Tag: Binance

Binance, OKX to comply with new financial promotions rules in UK

boss

Major global cryptocurrency exchanges like Binance and OKX have announced that they’re working to comply with new financial promotion regulations in the United Kingdom. The Financial Conduct Authority (FCA) of the U.K. enacted the country’s new Financial Promotions (FinProm) Regime on Oct. 8 for cryptocurrency firms, aiming to ensure fair, clean and transparent crypto promotions. Binance announced on Oct. 6 that it has launched a new domain for U.K. users and partnered with the local peer-to-peer lending platform Rebuildingsociety. In line with the compliance update, Binance’s U.K. retail users will…

Binance CEO Foresees Major Bitcoin Price Shift Post-Halving

boss

As the crypto community’s anticipation heightens for the upcoming Bitcoin halving, Changpeng Zhao (CZ), CEO of Binance, recently elucidated his observations around the historical patterns tied to this quadrennial event. Highlighting the evolving sentiments and speculations, CZ spotlighted the dominant themes before and after the halving events. CZ observed that the preceding months to the halving are generally characterized by heightened discourse, diverse sentiments, and amplified expectations within the cryptocurrency sphere. “The few months leading up to the Bitcoin halving, there will be more and more chatter, news, anxiety, expectations,…

Binance Immense XRP Holdings Exposed In POR Report

boss

Binance, the largest crypto exchange in the world, just released its 11th report for its reserves, and the numbers are staggering as always. According to the report, Binance’s XRP holdings, in particular, have increased in the past month. This is evident, as there have been reports of investors depositing XRP into exchanges in the past month. Binance Releases Proof Of Reserves Showing Massive XRP Holdings According to Binance’s Proof of Reserves report, the exchange holds a staggering amount of XRP to cover 104.15% of customer balances. Binance currently has over 2.738…

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

boss

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

boss

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

boss

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

boss

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,…