Tag: Binance

Privacy advocates score a win after Binance buckles under pressure

Privacy advocates scored a big win in June with Binance’s announcement that it was backtracking on a decision to delist privacy coins for users in a number of European countries. As a result of the move, users in Italy, Poland, Spain and France will be permitted to continue trading tokens including Zcash (ZEC), Monero (XMR), Decred (DCR), Horizen’s ZEN, Verge (XVG), Dash (DASH), Secret (SCRT), Firo, Navcoin (NAV), MobileCoin (MOB), Beam and PIVX. Banning the coins would have been a big, big mistake. Privacy coins empower individuals against financial surveillance…

Binance conducts 11th LUNC burn, 2.65 billion tokens destroyed

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Binance, the world’s largest crypto exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burn round. The total LUNC tokens burned by Binance now exceed 35.5 billion, with the community’s burn surpassing 68 billion. Traders have reacted positively to the burn, with LUNC seeing a 3% price increase. Based on a transaction executed on July 1, Binance transferred 2.65 billion LUNC tokens to the burn address, reducing the circulating supply. The transaction also involved a transaction fee of 13.25 million LUNC. The Terra Classic burn mechanism automatically…

SEC calls ETF filings inadequate, Binance loses euro partner…

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Top Stories This Week US SEC deems spot Bitcoin ETFs filings as inadequate There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, as the Securities and Exchange Commission labeled investment managers’ recent applications inadequate. The SEC told the Nasdaq and the Chicago Board Options Exchange that their filings are not “sufficiently clear and comprehensive.” The regulator returned the filings, citing the lack of information regarding the proposed surveillance-sharing agreement. Asset managers can still resubmit their applications. Cathie Wood’s ARK reportedly ‘first in…

Institutional investors’ long-term outlook on crypto is confident, Binance Research shows

A recent survey conducted by Binance Research and Binance VIP & Institutional provides insights into the thoughts and preferences of institutional investors in the cryptocurrency market. The Institutional Crypto Outlook Survey gathered responses from 208 Binance institutional clients and VIP users, offering information about their attitudes, preferences, adoption, and motivations regarding cryptocurrency investments. The survey reveals that 63.5% of respondents are optimistic about the crypto market in the next 12 months. Additionally, 88.0% have a positive outlook for the next decade, indicating their long-term confidence in crypto. Regarding portfolio allocation,…

Binance under fire as co-founder Yi He defends company

As regulatory scrutiny and legal challenges mount against Binance, one of the world’s largest cryptocurrency exchanges, its co-founder Yi He commented on the situation to Bloomberg. Accused of operating illegally and falling short on compliance by U.S. financial watchdogs, binance is under investigation not only in the U.S., but also in other countries. Yi He, a major financial stakeholder in binance along with CEO and co-founder Changpeng “CZ” Zhao, had a significant influence in marketing binance during its early days. In a recent series of interviews, Yi He argued that…

The SEC is targeting Coinbase, Binance as proxies in its war on crypto

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Imagine your daily commute to work, uninterrupted by traffic lights or stop signs, allowing you to sail smoothly. Suddenly, a new red stop sign disrupts your route, turning a main intersection into a four-way stop overnight. That evening, a letter from local law enforcement shocks you with a hefty retroactive fine for every time you passed the spot where the new sign stands today. Absurd as it seems, this analogy encapsulates the United States Securities and Exchange Commission’s approach in its lawsuits against Coinbase and Binance. The SEC throws a…

Binance Application for German Operational License Denied by BaFin

The denial of a custody license in Germany poses significant challenges for Binance, as Germany represents one of Europe’s largest and most influential markets. Germany’s Federal Financial Supervisory Authority (BaFin) has reportedly denied the Binance exchange’s application for a crypto custody license. Finance Forward, a news publication, has reported that BaFin has communicated this decision directly to the exchange. The decision signifies a regulatory setback for the crypto trading platform. A custody license would have allowed Binance to legally offer crypto custody services to its German customers, ensuring compliance with…

Binance Continues to Focus on Future Growth Aspects despite Regulatory Hurdles

In Binance’s peer-to-peer (P2P) platform, ML technology is employed to identify suspicious language in communications. By utilizing ML in P2P chat, feedback, and advertisements, potential payment scams, customer service impersonation, and malicious messaging can be detected. This technology has proven effective in preventing thousands of scams. For the know-your-customer (KYC) process, Binance utilizes a combination of computer vision (CV) and AI. These technologies aid in verifying documents and videos submitted by users during the registration process. The implementation of CV and AI has significantly strengthened the verification process, enabling the…

Binance Loses Paysafe as EUR Banking Partner amid Regulatory Concerns

Binance informed its users that it is working to find another payment service provider.  Binance, a leading cryptocurrency exchange, has lost its banking partner Paysafe in Europe. Binance partnered with Paysafe in January 2022 after losing Barclays and Santander as banking partners in 2021. Since then, the exchange has been trying to expand its presence and reach in Europe. Consequently, Paysafe’s decision will set back the exchange’s European plans. Paysafe Is Wary of Regulators Paysafe and Binance partnered Paysafe owns Skrill and Neteller, two popular e-wallet services that let users…