Tag: Binance

75% Of All Binance Fiat Trading Volume Is In Turkish Lira

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75% of all fiat volume in Binance, the largest cryptocurrency exchange by client count, is dominated by the Turkish Lira (TRY). At this rate, Kaiko, a blockchain analytics firm, confirms that the Turkish Lira is the most preferred currency, pointing to a shift in the global dynamics, especially regarding crypto adoption.  Turkish Lira Popular Fiat In Binance As of September 14, 75% of all fiat volume was in Turkish Lira, ahead of the Euro and Brazilian Real (BRL). In the past three years, an unidentified cryptocurrency has gained popularity over traditional fiat…

Binance US CEO leaves as company lays off third of its staff

Binance US, the American subsidiary of the crypto exchange giant, has laid off 100 employees, or a third of its staff, following the departure of its CEO. Bloomberg reports that the former CEO, Brian Shroder, who joined Binance in September 2021, will be temporarily replaced by Norman Reed, the Chief Legal Officer. Binance said that the SEC’s actions against the crypto industry have affected its business and threatened U.S.-based jobs and innovation. As a result, the company has laid off a third of its staff. Shroder’s exit is the latest…

Binance to donate $3m in BNB to Moroccan users affected by earthquake

Following the earthquake that struck Morocco on Sept. 8, Binance Charity, a non-profit organization connected to the world’s largest exchange, shares their commitment to support those in need. The platform’s efforts include airdropping $3 million BNB to Binance users identified as living in areas affected by the tragedy. Providing relief The earthquake, which occurred on Friday night, had a magnitude of 6.8, centering in the High Atlas Mountains close to Marrakech. At press time, the death toll neared 3,000 people. Given the impact of this natural disaster, the CEO of…

Binance pledges $3M in BNB to Morocco earthquake victims

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Cryptocurrency exchange Binance has pledged millions of dollars in BNB (BNB) as aid relief for those affected by the large earthquake that struck Morocco on Sept. 8, causing at least 2,000 fatalities in Marrakech alone, the country’s fourth-largest city. According to a Sept. 11 announcement, Binance will airdrop up to $3 million in BNB to users identified as living in the affected areas. The earthquake was magnitude 7 on the Richter scale, which categorizes it as “major.” Changpeng Zhao, founder and CEO of Binance, called the earthquake “devastating” for the Moroccan…

NFT restaurant crumbles, Binance NFT ends Polygon support and more

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Bold plans for a nonfungible token (NFT)-based restaurant and private members lounge in San Francisco have ended abruptly after the company behind the project halted construction due to challenging macroeconomic factors. The two venues were being built on Salesforce Park and were going to be dubbed the “Sho Restaurant” and “Sho Club Sky Lounge.” The latter would only be accessible to holders of the Sho Club NFTs, which cost anywhere from $7,500 to $300,000, and offered access to other future Sho Group hospitality offerings. Speaking with San Francisco-focused news website…

CZ responds to Binance liquidity and employee turnover concerns

Binance CEO Changpeng “CZ” Zhao has dismissed recent rumors, asserting the firm’s financial and employee stability despite market uncertainty. In a recent communication disseminated via X (formerly known as Twitter) on Sept. 7, CZ vehemently refuted the negative publicity that has been shadowing Binance, attributing it to a concoction of adverse news, bank runs, legal actions, and the cessation of fiat channels, among other factors. These elements, he noted, have fostered a climate of fear, uncertainty, and doubt (FUD) in the crypto community. Saw some debates in the community. When…

Binance NFT ends Sandbox staking and drops Polygon network

Binance NFT announces the end of The Sandbox NFT Staking Program and discontinuation of Polygon Network support, effective from Sept. 26, 2023. Binance NFT has announced significant changes to its platform. They include discontinuing The Sandbox NFT Staking Program and removing support for the Polygon Network.  These updates are part of Binance NFT’s ongoing efforts to refine its product offerings on its marketplace. Important Update: Binance NFT Marketplace will be discounting The Sandbox NFT Staking Program and remove Polygon Network with effect from 2023-09-26 06:00 (UTC). Read more ➡️ https://t.co/rnk78i0rTw…

Polygon Labs denies dumping MATIC on Binance

In a Sept. 6 post on X, Lookonchain pointed out that Polygon Foundation had transferred millions of dollars worth of MATIC, their native token, to Binance, the world’s largest crypto exchange. Such transfers are often interpreted as bearish. However, Sandeep Nailwal, the founder of Polygon Labs, has since denied this claim saying it was a case of mislabeling. The blockchain analytics tool, Lookonchain, flagged two addresses, “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” which had collectively moved $5.5 million worth of MATIC to Binance in a month. Of this, more…