Day: September 22, 2023

Binance and CEO Chanpgeng Zhao asks court to dismiss SEC suit

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Binance CEO Changpeng “CZ” Zhao and his cryptocurrency exchange has filed a joint motion requesting the dismissal of the United States Securities and Exchange Commission (SEC) lawsuit against them.  According to a Sept. 21 filing to the United States District Court, both Binance Holdings and Zhao claimed that the financial regulatory had overstepped its authority in the lawsuit against them.  In the 60-page petition lawyers for Binance and Zhao accused the SEC of failing to introduce clear guidelines for the sector ahead of its lawsuit against the crypto exchange and as a result,…

Ethereum Whales Unfazed By Prices, Pulls $8.1 Million Of ETH From Binance And Buys NFTs

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Ethereum is under pressure and has just dropped below $1,600. However, on-chain data shows that a crypto whale, “0xb154”, has moved more coins from Binance, a cryptocurrency exchange, to a non-custodial wallet. On September 21, the ETH whale transferred over $8.1 million of the coin.  ETH whale moves funds to Binance| Source: Scopescan Whale Moves More Ethereum From Binance, Buying NFTs When crypto prices contract, outflows from non-custodial wallets to centralized ramps, including Binance and Coinbase, tend to rise. This is because centralized exchanges supporting stablecoins or fiat, including the Euro…

Binance, U.S. Affiliate, Changpeng ‘CZ’ Zhao File to Dismiss SEC Lawsuit

“Indeed, since 2019, Congress has considered more than a dozen proposals that would provide a coherent and workable framework for crypto assets and their trading platforms,” the filing said. “Critically, none of those proposals would confer sole regulatory jurisdiction over the crypto industry to the SEC. Despite this, the SEC now seeks to expand its authority and filed this lawsuit, asserting claims against Binance Holdings Limited (‘BHL’) and Changpeng Zhao, among others.” Source

Sam Bankman-Fried key witnesses blocked from testifying in upcoming trial

Several key witnesses, including a British barrister and a University of Michigan professor, have been barred from testifying in the upcoming trial of former FTX CEO Sam Bankman-Fried, as ordered by District Judge Lewis Kaplan. The trial, which is scheduled to commence on Oct. 3, has garnered significant attention. One of the primary individuals expected to testify was Lawrence Akka, a prominent British barrister. Akka’s testimony was to elucidate the intricacies of FTX’s terms of services and the ensuing obligations. However, Judge Kaplan, in a surprise move, deemed this testimony…

This Binance Wallet Triggered A Temporary 30X Surge In Ethereum Gas Fees

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A cryptocurrency wallet associated with the prominent trading platform, Binance, has seen massive activity in the last 24 hours, leading to abnormally high transaction fees on the Ethereum network. Binance Wallet Incurs Nearly $850,000 Gas Fees In One Day A crypto wallet labeled “Binance 14” witnessed a significant transaction surge on September 21, rising above 140,000. As a result of this activity surge, transactions of the Binance-owned wallet consistently incurred gas fees of over 300 gwei, even though the network’s average fee was around 10 gwei. This gas fee jump…

Is Cardano (ADA) The Worst Investment Of 2023? Here’s What The Data Says

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Over the years, Cardano (ADA) has grown to be one of the most beloved cryptocurrencies, securing its spot as one of the top 10 largest cryptocurrencies by market cap in the process. However, while the Cardano network has grown tremendously, investors in its native ADA token have not been as lucky with profitability levels plummeting over the last two years. How Many ADA Holders Are Seeing Profits? Data from the on-chain tracking website IntoTheBlock shows that ADA might be the worst performer of the top 10 in terms of profitability.…