Tag: Binance

Crypto exchange Binance launches new regional hub in Georgia

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Cryptocurrency exchange Binance continues expanding its global reach by setting up a new blockchain hub in crypto-friendly Georgia. On March 26, Binance announced the opening of its brand-new blockchain hub in Georgia, aiming to promote further adoption of crypto in the country. Referring to the hub as a “Web3 outpost,” Binance intends to attract talent to the Georgian blockchain sector, promote industry education and create more job opportunities. According to the announcement, Binance’s Georgia division currently employs 25 people cooperating with the local public and private sectors to organize educational and hackathon…

Binance launches internal investigation following KYC bypass rumors

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A recent article surfaced alleging that Binance employees and volunteers were assisting Chinese users on how to bypass Know Your Customer (KYC) and other security protocols.  However, speaking to Cointelegraph a spokesperson from Binance clarified that employees are “explicitly forbidden” from supporting users in circumventing any laws or policies. The spokesperson also said the company is taking action following the recent allegations. “We have launched an investigation into employees who may have violated our internal policies including wrongly soliciting or making recommendations that are not allowed or in line with…

Binance spot trading halted due to issue on trailing stop orders

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Crypto exchange Binance has encountered major issues with spot trading on the platform. On March 24, Binance suspended all spot trading transactions, according to an announcement by Binance’s official Twitter account. “We are aware of an issue impacting spot trading on Binance. All spot trading is currently temporarily suspended as we work to resolve this as soon as possible,” Binance wrote. Binance CEO Changpeng “CZ” Zhao subsequently took to Twitter to report that the initial analysis indicated bug issues with the matching engine. He noted that the bug was discovered…

Mainland China Residents Show Hunger for Bitcoin via Subverting Binance KYC

Amid rising global inflation and fear of a worldwide banking crisis, the demand for risky assets, including Bitcoin, has significantly spiked in the recent past. Crypto exchanges have been outlawed in mainland China since 2017, while digital assets like Bitcoin were banned in 2021. However, mainland China residents are eager to participate in the global financial revolution by all means. According to a report by media outlet CNBC, some Binance employees have been showing mainland China residents how to circumnavigate the company’s Know Your Customer (KYC) feature. Reportedly, Mainland China…

Binance employees allegedly help customers in China bypass KYC controls

Binance, the world’s largest cryptocurrency exchange, has made significant efforts to be a leader in transparency in the industry since the FTX scandal. However, a new report claims that Binance insiders are allegedly helping users bypass security protocols.  According to a CNBC investigation, employees and volunteers at Binance have allegedly been aiding customers in China to subvert the exchange’s Know Your Customer Controls (KYC). The report points to Binance’s official Chinese-language chat rooms, in which more than 220,000 users were registered. There, users are reportedly able to access shared messages…

Large Ethereum Transfer of $33 Million to Binance Causes Volatility in Cryptocurrency Markets

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In a major development that has left the cryptocurrency markets reeling, a large entity transferred Ethereum (ETH) worth $33 million to Binance in a solitary transaction, sources said. This enormous movement of ETH has left the altcoin vulnerable to significant volatility, and its price has fallen by 2.18% from the $1,807 level reported earlier. The identity of the wallet owner from which the transfer was initiated is unknown, but they only had to pay a $1 transaction fee on the Ethereum blockchain. Such a substantial transfer of tokens to an…

Binance replaces BUSD in SAFU Fund with TUSD & USDT

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Cryptocurrency exchange Binance announced on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos’ recent decision to stop minting new Binance USD (BUSD), leading to a decrease in BUSD’s market capitalization over time.  As Paxos will no longer be minting new BUSD, #Binance has swapped the BUSD in the SAFU Fund for TUSD & USDT. This change will have no impact on users, and the funds remain on publicly verifiable addresses. Funds…