Tag: Binance

Binance applies for Taiwan AML compliance: Report

The world’s leading crypto exchange by trading volume, Binance, has reportedly applied to get registered under the money laundering control act introduced by the Financial Supervisory Commission (FSC) of Taiwan. FSC reportedly informed dozens of domestic crypto service providers that Binance is applying to get registered for anti-money laundering (AML) compliance, according to a report published in local media. The report cited Chen Peiyun, the co-founder of Taiwan’s currency exchange BitShine,  as the source of the information who revealed that the FSC named Binance as one of the exchange prospects that is planning…

Curve DAO Scores $5 Million Boost From Binance, Eyes BNB Chain Expansion

In a strategic move to bolster the decentralized finance (DeFi) sector, Binance Labs, the venture capital and incubation arm of Binance, has committed a substantial $5 million investment in Curve DAO Token (CRV).  The Ethereum-based CRV token is the backbone of the Curve ecosystem, which has established itself as the largest stable swap and second-largest decentralized exchange (DEX). Curve and Binance’s BNB Chain Forge Strategic Alliance As part of the partnership, Curve will explore the deployment of its protocol on the BNB Chain, the thriving ecosystem powered by its native…

Binance US failed to produce accounting statements despite extension

As Binance US countered the United States Securities and Exchange Commission’s (SEC) lawsuit, a federal court recently asked the exchange to provide accounting statements. However, citing complexities, they requested an extension, which was granted. Weeks later, Binance US is yet to submit accounting statements, prompting concerns about compliance. Accounting complexities Joe Carlasare, a partner at Amundsen Davis, LLC, and the Co-chair of the Cryptocurrency, Blockchain, and FinTech group, shared a tweet on Aug. 9 displaying a document indicating that BAM Management US Holdings Inc., which is behind Binance US, had…

Binance invests $5M in Curve token as hacker partially returns funds

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Binance Labs, the venture arm of cryptocurrency exchange Binance, has invested $5 million in Curve (CRV), the namesake token of the decentralized stablecoin trading platform. “Curve is the largest stableswap and second-largest DEX [decentralized exchange], with approximately $2.4B in total value locked and $215M in daily volume at the time of writing,” Binance Labs said in the Aug. 10 announcement. Yi He, Binance’s co-founder and head of Binance Labs, said the firm is pledging its full support to the DEX “given recent events that have impacted the protocol.”  The firm…

Curve Token Climbs After Binance Labs Commits to $5M Investment

“Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023,” said Yi He, co-founder of Binance and head of Binance Labs. “Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem.” Source

What will Bitcoin do if the Justice Department takes aim at Binance?

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In early August, sources leaked word that officials with the United State Department of Justice were considering fraud charges aimed at Binance, the world’s largest cryptocurrency exchange. However, they indicated, officials are worried that it could cause a run on the market akin to the November 2022 collapse of FTX. Those concerns have not deterred the Securities and Exchange Commission or the Commodity Futures Trading Commission from levying their own charges against Binance, which in part accused the exchange and its founder, Changpeng “CZ” Zhao, of allowing Americans to use…

Binance faces calls for ban by Nigerian Bureau De Change association

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Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON,…

Binance Receives 2 Licenses to Become First Fully Licensed Crypto Exchange in El Salvador

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Binance has received two licenses in El Salvador — Bitcoin Services Provider (BSP) license from the Central Reserve Bank of El Salvador and the pioneering non-provisional Digital Assets Services Provider (DASP) license from the National Digital Assets Commission of El Salvador. Now it has become a “first fully licensed” cryptocurrency exchange to operate in this Central American nation, media reports said. These licenses grant Binance the authority to introduce customized products and services tailored to the preferences of the local people. While Binance had been previously serving in El Salvador,…