Tag: Binance

Onchain Data Points to Billions in Outflows from Binance Following SEC Lawsuit, CEO CZ Responds

Following reports of increased outflows after news of the lawsuit broke, Binance CEO CZ argued that there was potential for on-chain data to be misinterpreted. Crypto exchange Binance has experienced billions of dollars in outflows over the past week. This is according to on-chain data from various data analytics platforms. The exchange’s CEO Changpeng ‘CZ’ Zhao has argued that such data can be misinterpreted and the situation may not be as dire as it appears. Analytics Data Points to Large Outflows from Binance Following SEC Lawsuit According to major blockchain…

Latin American Crypto Holders Find Alternative in Bitget amid SEC Lawsuit against Binance, Coinbase

The exchange saw a 43% jump in its number of new users from the Latin America region in just three days. Crypto exchange Bitget appears to be gaining a whole lot from the ongoing lawsuits against crypto giants Binance and Coinbase. The fierce rivals are currently in court over allegations by the United State securities and exchange commission (SEC). According to the regulator, the duo might have violated US securities laws while doing their business. Crypto Exchange Bitget Gets Bigger In all of this, however, Bitget has recorded quite a…

Nigerian Securities Regulator Says Binance Nigeria Operates Illegal Crypto Exchange and Should Immediately Cease Soliciting Local Investors

Binance operates an independent entity dubbed Binance Nigeria Limited similar to the United States entity that was also deemed illegal earlier last week. Cryptocurrency exchanges around the world have found themselves at loggerheads with several global regulators for offering digital assets without proper registrations. In the latest developments, both the Nigerian and the United States Securities and Exchange Commission (SEC) have intensified the crackdown on unregistered crypto exchanges. Reportedly, Binance Nigeria has been operating a crypto exchange without the proper regulatory approvals required for securities. This comes after the Nigerian…

Binance CEO CZ responds as data points to billions in exchange outflows

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While data suggests that crypto assets have been flowing out of centralized exchanges at an accelerated pace over the last week, Binance CEO Changpeng Zhao argues it may not be as bad as it appears.  Leading analytics platforms such as Nansen and DeFiLlama have all measured increased exchange outflows from Binance over the past seven days after news of the SEC lawsuit against the firm hit the airwaves. According to Nansen, there has been a net outflow of $2.36 billion from Binance over the past seven days along with $123.7 million…

Bitcoin and global crypto market falls after US SEC sued Binance and Coinbase

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During a week marked by heightened regulatory scrutiny, the cryptocurrency industry experienced a significant milestone as the United States Securities and Exchange Commission (SEC) filed charges against Binance and Coinbase. Against the backdrop of a broader regulatory push, the SEC categorized numerous crypto assets as securities in these lawsuits. The market responded to this development with a notable impact, as altcoins posted significant declines, with some retesting 2022 lows.  SEC sues Binance, Changpeng Zhao This week, the United States Securities and Exchange Commission (SEC) took legal action against Binance, one of the…

Users withdraw over $392 million from Binance within 24 hours

In a recent series of tweets, Changpeng Zhao (CZ), the CEO of Binance, revealed that the cryptocurrency exchange experienced a substantial net withdrawal amounting to approximately $392 million within a span of 24 hours. This revelation sheds light on the cash movement within the exchange during a turbulent period following the U.S. Securities and Exchange Commission’s legal action against Binance and Coinbase, which created substantial ripples across the cryptocurrency industry earlier this week. Such developments within the cryptocurrency industry often attract attention and speculation, as market participants closely monitor the…

Binance, Coinbase head to court; the SEC labels 67 crypto-securities

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Top Stories This Week U.S. SEC sues Binance and Coinbase amidst crypto crackdown Binance and Coinbase have been targeted in a new round of lawsuits by the U.S. Securities and Exchange Commission (SEC) against crypto businesses. The regulator pressed 13 charges against Binance on June 5, including those involving unregistered offerings and sales of tokens, and failing to register as an exchange or broker-dealer. The commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volume across the major decentralized exchanges…

Latam crypto holders flock to Bitget following Binance, Coinbase suits

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Crypto exchange Bitget has seen a surge in new accounts in Latin America following lawsuits by United States regulators against major competitors Binance and Coinbase. As compared to daily averages, new users in the region increased by 43% from June 6 to 9, with Brazil and Argentina leading market share growth, a spokesperson from Bitget told Cointelegraph. According to the exchange, new clients in Brazil soared 54%, with a 208% jump in total deposits. In Argentina, its customer base rose by 33%, while funds deposited expanded 87%. The crypto exchange…

Nigeria regulator halts Binance operations: Report

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It has been a tough week for cryptocurrency exchange Binance. On June 9, Nigeria’s securities authority reportedly deemed the exchange illegal, just days after Binance was sued by the U.S. Securities and Exchange Commission.  “Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” Nigeria’s Securities and Exchange Commission (SEC) said in a statement seen by Bloomberg. The regulator also noted that Binance is neither registered nor regulated in the country, making its operations illegal. “Any member of the investing public dealing with the…