Browsing:Binance

Binance has announced the integration of the Lightning network on the Bitcoin network
11 months ago 2 mins read

Binance Implements Bitcoin Lightning Nodes for Effortless Deposits and Withdrawals

Leading cryptocurrency exchange Binance has announced the integration of the Lightning network on the Bitcoin network, paving the way for Lightning-based Bitcoin deposit and withdrawal services. The move is aimed at enhancing transaction speeds and alleviating network congestion for Binance users. The Lightning network is a second-layer solution for the Bitcoin blockchain that addresses the scalability challenges faced by Bitcoin by establishing payment channels that facilitate off-chain transactions between users. By conducting transactions off-chain, the Lightning network significantly reduces congestion on the main blockchain, resulting in faster transaction speeds and lower fees. With the integration of the Lightning Network, Binance

BNB Chain has introduced the opBNB testnet on Optimism's OP Stack
11 months ago 1 min read

BNB Chain Introduces Layer 2 Testnet Built on Optimism’s OP Stack

BNB Chain, a leading decentralized ecosystem for the creation of decentralized applications (dApps), has introduced the opBNB testnet. The testnet is built on Optimism’s OP Stack, a layer-2 scaling solution for Ethereum, and is designed to address network congestion and high fees on BNB Chain. The opBNB testnet is expected to achieve speeds of 4,000 transactions per second (tps) at a cost of 0.005 U.S. cents per transaction. This is significantly faster and cheaper than BNB Chain’s mainnet, which currently averages around 1,500 tps and costs around $0.05 per transaction. The opBNB testnet is a significant development for BNB Chain,

Binance.US and SEC Reach Agreement Allowing Crypto Exchange to Continue Operations Amidst Fraud Charges
11 months ago 1 min read

Binance.US and SEC Reach Settlement, Secure U.S. Operations Amid Ongoing Lawsuit

In a recent development, Binance.US has reached an agreement with the United States Securities and Exchange Commission (SEC) that enables the exchange to sustain its operations while dealing with the fraud charges brought against it by the commission. On June 5, the SEC filed a lawsuit against Binance.US, its global partner Binance, and their founder, Changpeng Zhao, accusing them of running “a web of deception.” The charges included operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls, oversight on the Binance.US platform, and the unregistered offer and sale of securities. In response, on June 6, the SEC sought a

Binance Faces Allegations of Aggravated Money Laundering in France
11 months ago 1 min read

Binance Faces Money Laundering Investigation in France for ‘Aggravated’ Offenses

Binance crypto exchange is currently under investigation by France over allegations of illegal provision of digital asset services and acts of aggravated money laundering. The Paris public prosecutor’s office has confirmed these investigations, revealing serious allegations against the exchange. French prosecutors have accused Binance of engaging in illegal activities related to operating as a digital asset service provider and committing acts of aggravated money laundering. These allegations involve competition with investment operations, concealment, and conversion, with the perpetrators profiting from these offenses. Binance is registered as a digital asset service provider with the French financial regulator, but the investigation focuses

Binance has announced its exit from the Dutch market after failing to obtain a virtual asset service provider (VASP) license.
11 months ago 1 min read

Binance Closes Operations in Netherlands

Global cryptocurrency exchange Binance has announced its exit from the Dutch market after failing to obtain a virtual asset service provider (VASP) license. The termination of services is immediate, preventing new customers from the Netherlands from opening accounts. Existing Dutch customers will only be able to withdraw assets from Binance starting July 17, with no further purchases, trades, or deposits allowed. Binance’s decision to terminate its services in the Netherlands stems from its unsuccessful attempt to acquire a VASP license. The termination is effective immediately, restricting new customer registrations. Existing customers will face limitations, with withdrawals being the only permitted

Binance's Secure Asset Fund for Users (SAFU)
11 months ago 2 mins read

Binance Struggles to Maintain Emergency Fund Amid Growing SEC Concerns

The recent legal actions taken by the U.S. Securities and Exchange Commission (SEC) against major cryptocurrency exchanges Binance and Coinbase have sent shockwaves throughout the crypto market. As a result, the value of Binance’s Secure Asset Fund for Users (SAFU), an emergency fund designed to safeguard user assets, has experienced a significant decline. Binance’s SAFU Takes a Hit The SEC’s lawsuits against Binance and Coinbase triggered a market-wide sell-off, causing Binance’s SAFU to diminish in value. Initially valued at approximately $950 million at the beginning of June, the fund’s assets have dropped to around $861 million, representing a 10% decline.

Binance's Cyprus Operations Under Review for Deregistration as Crypto Service Provider
11 months ago 1 min read

Binance’s Cyprus Unit Faces Possible Deregistration as Crypto Service Provider

The Cyprus Securities and Exchange Commission (CySEC) has announced that Binance’s Cyprus unit is currently under examination for potential deregistration as a crypto service provider. The news, posted on the CySEC website, has raised questions about the reasons behind this regulatory action. Binance had successfully obtained registration as a Crypto Asset Service Provider (CASP) in October of the previous year. This registration enabled the exchange to offer various services in Cyprus, including spot trading, custody solutions, staking, and card services related to cryptocurrencies. The lack of specific details regarding the potential deregistration has left industry observers speculating about the underlying

Binance.US has filed a motion to challenge the Securities and Exchange Commission's (SEC) request for a temporary restraining order.
11 months ago 1 min read

Binance.US Fights Back: Calls for Dismissal of SEC’s Restraining Order

Binance.US, the American affiliate of cryptocurrency exchange Binance, has filed a motion to challenge the Securities and Exchange Commission’s (SEC) request for a temporary restraining order. In its motion, Binance.US argues that the SEC has failed to identify any securities traded on its platform and that the requested restraining order would harm its customers, potentially forcing it out of business and hindering its ability to fight the litigation. Binance.US also argues that the SEC’s request is “draconian and unduly burdensome” and that it would have a negative impact on employee salaries, vendor relationships, and overall business operations. The SEC’s lawsuit

Binance CEO Refutes Claims of Bitcoin-BNB Coin Exchange
11 months ago 1 min read

Binance CEO Clarifies Bitcoin-BNB Coin Selling Claims

Binance CEO Changpeng Zhao (CZ) has denied rumors that the exchange has been selling Bitcoin (BTC) in order to prevent the price of Binance Coin (BNB) from dropping below certain levels. The rumors began circulating after popular traders on Twitter pointed out a supposed correlation between BTC sell-offs and BNB purchases. However, CZ has since clarified that Binance has not sold any BTC or BNB, and that the exchange still holds a significant amount of both assets. CZ attributed the rumors to “short interest” among Crypto Twitter members, implying that the misinformation was fueled by speculative activities within the community.

The failure of the FTX exchange in November 2022 sent shockwaves through the crypto industry, leading to increased scrutiny from the US SEC.
11 months ago 2 mins read

SEC Intensifies Crackdown on Crypto After FTX Crash

The failure of the FTX exchange in November 2022 sent shockwaves through the cryptocurrency industry, leading to increased scrutiny from the US Securities and Exchange Commission (SEC). The regulatory agency, aiming to salvage its reputation after the $8 billion fraud incident, has intensified its efforts to control the crypto sector. Recent lawsuits against major players like Coinbase and Binance are part of the SEC’s broader initiative to restore order in the market. However, concerns have been raised about the SEC’s motives, with some suggesting that its actions may be driven more by reputation management than a genuine need to protect

Binance CEO Changpeng Zhao has offered his perspective on the situation
11 months ago 1 min read

Binance CEO CZ Responds to Reports of Increased Exchange Outflows Amid SEC Lawsuit

Data from prominent analytics platforms such as Nansen and DeFiLlama indicate billions of dollars in crypto assets flowing out of Binance over the past week. However, Binance CEO Changpeng Zhao, popularly known as CZ, has offered his perspective on the situation, suggesting that the outflows may not be as alarming as they appear. Analytics platforms like Nansen and DeFiLlama have recorded notable outflows from Binance in the aftermath of the SEC lawsuit. Nansen reported a net outflow of $2.36 billion from Binance and $123.7 million from Binance.US over the past seven days. DeFiLlama recorded an even higher figure of $3.35

Ethereum (ETH) whale has withdrawn nearly 39,300 ETH from Binance
11 months ago 1 min read

Ethereum Whales Move Around $100 Millions in ETH From Binance

Ethereum (ETH) whales are defying market uncertainty by expanding their holdings. Despite recent price drops and regulatory concerns, one whale wallet has withdrawn nearly 39,300 ETH from Binance, the world’s largest cryptocurrency trading platform. This surge in whale activity suggests a shift in investor sentiment, with funds potentially being moved to safer havens amidst eroding confidence in centralized entities. On-chain analytics firm Lookonchain highlighted the significant withdrawals in a series of transactions over the past month. Each withdrawal followed a price drop, and the total accumulated ETH in the whale’s wallet exceeds $70 million at the current market price. Notably,

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