Tag: Binance

Binance launches Bitcoin mining cloud services amid SEC crackdown in the US

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Crypto exchange Binance announced the launch of new subscription-based could mining products dedicated to Bitcoin (BTC) mining.  Starting June 15, users that are interested in Bitcoin mining but lack the equipment can subscribe to Binance’s cloud mining services and purchase hashrates for the same. Hashrate is the computing power required for confirming and legitimizing Bitcoin transactions over the blockchain. Binance is currently selling 1 Terahash per second (Th/s) at $10.7280, which is split between the hashrate and electricity costs at $1.17 and $9.558 respectively. A higher number of hashrate increases…

Binance applies to deregister in Cyprus, says focus is on ‘larger markets’

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Binance appears to be preparing to exit Cyprus. The Cyprus Securities and Exchange Commission has marked Binance Cyprus Limited as “Under examination for application for deregistration” on its website.  Previously, the cryptocurrency exchange received Class 3 registration as a Crypto Asset Services Provider (CASP) in Cyprus in October. At that time, Binance called the registration “another milestone in Binance’s regulatory efforts in Europe and follows similar registrations for Binance’s local entities in France, Italy and Spain.” Class 3 is the highest level of service provision in the island nation and…

5 key highlights of the SEC’s lawsuit against Binance

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The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance on June 5, alleging that the exchange was involved in the sale of unregistered securities. In its 136-page complaint, the SEC accuses Binance and its founder, Changpeng “CZ” Zhao, of participating in a complex conspiracy that involved fraud, conflicts of interest, a lack of disclosure and willful disregard for the law.  The claims, according to SEC Chair Gary Gensler, center on deceiving investors about risk controls, tampering with trade volumes, hiding crucial operational data, and flouting U.S. securities…

A Lesson From George Soros Amid Binance and Coinbase Accusations

Both positioning and market expectations dig into a bigger concept of reflexivity within financial markets, as pioneered by George Soros. In short, market reflexivity suggests that investor perceptions and behavior impact market conditions, which, in turn, impact and shape investor beliefs and actions. This circular, self-referential feedback loop leads to non-linear market dynamics as cognitive biases and expectations build on each other to impact market prices and investor positioning. This can explain the emergence of price trends that can become self-fulfilling over the short run and self-correcting over the longer…

Bitcoin ‘far larger’ than Binance or Coinbase, says Jan3 CEO: BTC Prague 2023

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Amid the panic over lawsuits against major cryptocurrency exchanges, one Bitcoin (BTC) advocate argued that the BTC market is much bigger than the one tracked by exchanges. The total Bitcoin market is not limited to Binance, Coinbase or any other crypto exchange, Jan3 CEO Samson Mow told Cointelegraph at the BTC Prague 2023 conference on June 9. “Whereas I think for Bitcoin, it’s much harder to quantify how much of the market it is. It’s because a lot of Bitcoin trades are block trades,” Mow said. In mentioning Bitcoin block…

Binance CEO Refutes Claims of Exchange Selling Bitcoin to Stabilize BNB Price

Several market analysts, including Dylan LeClair and Cory Klippsten, CEO of Swan Bitcoin, have voiced concerns about Binance’s alleged activities in manipulating the market. Following the recent United States Securities and Exchange Commission (SEC) lawsuit against Binance Holdings Limited and Binance.US, the American arm of the largest global crypto exchange, on June 5, the company’s US market share has dwindled significantly to around 78% as market makers and traders flew the exchange due to the regulatory pressure in the country. Amid these challenges, Binance CEO Changpeng Zhao (CZ) has refuted…

Expert says US may hit Binance with criminal indictment

John Reed Stark, president of John Reed Stark Consulting and a former SEC Enforcement Division member, speculates on the likelihood of a criminal indictment being filed against Binance. Stark cites evidence that led to a sealed indictment against Binance for fraud, obstruction of justice, and possible money laundering being filed by the U.S. Department of Justice (DOJ). Stark stresses that the CFTC and SEC charges are similar to indictments alleging illegal behavior such as fraud, deceit, obstruction of justice, and even possible money laundering. Why US DOJ Will File, Or…

Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNB

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Binance CEO Changpeng “CZ” Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its native token Binance Coin (BNB). The rumors have come from several market commentators, including analyst Dylan LeClair and Swan Bitcoin CEO Cory Klippsten, who have accused Binance of intentionally manipulating the market to artificially inflate the value of BNB. In a June 13 tweet, CZ said that Binance had not sold any of their BTC or BNB, adding that the crypto exchange still held “a bag” of FTX Token…