Tag: Trading

Binance.US pauses OTC trading, removes numerous trading pairs

In a move to streamline its buy, sell & convert service, Binance.US has announced a reduction in the number of supported convert trading pairs, bringing the total to 226.  The announcement came amid the complaint filed by the U.S. Securities and Exchange Commission (SEC) on June 5. Responding to the complaint On June 7 Binance.US released a statement announcing the removal of several trading pairs, many of which are popular tokens. The new policyis set to go into effect on Thursday, June 8. However, users can still utilize buy, sell & convert…

Binance.US halts trading for dozens of USDT, BTC, BUSD pairs amid SEC lawsuit

Binance.US removed trading services for several crypto tokens on June 7. The move follows a lawsuit filed earlier this week by the United States Securities and Exchange Commission against Binance entities and thei leadership.  “After careful consideration, Binance.US will remove selected Advanced Trading pairs on June 8, 2023 at 9 a.m. PDT / 12 p.m. EDT. We have also decided to streamline our Buy, Sell & Convert offering and have paused our OTC Trading Portal,” reads an announcement. The pause affects over 90 trading pairs of the stablecoin Tether (USDT), eight…

SEC Crypto Crackdown on Coinbase and Binance Generates 444% Spike in DeFi Trading Volumes

Following a recent strike at major crypto exchanges, the SEC has inadvertently caused an over 400% rise in trading volumes on DeFi platforms. The ongoing crypto crackdown by the US Securities and Exchange Commission (SEC) has come with a silver lining for the crypto industry, especially for decentralized finance (DeFi). According to crypto data aggregator CoinGecko, the top three largest decentralized exchanges (DEXs) have recorded a 444% jump in median trading volume in the last 48 hours. The data shows a combined $792 million increase in total trading volume for…

SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%

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The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours as crypto investors reeled from the United States securities regulator’s recent legal actions against cryptocurrency exchanges Coinbase and Binance. According to aggregated data from CoinGecko, total daily trading volumes on Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum) and Pancakeswap V3 (BSC) — which account for 53% of the total DEX trading volume in the last 24 hours — increased by more than $792 million between June 5 and June 7. Trading volume on…

JPMorgan partners with Indian banks to enable dollar trading via blockchain

Global financial giant JPMorgan has announced a strategic partnership with six major Indian banks to launch a blockchain-based platform to settle interbank dollar transactions. This latest move is part of a broader effort to promote the growth of Gujarat International Finance Tec-City (GIFT City), a project by the Indian government to establish a competitive financial hub to rival global centers such as Singapore, Hong Kong, Abu Dhabi Global Market (ADGM), and Dubai’s International Financial Centre. Kaustubh Kulkarni, the senior country officer for India and vice chairman of Asia Pacific at…

Binance market share chopped with the end of zero-fee BTC trading

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New data has revealed that cryptocurrency exchange Binance has experienced a loss in market share after it ended its zero-free Bitcoin (BTC) trading. A report by CCData released in mid-May revealed that the exchange market share has continued to slide for the second consecutive, to 46.3%. This marks Binance’s lowest percentage of market share since October 2022. The market share drop follows Binance’s decision to end its zero-fee BTC trading promotion for most BTC trading pairs. A representative from Binance spoke to Cointelegraph saying: “We forecast a drop in market…

Coinbase Derivatives Exchange to Roll Out Bitcoin and Ethereum Futures Trading on June 5

Coinbase Derivatives Exchange will start trading BTC and ETH perpetual futures on June 5, 2023, for non-US institutional clients only. Leading American crypto exchange Coinbase has announced its plans to introduce futures contracts for Bitcoin (BTC) and Ether (ETH) in its newly launched derivative marketplace regulated by the Commodity Futures Trading Commission (CFTC). The new venture, Coinbase Derivatives Exchange, officially debuted last month in Bermuda following approval from the country’s financial regulator, the Bermuda Monetary Authority (BMA). The company said the derivative platform would enable traders to speculate on the…

Elon Musk Accused of Dogecoin Insider Trading Offences by Aggrieved Investors

As of the time of this writing, neither Musk nor his legal team has commented on the amended lawsuit from the Dogecoin investors. A group of Dogecoin (DOGE) investors with a longstanding class-action lawsuit against Twitter’s outgoing Chief Executive Officer Elon Musk for alleged insider trading offenses. The investors, according to a recent filing, have requested a leave to amend their current lawsuit to show that the world’s richest man manipulated the price of DOGE. The investors are particularly specific about the move by the billionaire when he changed Twitter’s…

Bitcoin price slips under $27K, but data shows BTC whales counter trading DXY strength

As the summer season arrives, an unexpected heatwave is gripping financial markets This heat is coming in the form of the US Dollar (DXY) which has been on a remarkable uptrend since late April, reaching levels unseen since early March’s banking crisis when the dollar wrecking ball wreaked havoc on asset prices. This surge in the dollar has raised concerns among market participants due to its high inverse relationship with Bitcoin (BTC), a topic many macro and crypto analysts have discussed repeatedly in 2023. The implications of this inverse correlation…

Dogecoin investors accuse Elon Musk of insider trading in amended class-action lawsuit

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A group of Dogecoin investors has requested leave to amend a class-action lawsuit against soon-to-be former chief executive officer of Twitter Elon Musk, alleging he manipulated the price of the meme token. In a May 31 filing in United States District Court for the Southern District of New York, the investors claimed Musk used his social media following on Twitter as well as media appearances to profit off trades of Dogecoin (DOGE) through an “undisguised course of cryptocurrency market manipulation.” According to the complaint, Musk profited off DOGE trading at…