Tag: Binance

Binance Addresses Reports Regarding Its BUSD Peg

Globally-renowned exchange Binance recently admitted that its BUSD peg was inadequately undercollateralized by $1 billion.  On Tuesday, Binance admitted to flaws in its system that cost the platform its Binance Smart Chain BUSD peg and left it at least $1 billion undercollateralized at some point. According to a Binance spokesperson: “The process of maintaining the peg involves many teams and has not always been flawless, which may have resulted in operational delays in the past. Recently, the process has been much improved with enhanced discrepancy checks to ensure it’s always 1-1…

Binance pushes back against report stablecoin isn’t fully backed

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Major crypto exchange Binance initially pushed back against a Bloomberg report that its Binance-Peg BUSD stablecoin “doesn’t always appear to have been completely backed by BUSD”.  In a Jan. 10 blog post, Binance said the basis for the report — which was later amended to clarify the difference between a pegged and backed stablecoin — was a “timing mismatch in backing Binance-Peg BUSD with BUSD”. Based on an analysis from ChainArgo co-founder Jonathan Reiter, the news outlet reported that the Binance-peg BUSD was often undercollateralized between 2020 and 2021, a…

A Binance Stablecoin Wasn’t Always Fully Backed: Bloomberg

The resiliency of stablecoins and whether they’re backed by a reliable pile of money is a contentious one in the cryptocurrency industry. Stablecoins are meant to closely track the value of something else, often the U.S. dollar. So if investors have put, say, $10 billion into a stablecoin, there should, in theory, be $10 billion sitting somewhere to back it up. The largest stablecoin, Tether’s USDT, has been dogged for years by concern that it has not been fully backed. In 2021, Tether was forced to pay $18.5 million in…

Whale Withdraws $34.7M From Binance

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Data shows a Shiba Inu whale has withdrawn $34.7 million in SHIB from Binance, a sign that could be bullish for the price of the meme coin. Shiba Inu Whale Transfers Out 4,000,000,000,000 SHIB From Binance As per data from the crypto transaction tracker service Whale Alert, a massive Shiba Inu transfer has taken place during the past day. This transaction involved the movement of 4,000,000,000,000 SHIB on the Ethereum blockchain, worth about $34.7 million at the time of the transfer. Since the transaction here is so large, it’s likely…

Binance employees to adhere to 90-day period prior to trading

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Crypto exchange Binance has been a major talking point since the downfall of FTX, both inside and outside of the crypto industry. The company and its founder, Changpeng “CZ” Zhao, have been under a microscope in an attempt to keep the behemoth in line. On Jan. 10, a tweet surfaced regarding the cryptocurrency exchange’s employee policy to prevent insider trading. It claimed Binance employees of any ranking are not allowed to participate in personal short-term trading and must hold positions for a minimum of 90 days. Cointelegraph reached out to Binance…

US Hedge Funds Receive Subpoenas Over Communications With Binance As Investigators Probe Crypto Exchange: Report

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Binance, the world’s largest crypto exchange, is reportedly being investigated by federal prosecutors, which has led to multiple American hedge funds being subpoenaed by the Western District of Washington in Seattle. According to a report from the Washington Post, investment firms in the US have been directed by prosecutors to hand over records of their communications with Binance. The Washington Post cites two people who reviewed the subpoenas and spoke on the condition of anonymity. Binance chief strategy officer Patrick Hillmann told Washington Post that the exchange is talking to…

Voyager tells court Binance acquisition plan is ‘sound business judgment,’ urgently needed

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Bankrupt crypto brokerage Voyager Digital filed documents in a United States court on Jan. 8 in response to objections raised to the Binance.US proposal to buy out its debt. Voyager announced it had approved the offer on Dec. 19. The Securities and Exchange Commission, four states, the U.S. trustee and Alameda Research filed objections to it. Voyager stated in one document that objections to the Binance.US offer “fail to put forward any factual or legal support” in their arguments, while Binance.US offered creditors higher recovery rates than other proposals and…

Binance Joins Association of Certified Sanctions Specialists – Regulation Bitcoin News

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Cryptocurrency exchange Binance has become a member of an organization providing training for sanctions compliance. With the move, part of efforts to improve its capabilities in this field, the largest trading platform for digital assets joins a club of multinational corporations and financial institutions. Crypto Exchange Binance Seeks Additional Sanctions Training for Its Compliance Team Binance, the leading cryptocurrency exchange in terms of daily trading volume, has joined the Association of Certified Sanctions Specialists (ACSS) which works to improve the qualification of sanctions compliance professionals employed by global companies. “We…

FTX Opposition to $1B Binance Deal Is ‘Hypocrisy and Chutzpah,’ Voyager Says

An attempt by Alameda to oppose the deal on the grounds that it breaches the hierarchies of creditors set out in U.S. bankruptcy law meets a still frostier reception. Alameda’s objections “evince hypocrisy and chutzpah at its finest” and are “frivolous,” the Voyager filing said. FTX and Alameda had previously attempted to bail out Voyager, before declaring bankruptcy on Nov. 11. Source BinanceChutzpahDealFTXHypocrisyOppositionVoyager CryptoX Portal

US Prosecutors Subpoena Hedge Funds Linked to Crypto Exchange Binance

The US attorney’s office for the Western District of Washington in Seattle has subpoenaed a few investment firms asking them to provide records of their communications with Binance over the past few months. As per the latest reports, US prosecutors are now investigating hedge funds having links to Binance as part of the ongoing money-laundering probe of the crypto exchange. Following the collapse of the crypto exchange FTX, Binance has come under the scrutiny of US regulators. US Prosecutors Investigating Binance Some lawmakers were also mulling the possibility of criminal…