Tag: Binance

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…

Binance Russia buyer tightlipped on owners but denies CZ involvement

Amid growing skepticism about CommEx — Binance’s mysterious buyer in Russia — the newly launched firm has continued denying Binance’s ownership involvement. On Sept. 29, CommEx issued an open letter to the community, reiterating that the company is not owned by Binance, which announced its exit from Russia by selling the firm to CommEx. “Although we do not disclose our UBO, we want to make it clear that we are not owned by Binance,” CommEx wrote on its website. A spokesperson for CommEx declined to comment to Cointelegraph about the…

Binance Russia buyer tightlipped on owners, denies CZ involvement

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Amid growing skepticism about CommEx — the mysterious buyer of Binance’s Russian division — the newly launched firm has continued denying Binance’s ownership involvement. On Sept. 29, CommEx issued an open letter to the community, reiterating that the company is not owned by Binance, which announced its exit from Russia by selling the firm to CommEx. “Although we do not disclose our UBO, we want to make it clear that we are not owned by Binance,” CommEx wrote on its website. A spokesperson for CommEx declined to comment to Cointelegraph…

BTC Price Drops To $2,700 On Binance, CZ Explains

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In the last Bitcoin news, the price of the first cryptocurrency by market cap has been experiencing some gains on low timeframes. However, traders on the crypto exchange Binance were surprised when the BTC price suddenly dropped. As of the writing of this Bitcoin news, the cryptocurrency’s price trades above $27,000 for the first time in weeks. BTC recorded a 2% profit in the last 24 hours and seven days, while the price of Ethereum leads the incipient bullish momentum. BTC’s price moving sideways on the daily chart. Source: BTCUSDT…