Tag: Binance

Sui Foundation denies it sold locked staking rewards on Binance

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Sui Foundation — the team behind the Sui network and its native SUI token — has denied allegations that the firm unlocked SUI staking rewards and “dumped” them on cryptocurrency exchange Binance . The Foundation knocked back the claim in a five-part Twitter thread on June 27, stating that none of the locked or non-circulating tokens, including SUI staking rewards had been sold: “Sui Foundation has not sold staking rewards or any other tokens from locked and non-circulating staked SUI on Binance or otherwise.” “All insider token allocations remain subject to and…

District Court Judge Denies Binance Motion to Restrict SEC from Allegedly Issuing Misleading Statements

Binance and its legal team filed a motion to have the SEC stopped from stating that CZ and the exchange had commingled users’ funds. The ongoing litigation between Binance Holdings Limited and the United Securities and Exchange Commission (SEC) is slated to have a huge impact on the cryptocurrency industry in the region. Crypto firms that operated in a similar manner as the Binance ecosystem – including staking as a service, crypto custodial services, and token listing for trading – clearly understand whatever the court rules for the exchange will…

Binance revises stance on privacy coin listings in Europe

In response to feedback from its user community, Binance has retracted its previous decision to delist certain privacy coins in select European nations, opting instead for a reclassification strategy. In a major shift in policy, Binance, the globe’s premier cryptocurrency exchange, has announced its decision to maintain listings for specific privacy coins for European traders, following earlier signals of their impending removal. The reversal came about after rigorous consultations with the community and various projects, prompting a change in the classification of privacy-focused digital currencies. Seven such cryptocurrencies, namely decred,…

Binance Australia got 12 hours’ notice before it was debanked, says exec

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In the middle of the night, Binance Australia’s team was suddenly told it would be “cut off” from Australia’s banking system. There was no prior warning, consultation or redress, the exchange’s regional manager Ben Rose has claimed. On May 18, Binance Australian announced its dollar services were suspended after its payments provider Zepto was told to stop support for Binance from Cuscal — Zepto’s partner banking and payments provider. Rose told an audience at the Australian Blockchain Week on June 26 that the move impacted around 1 million customers based…

Judge denies motion from Binance regarding allegedly ‘misleading’ SEC statements

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A federal judge overseeing the lawsuit between Binance.US, Binance Holdings Limited and CEO Changpeng “CZ” Zhao and the United States Securities and Exchange Commission (SEC) has denied a motion that could have stopped the financial regulator from issuing public statements related to the case. In a June 26 ruling in the U.S. District Court for the District of Columbia, Judge Amy Berman Jackson suggested it was unnecessary for the court to intervene regarding the basis for a motion from parties affiliated with Binance and Binance.US. The legal team filed a…

Binance market share declines amid legal challenges

Binance, a prominent player in the cryptocurrency exchange industry, has experienced a notable decline in market share amid increasing regulatory scrutiny and legal challenges. Recent data from Kaiko reveals that Binance’s spot trading market share reached its lowest point in nearly a year, standing at 55.9% in June 2023.  This decline can be attributed to various regulatory actions against the exchange, particularly by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). In the United States, the SEC and the CFTC have filed complaints and…

Binance Rescinds Decision to Delist Privacy Coins as It Complies with EU Regulations

Binance will not delist privacy coins in Europe, opting instead to review its classification of assets in line with EU law. Binance has reviewed its decision to delist several privacy coins in Europe. The exchange will no longer delist these coins as it works to comply with regulations stipulated by European authorities. Binance will now reclassify privacy coins to satisfy regulations. In a recent comment, Binance said: “After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply…

Binance reverses decision to delist privacy coins in Europe

Binance has decided to reverse its plan to delist a number of privacy coins in Europe after it said it has revised operations in order to comply with local regulations.  In a comment from the cryptocurrency exchange recevied on June 26, Binance said that: “After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.” It also commented that since it operates as an exchange registered in various EU jurisdictions, it is “obliged” to…

Binance eyes United Arab Emirates as ‘focal point’ for future operations

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The United Arab Emirates is becoming the next big focus for Binance in the wake of a slew of enforcement actions in the United States against the crypto exchange. Speaking to Cointelegraph, Binance Dubai general manager Alex Chehade said the UAE is a prime destination for crypto businesses seeking a clear path forward and noted its friendly stance toward digital assets. “Binance identified that the senior leadership of the UAE wanted to establish the region as a focal point for Web3. They’re trying to diversify away from fossil fuels and…

Global regulators scrutinizing Binance, bitcoin breaks above $31,000 on rising institutional adoption| Weekly recap

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Binance faced more regulatory challenges worldwide, particularly in the UK and Belgium, which increased the scrutiny on the exchange. Despite the ongoing regulatory issues in the crypto industry, there was a significant increase in institutional adoption of cryptocurrencies during the week as Mastercard and J.P. Morgan expanded their involvement in the field. This wave of institutional adoption and renewed market confidence catalyzed the crypto market’s recovery. Bitcoin (BTC), the flagship cryptocurrency, was resilient as it surged above the $31,000 mark, rallying to the highest level this year. Binance’s regulatory issues…