2 months ago 0 mins read

Binance crypto exchange resumes USDC stablecoin withdrawals on its platform

Binance, the world’s largest cryptocurrency exchange, has resumed USDC stablecoin withdrawals on its platform. This follows a “temporary pause” on Tuesday while the exchange carried out a “token swap” that required New York banks to be open in order to allow BUSD to fiat and USDC conversion. On Tuesday, Binance saw at least $5.2 billion worth of stablecoin outflows, its highest ever recorded by on-chain data analytics firm CryptoQuant. Binance’s BNB cryptocurrency fell 2% in the past 24 hours, trading at $270.46 as of 1:40 a.m. in Hong Kong.

Binance BNB dropped amid FUD
2 months ago 1 min read

The Binance native token, BNB, drops amid FUD

Binance, the world’s largest cryptocurrency exchange by trading volume, experienced a flood of withdrawals on Monday following news of controversy and potential charges from the Department of Justice (DOJ). The Binance native token, BNB, also saw significant declines in its market value and a drop in its market cap of around 7.5% to $41 billion. Furthermore, the 24-hour trading volume for BNB increased by about 120% to $974 million, according to CoinMarketCap. Binance released its proof of reserve report on December 7, which sparked social media uproar. Reuters then published a story on December 12 about potential charges against Binance

Binance crypto exchange
2 months ago 2 mins read

Some DOJ prosecutors wants to file charges against executives including CEO CZ for money laundering

Disagreements among U.S. Department of Justice prosecutors are causing the investigation into Binance, the world’s biggest crypto exchange, to be drawn out, according to four people familiar with the matter. The probe, which started in 2018, is focused on Binance’s adherence to U.S. anti-money laundering laws and sanctions. Reuters reported that two of the sources shared that some of the at least half dozen federal prosecutors have argued that the evidence already presented is enough to take action against the exchange and bring criminal charges against Changpeng Zhao, the founder, while others have suggested waiting to review more evidence. The

SBF recent interview
2 months ago 2 mins read

SBF, Former FTX CEO believes FTT token is still “more legitimate” than most tokens

Citizen journalist Tiffany Fong published Sam Bankman-Fried’s first interview since FTX’s bankruptcy on YouTube on November 29. On November 16, the former CEO addressed a number of allegations leveled against him since the bankruptcy, as well as the state of FTX US clients. He also discussed FTT, the exchange’s native token, which he believes has more intrinsic value than most other cryptocurrencies. Wong started by questioning SBF about previous claims that the CEO tampered with the FTX’s financial records by using a “backdoor” that allowed him to execute commands without alerting others. Reuters repeated this claim several times in the

FTX blames binance CEO
2 months ago 2 mins read

SBF says FTX had a 50% chance if Binance’s CEO, Changpeng Zhao, had not expressed concerns

In recent interviews, Sam Bankman-Fried, the founder of the infamous crypto exchange FTX, has spilled quite a bit of tea. The man once known as the crypto mogul has revealed that he has lost almost all of his wealth. SBF told Axios that the last time he checked his bank account, it held $100,000. This represents a more than 99% drop in his net worth, which was once estimated to be more than $16 billion prior to the collapse of FTX. Furthermore, the former FTX CEO’s fortune peaked at nearly $26.5 billion at one point. This, however, came crashing down

Binance is not a Chinese company
2 months ago 1 min read

“Binance is not a Chinese company, we are not related to China at all,” says CEO CZ

Chengpang Zhao (CZ), the CEO of Binance, the largest crypto exchange in the world, stole the show on November 24, 2022. Basically, since CZ made a bid to acquire Voyager, the bankrupt U.S.-based company that specializes in lending and financing for cryptocurrencies, he has been inundated with inquiries. Following up, FTX and Binance each made a bid to buy Voyager’s assets. In these terms, the FTX platform outperformed Binance U.S. and managed to secure the bid. All of this happened before the tragic event of the FTX platform’s failure and collapse. As a result, now that FTX is entirely out

CZ CEO Binance
2 months ago 1 min read

CEO of Binance, CZ claims he should have tweeted about FTX issues sooner

Changpeng Zhao or CZ, CEO of Binance, expressed regret for not sending an earlier tweet that led to the demise of the crypto exchange FTX. The CEO of the largest crypto exchange in the world made the statement during a live interview on Bloomberg TV on November 24. CZ said, “I actually reflect on the FTX situation and I kind of blame myself for tweeting that too late. As an industry, we let FTX get too big before we started questioning some of those things.” On November 8, Zhao tweeted that Binance would destroy every single FTT token—native FTX’s token—on

binance exchange is hiring
2 months ago 1 min read

Binance plans to hire 600 people by the end of the year to bring its total workforce to 8,000

Binance, the world’s largest crypto exchange, plans to hire 600 more employees by the end of the year, according to the company’s CEO. Changpeng Zhao (CZ) announced on November 21 that the company plans to hire 8,000 people by the end of the year. CZ wrote in his tweet that the exchange had about 5,900 employees in June and now has over 7,400. Concerns about Binance’s dominance in the cryptocurrency industry remain, especially after rival crypto exchange FTX collapsed earlier this month. Last week, CZ stated at an Indonesia conference that Binance intends to establish an industry recovery fund as

Binance Voyager Digital
3 months ago 1 min read

Binance reportedly re-bids to acquire bankrupt crypto lender Voyager

Binance US is getting ready to re-bid for the assets of the insolvent lending platform Voyager Digital, CoinDesk reported. Voyager Digital chose FTX.US to purchase its assets for $1.42 billion less than eight weeks prior to filing for Chapter 11 bankruptcy in July 2022. But after its collapse, the bankrupt crypto lender was left without a buyer. The American division of Binance, the largest cryptocurrency exchange in the world by volume, is getting ready to make another offer for the assets of struggling lender Voyager Digital. In July 2022, Voyager Digital voluntarily started a Chapter 11 restructuring process. After a

XRP Whale
3 months ago 1 min read

350,000,000 XRP transferred from Binance to an unknown wallet

Around 350 million XRP were transferred from Binance crypto exchange to an unknown wallet. The movement was reported by the blockchain tracking service Whale Alert. Furthermore, around 465 million XRP were moved by whales and exchanges. The total value of this cryptocurrency is staggering: $134,818,654. The deal was completed on November 16. Overall, XRP whale activity has been high over the last few days; on Wednesday, about 500 million Ripple-related tokens were exchanged. This includes the Binance transfer that was previously mentioned. Three transactions carrying 115 million XRP in lump sums of 30 million and 40 million coins were also

Binance has been granted FSP in the Abu Dhabi Global Market (ADGM)
3 months ago 1 min read

Binance receives Financial Services Permission in the Abu Dhabi Global Market

According to a report, Binance, the world’s largest cryptocurrency exchange, has been granted Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). Binance will be able to provide custody to professional clients through the FSP if they meet the FSP’s conditions as outlined by the FSRA. Following the news, Richard Teng, MENA and Europe Regional Head, stated: “Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector.” In April 10, 2022, the Financial Services Regulatory Authority

CZ Binance talks FTX crisis
3 months ago 1 min read

Binance is moving forward with the submission of FTX evidence to UK courts

Wu Blockchain tweeted about Binance’s declaration to submit evidence to UK lawmakers regarding its deal with FTX and decision to sell FTT. Blockchain tweeted that Binance’s announcement to submit the details would serve as “a witness in the group’s crypto asset inquiry,” citing Bloomberg news. When it was discovered that Alameda Research had some large FTT holdings that appeared suspicious, investors began withdrawing their assets in large numbers in order to avoid losing them. Soon after, Binance CEO Changpeng Zhao or CZ announced the company’s decision to sell the remaining FTT tokens in light of the recent revelations. As a