Browsing:Binance

Binance Pay,
12 months ago 1 min read

Binance Pay Gains Traction in Africa, Eurasia, and Eastern Europe

Binance Pay, a cryptocurrency payment solution launched in 2021, has seen growing interest in emerging markets, according to a regional Binance executive. In an interview with Cointelegraph, Pakning Luk, regional business development lead for Binance Pay, said that the service has attracted over 30 million users in specific regions, including Africa, Eurasia, and Eastern Europe. Luk attributed the growth of Binance Pay in emerging markets to a number of factors, including the increasing adoption of crypto in these regions, the growing demand for convenient and affordable payment methods, and Binance’s strong brand recognition. “We are seeing a lot of interest

Binance has revealed that it assisted US law enforcement in seizing $4.4 million worth of crypto
12 months ago 2 mins read

Binance Assists US Law Enforcement in Freezing $4.4M in Crypto Linked to North Korean Cybercrime

Crypto exchange Binance has revealed that it assisted US law enforcement in seizing $4.4 million worth of crypto assets connected to North Korean cybercrime syndicates. The announcement was made in a May 25 Twitter thread, in which Binance said that it had worked with law enforcement in the United States to hamper the “illicit revenue generation activities” of four now-sanctioned entities in North Korea. The four entities were the Chinyong Information Technology Cooperation Company, Pyongyang University of Automation, the 110th Research Center, and the Technical Reconnaissance Bureau. Chinyong is believed to maintain a “workforce of thousands of highly skilled IT

The U.S. Treasury (OFAC) sanctioned a number of crypto wallets hosted by binance that it says are linked to the North Korean government.
12 months ago 1 min read

U.S. Sanctions North Korean Crypto Accounts Hosted by Binance Used to Finance WMDs

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on Tuesday sanctioned a number of crypto wallets that it says are linked to the North Korean government. The wallets, which contained bitcoin, ether, Tether’s USDT, and Circle’s USDC, belonged to an individual named Sang Man Kim, a 58-year-old North Korean citizen, OFAC alleged. The wallets were hosted by the crypto exchange Binance. OFAC said the sanctions were part of an effort to “counter the threat posed by the Democratic People’s Republic of Korea (DPRK)’s illicit weapons of mass destruction (WMD) and ballistic missile programs.” The agency said the DPRK

Binance Withdraws from Canadian Market
1 year ago 1 min read

Binance to Cease Operations in Canada

Binance, the world’s largest cryptocurrency exchange, is set to exit the Canadian market due to new regulatory guidelines. The platform announced on Friday that it had postponed the decision for as long as possible to explore other ways to protect its Canadian users. However, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canadian market no longer tenable for Binance at this time. While Binance does not agree with the new guidelines, it hopes to continue to engage with Canadian regulators toward a thoughtful and comprehensive regulatory framework. The exit from Canada marks another step

Binance.US reportedly to reduce CZ's stake in efforts to appease regulators
1 year ago 1 min read

CZ to have reduced stake in Binance.US amid regulatory pressure

Changpeng Zhao, the founder of Binance.US, is exploring ways to reduce his ownership stake in the company, according to a report by The Information. The move is reportedly in response to a lawsuit filed against the exchange by the Commodity Futures Trading Commission (CFTC), which alleges multiple infractions and seeks to hold the company accountable under US federal law. Sources suggest that top executives at Binance.US are discussing whether reducing Zhao’s ownership position would appease US regulators and improve the company’s chances of obtaining regulatory licenses. The CFTC lawsuit has also prompted some current and former Binance.US executives to seek

Binance Crypto Exchange Reports a 50% Drop in Trading Volume for April
1 year ago 1 min read

Binance Trading Volume Drops by Nearly 50% in April

Binance crypto exchange has seen a drop in spot trading volume for two consecutive months in April, falling 48% due to declining transaction levels throughout the industry. According to CCData, trading volume dropped to $287 billion last month, the second-lowest level since 2021, while Binance’s market share fell to 46%. However, Binance is not the only exchange facing this challenge. Centralized exchanges overall saw spot trading volume drop by 40% to the lowest level since December, attributed to the uncertainty surrounding macroeconomic conditions and the collapse of several U.S. banks. Despite the dip in trading volume, Binance remains the largest

Binance seeks to bridge institutional capital and crypto funds with new service
1 year ago 1 min read

Binance unveils new initiative to connect institutional capital with crypto funds

Binance has unveiled Capital Connect, a self-service platform that aims to facilitate connections between institutional capital and crypto funds. The platform intends to set a disclosure standard for market participants handling size, which will allow investors to review detailed fund information before potentially opening lines of communication. The data shared will include assets under management, performance records, and minimum investment amounts, among other details. The platform is targeted at asset and fund managers, hedge funds, family offices, high net-worth individuals, liquidity providers, and corporations. However, Binance clarified that the platform won’t be available to users in the US. To participate,

Binance’s integration of Lightning Network withdrawals is expected to ease congestion
1 year ago 1 min read

Binance Implements Lightning Network to Speed up Bitcoin Transaction Processing

On May 7, 2023, Binance, the world’s largest crypto exchange, suspended Bitcoin transactions due to network congestion, which resulted in high transaction fees. The company resumed transactions a few hours later, but on May 8, it suspended Bitcoin withdrawals again, citing a large volume of pending transactions. Binance CEO Changpeng Zhao acknowledged that the exchange’s fee parameters did not anticipate the recent surge in BTC network gas fees. To help clear the backlog of Bitcoin transactions, Binance raised withdrawal fees and implemented Lightning Network withdrawals. Binance stated that it was replacing the pending BTC withdrawal transactions with a higher fee

Binance announced that it has resumed withdrawals of Bitcoin
1 year ago 1 min read

Binance Resumes Bitcoin Withdrawals After Temporarily Halting Service Twice Within 12 Hours

Binance exchange announced that it has resumed withdrawals of Bitcoin. The service was temporarily halted twice within a 12-hour period due to a “large volume of pending transactions.” According to Binance’s tweet earlier on Monday, the set fees did not anticipate the recent surge in Bitcoin network gas fees. The exchange has attempted to solve the issue by replacing the transactions with a higher fee so that they get picked up by mining pools. Binance further explained that “pending transactions are being processed by replacing them with higher transaction fees” after it resumed Bitcoin withdrawals. In order to prevent similar

Voyager Digital Forced to Cease Operations Due to Failed FTX and Binance.US Acquisitions
1 year ago 2 mins read

Voyager Digital to Close its Doors After FTX and Binance.US Acquisitions Fail

Crypto lender Voyager Digital has announced its decision to self-liquidate its assets and close its operations after acquisition deals with FTX and Binance.US fell apart. Voyager customers will receive a recovery rate of 36% of their cryptocurrency holdings, much lower than the expected rate of 72-73% if the acquisition deals had gone through. The rate may increase if Alameda Research is unsuccessful in its bid to recover $446 million from Voyager’s estate. Voyager’s lawyers are withholding further funds, including $259.6 million for litigation costs, administrative claims, and other holdbacks. Voyager customers who have any of the 67 supported tokens on

Binance Faces DOJ Investigation Over Suspected Role in Russian Sanctions Evasion
1 year ago 1 min read

US Department of Justice Investigating Binance’s Alleged Role in Russian Sanction Evasion

The U.S. Department of Justice (DOJ) is investigating Binance over allegations that Russian agents used the platform to circumvent financial sanctions. According to a Bloomberg report citing five anonymous sources, Russia has been supposedly moving money through Binance to avoid sanctions imposed on the country in 2022 for invading Ukraine. The DOJ’s national security division is leading the investigation, which is yet to determine whether Russia used the platform or whether someone inside Binance helped the country to avoid sanctions. In addition, the DOJ is conducting a separate criminal investigation against the crypto company, which could see the company and

Pepe Coin and Floki Inu
1 year ago 1 min read

Binance to list Pepe Coin and Floki Inu on its platform

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it will list Pepe Coin and Floki Inu on its platform. The news comes as a big boost for both projects, as it will provide them with access to Binance’s vast user base and liquidity. Pepe Coin is a decentralized meme token that aims to bring together the worlds of cryptocurrency and meme culture. The project has been gaining popularity in recent months, thanks to its unique approach to community building and marketing. The token is named after the popular internet meme Pepe the Frog and has a

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