Tag: Binance

Binance Q3 report appraises crypto market as ‘challenging’ amid high interest rates

boss

It’s been a challenging quarter for crypto, Binance has confirmed in its Q3 market pulse report. The market was down in many sectors, the report found, although the entry of institutional players such as Deutsche Bank, Sony and PayPal helped offset some of the pain.  The global crypto market capitalization was down 8.6% quarter-on-quarter (QoQ) “with the ‘higher for longer’ interest rate rhetoric set to persist.” Fundraising was at its lowest since Q4 2020 and down 21.4% QoQ, with infrastructure doing significantly better than other sectors. Activity was down slightly…

FTX Diverted Customer Funds to Buyback Stake from Rival Company Binance

It was disclosed that FTX customers’ money was spent on business investments, political and charity donations, and real estate. Beleaguered cryptocurrency exchange FTX spent customer’s deposits for business investments, political contributions, charitable donations, real estate, and the buyback of shares from competitor exchange Binance. During a hearing on Wednesday at the ongoing Sam Bankman-Fried (SBF) trial, professor Peter Easton, an accounting officer hired by the US Department of Justice (DOJ) to investigate the company’s financial records, revealed that the exchange spent billions of dollars repurchasing its stakes from Binance. CZ…

Executive Director of Binance France Resigns amid Ongoing Regulatory Scrutiny

With Stéphanie Cabossioras’ resignation, she joins at least 10 other senior executives who have left Binance this year. Stéphanie Cabossioras has resigned from her role as executive director of Binance France, the French arm of the world’s largest cryptocurrency exchange. Her departure comes as the latest in a series of high-level exits from Binance and occurs against a backdrop of heightened regulatory pressure on the company. Cabossioras was appointed to lead Binance France in April 2022, playing a key part in the exchange’s expansion into the French market. However, her…

FTX Used Customer Funds to Buy Back Binance Stake, Accounting Prof Reveals

CryptoX – Cryptocurrency Analysis and News Portal “Oh, yes,” Easton said when asked by the court whether FTX ever spent user deposits. The professor testified these user deposits were reinvested into businesses and real estate, used to make political contributions and donated to charity, as reported. Original Source The post FTX Used Customer Funds to Buy Back Binance Stake, Accounting Prof Reveals appeared first on CryptoX. CryptoX Portal

Binance France director resigns, adding to list of exits from crypto exchange

boss

Stéphanie Cabossioras has stepped down from her role as the executive director of Binance France, becoming at least the 10th senior executive to leave Binance this year. In an Oct. 19 post on X (formerly known as Twitter), Binance France President David Prinçay confirmed Cabossioras’ departure and expressed his gratitude for her work at the exchange. Nous remercions Stéphanie pour sa forte contribution à Binance France et lui souhaitons le meilleur pour son prochain défi. — David Prinçay (@davidprincay) October 18, 2023 “We thank Stéphanie for her strong contribution to…

Binance France’s Managing Director steps down amidst regulatory challenges

Stéphanie Cabossioras has resigned as managing director of Binance’s French operations, marking the latest in a series of high-profile departures amid mounting regulatory scrutiny. Stéphanie Cabossioras, the Managing Director overseeing Binance’s operations in France, has resigned today. Her departure continues a trend of top-tier exits from the leading cryptocurrency exchange this year. Before her role at Binance, Cabossioras had been deputy general counsel at the French market authority. She transitioned to Binance in April 2022, initially serving as the regional head of legal before becoming the Managing Director. Her appointment…

Binance Traders Go Bearish On Bitcoin, But Here’s Why They Might Regret It

boss

Observing traders’ decisions about crypto, such as Bitcoin, especially on prominent exchanges like Binance, often holds the key to understanding the underlying currents in the market. Two critical events today, highlighted by renowned crypto analyst Ali Martinez, paint a curious picture of BTC’s current standing. Majority Of Binance Traders Shorting BTC Ali Martinez, a respected figure in the crypto analysis world, revealed some interesting data concerning Bitcoin earlier today. According to Martinez’s X (formerly known as Twitter) post, most traders on Binance with open Bitcoin futures seem to expect a…

Middle East regulatory clarity drives crypto industry growth — Binance FZE head

boss

Major cryptocurrency exchanges and businesses are being lured to a proverbial crypto oasis around the Persian Gulf, according to Binance FZE’s general manager. Alex Chehade, who heads Binance’s local operation in Dubai, tells Cointelegraph reporter Ezra Reguerra that progressive regulatory frameworks in the region are a major drawcard for startups and established industry players: “What stands out in the Middle East is regulatory certainty and clarity. We have a virtual-asset-specific regulator here in Dubai: VARA [Virtual Assets Regulatory Authority]. We have ADGM [Abu Dhabi Global Market] with its virtual asset framework,…

Why Binance, Coinbase, Ripple and Other Crypto Firms Cite the ‘Major Questions’ Doctrine During Legal Imbroglios

Further, in a novel interpretation that has ruffled some feathers, the SEC said thus far the “major questions” doctrine has only applied to strike down “novel regulatory forays,” and most significantly, novel regulatory forays into areas of major “economic and political significance.” Coinbase, the SEC said, “does not have the vast economic or political significance.” Source

Binance US asks users to convert USD into stablecoins for withdrawals

boss

Cryptocurrency exchange Binance.US has updated its terms of service, hinting that direct withdrawals in the U.S. dollar are no longer supported on the platform. Binance.US updated its terms of service on Oct. 16, significantly modifying the section about the “BAM Fiat Wallet,” referring to Binance US services related to USD custody. In the updated terms, Binance.US wrote that users “may convert” their USD funds to stablecoins or other digital assets in order to withdraw USD funds from their accounts. Some cryptocurrency enthusiasts took to X (formerly Twitter) to confirm the…