“Mr. Ronaldo’s promotions were published on public websites, television and social media accounts accessible to plaintiffs nationwide, including in Florida,” the suit reads. “On information and belief, in exchange for his services, Mr. Ronaldo received a substantial total compensation package which likely included compensation in the form of digital assets transmitted through the Binance platforms.” Source
Executives of cryptocurrency exchange Binance reportedly gave a heads-up to its top market makers regarding a potential $4.3-billion settlement with authorities in the United States. According to a Dec. 1 Bloomberg report, Binance traders at an exclusive September dinner in Singapore were informed about a tentative deal the crypto exchange had with U.S. officials — roughly two months before the details were made public. Some Binance executives reportedly told certain traders at the event that the exchange could easily afford the $4.3-billion penalty to stay in business. Then Binance CEO…
These asset shifts have also been constantly noticed ever since FTX filed for bankruptcy, leaving many to speculate about the rationale behind the moves. According to a recent tweet by Spot on Chain, crypto accounts linked to the collapsed crypto exchange FTX and its sister trading firm Alameda Research executed over $10 million worth of token transfers across six currencies within a 12-hour span. These movements involve a part of the remaining digital assets still controlled by FTX bankruptcy administrators. The frequency and strategies behind the withdrawals have kept many…
Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies. Blockchain analysis firm Spot On Chain found $10.8 million worth of cryptocurrencies being moved from FTX and Alameda Research accounts to various crypto exchanges. The firm estimated that the defunct entities transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens. #FTX and #Alameda moved out $10.8M worth of 8 assets to #Wintermute, #Binance, and #Coinbase in the past 11 hrs: 10M $GMT ($2.58M)407K $UNI…
This new pilot project from Binance addresses the paramount concern of counterparty risk, while aligning with the risk tolerance of institutional investors. In a groundbreaking move, Binance has accomplished the world’s inaugural cryptocurrency triparty arrangement in collaboration with an undisclosed banking partner, on Thursday, November 30. This pioneering development introduces a unique solution within the crypto space, mirroring traditional financial structures and strategically tailored to meet the requirements of institutional investors. Binance has embarked on a series of pilot projects, introducing a groundbreaking solution not offered by any other cryptocurrency…
Binance introduces a pioneering triparty agreement with a banking partner, offering a secure solution for institutional investors to manage counterparty risks in the crypto market. Binance has successfully executed the world’s first cryptocurrency triparty arrangement with a banking partner, although the specific banking partner was unidentified. This significant development offers a first-in-crypto solution that mirrors traditional financial frameworks, specifically designed to cater to the needs of institutional investors. The triparty agreement allows institutional investors to store their trading collateral off-exchange, under the custody of a third-party banking partner. This innovative…
It appears that withdrawals from crypto exchange Binance have largely subsided after its $4.3-billion settlement with the United States Department of Justice last week. Data from blockchain analytics firm Nansen shows that Binance witnessed a net inflow of $87.4 million in Ethereum token deposits in the past seven days. Meanwhile, the net withdrawal of multichain tokens, which includes Ether (ETH), BNB (BNB), Avalanche’s AVAX (AVAX) and Polygon’s MATIC (MATIC), totaled $59.2 million during the same period. In the initial aftermath of the $4.3-billion settlement, Binance users withdrew more than $1…
Crypto exchange Binance launched a pilot program that allows banks to store trading collateral off-exchange, according to a Nov. 30 announcement. Binance claimed that the program will help to reduce counterparty risk. Binance trading interface. Source: Binance. According to the announcement, the program allows institutions to hold collateral at a third-party bank instead of depositing it to the exchange. This “replicates a framework common in traditional financial markets, which enables investors to proportion their crypto-asset allocation based on their risk tolerance,” the announcement stated. Collateral can be held in the…
Despite the ongoing legal battle with CZ Binance and the US government, market experts believe the company will continue to maintain its position as the biggest crypto exchange in the world. Changpeng Zhao (CZ), the founder and former CEO of the world’s largest cryptocurrency exchange Binance has hired Matthew Diggs, an ex-prosecutor in the United States with years of criminal and regulatory experience, to defend his interests in the ongoing settlement saga with the government. Recall that Binance inked a $4.3 billion settlement deal with the US law enforcement agencies, including…
Binance’s $4.3 billion settlement with the United States Department of Justice (DOJ) is being hailed as a positive move for the company and the wider cryptocurrency industry, according to Galaxy Digital’s Mike Novogratz. In an interview with Bloomberg on Nov. 29, the CEO of the cryptocurrency investment firm expressed his belief that the high-profile settlement should assuage concerned investors and users of the global exchange: “I think they’re de-risked in lots of ways. People were worried about dealing with Binance. There’s a lot less to worry about now.” Novogratz also weighed in…