Tag: Binance

Is the Future of US Crypto Exchanges in Jeopardy? Binance Folds, but Kraken Holds Ground

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It appears that once again, the Securities and Exchange Commission in the US has a major crypto exchange in its sights, as it has filed a lawsuit charging Kraken, the 10th biggest centralized crypto exchange by spot trading volume, with operating as an unregistered securities broker, dealer, exchange and clearing agency, and with commingling customer assets with its own corporate assets. Chart From CoinGecko 2023 Q3 Crypto Industry Report The SEC’s complaint makes mention of the Howey Test for determining whether assets are investment contracts and can be regarded as…

FTX’s FTT token rallies 28% — Binance effect or FTX 2.0 reopening?

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Amid market uncertainties around Changpeng “CZ” Zhao’s departure as Binance CEO, defunct crypto exchange FTX’s native FTX Token (FTT) witnessed a brief bull run. FTT has surged in value over the past 48 hours, trading at $4.63 at the time of writing, a 28% increase from $3.56. FTT is experiencing another surge following Binance’s $4.3 billion settlement with the United States Department of Justice, according to on-chain analysis firm Santiment, which revealed the 10 largest wallets accumulating $12.8 million of tokens in 19 days. According to Santiment, FTT has recorded 337%…

Bitcoin flows from Binance to Coinbase after tumultous week

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The crypto markets have observed a subtle yet noteworthy shift in Bitcoin (BTC) flows from Binance to Coinbase Pro amid Binance’s recent regulatory challenges and the anticipation of a spot Bitcoin ETF in the United States. Data from CryptoQuant reveals that, as of 4:00 PM on Nov. 22, approximately 5,000 BTC exited Binance, finding a new home in Coinbase Pro, which saw an uptick of around 12,000 BTC in its reserves. The catalyst behind this movement appears to be the legal troubles faced by former Binance CEO Changpeng Zhao. He…

Bitcoin Price Nears $38K as US vs Binance Battle Sparks Bullish Outlook

Market experts are convinced the settlement between Binance and the US government is a bullish event for Bitcoin and the altcoin industry with spot ETFs anticipated anytime soon. The forced stepping down of former Binance Holdings Ltd CEO Changpeng Zhao which accompanied a $4.3 billion fine among other settlement agreements, has turned out to be a bullish signal for Bitcoin (BTC) and the entire altcoin industry, which was in the green on Thursday. According to the latest market data, the flagship crypto asset has gained about 2.6 percent to trade…

Bitcoin Derivative Traders Eyeing $40,000 after Binance Settlement

Bitcoin has managed to successfully sail through amid several concerning events in the crypto space, with derivatives data showing strength. Amid all the developments surrounding Binance‘s $4.3 billion settlement with the US SEC, the BTC price continues to hold around $37,500. This low volatility in the Bitcoin price shows that external events are having less impact on the world’s largest crypto. Bitcoin Remains Unshaken Amidst the recent turmoil in the cryptocurrency market, there are suggestions of potential manipulation of Bitcoin’s price to mitigate contagion risks. These risks involve the issuance…

Kraken co-founder hails ‘more fair’ playing field as DOJ fines Binance

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Kraken co-founder Jesse Powell has welcomed the result of the Binance investigation in an X (formerly Twitter) post and has highlighted the need for long-term-oriented visionaries and shareholders. Over the last 12 months, leaders of major crypto exchanges, such as FTX and Binance, have come under federal scrutiny by United States government agencies for allegations ranging from misappropriation of investors’ funds to bypassing Anti-Money Laundering (AML) regulations. According to Powell, the probes provide much-needed answers to How are they going so fast? and How are they getting away with it?…

Nansen reports continued withdrawals from Binance

According to a Nov. 22 post, despite withdrawals continuing, Nansen is not seeing a mass exodus of funds. Among withdrawals, including a $17 million negative netflow, there were more outflows than inflows earlier in the day. An uptick in holdings At the same time, the blockchain analytics firm has seen noteworthy growth, rising from $64.6 billion to $65.2 billion, factoring in both outflows and price fluctuations during this period. Here’s our latest update on @binance, 12 hours after our previous one At the time of writing, withdrawals are continuing, and…

BNB Price Crash To $5 Unlikely Despite Binance Critic’s Dire Predictions

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A Binance critic, “Whale Wire,” on X, who also claims to be a crypto whale, has issued a bold prediction that BNB, the native currency of the BNB Chain and which is used to incentivize trading activity on Binance, could plunge 95% to under $5 in the coming months.  Regarding Binance agreeing to pay $4 billion in fines related to legal settlements with U.S. regulators, Whale Wire argued that tighter oversight will supposedly “destroy Binance’s entire business model.” He further contended bankruptcy could be imminent as the effects of the BNB lead…

JPMorgan sees Binance settlement as positive development for crypto industry 

JPMorgan analysts believe that Binance’s $4.3 billion settlement stabilizes the crypto market and mitigates systemic risk. JPMorgan (JPM) has hailed Binance’s recent settlement with the U.S. Department of Justice (DOJ) as a ‘positive step’ for the crypto sector. Analysts at the firm believe it will be a beneficial step for both Binance and the wider cryptocurrency market, as revealed to the Block.  The resolution of these legal issues is seen as particularly advantageous for Binance’s operations and its BNB Smart Chain business. JPMorgan’s analysts emphasize that the settlement brings much-needed…

Bitcoin derivatives traders target $40K BTC price now that Binance is resolved

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The cryptocurrency market recently experienced events that were previously expected to present a severe negative price impact, and yet, Bitcoin (BTC) trades near $37,000 on Nov. 22, which is essentially flat from three days prior. Such performance was utterly unexpected given the relevance of Binance’s plea deal on Nov. 21 with the United States Authorities for violating laws involving money laundering and terror financing. Bearish news has had limited impact on Bitcoin price One might argue that entities have been manipulating Bitcoin’s price to avoid contagion, possibly involving the issuing…