Tag: Binance

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…

Binance CEO brushes off negativity, assures firm has ‘no liquidity issues’

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Binance co-founder and CEO Changpeng ‘CZ’ Zhao has hosed down recent rumors against his firm, assuring its balance sheet and employee retention remain robust, despite the recent market uncertainty. The Binance boss blamed negative news, rumors, bank runs, lawsuits, the closing of fiat channels, product wind-downs and employee turnovers for creating an environment of FUD (fear, uncertainty, doubt) in a Sept. 7 post on X (Twitter).  Saw some debates in the community. When you do the right thing, and there is FUD, you don’t have to do anything. The community…

Binance To Refund Users $1 Million In USDT Following CyberConnect Incident

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Binance, one of the leading cryptocurrency exchanges, has recently decided to refund users $1 million USDT (Tether) following an incident related to the CyberConnect (CYBER) token.  The refund aims to compensate users affected by a price discrepancy on listed CYBER tokens due to liquidity constraints on the Korean cryptocurrency exchange Upbit. Binance Addresses CyberConnect Woes As described by Binance, the incident unfolded when a liquidity crunch on CYBER cross-chain bridges hindered transactions on Upbit. This led to a price disparity between Upbit and other exchanges, attracting arbitrageurs who borrowed CYBER from…

Polygon Foundation Refutes Claims Of Dumping MATIC On Binance

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Blockchain analytics site Lookonchain flagged recent transactions of two on-chain addresses allegedly owned by the Polygon Foundation. The platform reported that one of these wallet addresses had transferred large amounts of MATIC – the Polygon network’s native token – to Binance in the past two days. According to Lookonchain, the two addresses, tagged as  “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” have collectively transferred nearly $6 million worth of MATIC to Binance over the past month, with more than half of the amount deposited onto the exchange in the last…

Binance to reimburse users $1M for Cyber Earn incident

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Crypto exchange Binance is refunding users 1 million Tether ($1 million) over its handling of the CyberConnect (CYBER) token incident. As narrated by the exchange on Sept. 7, a price discrepancy on listed CYBER tokens occurred the week prior due to a liquidity crunch constricting CYBER cross-chain bridges on Korean cryptocurrency exchange Upbit. This led to arbitrageurs borrowing CYBER from Binance to profit from the differential. In turn, Binance users who staked CYBER in its Flexible Earn Program were barred from redemptions as the staked assets had been borrowed, reaching…

Polygon Foundation denies MATIC dump on Binance, claims wallets were mislabeled

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Blockchain analytic firm Lookonchain flagged a crypto wallet allegedly belonging to Polygon Foundation that transferred large amounts of Matic tokens on Binance. Polygon Labs founder Sandeep Nailwal refuted the claim and said it was a case of mislabeling and the wallet doesn’t belong to Polygon Foundation. One more time, incorrect labelling @lookonchain. This is the second time this has happened. Plz be careful about these tweets , creates unnecessary FUDs for the community https://t.co/mVpaIYB9Xt — Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) September 7, 2023 Lookonchain flagged two wallets “Polygon Foundation:…

Binance crypto exchange saw departure of 10 key executives in 2023. Here’s the list

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The world’s leading crypto exchange by trading volume Binance has seen the departure of 10 key executives from various departments in the first nine months of 2023. While executive departures from a company are a norm based on their preset contractual obligations, the number of executives leaving Binance amid growing regulatory troubles has been a key talking point in the crypto community. The latest to join the list is Helen Hai, the executive vice president of the crypto exchange, who announced her resignation from her post on Sept. 6. On…