he has complained of numbness in his foot, back pain and been diagnosed with double pneumonia and malaria.

Nigerian officials have refuted the claims, asserting that he has no serious health condition and is doing fine in detention.

In a statement accompanying the announcement of the resolution, Gambaryan's wife Yuki said that, "I appreciate Congressional focus on obtaining Tigrans immediate release from custody in Nigeria and Representative McCormicks continued attention to Tigrans plight." She added that she was "deeply concerned" about his health, and hoped that the U.S. government's involvement "will expedite the process of getting him released."

"I just want him home so he can get the proper medical care he desperately needs and so that he can heal," Mrs Gambaryan said, adding, "He needs to be freed right now."

Chidirim Ndeche contributed to this report.

Edited by Stacy Elliott.

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Lawmakers Urge US to Treat Binance Exec Detained in Nigeria as Hostage - Decrypt

U.S. Representative Rich McCormick has put forward a bill to secure the release of Tigran Gambaryan, a Binance executive who has been held in Nigerian custody for several months.

The bill, titled Urging the Government of Nigeria to immediately release Binance employee Tigran Gambaryan from imprisonment, has been referred to the House Committee on Foreign Affairs.

Gambaryans detention is connected with Nigerian authorities accusations against Binance and its executives for being involved in money laundering following earlier claims that the crypto exchange was affecting local currency growth. However, this case has attracted attention from the crypto space as well as U.S. lawmakers

Recently U.S. Congress members, French Hill and Chrissy Houlahan visited Nigeria on a national security mission where they had a meeting with Gambaryan. They reported disturbing details about his condition including having malaria and double pneumonia among other things. They further noted that he had lost lots of weight, and he was not receiving enough adequate medical assistance. However, Nigerian prison officials have disputed these claims about Gambaryans health status.

The situation has raised human rights concerns, with advocates calling for Gambaryans release and return to his family. Rep. McCormick, who represents Gambaryans home state of Georgia, is leading this legislative effort to address the ongoing detention.

Earlier this year, Nigerian authorities detained Gambaryan and his colleague, Nadeem Arjarwalla, from the office of the National Security Adviser. The visit aimed to discuss regulatory matters. While Arjarwalla reportedly escaped custody, Gambaryan remains detained. Although tax evasion charges have been dropped, the Economic and Financial Crimes Commission (EFCC) continues to pursue money laundering charges.

Binance has maintained that Gambaryan is not a decision-maker in the company and has continued to advocate for his release.

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U.S. Rep Proposes Bill to Free Binance Exec Held in Nigeria - Crypto Times

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The coolest thing about torrenting site ThePirateBay is that it really does operate like a pirate ship. When one jurisdiction forces it offline, it pops back up under a different domain.

At least in one point in time, ThePirateBay itself didnt own any actual servers. Its operators instead chose to spread the sites functionality across 21 virtual machines hosted around the world by various commercial cloud providers.

If one of the hosts pulled out, those virtual machines could be easily deployed to a different provider. More importantly, though, it meant there were no physical servers for police to seize.

And besides, the virtual server structure meant the actual cloud hosts keeping ThePirateBay online were unaware they were even hosting the torrenting portal further insulating it against police.

Binance has operated under similar mystique. For the longest time, the company had claimed to have no headquarters, something new CEO Richard Teng walked back after taking over from founder and CEO Changpeng Zhao, whos currently serving a four-month prison sentence in California.

Like ThePirateBay, Binance bounced between jurisdictions for years, from China to Japan and Malta, before all three eventually pushed the exchange to mosey on somewhere else. Dubai is currently tipped as the next potential destination to dock, although there hasnt yet been any official announcement.

All this might explain why the SEC was so eager to cut Binance off from its primary stablecoin provider, the New York-headquartered Paxos, by threatening to take it to court to prove that BUSD was an unregistered security.

And that really worked: BUSD was the seventh largest cryptocurrency by market cap, worth $16.1 billion, before the SEC sent its Wells notice to Paxos in February 2023. Paxos stopped minting new tokens and over the next month, BUSD holders redeemed about half the supply. By January this year, there was only $100 million in circulation.

But while the US has seemingly thrown anything that might stick at Binance and Zhao, there appears to have been little impact on Binance user activity.

After collating the exchanges monthly proof of reserves disclosures, its clear that Binance hasnt skipped a beat, at least in terms of user capital on the platform.

Binance disclosed $115 billion in user funds at the start of July, up from $61 billion one year ago, and $45.6 billion when reports first surfaced of a years-long DOJ investigation in December 2022.

Other stablecoins including TrueUSD, USDT and FDUSD plugged the gap left after Paxos wound down BUSD, with the latter two headquartered outside the US. TrueUSD meanwhile fell out of favor, leading to a number of delistings earlier this year.

In any case, as Zhao waits out the rest of his sentence, the makeup of user funds on the platform is morphing, with the data indicating that the general consensus is to hold.

Bitcoin made up 18% of user funds in December 2022 now its over one-third. Similarly, BNB went from 14% to 20%, while ETH has stayed largely unchanged at about 14%, presumably on account of lackluster price growth compared to bitcoin and BNB.

The real tell is that only one-fifth of all user funds on the platform are currently stablecoins $24.4 billion down from more than half before Zhaos troubles really began. That means 80% of Binance user funds are held in non-dollar-pegged crypto assets.

Clearly, users are confident after the SEC and DOJs actions, not only that everything at Binance is above board, but that prices will rise from here.

David Canellis

Paxos is getting off scot-free after the SEC said it wouldnt pursue legal action against the company.

Lets back up for a second. The SEC issued Paxos a Wells notice last February. This came, obviously, before the SECs case against Binance in June.

I mention this because the SEC, in its complaint against Binance, alleged that BUSD was a security.

Thereve been some interesting developments in that case as well.

Last month, Judge Amy Berman Jackson the judge overseeing the Binance case ruled against a motion to dismiss filed by Binance and its US entities. However, there were a few curveballs hidden in her ruling.

Jackson wrote that the SEC didnt plausibly allege that BUSD was offered and sold as an investment contract.

The SEC makes the vague assertion that Binance used at least a portion of those returns to enable and promote the Binance ecosystem, which it says gave BUSD its potential profit, but it does not explicitly link the value of the token which was tied to the US dollar to the success of the platform, she said.

The SEC, at the hearing on the motion to dismiss, also tried to argue that it wasnt claiming BUSD by itself was a security but rather that it was sold as a package that promoted a profit-making program.

Judge Jackson, in denying the charge regarding BUSD sales, clearly decided that there wasnt enough to support the claims.

Unfortunately, the BUSD of it all is a bit of a moot point, given that Paxos quickly shut down its Binance partnership and stopped issuing the stablecoin in late February of last year.

But theres no doubt the SEC dropping the investigation is a win for Paxos.

Paxos Trust Company has always maintained that its USD-backed stablecoins are not securities under federal securities laws and that the Wells Notice was unwarranted and unjustified, the company said in a statement.

Does this mean that the SEC is potentially abandoning the ability to label stablecoins as a security?

The SECs decision to not bring an enforcement action against Paxos signals that it may consider that USD-backed stablecoins are not securities. If the question of whether stablecoins are securities is definitively answered, the SEC would provide a necessary degree of regulatory certainty to this asset class, said David Oliwenstein, partner at Pillsbury Law.

But others say its still unclear. Right now, theres too little information to read deep into that scenario confidently.

The declination letter is a significant victory for Paxos and what should be viewed as encouraging to the industry, even though it doesnt establish with any certainty that any specific type of stablecoin is or is not a security, Andrew Hinkes, partner at K&L Gates, said.

If you wanted to look on the positive side, then one might even think the SEC was somehow being thoughtful in its approach to regulating the industry. Or maybe its just acknowledging that BUSD is DOA at this point.

Either way, its Friday.

Katherine Ross

Taking a page from the Gensler playbook?

That was the impression I couldnt quite shake whilst following Rostin Behnams testimony yesterday before Congress.

According to Fox Business Eleanor Terrett, the CFTC chief reportedly said that 70-to-80% of the crypto market comprises non-securities. A bold statement, and suggestive of the idea that theyre commodities instead and thus under the agencys purview. Behnam might also be signaling that the CFTC is basing this reasoning on market capitalization, with BTC and ETH comprising the bulk of the pie.

Sound familiar? That kind of expansive terrain-charting is reminiscent of Genslers frequent citation that most of the crypto market consists of, well, securities a declaration that would make it largely the SECs beat instead.

Its certainly curious of Behnam to make such statements, especially as if some Congress has its way the two agencies will be required to join forces in some areas on crypto oversight.

Perhaps the jockeying for position, and money, has already begun.

Michael McSweeney

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Empire Newsletter: What the SEC dropping its Paxos probe really means - Blockworks

Major coins in the cryptocurrency market are still experiencing their bearish phase. For example, Binance Coin (BNB) and Solana (SOL) have seen sharp declines in value during the last seven days.

Meanwhile, a new cryptocurrency is making headlines. Analysts believe it could experience significant growth in Q3, having already raised over $1 million in less than two months. The project? Rollblock.

Rollblock is an online casino built on the Ethereum blockchain. It combines features from centralized and decentralized gambling platforms to offer a unique GambleFi experience. According to experts, its utility token, $RBLK, is expected to soar by 720% during its presale alone!

Solanas (SOL) price was in an uptrend on 2nd July, reaching a peak of $154.60. Nonetheless, the next day it crashed to $131 thereafter before recovering to $140 on 9th July. According to charts, Solanas stance has moved from bullish to bearish over the past month, and experts believe additional decreases are on the way.

Some experts are optimistic that due to institutional adoption, forthcoming upgrades and innovative features, Solana could go as high as $2,000 in 2024. With a potential Solana ETF on the way, all eyes are on the altcoin, though its value continues to fluctuate, making Solana a somewhat risky investment.

Over the last 30 days, Binance Coin (BNB), the native token of Binance Smart Chain (BSC), has dropped by 23.9%. However, Binance Coin investors remain confident in the projects growth, with many predicting that it could hit a new all-time high in Q3.

Several factors could influence this growth, including an influx of new investors, an increase of users on the Binance exchange, and confidence in Binance Coin. Although Binance Coin is currently facing bearish trends, the project has a strong foundation that could easily see Binance Coin recover during the next bull run.

Rollblock (RBLK) is one of the first community-backed GambleFi casinos. It uses blockchain technology to solve many problems associated with traditional centralized casinos.

By harnessing the immutable nature of blockchain technology, Rollblock offers greater security and transparency. All transactions are recorded on the Ethereum blockchain, and bets cannot be altered once placed.

Rollblock also offers an improved sign-up process which lets users enter the casino without having to go through Know Your Customer (KYC) verification. This enhances confidentiality and also makes it easier for many people to join.

Rollblocks native token, RBLK, is used for rewards throughout the casino. Furthermore, it can be staked for industry leading returns and grants holders access to Rollblocks revenue share model. Rollblock is one of the only GambleFi casinos to share its revenue with token holders, who will be granted a share in up to 30% of the platforms revenue.

To share revenue, Rollblock will buy $RBLK tokens from the open market. Half of the tokens it buys are permanently burned, and the remaining half are used as staking rewards. By burning tokens, Rollblock creates token scarcity, driving up the price of tokens held by investors.

According to experts, Rollblock could disrupt the $450 billion gambling market in just a few years. The project is currently in stage 3 of its presale, and $RBLK tokens are available for $0.0154. However, with tokens selling out fast, analysts dont think it will stay at this price for long.

Over the next few months Rollblock plans to add several new features to its ecosystem. These include sports betting, which is predicted to become a massive hit amongst the Rollblock user base. Currently, over 5,000 investors have signed up for the platform, which is already live and has all required licensing.

Given its potential, experts believe that $RBLK could see a massive 100x rally before the end of 2024. With early investors already enjoying returns of 54%, this is a huge opportunity for altcoin investors to maximize their returns and recover from recent bearish trends.

Discover the Exciting Opportunities of the Rollblock (RBLK) Presale Today!

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Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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Can Solana (SOL) and Binance Coin (BNB) Hit $2000 This Bull Run? Rollblock Presale Sees Record Day As Momentum Keeps Building - NewsBTC

An additional 2% gain in the past 24 hours has sustained BNBs bulls in the latest recovery. While it traded in a green zone over the past few days, the trend remains bearish daily with no signs of reversal yet.

Breaking lower this month, BNB found support after rejecting the $455 low a week ago. It bounced back and it is now trading at a resistance of $536 the May support level that flipped during last weeks crackdown.

The price appeared strong on the day despite a slight rejection but the bulls commitment seemed not enough to push through the resistance. An increase above this resistance could allow recovery to Junes low.

But looking at the market structure, which still reveals a downtrend, BNB may break lower soon. If this scenario occurs, the recent monthly low may be revisited with a potential breakdown.

While such a setup is capable of causing more pain in the market, it should provide a huge discount for buying from a long-term perspective.

Meanwhile, the bulls are still much more formidable with an attempt to scale through the current trading resistance level mentioned above. If they successfully conquer this resistance level, a bigger price movement can be expected in the future.

Above this holding resistance lies a key resistance level of $560 Junes low. A push above it could bring more recovery to the $587 level and potentially $614.4.

Considering the existing bearish market condition, the price may roll back to the $508 and $471 support levels if the bears step back. A breakdown at $455 could bring the price to minor support of $440 before testing the main $428 support level.

Key Resistance Levels: $560, $587, $614.4

Key Support Levels: $508, $471, $455

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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BINANCE COIN PRICE ANALYSIS & PREDICTION (July 11) BNB Meets Resistance After A Week Recovery, Incoming Drops? - NullTX