Tag: Binance

Bitcoin, EOS, and BNB prices fall after Binance deal; InQubeta draws investors

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The Binance exchange aims for its native Binance Coin (BNB) to regain favor as a viable crypto investment following the resolution of its legal issues with the U.S. Securities and Exchange Commission (SEC).  The settlement involved Binance CEO Changpeng Zhao pleading guilty to violating U.S. anti-money laundering laws and agreeing to a $4.3 billion settlement, including a $50 million corporate penalty from Zhao’s private funds. The impact of this settlement is debated in crypto.  Meanwhile, Bitcoin (BTC) is stable after rallying, increasing interest in altcoins like InQubeta (QUBE) and EOS. …

New Binance CEO Richard Teng Says Exchange’s Fundamentals Are ‘Very Strong’ – Here’s What He Means

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The new Binance chief executive maintains that the embattled exchange’s business fundamentals remain “very strong” despite recent regulatory headwinds. Richard Teng, who previously worked as Binance’s head of regional markets, was promoted to the CEO position earlier this week after the company’s previous chief executive, Changpeng Zhao, resigned. Zhao stepped down after agreeing to plead guilty to violating US federal law that requires financial institutions to guard against money laundering and terrorist financing. The U.S. Department of Justice also slapped Binance with $4.3 billion worth of penalties and forfeiture after…

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…