Tag: Binance

Binance CEO responds to rumors, says US executive is ‘taking a deserved break’

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Binance Holdings CEO Changpeng Zhao (CZ) has shot down speculation surrounding the departure of Binance.US CEO Brian Shroder, noting that he is “taking a deserved break” after a successful stint at the company.  Binance.US is a subsidiary of Binance Holdings, and the U.S. based exchange has seen a handful of other top executives recently step down from the firm amid lawsuits from the Securities and Exchange Commission and Commodities Futures Trading Commission.  In a Sept. 15 statement via X (Twitter), CZ urged people to “ignore FUD” around the recent shuffling…

Binance Begins Process Of Axing BUSD Stablecoin

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Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were…

Is Binance in trouble? – CryptoX

Amidst regulatory confrontations and high-profile exits, Binance finds itself at a crossroads. We look into what is happening with Binance to find out if the exchange can hold its ground. The cryptocurrency giant Binance finds itself sailing through stormy waters, grappling with a series of challenges that threaten to shake its formidable standing in the global crypto market.  From escalating legal strains with the US Securities and Exchange Commission (SEC) to an alarming exodus of key personnel amidst increasing scrutiny, the platform seems to be at a critical juncture.  Moreover,…

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…