Browsing:Binance

The US SEC's action against Binance has been continuing since June
2 weeks ago 1 min read

US SEC claims that Binance.US refuses to provide certain information, which the exchange denies

The US SEC’s action against Binance has been continuing since June, with Binance Holdings Ltd facing fines of up to $4.3 billion. Former CEO Changpeng Zhao was forced to resign and is now on bond. However, Binance.US, previously known as BAM Trading Services, is still battling the SEC in court. The Washington D.C. court ordered the two parties to collaborate on the discovery process, but the SEC claims that the two sides have reached an impasse. According to the watchdog, Binance.US refused to allow agency personnel to inspect its in-house software, stating that it was programmed and provided no actual

Binance to transfer large amount of Bitcoin (BTC) to another address as part of its wallet maintenance
2 weeks ago 1 min read

Binance to transfer large amount of Bitcoin (BTC) to another address as part of its wallet maintenance

Binance, the world’s leading crypto exchange, has issued a warning about large-scale Bitcoin transfers due to routine wallet maintenance. The exchange said it will be moving a significant amount of BTC to another address within its network. While announcing the move, the exchange reassured users that these transactions are part of internal operations and not indicative of any outward flow of funds. The crypto exchange has taken the proactive step of informing users and the wider crypto community about the impending transfers, as the crypto hit its all-time high of $69,050 before dropping to around $67,000.

Binance exchange suspends Nigeria Naira (NGN) deposits
2 weeks ago 1 min read

Binance exchange suspends Nigeria Naira (NGN) deposits

Binance exchange has said it will leave the Nigerian market and stop all services that use the Nigerian naira (NGN), which is the country’s official currency. After March 8, the largest crypto exchange by trading volume will no longer let people withdraw NGN. Any leftover balances will be automatically converted to the stablecoin Tether (USDT). Furthermore, the exchange wants Nigerian users to make a smooth transition, so they have been telling them to withdraw their NGN, sell their NGN assets, or turn them into crypto before NGN services end. For the purpose of determining the conversion rate for NGN to

Nigerian authorities issue a final warning to Binance CEO Richard Teng
2 weeks ago 1 min read

Nigerian authorities issue a final warning to Binance CEO Richard Teng

Nigerian authorities have reportedly issued a final warning to Binance CEO Richard Teng, demanding his presence before the House of Representatives Committee on Financial Crimes by March 4. This comes after Binance settled with the U.S. Department of Justice for money laundering and agreed to a $4.3 billion fine. The committee is investigating Binance for alleged financial crimes, including money laundering and supporting terrorism. Failure to comply could lead to severe legal action, reflecting the government’s commitment to safeguarding Nigerian citizens from foreign financial misconduct. Binance has ignored requests to discuss its adherence to Nigerian laws and tax obligations, with

Binance Coin (BNB) price reaches $400
3 weeks ago 1 min read

Binance Coin (BNB) price reaches $400, marking a significant rebound despite Binance’s legal issues

Binance, the world’s largest crypto exchange, has seen its native crypto, BNB coin breaking the $400 mark for the first time since May 2022, surging by over 3%. This comes despite facing legal issues in the US. Trying to solve the issue, the exchange agreed to a $4.3 billion plea deal. This hefty sum was paid to address charges related to anti-money laundering and sanctions violations. In addition, Binance‘s legal issues stem from admissions of facilitating transactions for “terrorist groups” like “Hamas”, underscoring the gravity of their compliance lapses. Furthermore, the plea deal mandates the appointment of an independent compliance

Binance has agreed to a $4.3 billion settlement in a federal case
3 weeks ago 1 min read

Binance exchange agrees to pay historic $4.3B in fines; founder CZ awaits April sentencing

Binance, the world’s largest crypto exchange, has agreed to a $4.3 billion settlement in a federal case, marking a historic high in financial enforcement actions. The settlement with the U.S. Department of Justice (DOJ) includes a $1.8 million criminal fine and $2.5 million in forfeitures for negligence in due diligence. In addition, the DOJ emphasized that punishment aims to hold Binance accountable and deter similar criminal activities. Plus, the settlement’s confirmation came from Judge Richard A. Jones, with the spotlight now turning to Binance’s founder, Changpeng Zhao (CZ), whose sentencing for money laundering and sanctions violations is pending until April

Binance Labs
4 weeks ago 3 mins read

Binance Labs Invests in Renzo to Support Liquid Restaking on the EigenLayer Ecosystem

Denver, USA, February 22nd, 2024 Binance Labs, the venture capital and incubation arm of Binance, has invested in Renzo, a Liquid Restaking Token (LRT) and Strategy Manager for EigenLayer, built to promote the widespread adoption of EigenLayer. The protocol’s mission is to develop shared security on EigenLayer and set the standard for risk management in restaking.  Renzo Protocol, EigenLayer’s Restaking Hub, consists of Ethereum smart contracts that facilitate trustless collaboration between stakers, node operators, and Actively Validated Services (AVSs). These contracts allow users to restake their assets, delegate them to node operators, and interact with on-chain service modules, abstracting away complexities

Crypto exchange Binance has frozen almost $4.2 million worth of stolen XRP in an effort to help Ripple recover the money that was stolen.
2 months ago 1 min read

Binance exchange freezes $4.2 million worth of XRP that was stolen from Chris Larsen’s accounts

Crypto exchange Binance has frozen almost $4.2 million worth of stolen XRP in an effort to help Ripple recover the money that was stolen. Richard Teng, the CEO of Binance, acknowledged the work of ZachXBT, the crypto detective who was the first to expose the Ripple hack, in an official post on X. Teng formally announced the platform’s decision to freeze the ill-gotten money and thanked Ripple for working with other exchanges, like as Binance. “The Binance team has managed to freeze $4.2 million worth of XRP that was stolen by the exploiter,” the speaker said. “We will continue to

Binance Trading Volume Reached Almost $4 Trillion In 2023
2 months ago 1 min read

Binance Trading Volume Reached Almost $4 Trillion In 2023

Binance, the world’s largest centralized exchange (CEX), has demonstrated its resilience and leadership in 2023, according to a recent CoinGecko report. Despite increased regulatory scrutiny and major leadership changes, Binance has maintained its market dominance. The exchange began the year with an impressive 65% market share, gradually declining throughout 2023 but finishing the year with a formidable 44% market share in December. In December 2023, Binance’s spot trading volume increased by over 38% month over month, reaching $428 billion. Binance accounted for 53% of total spot trading volume this year, generating a whopping $3.8 trillion. The journey was not without

Florida regulators have taken legal action against Binance US
2 months ago 1 min read

Regulators freeze and shut down Binance operations in Alaska and Florida

Binance US is dealing with increased regulatory challenges. The company, which was already under scrutiny following CEO Changpeng Zhao’s resignation and investigations by the US Department of Justice, has now faced a regulatory freeze, resulting in the suspension of operations in Alaska and Florida. In the most recent development, Florida regulators have taken legal action against Binance US, deeming the crypto giant a potential threat to public safety. As a precautionary measure, regulators have suspended Binance US services in the state, emphasizing the importance of protecting the public’s interests. Binance US obtained a money services license in Florida in 2020,

Former Binance CEO Changpeng Zhao faced a legal setback in his efforts to obtain permission to travel to the United Arab Emirates.
2 months ago 1 min read

Binance CZ’S $4.5B equity offer fails to secure urgent UAE visit again

Former Binance CEO Changpeng Zhao, also known as CZ, faced a legal setback in his efforts to obtain permission to travel to the United Arab Emirates for the second time. Despite offering $4.5 billion in Binance equity as collateral, a federal judge denied his request, limiting his ability to visit a close associate who is hospitalized and undergoing surgery. Court documents filed on Wednesday revealed that CZ’s legal team wrote to Judge Richard Jones on December 22, emphasizing the urgency of the situation. The letter emphasized CZ’s critical need to be present during the hospitalization and surgery of someone close

Binance's legal team has expressed concerns about the US SEC's regulation approach.
2 months ago 1 min read

Binance Challenges US SEC in Court, Citing Crypto Regulations’ Uncertain Landscape

In a legal dispute between Binance and the SEC, Binance’s legal team has expressed concerns about the US SEC’s classification of most crypto as securities. This clash highlights the ambiguity in regulatory guidelines, which makes compliance difficult for crypto companies. Binance believes the SEC’s lack of clarity in crypto company regulations creates difficulty. The SEC encourages crypto firms to register, but the lack of clear guidelines makes it difficult for these companies to meet regulatory requirements. Binance claims that this confusion impedes the growth of legitimate businesses in the crypto market. At the heart of the legal debate is the