Tag: Binance

Bitcoin dip amid Binance controversy; investors can explore these 2 alternatives

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Between the U.S. Securities and Exchange Commission (SEC) suing the Kraken crypto exchange and the Department of Justice (DOJ) announcing criminal charges against Binance and its CEO Changpeng Zhao (CZ), the crypto industry has had a bad start to the week.  The weakness in crypto prices reflects this negative sentiment – the global crypto market cap shrank by 3% over the past 24 hours, below the crucial $1.4 trillion mark. While the Bitcoin price corrected by only 2.5% in 24 hours, altcoins such as BNB, SUI, and GRT plunged by…

Bitcoin and BNB See Quick Gains amid Binance Settlement Report

Both currencies remain in the down zone on the daily chart, registering 2.6% and 9.34% declines respectively. Bitcoin (BTC) and Binance Coin (BNB) have regained the losses they registered the day before. This follows after crypto exchange Binance resorted to settling with the United States Justice Department by paying fines totaling over $4 billion. Similarly, Binance CEO Changpeng Zhao (CZ) also handed in a plea bargain on the day, with the two events greatly improving the odds that a spot Bitcoin exchange-traded fund (ETF) will be approved in the US…

Binance Liquidity Tanks After U.S. Settlement, Creating Challenging Trading Conditions

Liquidity for top cryptocurrencies on the exchange, measured by 0.1% and 1% market depth indicators, has declined by 25% or more to less than $150 million and around $180 million, respectively, in the past 24 hours, data tracked by Kaiko show. Market depth is a collection of buy and sell orders within a certain percent of the mid-price, or the average of the bid and the ask prices. Source

Binance Gets New CEO Following Sudden Departure of Changpeng Zhao (CZ)

New Binance CEO Richard Teng has a rich track record in the financial regulatory environment, having worked in Dubai and Singapore for the past years. After a lengthy fight between the United States government through the Department of Justice (DoJ), and the leading cryptocurrency exchange by registered users and daily traded volume Binance Holdings Ltd, co-founder Changpeng Zhao (CZ) agreed to step down as part of the resolution. Notably, Binance announced that it has reached a resolution with the DoJ, the Commodity Futures Trading Commission, the Office of Foreign Assets…

Binance Drama Causes Crypto Prices To Dance On The Edge

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The prices of prominent cryptocurrencies, such as bitcoin and Binance Coin, experienced a decline subsequent to the emergence of reports indicating that Changpeng Zhao, the founder and CEO of Binance, admitted guilt in relation to charges of anti-money laundering and several other criminal violations. This admission was made as part of a substantial settlement, amounting to billions of dollars, reached between Zhao and regulatory authorities in the United States. Binance Coin had a decline of almost 6% following an earlier increase of up to 5% during the day. This fluctuation…

CZ departure, Binance deal lead to purge of $175M of crypto longs

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As crypto exchange Binance and the departure of its CEO Changpeng “CZ” Zhao hit the headlines in the last 24 hours, the digital asset space went into a rollercoaster mode that saw the market liquidate close to $175 million for traders betting on long positions. On Nov. 21, developments in Binance and CZ’s case with the U.S. Department of Justice saw CZ announce he would plead guilty to violating Anti-Money Laundering requirements and step down as the CEO of Binance. In addition, the U.S. Justice Department also announced a $4.3…

Binance Founder Changpeng Zhao Steps Down as CEO, Pleads Guilty to Federal Charges

As part of the plea deal with prosecutors, Binance has agreed to pay the United States Department of Justice (DoJ) $4.3 billion. The chief executive officer (CEO) of Binance Changpeng Zhao (CZ) has pleaded guilty to federal money laundering charges and announced he is stepping down from the helm of affairs at the world’s largest cryptocurrency exchange. Zhao stepped down as part of a deal that could let Binance continue its operations uninterrupted, according to a WSJ report. The former CEO pleaded guilty in Seattle federal court on Tuesday. Changpeng Zhao…

Binance to remain a top-three exchange until 2026 — Matrixport

Analysts at Matrixport do not rule out there will be pressure to ‘right-size’ Binance. With Changpeng Zhao leaving Binance as its Chief Executive Officer (CEO), the crypto exchange will likely have from two to three years before competition in the market starts affecting the company’s position, according to a new report. Analysts at Matrixport, a Singapore based crypto management platform founded by Jihan Wu, wrote that there “will likely be pressure to ‘right-size’ the company.” As of July 2023, Binance had almost 8,000 employees and even planned to hire more,…

Bitcoin (BTC) Prices Fall as Binance Faces $4 Billion Settlement

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Data from CoinGlass show, exchanges have liquidated crypto perpetual futures positions worth $227 million in the past 24 hours. Bullish longs accounted for nearly 80% of the tally. Meanwhile, over $67 million worth of bitcoin longs and shorts, referring to bets on and against price rises, respectively, have been liquidated in the past 24 hours. This was among the highest liquidation events in 2023. Original