The world of cryptocurrency trading is experiencing a significant transformation due to the rising influence of artificial intelligence (AI) and machine learning advancements that are disrupting conventional investment tactics. Leading this evolution is Algotech (ALGT), a rising contender challenging well-known exchanges such as Binance and WOO X through its inventive implementation of algorithmic trading.

Binance and WOO X have long been dominant forces in the cryptocurrency exchange landscape, each carving out its niche in the market. Over the last few months, Binance has encountered a rise in regulatory oversight.

Joining a list of other U.S. states, the North Dakota Department of Financial Institutions has revoked Binance.USs money transmitter license, citing regulatory non-compliance and apprehensions regarding Binances former CEO, Changpeng Zhao. This move aligns with actions taken by states like Alaska, Florida, and Oregon, which could curtail Binances operations within the American market.

WOO X distinguishes itself as an exchange emphasizing liquidity, utilizing the WOO Network to enhance liquidity levels and offer competitive trading costs. WOO X has garnered attention for its provision of advanced trading utilities suited for institutions and has notably emerged as the inaugural crypto exchange providing retail investors access to tokenized U.S. Treasury bills.

Algotech (ALGT), a recent entrant, is challenging the established players Binance and WOO X through its innovative use of artificial intelligence in cryptocurrency trading. In contrast to conventional platforms focused on facilitating digital asset transactions, Algotech (ALGT) is establishing itself as an advanced trading environment driven by cutting-edge algorithms and machine learning.

Algotech (ALGT) distinguishes itself through its emphasis on algorithmic trading tactics. Their platform provides a variety of trading algorithms driven by artificial intelligence (AI), tailored to exploit distinct market scenarios and trading methodologies. These encompass strategies such as momentum trading, mean reversion, breakout trading, and arbitrage on various exchange platforms.

Algotechs algorithms can examine extensive volumes of historical and up-to-the-minute market information, detecting patterns and trends that may elude human traders by using machine learning and artificial intelligence. This data-centric methodology enables more accurate decision-making and potentially enhanced profitability, particularly within the dynamic and frequently volatile realm of crypto trading.

As Algotech (ALGT) gears up for its full launch, the project is currently in a presale that has garnered more than $9.4 million. This presale is currently in its bonus stage, with 96% of the tokens already purchased for $0.08 per token.

Algotech distinguishes itself through its unique presale approach, featuring a groundbreaking incentive scheme to motivate initial supporters and foster a robust community centered on the platform. This scheme comprises eight tiers.

At the lowest level, dubbed Sea Urchins, investors need to achieve 500,000 tokens. This scales up to the highest tier, The Kraken, where those holding 12,000,000 tokens can get more perks. This tiered structure not only rewards larger investors but also creates a clear path for smaller participants to increase their stakes and potential returns over time.

Algotech (ALGT) is not only focusing on presale efforts but is also strategically positioning itself as a frontrunner in AI-driven trading. With a recent investment of $1.2 million in H100 GPUs, it aims to boost the speed, precision, and functionalities of its AI engine. This substantial investment highlights Algotechs dedication to leading technological advancements within the cryptocurrency trading sector.

Learn more: Visit Algotech Presale Join The Algotech Community

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Here's How Algotech Is Challenging Binance & WOO X: AI Trading Could Disrupt Conventional Investing - DailyCoin

Last updated: June 29, 2024, 12:00 EDT | 2 min read

A United States court has ruled against cryptocurrency exchange Binances attempt to dismiss the majority of claims leveled against it by the countrys securities regulator, the Securities and Exchange Commission (SEC).

According to the court filing by Judge Amy Berman Jackson on June 28, claims related to Binances staking program, the sale of BNB tokens following its initial coin offering, and anti-fraud violations will proceed.

The court also upheld the SECs contention that former Binance CEO Changpeng CZ Zhao acted as a control person and that Binance was obligated to register under the Exchange Act.

However, the ruling wasnt a complete victory for the SEC.

Judge Jackson decided to dismiss claims relating to BNB secondary market sales and all sales associated with the Binance USD (BUSD) stablecoin.

In her decision, she referred to Judge Analisa Torres ruling in the SECs case against Ripple as supporting grounds for dismissing the SECs claim regarding BNB secondary market sales.

The courts decision came as a surprise to finance lawyer Scott Johnsson, who described it as a significant setback for the securities regulator.

Fox Business reporter Eleanor Terrett anticipates that lawyers representing Coinbase, Kraken, and Consensys will leverage this opinion to strengthen their positions in their respective litigations.

Judge Jackson also rejected the SECs claims concerning Binances passive income feature, Simple Earn.

A court hearing has been scheduled for July 9 to further address the matter.

The SEC, led by Gary Gensler, filed the lawsuit against Binance in June 2023, alleging that the exchange had offered the sale of unregistered securities and operated illegally within the United States.

Binance and CZ responded by filing a motion to dismiss the lawsuit approximately three months later, arguing that the SEC had exceeded its legal authority.

In addition to the lawsuit, Binance has faced challenges on the regulatory front.

Seven US states, including Alaska, Florida, Maine, and North Carolina, have either revoked or denied Binance the right to renew its money transmitter license.

Furthermore, CZ is currently serving a four-month prison sentence for violating money laundering laws.

Despite these legal hurdles, Binance continues to hold its position as the worlds largest cryptocurrency exchange, boasting over 200 million users and managing assets totaling $100 billion.

Just two years ago, in 2022, Binance reported a user base of around 130 million.

By 2023, the exchange had added 40 million more users, bringing the total count to 170 million.

Impressively, in the first half of 2024 alone, Binance has already added at least 30 million new users.

In May, the Financial Intelligence Unit of India (FIU-IND) revealed that Binance has successfully registered with the regulatory body, returning to the country after some regulatory hurdles.

Prior to that, the exchange announced that it had obtained a license from Dubais regulator, VARA, enabling the platform to cater to retail clients along with qualified and institutional ones.

Read the original:

US Judge Allows Major Portion of SEC Lawsuit Against Binance and CZ to Proceed - Cryptonews

This week saw an upsurge in executive moves, appointments, departures, and promotions across multiple sectors. Major moves were experienced in the forex, fintech, cryptocurrency, digital banking, and financial consultancy space.

MultiBank Group's Chief Development Officer Ruslan Abuzant exited the firm; Former CFDs CEO joined BlockFills as UAE GM; Nium tapped Spencer Hanlon as Chief Operating Officer to drive its global expansion; Binance FZE's General Manager Alex Chehade will exit after two Years; XTX Markets welcomes the Former Barclays CEO as Director.

Elsewhere, Finom named ex-Revolut executive as Sales Chief; Capital.com onboarded Campbell MacPherson as CEO for Australian operations; the 3-month-old liquidity provider hired ex-M4Markets executive as CEO; Stephen Williams switched from IG to Capital.com after six years; amana tapped Jack Saidy as Director of Operations for Lebanon; Delta Capita brought London Stock Exchange Veteran as New CFO.

Check out our executive move segment for this week, as we bring to you highlights from notable industry appointments, departures, and promotions.

MultiBank Group's Chief Development Officer Ruslan Abuzant stepped down after serving for two years in the company. Abuzant joined the group in 2022 and has held several roles, including Head of Information Technology, Head of Product Development, Chief Strategy Officer, and Chief Development Officer.

Ruslan Abuzant, Source: LinkedIn

Commenting about his departure, Abuzant said: "After two incredible years, today I announce my departure from Multibank. It has been an honor to be part of such a dynamic and dedicated team. I am immensely grateful for the opportunity to meet and work alongside each and every one of you." MultiBank offers a range of online trading financial products, including forex, commodities, and CFDs.

Discover more about MultiBank Group's Chief Development Officer Ruslan Abuzant exit from his role and the recent developments at the firm.

Demetrios Zamboglou joined BlockFills as the General Manager for the UAE operations. Zamboglou, who held executive positions in multiple forex and contracts for differences (CFDs) brokers, has assumed the Dubai-based role. His most recent role was serving as the Group Chief Executive Officer at Doto, a Cyprus-based FX and CFDs broker.

Demetrios Zamboglou, the General Manager for UAE at BlockFills

He was also the Group Chief Operating Officer at CFI Financial Group for a couple of years. BlockFills offers digital asset trading, technology, and liquidity solutions. Recently, the firm integrated Centroid Solutions' institutional-grade connectivity platform, Centroid Bridge, to offer brokers and institutional clients a centralized environment for price management, execution, and comprehensive reporting.

Learn more about Demetrios Zamboglou's entry into BlockFills as the General Manager for the UAE.

Cross-border payment firm Nium onboarded Spencer Hanlon as its Chief Operating Officer (COO). Hanlon, who was previously instrumental in expanding Nium's travel business, will oversee the scaling of the company's operations globally. His extensive experience includes leadership roles at British Airways and AirPlus International. Hanlon will succeed Pratik Gandhi.

Spencer Hanlon, Source: LinkedIn

Commenting about the changes, Prajit Nanu, the Founder and CEO of Nium mentioned: "Spencer has been an integral part of Nium for the past three years, demonstrating exceptional cross-functional leadership and a deep understanding of what it takes to scale. Appointing Spencer to COO was a natural decision. His vision and dedication have been invaluable to our success, and I am confident that under his leadership, we will continue to achieve outstanding results."

Reveal more about Nium's appointment of Spencer Hanlonas as Chief Operating Officer.

Alex Chehade, the General Manager of Binance FZE in Dubai, will reportedly depart from the crypto asset exchange at the end of July. Chehade, who played an important role in securing the Dubai Virtual Assets Regulatory Authority (VARA) license, has been with Binance for two years.

Alex Chehade, Source: LinkedIn

Chehade joined Binance FZE in June 2022, and under his leadership, the platform secured the VARA license in April, positioning it among 18 other organizations approved as Virtual Assets Service Providers (VASP) by the Dubai regulatory authority. Sources said that Chehade was seen as a potential future board member of Binance, making his departure unexpected.

Disclose more about the exit of Binance FZE's General Manager Alex Chehade and the recent developments at the firm.

XTX Markets onboarded Timothy James Osborne Throsby as the new Director. Throsby has extensive experience, having held different roles in various sectors, including finance and education. He currently serves as the Managing Partner, President, and CRO at Phoenix Merchant Partners, a position he has held since February 2023. Phoenix Merchant Partners focuses on offering financing solutions to middle-market companies, specifically private credit and customized financial strategies.

Timothy James Osborne Throsby

Besides his role at Phoenix Merchant Partners, Throsby served as a Non-Executive Director for Zen Educate and Light & Wonder. He also holds the position of Chairman of the Board and Non-Executive Director at Silver Creek Pharmaceuticals, and he has been a Non-Executive Director at Lumos Global since November 2019.

Display more about the exit of Binance FZE's General Manager Alex Chehade from his role.

European digital banking solution provider Finom added Rob Allen as its new Head of Sales, effective July 2024. Finom provides financial services for small and medium-sized enterprises and entrepreneurs. Allen has over a decade of fintech experience, most recently serving as VP of Sales at Super Payments.

Rob Allen, Finom

Previously, he held the position of Head of Sales for Europe at Revolut, where he led sales teams across six European countries. The appointment was reportedly facilitated through Finom's connection with Northzone, a new investor in the company's recent 50 million Series B funding round. This recent investment has boosted Finom's total capital to more than 100 million since its founding in 2019.

Reveal more about the addition of Rob Allen as Finom'snew Head of Sales.

Capital.com appointed Campbell MacPherson as the CEO of Australian Operations. Previously, MacPherson was the Regional Director of Sales at FactSet, where he managed a team responsible for expanding FactSet's business across various asset classes in the Pacific region. He oversaw strategic growth initiatives for bank and wealth clients, as well as providing executive oversight for key regional accounts.

Campbell MacPherson, Source: LinkedIn

Before his tenure at FactSet, MacPherson held multiple roles at Glenmoira Consulting, focusing on business consultancy, development strategy, and project management. He also served as a Strategic Advisor and Non-Executive Director at Jaaims, where he contributed to financial technology and strategic partnerships. Additionally, MacPherson worked as a Strategic Advisor in Business Development at Caplin Systems, where he was involved in contract-based initiatives.

Find out more about the entry of Campbell MacPherson as Capital.com's CEO for Australian operations.

LP Prime, the liquidity provider for forex and CFDs, named Marios Antoniou as the new Chief Executive Officer. LP Prime is the latest entrant in the liquidity space. The firm was launched early this year by Louay Amhaz, the former Director of Business Development at oneZero.

Marios Antoniou

Antoniou has nearly a decade of experience in the industry. He joined LP Prime from M4Markets, where he was the Chief Operating Officer for more than a year. Prior to that, he was the CEO of Invaxa, a lesser-known offshore forex and CFDs broker, which now appears to have been shuttered. LP Prime offers access to more than 1,350 instruments, including forex, precious metals, indices, and stock CFDs.

Identify more about LP Prime's onboarding of Marios Antoniou as the new Chief Executive Officer.

IG's Premium Client Manager shifted to Capital.com under the same role, after dedicating nearly six years to the group. The veteran expert, with over 15 years of experience in financial markets, will now transition to capital.com's Australian office to assume the new responsibilities.

Stephen Williams, Source: LinkedIn

Display more about Stephen Williams' switch from his Premium Client Manager's role at IG to Capital.com.

Middle Eastern neobroker amana onboarded Jack Saidy as the Director of Operations for Lebanon to strengthen its presence in the region. Saidy has over a decade of experience in financial markets. Previously, he served as the Director at Advanced Markets, focusing on training sales teams and fostering customer relationships.

Jack Saidy, Source: LinkedIn

Saidy's understanding of the Lebanese and MENA markets positions him well to drive amana's growth in the region. amana provides access to more than 5,500 assets and enables customers to trade physical and leveraged US and MENA shares, commodities, currencies, and more. Amana is a neobroker in the Middle East that provides users direct access to global and regional financial markets.

Investigate more about amana's onboarding of JackSaidy as Director of Operations for Lebanon.

Financial consulting firm Delta Capita onboarded Nick Frost as its new Global Chief Financial Officer. Frost, who brings over two decades of finance experience to the role, will join Delta Capita's Executive Committee and report directly to Group CEO Joe Channer. Based in London, he will be tasked with developing the company's financial strategy and supporting its growth initiatives.

Nick Frost

Before joining Delta Capita, Frost held CFO positions at several firms, including the London Stock Exchange Group. Over the past few months, he was associated with the technology company Prytek, where he also held the role of the CFO. Delta Capita offers consulting, managed services, and technology solutions to the capital markets industry.

Learn more about Delta Capita's addition of Nick Frost as its new Global Chief Financial Officer and what the firm stands for.

This week saw an upsurge in executive moves, appointments, departures, and promotions across multiple sectors. Major moves were experienced in the forex, fintech, cryptocurrency, digital banking, and financial consultancy space.

MultiBank Group's Chief Development Officer Ruslan Abuzant exited the firm; Former CFDs CEO joined BlockFills as UAE GM; Nium tapped Spencer Hanlon as Chief Operating Officer to drive its global expansion; Binance FZE's General Manager Alex Chehade will exit after two Years; XTX Markets welcomes the Former Barclays CEO as Director.

Elsewhere, Finom named ex-Revolut executive as Sales Chief; Capital.com onboarded Campbell MacPherson as CEO for Australian operations; the 3-month-old liquidity provider hired ex-M4Markets executive as CEO; Stephen Williams switched from IG to Capital.com after six years; amana tapped Jack Saidy as Director of Operations for Lebanon; Delta Capita brought London Stock Exchange Veteran as New CFO.

Check out our executive move segment for this week, as we bring to you highlights from notable industry appointments, departures, and promotions.

MultiBank Group's Chief Development Officer Ruslan Abuzant stepped down after serving for two years in the company. Abuzant joined the group in 2022 and has held several roles, including Head of Information Technology, Head of Product Development, Chief Strategy Officer, and Chief Development Officer.

Ruslan Abuzant, Source: LinkedIn

Commenting about his departure, Abuzant said: "After two incredible years, today I announce my departure from Multibank. It has been an honor to be part of such a dynamic and dedicated team. I am immensely grateful for the opportunity to meet and work alongside each and every one of you." MultiBank offers a range of online trading financial products, including forex, commodities, and CFDs.

Discover more about MultiBank Group's Chief Development Officer Ruslan Abuzant exit from his role and the recent developments at the firm.

Demetrios Zamboglou joined BlockFills as the General Manager for the UAE operations. Zamboglou, who held executive positions in multiple forex and contracts for differences (CFDs) brokers, has assumed the Dubai-based role. His most recent role was serving as the Group Chief Executive Officer at Doto, a Cyprus-based FX and CFDs broker.

Demetrios Zamboglou, the General Manager for UAE at BlockFills

He was also the Group Chief Operating Officer at CFI Financial Group for a couple of years. BlockFills offers digital asset trading, technology, and liquidity solutions. Recently, the firm integrated Centroid Solutions' institutional-grade connectivity platform, Centroid Bridge, to offer brokers and institutional clients a centralized environment for price management, execution, and comprehensive reporting.

Learn more about Demetrios Zamboglou's entry into BlockFills as the General Manager for the UAE.

Cross-border payment firm Nium onboarded Spencer Hanlon as its Chief Operating Officer (COO). Hanlon, who was previously instrumental in expanding Nium's travel business, will oversee the scaling of the company's operations globally. His extensive experience includes leadership roles at British Airways and AirPlus International. Hanlon will succeed Pratik Gandhi.

Spencer Hanlon, Source: LinkedIn

Commenting about the changes, Prajit Nanu, the Founder and CEO of Nium mentioned: "Spencer has been an integral part of Nium for the past three years, demonstrating exceptional cross-functional leadership and a deep understanding of what it takes to scale. Appointing Spencer to COO was a natural decision. His vision and dedication have been invaluable to our success, and I am confident that under his leadership, we will continue to achieve outstanding results."

Reveal more about Nium's appointment of Spencer Hanlonas as Chief Operating Officer.

Alex Chehade, the General Manager of Binance FZE in Dubai, will reportedly depart from the crypto asset exchange at the end of July. Chehade, who played an important role in securing the Dubai Virtual Assets Regulatory Authority (VARA) license, has been with Binance for two years.

Alex Chehade, Source: LinkedIn

Chehade joined Binance FZE in June 2022, and under his leadership, the platform secured the VARA license in April, positioning it among 18 other organizations approved as Virtual Assets Service Providers (VASP) by the Dubai regulatory authority. Sources said that Chehade was seen as a potential future board member of Binance, making his departure unexpected.

Disclose more about the exit of Binance FZE's General Manager Alex Chehade and the recent developments at the firm.

XTX Markets onboarded Timothy James Osborne Throsby as the new Director. Throsby has extensive experience, having held different roles in various sectors, including finance and education. He currently serves as the Managing Partner, President, and CRO at Phoenix Merchant Partners, a position he has held since February 2023. Phoenix Merchant Partners focuses on offering financing solutions to middle-market companies, specifically private credit and customized financial strategies.

Timothy James Osborne Throsby

Besides his role at Phoenix Merchant Partners, Throsby served as a Non-Executive Director for Zen Educate and Light & Wonder. He also holds the position of Chairman of the Board and Non-Executive Director at Silver Creek Pharmaceuticals, and he has been a Non-Executive Director at Lumos Global since November 2019.

Display more about the exit of Binance FZE's General Manager Alex Chehade from his role.

European digital banking solution provider Finom added Rob Allen as its new Head of Sales, effective July 2024. Finom provides financial services for small and medium-sized enterprises and entrepreneurs. Allen has over a decade of fintech experience, most recently serving as VP of Sales at Super Payments.

Rob Allen, Finom

Previously, he held the position of Head of Sales for Europe at Revolut, where he led sales teams across six European countries. The appointment was reportedly facilitated through Finom's connection with Northzone, a new investor in the company's recent 50 million Series B funding round. This recent investment has boosted Finom's total capital to more than 100 million since its founding in 2019.

Reveal more about the addition of Rob Allen as Finom'snew Head of Sales.

Capital.com appointed Campbell MacPherson as the CEO of Australian Operations. Previously, MacPherson was the Regional Director of Sales at FactSet, where he managed a team responsible for expanding FactSet's business across various asset classes in the Pacific region. He oversaw strategic growth initiatives for bank and wealth clients, as well as providing executive oversight for key regional accounts.

Campbell MacPherson, Source: LinkedIn

Before his tenure at FactSet, MacPherson held multiple roles at Glenmoira Consulting, focusing on business consultancy, development strategy, and project management. He also served as a Strategic Advisor and Non-Executive Director at Jaaims, where he contributed to financial technology and strategic partnerships. Additionally, MacPherson worked as a Strategic Advisor in Business Development at Caplin Systems, where he was involved in contract-based initiatives.

Find out more about the entry of Campbell MacPherson as Capital.com's CEO for Australian operations.

LP Prime, the liquidity provider for forex and CFDs, named Marios Antoniou as the new Chief Executive Officer. LP Prime is the latest entrant in the liquidity space. The firm was launched early this year by Louay Amhaz, the former Director of Business Development at oneZero.

Marios Antoniou

Antoniou has nearly a decade of experience in the industry. He joined LP Prime from M4Markets, where he was the Chief Operating Officer for more than a year. Prior to that, he was the CEO of Invaxa, a lesser-known offshore forex and CFDs broker, which now appears to have been shuttered. LP Prime offers access to more than 1,350 instruments, including forex, precious metals, indices, and stock CFDs.

Identify more about LP Prime's onboarding of Marios Antoniou as the new Chief Executive Officer.

IG's Premium Client Manager shifted to Capital.com under the same role, after dedicating nearly six years to the group. The veteran expert, with over 15 years of experience in financial markets, will now transition to capital.com's Australian office to assume the new responsibilities.

Stephen Williams, Source: LinkedIn

Display more about Stephen Williams' switch from his Premium Client Manager's role at IG to Capital.com.

Middle Eastern neobroker amana onboarded Jack Saidy as the Director of Operations for Lebanon to strengthen its presence in the region. Saidy has over a decade of experience in financial markets. Previously, he served as the Director at Advanced Markets, focusing on training sales teams and fostering customer relationships.

Jack Saidy, Source: LinkedIn

Saidy's understanding of the Lebanese and MENA markets positions him well to drive amana's growth in the region. amana provides access to more than 5,500 assets and enables customers to trade physical and leveraged US and MENA shares, commodities, currencies, and more. Amana is a neobroker in the Middle East that provides users direct access to global and regional financial markets.

Investigate more about amana's onboarding of JackSaidy as Director of Operations for Lebanon.

Financial consulting firm Delta Capita onboarded Nick Frost as its new Global Chief Financial Officer. Frost, who brings over two decades of finance experience to the role, will join Delta Capita's Executive Committee and report directly to Group CEO Joe Channer. Based in London, he will be tasked with developing the company's financial strategy and supporting its growth initiatives.

Nick Frost

Before joining Delta Capita, Frost held CFO positions at several firms, including the London Stock Exchange Group. Over the past few months, he was associated with the technology company Prytek, where he also held the role of the CFO. Delta Capita offers consulting, managed services, and technology solutions to the capital markets industry.

Learn more about Delta Capita's addition of Nick Frost as its new Global Chief Financial Officer and what the firm stands for.

See the rest here:

Binance, MultiBank, XTX Markets, and More: Executive Moves of the Week - Finance Magnates

Shiba Inu and PEPE whales have begun to make their move in a market currently rocked with uncertainty. This time around, these prominent investors are sending large amounts of tokens to centralized exchanges like Binance, suggesting that they could be looking at dumping the meme coins. Such a move would put undue pressure on both the Shiba Inu and PEPE prices at a time when theyre struggling to find their footing.

Spot On Chain, an on-chain data tracking and aggregation platform, reported a transaction carrying significant amounts of SHIB. While these large transactions are not new, this one stood out due to the destination of the coins, which was the Binance crypto exchange.

As the data tracker reports, the whale transaction was most notable, given the amount of SHIB it was carrying. The wallet, which had bought most of its SHIB tokens between November and December 2023, transferred its total balance to Binance.

At the time, the total SHIB transferred was 1.088 trillion tokens, which was worth $18.2 million at the time of the transaction. Interestingly, a large chunk of its dollar value, $8 million, was from profit, given that the tokens were bottom at the bottom of the market. This translated to a 79% return on investment for the Shiba Inu whale.

Another whale transaction which caught the attention of the on-chain tracker is that of a PEPE whale. Similar to the Shiba Inu whale, the PEPE whale had deposited 700 billion tokens to the Binance exchange. At the time of the transaction, the tokens were worth $7.38 million.

However, unlike the Shiba Inu whale, the PEPE whale is actually not seeing any profit. At the time of the report, the on-chain tracker estimates that the whale was seeing a 12% loss on its holdings, which translated to a $3.47 million loss.

Why Is The Destination Important?

The destination of a transaction can often be a tell for what the holder plans to do with it. In cases involving centralized exchanges, it becomes even important whether the coins are entering or leaving the exchange. In the of coins entering the exchange, it could mean the holders are looking to sell. In the reverse case, when coins are leaving the exchange, it means investors are accumulating the coins, with more inclination to buy.

Given that the whales are sending the Shiba Inu and PEPE tokens to Binance, it is likely they are looking to sell. In the event of a sell-off, the already struggling prices of these meme coins could fall further as new supply floods the market.

Featured image created with Dall.E, chart from Tradingview.com

See the article here:

Shiba Inu And PEPE Whales Deposit 1.8 Trillion Tokens To Binance, Are They Selling? | Bitcoinist.com - Bitcoinist

A US Judge offered market participants clarity on the secondary market sales of digital assets and dismissed part of theSecurities and Exchange Commissions (SEC) lawsuit against Binance. In the lawsuit the SEC claims that the secondary market sales, or sales on an exchange, of the native token Binance Coin (BNB) qualify as a security.

The ruling Judge cited a ruling from the SEC vs. Ripple lawsuit, marking a big win for crypto traders.

Judge Amy Berman Jackson dismissed part of the SECs lawsuit against Binance on Friday. The ruling marks a milestone for crypto traders; it was determined that secondary sales of Binances BNB token do not qualify as securities under the Howey Test.

Of 13 counts, 10 will proceed entirely and two partically. One count is entirely dismissed post Judge Jackson's ruling. The count that was entirely dismissed is related to the sales of Binance USD (BUSD), a stablecoin that is now partially defunct.

SEC vs. Binance

Judge Jackson says that the governments reliance on the assertion that crypto assets are the embodiment of investment contracts is not enough to treat BNBs secondary market sales as securities. Ripple proponent attorney Bill Morgan explains Judge Jackson's ruling and why it matters in a recent tweet on X:

In her ruling in the SEC vs. Ripple lawsuit, Judge Analisa Torres says that secondary market sales of XRP do not satisfy the Howey test and therefore are not investment contracts.

The SEC has been pushing the theory that crypto tokens may not be securities, they are investment contracts. Judge Jacksons ruling brings relief to crypto traders on the issue of secondary market sales of cryptocurrencies and concludes that assets are not investment contracts since they do not satisfy the Howey test.

Binance coin (BNB) has been in a state of decline since June 6 high of $721.80. BNB dropped to June 24 low of $551.20. The momentum indicator Moving Average Convergence Divergence (MACD) shows underlying negative momentum in BNBs price trend.

BNB could rally towards $591.50, the 23.6% of the Fibonacci retracement level of the decline from June 6 to 24.

BNB/USDT daily chart

Binance coin could find support at the June 24 low of $551.20, as seen in the chart above. BNB trades at $571.40, at the time of writing.

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Continued here:

Big win for crypto as Judge dismisses part of SEC case against Binance BNB token - FXStreet

Arman Shirinyan

Binance actively fighting Sybil attackers amid Megadrop IEO event

Binance announced that after the Megadrop IEO event, it banned around 300 accounts - 297 to be precise. The reason? Sybil attacks. Airdrop hunters use various sophisticated strategies to get as many free tokens as they can. However, more projects are implementing strategies to fight farmers.

Over a million users participated in the Megadrop IEO event, demonstrating a high level of user participation. Yet despite enormous interest, 102,000 accounts were found to be fraudulent by Binance's risk control procedures. As more accounts are examined, this number is updated continuously.

These accounts were primarily used in Sybil attacks, in which several accounts were created in order to take advantage of airdrop. Following a thorough investigation, 297 primary accounts were confirmed by Binance and banned. As an example of the scope of the Sybil attack, one of these accounts alone had accumulated up to 9,000 KYC accounts.

The strict risk control procedures implemented by the platform ensured that these malicious activities were quickly detected and addressed. To continue providing for actual users, project expenses will be funded by money from frozen and recovered accounts. Through proactive measure, Binance hopes to prevent system abusers from profiting from airdrop events and instead to assist authorized users. This action is a component of a larger plan to preserve the platform's IEO and airdrop events' integrity.

Users of Binance have been reassured by the company that only fraudulent accounts are the focus of the risk control procedures. There is no need for genuine users to be concerned about their accounts being impacted.

Binance users can use the online customer support portal to file a complaint if their account has been mistakenly classified as fraudulent. The support staff is dedicated to finding quick solutions to these problems so that real users do not have to suffer. As airdrop hunters use more advanced tactics to take advantage of free token distributions, Sybil attacks have grown to be a serious threat in the cryptocurrency space.

About the author

Arman Shirinyan

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

Read more:

Binance Bans 297 Accounts: Here's Why - U.Today

To preserve its platforms integrity, Binance has banned many accounts, citing suspected fraudulent activities. This action follows a controversial Megadrop event announced in late May.

This clampdown has spotlighted the activities of airdrop hunters who exploited the recent Lista (LISTA) token distribution.

The Lista Megadrop event, which attracted over one million participants, has become the center of attention due to the fraudulent activities that followed.

Binance intended to reward its users by distributing Lista tokens. However, the aftermath revealed that many participants manipulated the system to maximize their rewards.

Reports indicate that individuals exploited multiple Binance accounts to claim more tokens. These users then consolidated the rewards into single accounts and sold them, undermining the events integrity.

This behavior breaks Binances terms and conditions, which explicitly prohibit malicious activities. Key ones include bulk registration of small accounts, volume manipulation, and self-trading.

Binance confirmed the authenticity of the fraudulent activities. The crypto exchange revealed that some individuals had purchased large numbers of KYC-verified accounts in bulk to exploit the Megadrop rewards.

After Binances risk control system flagged these accounts, the fraudsters attempted to consolidate the funds into single accounts to evade detection. This consolidation attempt triggered additional risk control measures.

Essentially, Binance quickly froze the assets of these fraudulent accounts and demanded refunds.The exchange emphasized that Megadrops terms and conditions are designed to prevent such malicious behaviors. It also stated that violations would be subject to strict audits and potential punitive actions.

Binance further disclosed that several main accounts were banned during this crackdown. One account had consolidated up to 9,000 KYC-verified accounts.

The exchanges risk control system identified 102,000 accounts as fraudulent, a continually updated figure. Following further verification of account consolidation activities and other suspicious behaviors, Binance confirmed banning 297 main accounts.

Notably, the Lista Megadrop fiasco has highlighted the lengths some individuals will go to exploit reward systems. However, with the exchanges swift and decisive response, users can rest assured of the platforms safety.

Meanwhile, the funds recovered from these malicious bot accounts will be redirected toward project activities to reward real users. This move aligns with Binances commitment to fostering a fair and rewarding environment for its community.

The exchange also emphasized its zero-tolerance policy towards malicious bot accounts that harm the interests of genuine users and project partners. To reassure its genuine users, Binance highlighted that risk control measures are specifically designed to target only fraudulent accounts.

Genuine users have nothing to worry about, as these measures are in place to protect their interests.

Additionally, Binance has invited users who believe their accounts have been mistakenly flagged as fraudulent to file appeals through its online customer service platform. The exchange has promised to resolve such issues as swiftly as possible.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

Originally posted here:

Binance Seizes Airdrop Hunters' Accounts After Announcement of Lista Megadrop Rewards - The Tech Report

By Quincy Jon, Tech Times Jun 27, 2024 10:54 PM EDT

Binance seeks to improve platform security after internal analysis revealed feature and service exploitation on the platform.

The crypto exchange discovered abuse thatresulted in unfair benefits, including increased charge rates and API limitations, necessitating more protections, according to Gadgets360.

After repeated legal objections from governments worldwide, Binance reassessed its user-friendliness and sought changes. It stated in a blog post that criminal actors have targeted sub-accounts, managed sub-wallets, and fund manager accounts to evade safeguards.

Binance noted that it employs innovative technology to monitor account activity to prevent abuse. It assured that it will investigate "all potential or suspected incidents of misuse" and take necessary actions, such as suspending and terminating violating accounts.

To encourage platform security, Binance compensates users for reporting suspicious activity. It underscored that reports will significantly help improve the platform.

While under worldwide regulatory scrutiny, Binance launched this initiative. The crypto exchange platform topped 170 million users in December 2023. India fined Binance $2.25 million for violating the Prevention of Money Laundering Act of 2002. It also faced regulatory concerns in the US and Nigeria due to potential crypto regulation violations.

Meanwhile, Hong Kong aims to lead the efforts regulating cryptocurrencies alongside other Asian governments.TechTimes earlier reportedthat the HKSAR Legislative Council formed a crypto law group.

HKSAR Legislative Council member Johnny NG Kit-Chong announced the crypto-focused subcommittee on social media. He said the panel will discuss Web3 and virtual asset regulations.

Despite financial risks, the worldwide crypto market has a valuation of $2.26 trillion.

Read Also:US Offers $10 Million for Capture of Russian Civilian Accused of Helping GRU Spies in Cyberattacks on Ukraine

In addition, the panel will support Web3 and AI within regulations. To increase market trust, the virtual asset subcommittee safeguards investors and consumers. Other priorities include investigations into stablecoin applications and risks in Hong Kong and regulatory measures to ensure financial stability without limiting innovation.

Last month, Hong Kong's SFC announced it would inspect crypto exchanges for AMLO compliance. Following the US, Hong Kong authorized Bitcoin and Ether ETFs in April to attract institutional investors.

Experts detected a fake YouTube clip of Elon Musk at a Tesla event that served as a cover for acryptocurrencyscam.

According to a report from Mashable, the fraudsters broadcast Musk's speeches as live feeds on YouTube. The video is often real but looped, with anAI-generated voice imitating Muskor generic audio from Musk's presentations. On-screen visuals show a live Bitcoin discussion with links or QR codes to the scam.

This technique relies on hijacked YouTube channels with a large user base. The technique renames hacked channels with hundreds of thousands of members to mimic Musk or Tesla accounts.

After the channel goes "live," subscribers get alerts, enticing them into the scam. In the recent incident, YouTube confirmed that the hijacked channel was "Tesla" with the username "@elon.teslastream" and had over 10,000 subscribers.

The report stated that the online broadcast peaked at 30,000 concurrent viewers. YouTube's algorithm encourages views-based streams; thus, many viewers may have been bots trying to manipulate the system and get the video into more feeds.

Related Article:Metallica X Account Hacked to Promote Solana-based 'METAL' From Crypto Scammers

2024 TECHTIMES.com All rights reserved. Do not reproduce without permission.

The rest is here:

Binance Offers Rewards for Reporting Suspicious Activity to Boost Platform Safety - Tech Times

Coin Edition -

Legal expert Bill Morgan, known for his pro-XRP stance, has suggested that the recent ruling by District Judge Amy Berman Jackson in the Binance case strengthens the argument that XRP is not a security. Judge Jackson cited Judge Analisa Torres ruling in the Ripple case when dismissing parts of the SECs case against Binance.

In her Friday ruling, Judge Jackson dismissed the SECs claim that secondary market sales of Binances BNB token constitute securities. The ruling emphasized the need to distinguish between digital coins themselves and the offers to sell them.

Supporting this view, Judge Jackson referenced several district court cases involving SEC enforcement actions on cryptocurrencies, where courts differentiated between the alleged investment contracts and the tokens.

One of the references was Judge Torres statement in the Ripple case, which noted that the XRP token itself is not an investment contract. Judge Jackson found each of these differentiations consistent with the Supreme Courts interpretation of investment contract within the definition of a security.

In a commentary on the coverage of Judge Jacksons ruling, Morgan criticized CoinDesk for failing to acknowledge that Judge Torres was one of the judges whose observations Judge Jackson found clarifying and persuasive in differentiating a crypto asset itself from the alleged investment contracts.

To stress its significance, the legal expert argued that this decision reinforces the reasoning that XRP itself is not a security, as Judge Torres ruled on July 13, 2023.

In another tweet, Morgan emphasized the significance of Judge Jacksons ruling by noting its agreement with Judge Torres interpretation of the third prong of the Howey test, which concerns the expectation of profits based on others efforts.

He pointed out that this reasoning is preferred over Judge Rakoffs approach in the Terraform case, which did not distinguish between institutional and programmatic buyers of tokens.

The post Pro-XRP Lawyer Sees Binance Ruling as Boost for XRP Non-Security Status appeared first on Coin Edition.

This content was originally published on Coin Edition

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Pro-XRP Lawyer Sees Binance Ruling as Boost for XRP Non-Security Status By Coin Edition - Investing.com Canada

Yuri Molchan

Close to 156 million XRP transferred in past day, including 92 million leaving Binance for unknown wallets

According to recent tweets published by the popular blockchain sleuth Whale Alert, which follows large cryptocurrency transfers, over the last 24 hours, there have been four massive XRP transfers as almost 160 million XRP coins exchanged hands.

These enormous transactions happened while the price of the seventh largest cryptocurrency, XRP, staged a mild 3% surge overnight.

The above-mentioned source of data detected four impressive crypto transactions that moved large XRP chunks. Two of them were withdrawals witnessed by the Binance exchange 43,894,329 XRP evaluated at $20,860,666 and 48,270,270 XRP worth $23,055,620.

Both transfers were made to anonymous blockchain addresses. The first transaction happened roughly 22 hours ago, and the second one occurred almost five hours ago, according to Whale Alert. The Bithomp XRP explorer revealed that both XRP lumps were moved to crypto wallets linked to Binance. This fact likely makes them internal transfers made by this trading platform with a possible goal of redistributing its XRP holdings.

Aside from that, the crypto tracker noticed 32,710,000 XRP getting moved to the largest Latin America-based exchange, Bitso, and 31,185,000 XRP moved to Bitstamp. These transactions carried the fiat equivalents of $15,466,399 and $14,742,502.

As for the other two XRP transfers, they were made from wallets linked to the Ripple cryptocurrency decacorn. Bitstamp and Bitso are among the crypto exchanges that collaborate with Ripple on its system of transnational payments that used to be known as On-Demand Liquidity in the past and not so long ago was rebranded as Ripple Payments.

Currently, Ripple is working on its own U.S. dollar-backed stablecoin. There is currently a $150 billion stablecoin market out there, and the crypto decacorn certainly wants a piece of that pie. Within four years, it is expected to surge as high as $2.8-$3 trillion.

In a recent interview, the companys Middle East and Africa Managing Director Reece Merrick stated that Ripple is ready to take that important step and that this expansion is logical for it.

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Read more:

92 Million XRP Withdrawn From Binance as Price Jumps What's Happening? - U.Today