Tag: Binance

Binance CEO Claps Back at Forbes’ Criticism, Defends Exchange Operations and User Freedoms

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The cryptocurrency exchange Binance has been under scrutiny recently, with Forbes publishing an article that made claims about the exchange’s financial activities. The report indicated the movement of funds or money by Binance, including the transfer of $1.8 billion to hedge funds like Amber Group, Tron, and Alameda Research. The Forbes piece suggested that Binance’s activities were reminiscent of the defunct FTX, which collapsed in 2022. The article made reference to Binance.US’s unsuccessful bid for Voyager and the legal action that the Exchange Commission and United States Securities are preparing…

Binance US restructuring plan favored by 97% of Voyager customers

A move by Binance US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager’s customers. A Feb. 28 court filing shows an overwhelming majority of Voyager Digital account holders are in favor of the buyout from the United States-based arm of the crypto exchange Binance. Bankruptcy management firm Stretto conducted the balloting of Voyager customers which polled 61,300 account holders with claims against the embattled crypto lender. Of that total, 59,183 voted in favor of the Binance US restructuring plan…

Crypto Lender Voyager Says Majority of Customers Voted for Restructuring Plan With Binance US

A majority of the company’s creditors also voted to opt their claims into a “wind-down entity,” according to a breakdown of votes included in a declaration by Stretto director Leticia Sanchez. In that tabulation, 65% of Class 3 Ballots, referring to account holder claims, voted to opt-in, while 85% of “holders of claims or interests in the non-voting classes” voted to opt-in. Source

Liquity’s Token Leaps on Binance Listing

Coinbase (COIN) will suspend trading of binance USD (BUSD) starting March 13 because the stablecoin doesn’t meet its listing standards, the U.S.-based cryptocurrency exchange announced in a tweet Monday. “Our determination to suspend trading for BUSD is based on our own internal monitoring and review processes,” a spokesperson told CoinDesk. “When reviewing BUSD, we determined that it no longer met our listing standards and will be suspended.” The suspension affects Coinbase.com, Coinbase Pro, Coinbase Exchange and Coinbase Prime. Users will still be able to access their BUSD funds and withdraw…

Binance in Partnership with Lee Woong-Yeol to Enter South Korean Market

In a note to executives and employees at the time of his retirement, Lee also talked about the necessity of blockchain technology. According to some recent reports, Binance is collaborating with Lee Woong-Yeol, the honorary chairman of Kolon, for a new virtual asset exchange in South Korea. According to sources, Lee plans to introduce a joint venture with Binance to create an exchange for both the government and financial authorities. Moreover, native blockchain companies that target logistics and digital asset issuers are allegedly helping Lee establish the exchange. Lee has…

Binance Refutes Forbes Collateral Report Alleging Exchange Transferred Vast Customer Funds Surreptitiously

Leading exchange Binance claims that the Forbes collateral report relates to its internal wallet management and is thus unfounded. Binance has hit back at the Forbes report that claims it quietly transferred $1.8 billion in client-backing collateral. According to the Forbes report, the prominent crypto exchange moved the stablecoin-backing funds without informing its customers. The Forbes report stated that Binance moved a significant chunk of the transferred customer funds ($1.1 billion) to Cumberland, the crypto trading arm of DRW Holdings LLC, a diversified trading firm based in Chicago. Binance’s chief strategy officer, Patrick…

Binance Moved $1.8B in Stablecoin Collateral to Hedge Funds Last Year: Forbes

According to the report, Binance transferred the collateral to hedge funds including Alameda and Cumberland/DRW and did so without informing its customers. According to blockchain data from Aug. 17 to early December examined by Forbes, a period which encompassed the collapse of fellow crypto exchange FTX, holders of more than $1 billion of crypto for B-peg USDC tokens had no collateral for instruments that Binance said would be fully backed by the token they were pegged to. B-peg USDC are digital replicas of dollar-pegged stablecoin USDC. Source

Crypto Exchange Coinbase to Suspend Binance USD Stablecoin, Saying It Doesn’t Meet Listing Standards

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