Tag: Binance

Binance spot market share drops for 7th consecutive month: Report

Major global cryptocurrency exchange Binance has reportedly continued to lose its market share amid ongoing regulatory issues in the United States. Binance’s spot market share fell for a seventh consecutive month in September 2023, Bloomberg reported on Oct. 5, citing analysis from cryptocurrency data provider CCData According to the report, Binance’s spot market share dropped from 38.5% in August to 34.3% in September. In January 2023, Binance’s spot market share accounted for as much as 55.2%. Binance’s global spot market share percentage chart year-to-date. Source: Bloomberg Apart from the spot…

Binance Faces Scrutiny Over Alleged ICO Missteps And Token Distribution Discrepancies

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Binance, the world’s largest cryptocurrency exchange, is currently grappling with challenges that have raised concerns about its credibility and market performance.  Recent reports by Forbes shed light on Binance’s initial coin offering (ICO) and the subsequent distribution of its native cryptocurrency, Binance Coin (BNB).  Behind The Curtain The investigation reveals allegations of undisclosed token retention, discrepancies in the ICO process, and the accumulation of a significant token reserve by Binance.  Per the report, in June 2017, Binance initiated its ICO, aiming to raise $15 million by selling 100 million BNB…

FTX Co-Founder’s Trial Commences: Defense Shifts Blame to Ex-Girlfriend and Binance CEO for Exchange’s Collapse

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FTX co-founder Sam Bankman-Fried’s (SBF) defense team tried to place blame on his ex-girlfriend, Caroline Ellison, and Binance CEO Changpeng Zhao (CZ) for the collapse of the cryptocurrency exchange. Mark Cohen, SBF’s lawyer, argued during the opening statements that SBF did not defraud anyone and acted in good faith, shifting responsibility for the alleged misconduct onto CZ, media reports said. Cohen contested the portrayal of SBF as a “cartoon villain,” describing him as a math nerd who abstained from drinking and partying. The defense asserted that SBF believed loans from…

Binance helps Royal Thai Police to seize $277M from scammers

Binance collaborated with law enforcement to stop a crypto scam in Thailand. The Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB), along with U.S. Homeland Security Investigation (HSI), dismantled a nearly $277 million scam operation. The operation involved luxury assets, and nearly 3,000 victims have filed claims for compensation. Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, praised Binance as a crucial partner in their efforts to combat crypto scams and cyber-crimes. Tigran Gambaryan, Binance’s head of financial crime compliance, restated the exchange’s dedication to partnering with global…

New book reveals Binance CEO CZ rejected SBF’s $40M request for futures exchange

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Binance CEO Changpeng “CZ” Zhao reportedly declined to pay $40 million to former FTX CEO Sam Bankman-Fried (SBF) for a futures crypto exchange in March 2019, according to an excerpt from Michael Lewis’ book Going Infinite: The Rise and Fall of a New Tycoon. According to the book, SBF proposed a futures exchange with “zero risk” in case of bad trades with high leverage. Traditionally, a futures exchange allows traders to leverage funds against a small collateral, and the exchange often asks traders to increase collateral if the trade starts…

Class-action suit filed against Binance for alleged harm to FTX before its collapse

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A class-action suit was filed against Binance.US and Binance CEO Changpeng Zhao on Oct. 2 in the District Court of Northern California alleging various violations of federal and California law on unfair competition for attempting to monopolize the cryptocurrency market by harming its competitor FTX. The suit was brought by Nir Lahav, who is identified only as a California resident.  At issue are posts made by Zhao on Twitter (now X) in early November on the eve of FTX’s collapse. The posts were made in conjunction with the decision by…

Mixin and Sun’s HTX hack; Binance exits Russia, Weekly Recap

This week, crypto markets were in turmoil. Justin Sun’s HTX and Mixin Network fell victim to hacks. Binance left Russia while MicroStrategy augmented its BTC stash. A flurry of hacks and scams The crypto scene witnessed a slew of security breaches and developments around scams throughout this week. Crypto exchange Upbit encountered a challenge involving counterfeit tokens amounting to $3.4 billion in trades. The prominent South Korean platform witnessed the proliferation of counterfeit tokens masquerading as Aptos (APT) tokens. These tokens, identified as ‘ClaimAPTGift’ coins, attempted to infiltrate the exchange,…

Shark Tank’s Kevin O’Leary Says New Regulatory-Compliant Crypto Exchange Set To Replace Binance and FTX

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Venture capitalist Kevin O’Leary says that a major crypto exchange is being set up to launch in the Middle East. In a new Fox Business interview, O’Leary says that the hostile regulatory climate in the United States is letting innovative crypto firms slip away from the country. The Shark Tank star says that instead of burgeoning in the US, major players are looking to build in other countries that have a friendlier stance on the nascent industry. “This hasn’t been announced yet but in Abu Dhabi, they are planning to…

Paradigm accuses SEC of bypassing rules in Binance lawsuit

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Paradigm, a crypto venture capital firm, has criticized the United States Securities and Exchange Commission (SEC) for bypassing the standard rulemaking procedures in their current legal action against the cryptocurrency exchange Binance. In a statement released on Friday, Sept. 29, Paradigm pointed out that the SEC is attempting to use the concerning accusations in its complaint as a means to alter the law, all without adhering to the established rulemaking process. Paradigm firmly believes that the SEC is exceeding its regulatory boundaries, and we strongly oppose this tactic, they further…

CommEX dismisses rumors, denies connection with Binance

Despite rumors, CommEX, the company that acquired Binance’s Russian business, has denied any connection with Binance.  In a statement, CommEX acknowledges that they have former Binance employees on their team but emphasizes that Binance does not own their company.  CommEX did not disclose the identities of their leaders as they prefer to remain private. The company also revealed that it took six months to develop the platform, with former Binance employees contributing their experience in product creation and internal processes. The similarity of cultures and values between the two companies played…