Tag: Binance

Binance Netherlands exit — Dutch central bank says registration failings are confidential

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The details behind Binance’s failed efforts to register for a virtual asset service provider (VASP) license in the Netherlands remain unclear due to the confidentiality requirements of the Dutch central bank’s supervisory laws. On June 16, Binance announced it would terminate its services in the Netherlands with immediate effect, having failed to get the all-clear from De Nederlandse Bank (DNB). From July 17, Dutch customers will only be able to withdraw assets from the platform, while trading and deposits were stopped on the date of the announcement. Binance claimed it had undergone…

Binance to implement Lightning Network nodes for enhanced Bitcoin transactions

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On June 20, cryptocurrency exchange Binance announced that it had commenced operating nodes on the Bitcoin Lightning Network as a crucial step toward integrating it for deposits and withdrawals. In a tweet, Binance acknowledged users who noticed their new Lightning nodes and confirmed their presence. However, Binance highlighted that additional technical work must be completed before the Lightning integration is fully implemented, promising to provide updates along the way. #Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals. Some eagle-eyed users spotted our new lightning nodes…

Binance Denounces Entity Registered in UK, Issues Cease and Desist

Binance has confirmed it is not affiliated with a supposed branch in the UK after a Reddit post shared the exchange’s alleged UK address. Major crypto exchange Binance announced that it issued a cease and desist order to Binance Ltd in the UK. In a tweet from Binance’s official account, the exchange said the referenced company has no business with the company. The Binance tweet was in response to a Reddit post brought to Twitter, stating that the Binance office in the UK is a “utility closet”. The post includes a picture of the…

Binance Moves $3 Billion Worth of BTC to New Address

Despite the large amounts being removed, data suggests that Binance remains the exchange with the largest BTC balance. Top crypto exchange Binance has shared its recent move which saw it transfer massive amounts of Bitcoin (BTC) to a new blockchain address. According to the crypto firm, it recently moved at least nine figures worth of BTC but assures users of the safety of their funds. Per Binance, the funds are now safely tucked away in cold storage. Meanwhile, analytic firm Blockchain.com has also run a check on the new cold…

Binance UK office one of 2,403 companies sharing ‘utility closet’ in Suffolk

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The United Kingdom-registered address for an entity of one of the world’s largest crypto exchanges, Binance, is nothing but a tiny building in Britain’s east that is shared by thousands of other companies. On June 19, a post on the r/buttcoin subreddit showed the so-called “utility closet” Binance Ltd and thousands of other firms use as a registered office address in the U.K. — a tactic often used by other tech firms and large companies. Binance Ltd’s address points to the small town of Mildenhall in Suffolk county, England. Google…

Binance announces support for USDC deposit and withdrawal via Arbitrum

Binance crypto exchange has announced support for direct deposit and withdrawal of the USDC stablecoin via the Arbitrum network. Arbitrum USDC deposits and withdrawals  Following the integration of USD Coin (USDC) on the Arbitrum One network, on June 16, Binance, the world’s largest bitcoin (BTC) trading venue, has added support for direct USDC deposits and withdrawals via the Arbitrum network. However, it is important to note that Binance users can only initiate withdrawals for USD Coin (USDC) on the Arbitrum One network once there are sufficient deposits. Binance will not…

Lawmakers vs. the SEC vs. Binance: Law Decoded, June 12–19

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Once again, the United States Securities and Exchange Commission (SEC) became the week’s headliner. Its intention to freeze the entirety of Binance.US’s assets got a reality check from U.S. district court Judge Amy Berman Jackson, who advised the regulator and the crypto exchange to negotiate a deal bilaterally.  The resulting agreement outlines measures for Binance.US to prevent any access by Binance officials to private keys of wallets, hardware wallets or root access to Binance.US’s Amazon Web Services tools. Additionally, the U.S.-based crypto trading platform will disclose comprehensive information on business…

Binance Comes to Agreement With SEC Following Attempt To Freeze Crypto Exchange’s Assets

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Binance has come to an agreement with the U.S. Securities and Exchange Commission (SEC) after the regulator attempted to freeze the American arm of the firm’s assets. In a new court filing, the SEC has agreed to a proposal that lets Binance.US maintain sole possession of its customers’ assets. “It is further ordered that on or before the date the Court issues this Consent Order, Stipulating Defendants will, through their officers and employees or a non-affiliated third party custodian within the United States, ensure, and each confirm to counsel of…

UK Financial Watchdog FCA Cancels Binance Permissions on Firm’s Request

“As these permissions were unlikely to be required in the future, Binance Markets Limited decided that it would be prudent to cancel them in line with the FCA’s recommendations to keep these updated,” the spokesperson for Binance said. “This decision has no impact on Binance.com, which does not own or operate any crypto services in the U.K. and is only available to U.K. consumers on a reverse solicitation basis.” Source