Category Archives: Binance
Binance suspends deposits for bridged tokens, seeks clarity from Multichain team – Cointelegraph
Crypto exchange Binance suspended deposits for 10 bridged tokens on May 25 following days of stuck transactions that sparked uncertainty surrounding the Multichain protocol.
Affected token pairs include Polkastarter (POLS), Alpaca Finance (ALPACA), Travala.com (AVA), Spell (SPELL), Fantom (FTM), Alchemy (ACH), Beefy (BIFI), SuperVerse (SUPER), Harvest Finance (FARM) and DeXe (DEXE). The move impacts users of bridged tokens on the BNB Smart Chain, Fantom, Ethereum and Avalanche blockchain networks.
According to Binances deposit page, withdrawals of these tokens and deposits on other networks are still available.
Multichains(MULTI) silence about the ongoing issues has been fueling uncertainty. As reported by Cointelegraph, transactions on the protocol have been delayed across multiple cross-chain bridges.
In a tweet from May 24, Multichain said that some cross-chain routes were unavailable due to force majeure," noting that the time for service restoration was unclear. It was the last communication from the protocol on the social media platform. Previously, the delay was attributed to a backend node upgrade.
Binance was not the only company to take steps amid the unexplained downtime. A wallet address linked to the Fantom Foundation reportedly removed 449,740 MULTI ($2.4 million) from liquidity on the decentralized exchange SushiSwap. Also, on May 24, blockchain analytics firm Lookonchain reported MULTI outflows related to smart money accounts worth $3 million.
On Twitter, rumors circulated that Multichains team had been arrested by the Chinese police, with $1.5 billion of smart contract funds under authorities control. Cointelegraph reached out to Multichain but did not receive an immediate response.
Binances venture arm is one of Multichains investors. In December 2021, the cross-chain protocol raised $60 million in a seed funding round led by Binance Labs, along with other venture capital investors such as Sequoia China, IDG Capital, Primitive Ventures, DeFiance Capital, Circle Ventures, Hypersphere Ventures, HashKey and Magic Ventures.
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Binance suspends deposits for bridged tokens, seeks clarity from Multichain team - Cointelegraph
Binance Pulls The Plug: Token Deposits Suspended Due To Multichain Mayhem – Benzinga
May 25, 2023 2:19 PM | 1 min read
Cryptocurrency exchange Binance has temporarily halted deposits of 10 specific tokens Thursday, a move prompted by ongoing problems with the Multichain Bridge initiative.Tokens impacted by this suspension are primarily used on the BNB Smart Chain (CRYPTO: BNB), Fantom (CRYPTO: FTM), Ethereum (CRYPTO: ETH), and Avalanche (CRYPTO: AVAX)blockchain networks.
The list includes tokens like AVA-ETH, SPELL-AVAXC and FTM-ETH.
Binance stated that deposits of these digital assets on alternative networks are unaffected, and users should consult the exchange's deposit page for more details.
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Binance made a public statement noting, "We are temporarily suspending deposits for the following bridged tokens-network while we await clarity from the Multichain team."
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This temporary halt trails a five-day crisis that Multichain users endured, severely affecting transaction processing and resulting in numerous stalled transactions.
Several of Multichains cross-chain bridge routes, encompassing Kava (CRYPTO: KAVA), zkSync, and Polygon (CRYPTO: MATIC) zkEVM, are yet to be restored.
Initially, the Multichain project attributed the disruption to technical complications.
Nevertheless, as users' frustration amplified, the issue's cause was revised to a vague "force majeure."
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2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Binance Pulls The Plug: Token Deposits Suspended Due To Multichain Mayhem - Benzinga
Gulf Binance Clinches Thai Regulatory Approval – CoinDesk
Gulf Binance, a joint venture between crypto exchange Binance and Gulf Energys innovation arm Gulf Innova, has received a digital asset operator license in Thailand, according to a Friday press release.
The rubber-stamp from Thailands Ministry of Finance will allow the firm to advance plans to open a regulated crypto exchange and broker in the southeast Asian country. The platform will likely launch by year's end, according to a press statement.
By harnessing Binance's expertise together with Gulfs established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users, Binance Head of Asia, Europe, and MENA Richard Teng said in a statement. Gulf Energy is one of Thailands largest private power producers.
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Stablecoins Are the ‘Glue’ Between the Real Economy and Blockchain: Binance Japan General Manager – CoinDesk
Takeshi Chino, speaking ahead of Binance's re-entry into Japan via its acquisition of regulated crypto exchange Sakura Exchange BitCoin, described how volatility of crypto prices may lead to profit opportunities but will not help stimulate broader demand for cryptoassets.
"We believe that stablecoins will serve as the glue between the real economy, the blockchain economy, and the Binance ecosystem," Chino said. "When you do something stably, price fluctuations become noise."
Stablecoins are pegged to the value of traditional assets, usually fiat currencies such as the U.S. dollar, and therefore are designed to be free of the price swings that often afflict cryptocurrencies like bitcoin (BTC).
Chino said crypto winter may be hampering the traditional model of a crypto exchange business, given how lower valuations and trading volume will diminish revenue from fees. He said that Binance's vision for "freedom of money" through crypto and blockchain technology supersedes the exchange business model and the present market conditions.
"The ecosystem has many facets," he said. "For example, we will provide various services from a different angle to finance, and we will also provide various IP (intellectual property) contents in the form of Web3."
Binance's move back into Japan this summer will come two years after the exchange received warning from the country's Financial Services Agency (FSA) that it was operating there without permission.
Chino described how one of the keys to gain regulatory acceptance in Japan is ensuring understanding of how its products work in order to gain trust, something he admits may be a challenge.
"We are confident about our product and technology, but we are still a long way off in terms of whether the company Binance and its activities are properly understood," he said.
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BNB drops below this key support level as Binance halts – AMBCrypto News
The Binance Smart Chains native cryptocurrency has been on a bearish trajectory for six weeks. Its performance in the last two days has been particularly noteworthy because of its ascending support line. Should investors anticipate more BNB price weakness after failing to secure bullish momentum?
Read BNB price prediction for 2023/2024
Lets take a look at some of the most noteworthy observations regarding Binance before assessing BNBs prospects. According to the latest Binance announcement, the BSC temporarily suspended deposits from multiple networks in the last 24 hours at the time of writing.
Binance did not disclose whether the decision was based on a threat to its operations or whether it was due to routine maintenance. However, it did reveal later that it resumed deposits from Ethereum and FTM.
We observed a significant dip in the number of active addresses in the last 24 hours in hours after Binance made the announcement. This was followed by a sharp bounce back presumably due to the reactivation of deposits.
The likelihood that the halting of deposits may have had an impact on BNBs price action was quite low. This was because the cryptocurrency maintained the same bearish momentum it was on 24 hours prior to the announcement about the temporary suspension of deposits.
BNBs price action was particularly notable because the selling pressure in the last two days broke through a key ascending support line. It traded at $304 at press time which is slightly above its 200-day moving average.
The 200-day MA will likely act as the next support range to bear the $300 price level. This was largely because the MA may act as a psychological buy zone and the fact that the same price is within a zone of short-term support. Also, what was worth noting was that the MFI indicated that buying momentum was already building up.
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Some on-chain data also backed the bullish expectations. For example, the mean coin age has been on a steady upward trajectory for the last seven days. This confirmed that most investors were still holding their tokens. Additionally, investor consensus expectations have been on the rise for the last seven days indicating bullish expectations.
Based on the above analysis, buying pressure was slowly building up and might soon lend favor to the bulls. However, this outcome was still subject to overall market conditions which may pull a surprising instance of capitulation if BNB fails to secure enough bullish momentum.
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BNB drops below this key support level as Binance halts - AMBCrypto News
Binance’s CZ says China is ‘buzzing’ after bitcoin seen in TV segment – The Block – Crypto News
Binance CEO Changpeng "CZ" Zhao said that Chinese-speaking communities are "buzzing" after state broadcaster China Central Television appeared to broadcast a segment about cryptocurrencies that featured the Bitcoin logo.
"It's a big deal," he wrote on Twitter. "Historically, coverages like these led to bull runs. Not saying past predicts the future. And not financial advice."
Zhao shared a link to CCTV's website that showed a segment that featured what appeared to be a Bitcoin ATM in Hong Kong. Besides a large blue logo, an option that said "Buy Bitcoins" was visible. NFTs were also highlighted in the segment.
The segment, dated May 23, focused on a Hong Kong licensing system for virtual asset trading platforms. China prohibited the use of cryptocurrencies in 2021.
Bitcoin was down 3.4% on Wednesday, falling to $26,295, according todata on TradingView.
Honk Kong's Securities and Futures Commission on Tuesday released consultation conclusions about proposed regulatory requirements for virtual asset trading.
"A significant majority of respondents agreed to our proposal to allow licensed trading platform operators to serve retail investors," the commission said. "The SFC will implement a number of robust measures to protect these investors including ensuring suitability in the onboarding process, good governance, enhanced token due diligence, admission criteria and disclosures."
The "Guidelines for Virtual Asset Trading Platform Operators" will become effective on June 1. The rules will cover "safe custody of assets, segregation of client assets, avoidance of conflicts of interest and cybersecurity standards and requirements expected of licensed trading platforms."
"Hong Kongs comprehensive virtual assets regulatory framework follows the principle of 'same business, same risks, same rules' and aims to provide robust investor protection and manage key risks," SFC CEO Julia Leung said in a statement. "This will enable the industry to develop sustainably and support innovation.
2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Binance's CZ says China is 'buzzing' after bitcoin seen in TV segment - The Block - Crypto News
Binance to halt Bitcoin spot trading with Australian Dollar – CryptoSlate
Crypto exchange Binance announced it would stop Bitcoin (BTC) spot trading activities with the Australian Dollar (AUD) on June 1, according to a statement on May 26.
Additionally, the exchange would remove spot trading activities for other top cryptocurrencies like Cardano (ADA), Ethereum (ETH), Dogecoin (DOGE), XRP, BNB, Solana (SOL), and Polygon (MATIC) paired with AUD on the same day.
Binance said its users can still trade the affected assets on other trading pairs within its platform. However, it would terminate its Trading Bots services for the mentioned pairings.
Earlier in the week, Binanceended support for spot trading activities of eight digital assets paired with the AUD.
This drawback is coming when Binances operation in Australia faces much regulatory scrutiny.
In April, the exchange canceled its derivatives license with the Australian Securities and Investments Commission (ASIC). At the time, the financial regulator said it was investigating the platforms compliance with local laws.
On May 18, Binance said it could no longer process Australian Dollar deposits for users because its third-party payment service provider Cuscal stopped providing its services to the firm. On the same day, Australias oldest bank, Westpac, banned crypto transactions to unnamed exchanges.
Meanwhile, Binances market share for BTC spot trading activities dropped to around 40% from 85% recorded in February 2023, CryptoSlate reported, citing data from CoinShares.
According to the report, the decline coincided with a period where Binance faced increased regulatory troubles from multiple fronts.
In March, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and its CEO, Changpeng CZ Zhao, over violations of the commodities law. The regulator alleged that the exchange illegally facilitated the trading of derivative orders on commodities for U.S. citizens.
On May 12, the exchange exited the Canadian market, citing the countrys regulatory guidance as a hindrance to its operations.
Additionally, Binance has struggled to find new banking partners as it suspended USD-denominated bank transfers and GBP services for new users earlier this year.
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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Binance to halt Bitcoin spot trading with Australian Dollar - CryptoSlate
Binance Expects to Launch New Thai Crypto Exchange in Q4 2023 – Decrypt
Binance today announced its joint venture with Gulf Innova Co., Ltd. has received digital asset operator licenses from the Ministry of Finance of Thailand, opening the way for the launch of a crypto exchange and broker.
Crypto operators are overseen by Thailands Securities and Exchange Commission (SEC), meaning the new platform will be regulatory compliant, said Binance.
The new platform is expected to open in Q4 2023, with more details to be revealed closer to the launch, Binance said.
We are grateful and honored to be granted digital asset operator licenses for Gulf Binance in Thailanda country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology, said Binance's head of Asia, Europe, and MENA Richard Teng in a statement.
Gulf Innova is a wholly-owned subsidiary of Gulf Energy Development PCL, a Thai conglomerate helmed by billionaire Sarath Ratanavadi. The Bangkok-based firm and Binance signed a memorandum of understanding to explore the possibility of opening a digital asset exchange in Thailand in January 2022.
"Binance's decision to partner with Gulf for this joint venture stems from the company's extensive experience and expertise in the digital asset trading business, a Binance spokesperson told Decrypt.
The crypto firm also stressed that Gulf is one of the biggest and fastest-growing conglomerates in Thailand, with a large ecosystem covering energy production, telecommunications, and digital businesses.
In terms of the partnership agreement, Gulf Innova will be providing governance and oversight of the joint venture to ensure that it operates in accordance with the applicable laws and regulations.
This partnership brings together Binance's unparalleled growth and expertise in the digital asset space with Gulf's established presence and knowledge in Thailand, added the spokesperson. By joining forces, Binance and Gulf aim to create a powerful synergy that will drive innovation, foster growth, and deliver exceptional value to users in the digital asset ecosystem.
With a population of almost 72 million, Thailand has emerged as a major crypto hub in Southeast Asia, with the countrys capital Bangkok ranked 10th globally in The Crypto Readiness Index, published by cryptocurrency tax software company Recap in January this year.
This is despite the government banning cryptocurrencies as a payment method last year.
"While Thailand banned the use of cryptocurrencies as a method of payment last March, the regulation doesn't affect trading or investment activity," Recap CEO Daniel Howitt told the Bangkok Post in February.
Thailand was also ranked 8th in Chainalysis Global Crypto Adoption Index for 2022, ahead of the likes of Russia, China, Nigeria, Turkey, Argentina, and the UK.
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Binance Expects to Launch New Thai Crypto Exchange in Q4 2023 - Decrypt
Binance Teases Collaboration with Cristiano Ronaldo in New Ad … – Cryptopolitan
In an exciting development for the cryptocurrency community, Binance, the worlds largest crypto exchange, recently hinted at an upcoming collaboration with renowned football star Cristiano Ronaldo. The behind-the-scenes pictures released by Binance suggest the launch of an extensive ad campaign featuring the global icon. With Ronaldos immense popularity across the world, this partnership has the potential to significantly boost crypto awareness and adoption.
This news comes amidst Coinbase, another leading crypto exchange, planning its own advertising campaign targeted at raising awareness about cryptocurrencies and blockchain technology. Lets delve into the details of this anticipated collaboration and its potential implications for both Binance and the cryptocurrency industry as a whole.
Binance, known for its innovative initiatives in the crypto space, surprised the community with a series of behind-the-scenes pictures featuring Cristiano Ronaldo. The photos, hinting at an upcoming ad campaign, have sparked excitement and speculation among crypto enthusiasts and football fans alike. Ronaldos global fame and massive following make him an ideal choice for Binance to reach a broader audience and promote the benefits of cryptocurrencies.
The collaboration between Binance and Ronaldo signifies the growing intersection between sports and the crypto industry. By leveraging Ronaldos star power, Binance aims to create awareness, generate interest, and foster adoption of cryptocurrencies on a global scale. As an influential figure, Ronaldos endorsement of cryptocurrencies could have a profound impact on their perception and acceptance by the general public.
Coinbase, a prominent cryptocurrency exchange based in the United States, has recently unveiled plans for its own advertisement campaign. The campaigns primary objective is to raise awareness about cryptocurrencies and blockchain technology, particularly among key government officials and lawmakers in Washington, D.C. This move by Coinbase suggests a strategic effort to influence regulatory discussions and shape favorable policies in the cryptocurrency industry.
By launching an ad campaign in the nations capital, Coinbase aims to educate policymakers and decision-makers about the transformative potential of cryptocurrencies. The collaboration between Binance and Ronaldo, coinciding with Coinbases advertising efforts, signals a broader trend in the crypto industry. Cryptocurrency exchanges are increasingly recognizing the importance of strategic partnerships and impactful marketing campaigns to drive mainstream adoption and regulatory acceptance.
The collaboration between Binance and Cristiano Ronaldo has the potential to create a significant ripple effect in the world of cryptocurrencies. Ronaldos unparalleled popularity, with a massive social media following and widespread recognition, positions him as an influential figure to introduce and promote the advantages of cryptocurrencies to a wider audience.
By associating with Ronaldo, Binance can tap into his global fan base, which includes not only football enthusiasts but also individuals who admire his philanthropic efforts and entrepreneurial ventures. The ad campaign featuring Ronaldo is likely to highlight the benefits of cryptocurrencies, such as decentralized finance, borderless transactions, and financial inclusion, while also addressing common misconceptions and concerns.
Furthermore, Ronaldos involvement in the crypto industry may encourage other high-profile athletes, celebrities, and influencers to explore and endorse cryptocurrencies. This could lead to an influx of new users, increased investment, and a broader acceptance of digital currencies in various sectors of society.
Binances collaboration with Cristiano Ronaldo in an upcoming ad campaign marks an exciting development for both the cryptocurrency industry and football fans worldwide. The partnership harnesses Ronaldos immense popularity to raise awareness about cryptocurrencies and their potential benefits. Simultaneously, Coinbases own advertisement campaign signifies a strategic effort to shape regulatory discussions and increase acceptance of cryptocurrencies among key stakeholders.
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Binance Teases Collaboration with Cristiano Ronaldo in New Ad ... - Cryptopolitan