Category Archives: Binance
Binance Exchange’s BNB Token Misses Out on $180 Billion Crypto Rally – Yahoo Finance
(Bloomberg) -- Binances BNB token has missed out on most of the recent rally in digital assets, a sign of the challenging outlook for the largest crypto exchange after it pleaded guilty to US charges and was hit with a $4.3 billion penalty.
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The total market value of cryptocurrencies has jumped some 12% or $180 billion in the past seven days, stoked by a Bitcoin surge, CoinGecko data show. Over the same period, BNB added about 1.3% to trade at $231 as of 2:55 p.m. Thursday in New York.
BNB, which offers holders benefits such as lower trading fees on Binance, is viewed as a reflection of sentiment toward the exchange. The platform fielded a web of regulatory probes this year, culminating in the US with guilty pleas on Nov. 21 for anti-money-laundering and sanctions violations. BNB is the only major token still nursing a year-to-date loss, according to data compiled by Bloomberg.
Read more: Binance Pleads Guilty, Loses CZ, Pays Fines to End Legal Woes
While Binance remains by far the biggest platform for buying and selling digital assets as well as crypto derivatives, its dominance is waning. The exchanges share of spot trading volumes slid to 32% in November from 55% at the start of 2023, according to CCData. Its derivatives market share declined to 48% from more than 60%.
We expect Binance will lose its throne as the No. 1 centralized exchange by volumes following the plea deal with US authorities, said Matthew Sigel, head of digital-assets research at fund manager VanEck. Rivals OKX, Bybit, Coinbase and Bitget have the potential to grab the top spot, he added.
Binances founder Changpeng Zhao also pleaded guilty and resigned as its chief executive officer under the settlement with US authorities. Zhaos successor Richard Teng, a civil servant turned crypto executive, faces the tricky task of reshaping the firm to avoid regulatory blowups while at the same time stemming the loss of market share.
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Teng has sought to project strength, saying in an interview last month that Binances revenues and profits remain robust. He faces pressure to select a formal headquarters, appoint a board of directors and provide greater financial transparency about the company.
Read more: Binance Top Executive Team to Remain Intact, New CEO Teng Says
Exchange Flows
Binance didnt respond to a request for comment about BNBs performance and the business outlook for the company.
Customers withdrew a net $1.6 billion from Binance in November, the second highest monthly outflow of the year, according DefiLlama data. Some of that has reversed, with a net $398 million flowing onto the exchange so far in December.
BNB is down about 8% since the US guilty pleas and more than $4 billion fine, which ranks among the biggest such penalties in US history. An index of the largest 100 digital assets advanced some 14% over the same period.
BNB is being treated as a proxy for Binance right now, which explains its strong underperformance, said Clara Medalie, director of research at Kaiko.
Over longer time periods, BNB has still outperformed for instance, its up about 686% over the past three years compared with a 122% increase in the index of the top 100 tokens.
This years rebound in digital-asset prices from a 2022 rout provides a tailwind for Binance. The plea deal, and the conviction of Sam Bankman-Fried for fraud at FTX, have also fueled optimism that the worst of the US crackdown on crypto may be over.
The US settlement certainly had an impact on the BNB price but Binance remains operational and theres at least a path forward, said Annabelle Huang, managing partner at crypto lender Amber Group.
--With assistance from Emily Nicolle.
(Updates market figures from the second paragraph.)
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Binance Exchange's BNB Token Misses Out on $180 Billion Crypto Rally - Yahoo Finance
Here’s How Much Binance XRP Holding Dropped in 1 Month Amid Plunging Liquidity – The Crypto Basic
Following the intense regulatory crackdown on Binance, the XRP reserve on the platform has dropped 1.14% within a month, as liquidity takes a huge hit.
Based on our personally tracked records, the XRP reserve on Binance as of November 1 came in at 2,770,726,176 units. This figure has dropped to 2,739,628,543.726 XRP as of December 1, as gleaned in its latest Proof-of-Reserve (PoR) report.
The plunge is reminiscent of the imbalance in the crypto market and the susceptibility of prominent coins to respond to regulatory instability, irrespective of the platform involved.
Despite the Department of Justice (DOJ) netting $4.3 billion in settlement from the exchange, XRP traders on Binance are still obviously treading with caution.
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While there is a month-on-month decline in the XRP reserve presented by Binance, the trading platform remains in a position to redeem all withdrawal requests from its users at any time.
Per the figures presented in the PoR report, the customers XRP balance comes in at 2,624,581,559.32 XRP worth $1,692,855,105 based on XRPs price of $0.645 at the time of writing. The Binance XRP reserve comes in at $1,767,060,410, with a massive excess of $74,205,305.
With the turbulent November, the robust liquidity pool and XRP reserve mitigated the impact of the withdrawal shocks that gripped the trading platform when its founder, Changpeng CZ Zhao stepped down in the fallout with the DOJ.
Binances transparency since it started releasing the PoR report months ago might be responsible for the trust placed in the firm by its loyal customers. Despite the DoJ threat, Binance remains the biggest crypto exchange per daily trading volume.
Just like XRP, Binance has proven that it has enough reserve for the tokens supported on its platform. While Bitcoins customer balance comes in at 561,003.3 BTC, Binance holds 584,373.7 BTC.
Other tokens including Binance Coin (BNB), Ethereum (ETH), and Litecoin (LTC) also have at least a 100% reserve ratio.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Here's How Much Binance XRP Holding Dropped in 1 Month Amid Plunging Liquidity - The Crypto Basic
Binance Proof-of-Reserves show Bitcoin balance dropped 23k BTC in November amid regulatory woes – CryptoSlate
According to its latest proof of reserves report, Binance experienced a significant decline in its Bitcoin balance in November, dropping by over 23,000 BTC, or roughly 4%, coinciding with the exchanges regulatory issues with U.S. authorities.
According to data from Binances website, the total BTC balance of its customers was 584,659 BTC at the beginning of November. However, the balance had decreased to 561,003 BTC by the start of December. This suggests a substantial withdrawal of assets from the platform during the regulatory challenges it faced.
A CryptoSlate Insight analysis highlighted a distinct trend among Binance users during this period. The platform witnessed significant BTC outflows from larger holders, while incoming funds primarily originated from retail users.
Supporting this observation, DeFillamas data dashboard revealed that Binance encountered outflows surpassing $2 billion between Nov. 1 and Dec. 1.
This decline in Binances Bitcoin holdings occurred as the platform resolved to a settlement exceeding $4 billion with the U.S. authorities on issues relating to multiple violations of several financial laws. Additionally, the exchanges founder, Changpeng CZ Zhao, stepped down as CEO after pleading guilty to charges related to money laundering.
Binances website further shows that the platform balances on other major cryptocurrencies also recorded declines during the period.
For context, Ethereum holdings for Binance users dropped by approximately 0.67%, moving from 3.91 million to 3.88 million as users withdrew their assets.
Similar trends were observed in balances for other assets such as XRP, Litecoin, USDC, and Binances native BNB token.
In contrast, Binance saw a more than 5% surge in the balance of Tethers USDT, reaching $15.2 billion. This increase coincided with over 860 million units of the stablecoin being sent to the platform by users during the same period.
Some analysts believe that the upsurge in USDTs balance on Binance is linked to the stablecoins growing market supply. As Binance maintains its position as the leading cryptocurrency exchange by trading volume, crypto traders increasingly deposit their USDT on the platform for trading purposes.
Despite regulatory concerns, data on Binances website indicates that the exchanges assets remain fully backed.
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XRP and Cardano Still Missing as Binance Web3 Wallet Now Supports Bitcoin and Dogecoin – The Crypto Basic
The largest crypto trading platform, Binance, has now added support for five blockchain networks in its Binance Web3 Wallet service.
The exchange communicated this update via a recent blog post and on X. Per the notification, the new additions were in response to feedback from the crypto community.
Notably, the five networks now incorporated into the Binance Web3 Wallet include the blockchains of Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), and Sei Network.
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Following the new integration, users can seamlessly transfer tokens to and from these networks using Binance Web3 Wallet. Existing supported networks include BNB Smart Chain, Ethereum, Polygon, Avalanche, and Arbitrum One.
However, notable blockchain networks still missing include the XRP Ledger and Cardano. This implies that investors cannot send and receive ADA and XRP through the tokens native networks on the Binance self-custody solution, only through other networks like BNB Smart Chain.
It is worth mentioning that the support for Bitcoin and Dogecoin on Binance Web3 Wallet comes precisely a month after the exchange introduced the platform. Notably, the Binance Web3 Wallet supports storing non-fungible tokens (NFTs) on specific networks.
Binance noted that its Web3 wallet service streamlines the path for users as it eliminates complex setups. Specifically, the Binance Web3 wallet eliminated the need to write down seed phrases, a process typical of standard crypto wallets.
Binance claimed users benefit from the seed-phrase-less setup while retaining the advantages of security and self-custody.
Besides, Binance users need to perform no extra actions to own and control this Web3 Wallet. Users can navigate to the wallet from the Binance app with just two clicks: [Wallets] > [Web3].
It is worth noting that, similar to other services, crypto self-custody solutions mean that users have total control over their wallets, and forgotten passwords are not retrievable.
If you forget your password and lose access to your device (or delete the Binance app), you wont be able to access your wallet or its contents, Binance stated.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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First Mover Americas: Binance Withdraws an Abu Dhabi License Application – CoinDesk
Cryptocurrency exchange Binance withdrew its bid for an investment-management license in Abu Dhabi, deeming it unnecessary to the company's "global needs." The exchange still has an application to offer custody of digital assets to professional clients. "When assessing our global licensing needs, we decided this application was not necessary," a Binance spokesperson said in an emailed statement. Binance is licensed in Dubai, and that is the company's Middle East and North Africa headquarters, CEO Richard Teng said in an interview for a Financial Times conference on Tuesday. The decision is unrelated to the exchange's legal settlement in the U.S., where it agreed to pay a $4.3 billion fine for violating anti-money laundering and money transmitter rules.
El Salvador is targeting bitcoin (BTC) and crypto millionaires in its latest push to attract long-term residents to the country. The nation kickstarted its "Freedom VISA" program on Thursday, doling out residency to a maximum of 1,000 people per year who invest at least $1 million worth of bitcoin or tether (USDT) stablecoins. Eligible participants receive a long-term residency permit and have a path to full citizenship. An application costs a non-refundable $999 in BTC or USDT, and the process is live as of Friday.
Popular U.S.-based brokerage platform Robinhood (HOOD) on Thursday started letting customers in the European Union (EU) trade crypto, hailing the region's comprehensive digital asset rules. To spur customers to use the service, Robinhood will credit a percentage of their trading volume back every month, paid in bitcoin (BTC), according to a Thursday blog post. And users can earn more BTC for referring new customers. This expansion debuts as cryptocurrencies have been rallying after a brutal bear market, recovering to a $1.5 trillion total market capitalization, the highest level since May 2022. Rising trading volumes also mean more revenue for trading platforms.
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First Mover Americas: Binance Withdraws an Abu Dhabi License Application - CoinDesk
How does the crypto market benefit from Binance’s turbulent November? – Cointelegraph
November turns out to be a tumultuous month for the crypto industry. In November 2022, FTX, once the second-largest crypto exchange, collapsed dramatically, extending the bearish pressure amid a multi-month crypto winter.
This year, its the turn of Binance, the worlds largest crypto exchange, to face some serious challenges. Binance will continue to operate, but this comes at a price: CEO Changpeng CZ Zhao had to step down.
At the end of November, CZ agreed to plead guilty to charges related to money laundering. He will pay a $50 million fine, while Binance will pay $4.3 billion to settle the charges and continue operations.
The crypto exchange ends investigations by the Commodities Futures Trading Commission (CFTC) and the Department of Justice (DOJ), although the Securities and Exchange Commission (SEC) can require its own investigations.
Treasury Secretary Janet Yellen said:
The result of these agreements will be an end to company behavior that has posed risks to the U.S. financial system, U.S. citizens, and our country's national security for too long.
While this is a major blow for Binance, many believe that the broader crypto industry will ultimately benefit from this outcome, as crypto platforms will become more regulated to avoid the same fate. Meanwhile, Binances direct rivals, such as Coinbase or Kraken, are now seeking to attract Binance customers.
Kraken co-founder Jesse Powell welcomed the result of the Binance investigation in an X (formerly Twitter) post, stressing that the industry could benefit from a more fair playing field.
Coinbase CEO Brian Armstrong admitted that he felt relieved and that following the rules was always the right decision for his company.
Besides a more competitive environment for crypto exchanges, Binances settlement can finally lead to the approval of the first Bitcoin spot exchange-traded fund (ETF) by the SEC.
Previously, the SEC cited market manipulation when turning down Bitcoin ETF filings. In an X post in June, Travis Kling, chief investment officer of Ikigai Asset Management, said that Binances market dominance had to end before a Bitcoin ETF gets the green light.
Mike Novogratz, CEO of crypto investment firm Galaxy Digital, said the Binance settlement was super bullish for the industry.
Indeed, Bitcoin has broken above the $40,000 level to update the year-to-date peak following Binances settlement, as investors are more confident that a Bitcoin ETF is just around the corner.
Source: Cointelegraph
The current situation can benefit traders on all fronts. To begin, it will be a safer trading environment since centralized crypto exchanges will comply with the rules more strictly.
On top of that, crypto traders can leverage the bullish run that is taking off these days. To augment potential profits, they can use automated trading tools like the ones offered by TradeSanta. The platform enables users to automate trading on popular crypto exchanges, including Binance, Kraken, OKX, Coinbase Pro, and ByBit, among others.
Source: TradeSanta
Traders can create their own strategies or implement ready-made ones on the supported exchanges. TradeSanta also provides its own trading terminal that comes with a user-friendly interface to trade on multiple exchanges from one account and multiple tools, including TradingView signals, risk management tools and take profit targets to analyze the crypto market in real-time.
Thanks to TradeSantas automation features, traders can reduce stress and increase efficiency, as they dont have to monitor the market constantly and execute manual trades. The bots can be programmed to analyze Bitcoin and altcoins and open and close positions without any human involvement. TradeSantas algorithms follow preselected strategies and leverage technical analysis and market sentiment to back its moves.
Following Binances settlement, TradeSanta users have direct access to a more compliant ecosystem of crypto exchanges while being able to leverage the current bullish market more efficiently.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.
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How does the crypto market benefit from Binance's turbulent November? - Cointelegraph
Binance is the Official Gold Sponsor of Taipei Blockchain Week 2023 – PR Newswire
TAIPEI, Dec. 8, 2023 /PRNewswire/ -- Binance, the global blockchain ecosystem behind the largest cryptocurrency exchange by trading volume, is pleased to announce that it is the official Gold Sponsor of Taipei Blockchain Week 2023. This community-hosted event has been highly anticipated, and will bring together over 5000 individuals within the crypto, blockchain and Web3 industry from Taiwan and beyond.
This year, Binance will participate in this exciting conference in a number of ways, including a virtual fireside chat featuring its CEO Richard Tengon December 14. This will be Richard's first appearance in a large-scale Web3 summit in Asia since his appointment as CEO of Binance in November 2023. A wide range of important topics will be discussed, including Binance's key priorities moving forward, the key landscape in Asia Pacific and globally, as well as his future outlook on the crypto and Web3 industry.
Damien Ho, from Binance's Global Partnerships team, will also be participating in a panel discussion on December 15 alongside other industry players. The panel discussion will explore a comprehensive set of topics, including the importance of collaborations within the industry to advance the space further.
Join Binance for a vibrant conference exploring how blockchain and crypto can empower the next billion people around the globe in below sessions:
Participants can also visit Binance's booth to chat with community members and enjoy a number of great activities with souvenirs and swag available.
The 5-day conference will take place in Songshan Cultural & Creative Park from December 11-16 and is expected to gather thousands of Web3 enthusiasts, veterans and experts worldwide to exchange and explore the latest industry trends and development with the aim of bridging Taiwan's Web3 community with the global crypto community.
About Binance.com
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings.
For more information, visit: https://www.binance.com
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Binance is the Official Gold Sponsor of Taipei Blockchain Week 2023 - PR Newswire
Binance withdraws application to manage Abu Dhabi investment fund: report – The Block – Crypto News
Legal December 7, 2023, 4:25PM EST Published 1 minute earlier on
Binance, the world's largest crypto exchange, decided not to pursue a license to operate a collective investment fund in Abu Dhabi, according to a report.
Binance's entity in the UAE, called BV Investment Management, withdrew the application it filed last November with Abu Dhabi's Financial Services Regulatory Authority. The application was withdrawn on Nov. 7, according to the regulator's website.
"When assessing our global licensing needs, we decided this application was not necessary," a Binance spokesperson told Reuters, adding that the move was unrelated to the firm's recent settlement with the U.S. government over allegations of breaking anti-money laundering rules.
In November, Binance and its now-former CEO Changpeng Zhao pleaded guilty and agreed to pay$4.3 billion in fines to the U.S. regulators. Zhao stepped down as CEO, and Binance agreed to appoint anindependent monitor for five years, "whose mandate will include review and assessment of Binances sanctions compliance program."
A year ago, Binance secured a Financial Services Permissionin Abu Dhabi, which allowed it to provide crypto custody to professional clients, under certain conditions.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
2023 The Block. 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 withdraws application to manage Abu Dhabi investment fund: report - The Block - Crypto News
Ex-CEO of Binance ‘Is a Flight Risk’: Must Stay in the US until Sentencing – Finance Magnates
Changpeng Zhao, the Founder and former CEO of Binance, must stay in the United States until his sentencing is scheduled in February, a US federal judge ruled on Thursday. This decision overruled Zhao's previous bail agreement that would have allowed him to visit his UAE residency but requires him to return to the US two weeks before his sentencing.
The ruling came only a day after the court accepted Zhao's guilty plea for violating one count of Bank Secrecy Act violation.
Zhao entered the guilty plea last month and consecutively signed a $175 million bond agreement. He already put up about $15 million in an escrow account and found guarantors for the additional funds.
Although the initial bail agreement permitted him to leave the United States temporarily, the federal protestors raised concerns to the court about Zhao's potential as a flight risk. They pointed out that the US does not have an extradition treaty in place with the UAE, and if Zhao decided not to return for the sentencing, they could not force him to return. Also, most of his assets are outside the US jurisdiction, so it would be challenging to recover the bail proceeds.
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"The defendant has articulated justifications that in most cases would cause the government's motion to be denied," the judge wrote in the latest ruling. "However, a critical feature of the government's motion is the extent of the defendant's enormous wealth and absence of an extradition treaty with the UAE."
"In addition, the defendant's family resides in the UAE, and there is no indication he has any other ties to the United States. While the defendant has indicated he will be asking for a lesser sentence, the government has indicated it may be asking for as much as 18 months of incarceration. Consequently, the defendant is not facing an insignificant sentence."
The judge further highlighted that although Zhao could go behind bars for a maximum period of 18 months, he might only face a prison time of 10 months. The sentencing for anti-money laundering violations can be up to 20 years without a plea agreement.
Zhao founded Binance in 2017 and led the exchange until recently, making it the largest crypto exchange globally in terms of trading volume. Binance also settled with the US federal prosecutors, paying $4.3 billion, and shelled out an extra $2.85 billion to settle the charges brought by the US commodities regulator. It is still battling with the Securities and Exchange Commission.
Changpeng Zhao, the Founder and former CEO of Binance, must stay in the United States until his sentencing is scheduled in February, a US federal judge ruled on Thursday. This decision overruled Zhao's previous bail agreement that would have allowed him to visit his UAE residency but requires him to return to the US two weeks before his sentencing.
The ruling came only a day after the court accepted Zhao's guilty plea for violating one count of Bank Secrecy Act violation.
Zhao entered the guilty plea last month and consecutively signed a $175 million bond agreement. He already put up about $15 million in an escrow account and found guarantors for the additional funds.
Although the initial bail agreement permitted him to leave the United States temporarily, the federal protestors raised concerns to the court about Zhao's potential as a flight risk. They pointed out that the US does not have an extradition treaty in place with the UAE, and if Zhao decided not to return for the sentencing, they could not force him to return. Also, most of his assets are outside the US jurisdiction, so it would be challenging to recover the bail proceeds.
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"The defendant has articulated justifications that in most cases would cause the government's motion to be denied," the judge wrote in the latest ruling. "However, a critical feature of the government's motion is the extent of the defendant's enormous wealth and absence of an extradition treaty with the UAE."
"In addition, the defendant's family resides in the UAE, and there is no indication he has any other ties to the United States. While the defendant has indicated he will be asking for a lesser sentence, the government has indicated it may be asking for as much as 18 months of incarceration. Consequently, the defendant is not facing an insignificant sentence."
The judge further highlighted that although Zhao could go behind bars for a maximum period of 18 months, he might only face a prison time of 10 months. The sentencing for anti-money laundering violations can be up to 20 years without a plea agreement.
Zhao founded Binance in 2017 and led the exchange until recently, making it the largest crypto exchange globally in terms of trading volume. Binance also settled with the US federal prosecutors, paying $4.3 billion, and shelled out an extra $2.85 billion to settle the charges brought by the US commodities regulator. It is still battling with the Securities and Exchange Commission.
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Ex-CEO of Binance 'Is a Flight Risk': Must Stay in the US until Sentencing - Finance Magnates