Category Archives: Binance
Binance.US Review: Pros, Cons, and More – The Motley Fool
What could be improved Regulatory concerns
In June 2023, the SEC brought charges against Binance, Binance.US, its founder Changpeng Zhao, and other related crypto entities. "Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law," said SEC Chair Gary Gensler. The accusations, which echo those brought by the CFTC earlier in the year, include:
In a blog post, Binance says it plans to defend itself against the accusations. "Any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong, and there is zero justification for the Staffs action in light of the ample time the Staff has had to conduct their investigation."
Binance.US is not alone in not accepting credit card payments. In fact, it isn't always a good idea to try to buy crypto using a credit card. You may face extra charges from your card issuer, plus you're essentially taking on debt to make a high-risk investment. Nonetheless, this is a slight negative.
Binance.US is not available in Hawaii, New York, Texas, or Vermont. Cryptocurrency traders in these states will need to look for another exchange. Check out our list of top cryptocurrency apps and exchanges for more options.
Binance.US does not have a telephone customer support line. It has a 24/7 live chat function that can give basic assistance and allow users to connect to live agents for more complex inquiries. But users with more specific queries need to fill out a form and wait for an email response. This is an issue for several cryptocurrency exchanges, as customers want more hands-on assistance, especially if theyre trying to report fraud or suspicious activity.
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Are We Still Early in Crypto? Taking Stock of Crypto Adoption as Binance Hits 200M Users – 99Bitcoins
Is Crypto Still Early? Binance users have exploded to over 200 millionusers doubled in 26 months. But global crypto ownership is still below 7%.
Bitcoin might be trending at around record highs, but unfortunately, only a tiny portion of the global population owns the coin.
(BTCUSDT)
There are even more dismal statistics regarding the number of developers launching their solutions on decentralized networks like Ethereum or Solana.
Theories have been forwarded to explain this low adoption rate more than 14 years after the first network went live.
But even with some skeptics insisting that most crypto projects have no real use case and are mere copies of Bitcoin, the current state of affairs begs the question: Are we still early?
Recently, Binance, the worlds largest crypto exchange by user count, announced that it was serving over 200 million users.
Of note, the active user base roughly doubled in just 26 months, highlighting a shift from early adopters to a more mainstream audience.
At this mega milestone, the exchanges CEO, Richard Tend, said the crypto sphere is entering a new early majority phase, during which they aim to eventually serve 1 billion people.
Even so, the path to this wont be smooth. Regulatory hurdles, particularly in the United States, pose a significant obstacle.
To highlight the gravity of regulations, Binance founder Changpeng Zhao is serving a four-month prison term in the United States. He also had to pay a $50 million fine and step down as the CEO.
Encouragingly, the upcoming election in the United States might offer some clarity, with Donald Trump pledging to be the crypto president if elected.
As it is, Trump accepts crypto donations for his campaign.
DISCOVER: The Best Altcoins To Unlock Unhinged Growth in 2024
The broader picture is nonetheless encouraging. Worldwide, the number of crypto owners has surged to over 562 million, though the ownership rate remains below 7%.
Young adults between 24 and 35 years old are the most enthusiastic, making up 34% of all crypto holders.
Geographically, countries in Africa, like Nigeria, the Middle Eastmainly the UAE, and Southeast Asia, like Thailand, lead the pack with ownership rates exceeding 24%.
Emerging markets like Turkey and Argentina, alongside smaller economies like Slovenia, are also seeing rapid adoption.
Several key factors influence crypto adoption: Socio-economic realities, including high inflation, drive adoption in countries like Nigeria and Turkey.
Beyond crypto adoption among retailers, the approval of complex derivatives, like the spot Bitcoin ETFs in countries like the United States, Thailand, the United Kingdom, and Australia, continue to spur uptake among institutions.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Binance CEO Says Crypto Adoption Advancing, Industry Now in Early Majority Stage – Crypto News Australia
The crypto universe has reached new heights in 2024. A key milestone was the approval of spot Bitcoin ETFs in the United States, becoming the catalyst for a wave of high-profile (and rich) institutions entering the scene.
Bitcoin ATHs, spot Ether funds and the BTC halving event are just some of the seismic changes the cryptosphere is experiencing. Put it all together, and the new CEO of Binance, Richard Teng, believes that the sector has officially transformed into its next era.
Welcome to the Early Majority stage.
Related: Coinbase Proposes New Metric To Accurately Track Blockchain and Crypto Adoption
Teng, in a statement to Cointelegraph over the weekend, was prompted for a response to Binance reaching a new userbase milestone. The worlds largest crypto exchange shook off the early-year controversy to continue climbing new heights in 2024.
We are deeply honoured and humbled to have welcomed 200 million registered users and counting.
The company has seen its customer base double in barely over two years (from 100 to 200 million), in large part thanks to cryptocurrencys newfound legitimacy as an asset class.
Teng was sure to acknowledge the broader ecosystems growth as key to Binances success, emphasising collaboration among the industry and financial inclusion and innovation.
This milestone isnt merely a triumph for Binance. Its also a sign of robust growth and maturity for the broader crypto sectorIt reflects a transition from early adopters of crypto to the early majority, indicating that more and more of the global population are warming up to crypto and its limitless possibilities.
Cryptos transition into the public eye wont always be smooth sailing the last time the sector saw this much attention culminated in the cataclysmic collapse of FTX.
But the industry has learned from this experience and is now working with regulators in its path toward global domination adoption. SEC approving Bitcoin ETFs was the first big step, but it is just one of many that will play out in the next six months.
Related: Analyst Reveals Several Reasons Why Ethereum Could Reach a $150K Valuation per ETH
The US election, and its outcome, will likely have major ramifications for the industry as both candidates jostle to position themselves as the pro-crypto President.
No matter who wins that battle, the fact digital assets are such a hot topic can only be a good thing moving forward.
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Crypto Industry Now In ‘Early Majority’ Phase: Binance CEO After Exchange Hits 200M Users – International Business Times
KEY POINTS
Cryptocurrency exchange giant Binance reached a new milestone over the weekend, and for the crypto behemoth's CEO, it is proof that the digital assets space has now reached a brand new stage more than a decade since the first crypto token emerged.
Binance hit 200 million registered users worldwide Sunday, and Richard Teng said the achievement "is an embodiment of the trust that the crypto community and industry players continue to have in the Binance system." Binance, which has recently seen increased scrutiny among global governments, has the largest number of registered users among all virtual exchanges.
Teng went on to note in an email to Cointelegraph regarding Binance's achievement that reaching the 200-million user mark isn't only a victory for the exchange founded by Changpeng Zhao. "It's also a sign of robust growth and maturity for the broader crypto sector."
The milestone also "reflects a transition from 'early adopters' of crypto to the 'early majority,' indicating that more and more of the global population are warming up to crypto and its limitless possibilities," he said. Teng said Binance will continue to work on initiatives for financial inclusion and financial innovation moving forward.
His remarks came as the crypto exchange retained the top position as the world's largest crypto spot exchange by trading volume, followed by Coinbase and OKX in the top three, as per CoinMarketCap data.
Despite its continuing popularity in the crypto realm, Binance has been in multiple legal battles in recent years, with its latest struggle outside the United States drawing attention from lawmakers.
A group of 16 House representatives sent a letter to U.S. President Joe Biden last week, urging him to take action to release Binance compliance officer Tigran Gambaryan, who has been detained in Nigeria since late February for his alleged involvement in the exchange's violations of Nigerian laws.
The lawmakers, which included Chairman of the House Financial Services Committee Subcommittee on Digital Assets Rep. French Hill, R-Ark., wrote in the letter that Gambaryan's health was in danger and "we fear for his life." They urged the Biden administration to act fast since Gambaryan qualifies as "U.S. Citizen wrongfully detained by a foreign government."
Gambaryan, a former IRS agent, is suspected of having malaria and a severe throat infection, his family said late last month.
Aside from Gambaryan's case in Nigeria, Binance was also under fire last month after The Wall Street Journal reported that it fired an employee who was part of a market surveillance team that reported alleged price manipulation of some tokens by DWF Labs, one of the exchange's clients.
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MoonBag Top Crypto Presale Hits the Planets While Binance and Dogeverse Address Issues – Techpoint Africa
Why are investors gravitating toward the top cryptocurrency presales rather than the well-known cryptocurrencies? The fact that irresistible perks are being promised could be the cause. These days, investors are drawn to new possibilities in the presale phase, which promises a strong community and enormous potential gains. The ease with which transactions can be made with cryptocurrencies and their potential to aid in achieving financial independence are the main reasons why so many individuals are choosing to invest in them. There is a fierce rivalry and significant profits due to the desire for more coins to join the market.
MoonBag crypto provides many unique features to investors and the likelihood of financial gain. The coin has effective smart contract technology, which makes certain secure and transparent transactions possible. MoonBag's top crypto presale is impressive. Its versatility, along with the coins architecture, allows it to be a meme coin to consider while staying away from other cryptocurrencies that are experiencing real problems.
Dogeverse has been able to form a community amongst its users. It has seen high levels of community involvement, but it has not been able to turn this commitment into solid financial growth.
Dogeverse's network problems have caused it to lose many users. The coin does not, as advertised, assure investors of monetary gains. For this reason, investors are contemplating MoonBag coin and searching for the best cryptocurrency presale.
Despite being popular in the crypto market due to its link to the popular Binance exchange, the coins performance is not showing as successful results as some more recent cryptos. It was originally launched like a unity coin, particularly for Bitcoin exchange, and it provides transactional speed along with limited expenses.
Binance has even faced a number of controversies that have impacted its reputation and investor trust. Problems encompass money laundering charges against its former CEO, for instance. This has negatively impacted the coin and resulted in limited confidence amongst investors as they search for the best meme coin presale options.
MoonBag coin is a top crypto presale in 2024 because of its strategic approach and powerful community support. The MoonBag presale has already raised major investor interest and confidence. It is also part of the best meme coin presales due to its unique features and robust referral program.
MBAG Coin's attractive liquidity management initiative sets it apart. By putting aside $3.5 million in liquidity, it aims to give investors stability and growth, making it a good investment. MoonBag crypto even has a proper buyback and burn strategy, limiting the coin supply and increasing its scarcity. This is able to increase MBAG coin's value as time passes. The staking options present are attractive as well. The cryptocurrency has an 88% annual percentage yield or APY. This lets investors increase their holdings. The MoonBag presale even has a proper referral program which awards people when they bring in investors.
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Whilst Dogeverse and Binance tackle issues, MoonBag coin stands out in the cryptocurrency market due to its impressive meme coin presale and other advantages it aims to provide. Its liquidity strategy and major potential returns allow it to be on the list of top crypto presales at the moment. If you are looking for a stable and lucrative meme coin, consider the top crypto presale of MoonBag cryptocurrency and be part of this journey.
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Binance Coin Holds Above $700: Can BNB Hit a New ATH In June? – Watcher Guru
Binance Coin (BNB) has been making headlines in recent days as it continues to hold strong above the $700 mark. With a current price of $706.55, BNB has seen a 1.4% increase in the past 24 hours. The coin is also up by a remarkable 19.2% gain over the last seven days. This strong performance has led many investors and analysts to speculate whether BNB could potentially reach a new all-time high (ATH) in June.
BNBs recent price action has been particularly noteworthy. The coin was trading within a range of $590.91 to $716.62 over the past seven days.
This surge in price has brought BNB closer to its all-time high of $717.48. This was achieved on June 06, 2024, just about 15 hours ago. Also, with the current momentum and market sentiment, many believe that BNB could potentially break through this resistance level and establish a new ATH in the coming weeks.
Also read: Solana Mirrors February Pattern: Can SOL Hit New Highs In Coming Weeks?
Looking ahead, crypto experts have made various price predictions for BNB in 2024. According to Changellys technical analysis, the minimum cost of BNB in 2024 is expected to be $369.51. The maximum price is expected to be $604, with an average trading price of $838.49.
Focusing on the near term, the BNB price forecast for June 2024 indicates an average rate of $765.30, with a minimum price of $706.53 and a maximum price of $824.07.
Also read: Robert Kiyosaki Predicts Bitcoin To Hit $350,000: Heres When
As Binance Coin continues to hold strong above $700 and showcase impressive weekly gains, investors and traders are closely monitoring the cryptocurrencys performance. With the current momentum and positive market sentiment, many believe that BNB could potentially reach a new all-time high in June.
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Binance Coin Holds Above $700: Can BNB Hit a New ATH In June? - Watcher Guru
Binance reaches 200M users with $100B in assets under custody – TradingView
Binance, the largest cryptocurrency exchange in the world by daily volume, announced on June 8 it had reached 200 million global users.
No other exchange can boast nearly as many users. However, these figures are self-reported.
In true celebratory fashion, Binance marked the occasion across its social media platforms by framing the 200 million user mark as a milestone on the companys quest to onboard a billion, or one in every eight people on Earth.
In an X post, Binance said:
Today, we celebrate 200 million and its all because of YOU! Your support is the heartbeat of our journey to 1 billion users. Heres to the stars of our story you!
As recently as 2022, Binance only had approximately 130 million users. In 2023, the exchange added 40 million users, bringing its total count to 170 million. Six months into 2024, its already added at least 30 million more. This puts Binance on pace to reach 300 million users by 2026, assuming trends remain the same for both the company and the industry.
The global cryptocurrency consumer installation base reached 562 million people in 2024, up 142 million over 2023s 420 million users, according to research from Triple-A. These numbers indicate that Binance users account for approximately 36% of the global cryptocurrency user base.
Binances 200 million user milestone comes on the heels of another cryptocurrency industry record for the company. As Cointelegraph reported in March, Binance reached a total of $100 billion in user assets under custody. That averages out to about $500 worth of assets in custody per user.
The companys legal woes are also largely in the rearview. With founder and former CEO Changpeng CZ Zhao currently serving a four-month sentence on fraud charges, it appears as though Binance has emerged relatively unscathed.
CZ, for his part, is reportedly apologetic for his actions and dutifully serving his time in a minimum-security facility in California.
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Binance reaches 200M users with $100B in assets under custody - TradingView
Io.Net Replaces CEO Ahead of Binance Launchpad Token Launch – Crypto Times
A Solana-based decentralized infrastructure provider, Io.Net, has replaced its CEO just days before its native token launch on Binance Launchpad. Co-founder Ahmad Shadid announced his resignation on Sunday via X, naming co-founder and former COO Tory Green as his successor.
Shadid mentioned past allegations as the cause of his departure, aiming for Io.Nets uninterrupted progress. Shadid pledged one million of the platforms forthcoming tokens from his personal supply to bolster the Internet of GPUs Foundation and ecosystem support.
Shadid said, While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net move forward without distraction and to focus on its growth and success.
New CEO Tory Green reaffirmed the companys vision to become the worlds largest AI computing network. Green confirmed the token launch on Binance Launchpool set for June 11.
Io.Net has recently faced criticism from competitors regarding its GPU offerings. Allegations include varied network size metrics and Shadids past involvement in Arabic-language crypto projects. The company claimed attackers tried to spoof GPUs to gain more rewards, addressing these concerns in a detailed postmortem.
Greg Osuri, CEO of Akash Network, a DePIN competitor, commented positively on the CEO change but noted that questions about the allegations remain.
Shadid clarified on X that his tokens would be locked for four years, with other investors and team members facing shorter lockups. Io.Nets Series A fundraising round achieved a $1 billion fully diluted token valuation.
Responding to questions about the timing of his resignation, Shadid emphasized that his decision was for the benefit of the Io.Net community. Its not about me anymore. Its about all of you, Shadid stated.
Shadids decision to step down as CEO of Io.Net amidst past allegations, pledging support to the platforms ecosystem, reflects a strategic move for the companys uninterrupted progress under new leadership.
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Io.Net Replaces CEO Ahead of Binance Launchpad Token Launch - Crypto Times
Hackers exploit Chrome plugin to steal millions from Binance accounts – Cointelegraph
Update (04/06/2024 at 19h30 UTC): This article has been updated to include comment from a Binance spokesperson.
A Chinese trader lost $1 million to a hacking scam using a promotional Google Chrome plugin called Aggr. The promotional plugin steals cookies from users, which hackers use to bypass password and two-factor authentication (2FA) verification and log into the victims Binance account.
A trader took to X to recount the ordeal of losing their life savings to an unexpected scam.The trader, who goes by the X username CryptoNakamao, said that on May 24, their Binance account started trading randomly, and they only realized this after opening the Binance app to check the Bitcoin (BTC) price.
By the time he sought assistance from Binance, the hacker had already withdrawn all funds.
The trader claimed that the hackers had gained access to his web browser cookie data, which they had stolen via a Chrome plugin called Aggr. The trader installed the plugin to access prominent trader data only to realize malicious software was created to steal users web browsing data and cookies.
The hacker then used the collected cookies to hijack active user sessions without a password or authentication and carried out multiple leveraged trades to spike the price of low liquidity pairs and profit from them.
Related: Ethereum due for new all-time high as countdown to Ether ETF nears end
The trader explained that even though the hacker couldnt withdraw funds directly due to 2FA, they used the cookies and active login sessions to make profits through cross-trading.
The trader claimed that the hacker bought several tokens in the Tether (USDT) trading pair with abundant liquidity and placed limit sell orders exceeding the market price in the Bitcoin, USD Coin (USDC) and other trading pairs with scarce liquidity.
Finally, the hacker opened leveraged positions, bought a large amount in excess, and completed the cross-trading. A cross trade is a practice where buy and sell orders for the same asset are offset without recording the trade on the exchange.
The trader claims that Binance did not implement essential security measures despite unusually high trading activity. Furthermore, even after receiving timely complaints, the exchange failed to take action to stop it, they added.
In their investigation, the trader discovered that Binance had been aware of the fraudulent plugin for quite some time and was already conducting an internal investigation. Despite knowing the hackers address and the nature of the plugin scam, the trader claimed Binance failed to inform the traders or take any actions to prevent the fraud. The trader wrote:
A spokesperson from Binance told Cointelegraph that an investigation into the incident uncovered that the affected user had assumed a separate incident from 1st March was due to the fraudulent aggr.trade plugin based on an X post dated 28th May
Our investigation of that incident did not find any such plugin based on the data and material provided to us by the user at that time. Prior to the X post a community influencer had alerted us to the plugin on 27th May and we immediately implemented additional security measures, the spokesperson said.
A subsequent post from the affected user translated by Cointelegraph notes that he had made some biased or unfounded accusations in his initial personal investigations into the incident.
Magazine: Ether ETFs expected in June, CZ leaves Binance France, and other news: Hodlers Digest, May 26 June 1
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Hackers exploit Chrome plugin to steal millions from Binance accounts - Cointelegraph
Binance announces decision to delist 4 altcoins amid sharp price decline By Investing.com – Investing.com
Investing.com - Binance has announced its intention to delist four altcoins: OMG Network (), Waves (), Wrapped NXM (), and NEM () on June 17, 2024.
This decision follows a comprehensive review aimed at maintaining a safe trading environment. The delisting will result in the cessation of trading for several currency pairs, significantly impacting their market prices.
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Binance states that this move is part of a periodic review to ensure trading quality remains at its highest. The criteria influencing this decision include the dedication of the project teams, project development quality, trading activity, network stability, community engagement, compliance with new regulatory requirements, and their impact on the blockchain.
Affected trading pairs include OMG/USDT, , , , WAVES/USDT, WNXM/USDT, and XEM/USDT. After June 17, Binance will automatically cancel all pending orders for these pairs.
Starting June 18, the platform will no longer accept new buy orders using these pairs. However, withdrawals will remain possible until September 17, 2024.
Additionally, Binance will cease supporting these coins in other services such as Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay. Notably, Binance Futures will remove the WAVES/USDT pair on June 11, while perpetual contracts for OMG/USDT and XEM/USDT will not be delisted.
Investors should also be aware of the possibility to convert these coins into stablecoins, which Binance plans to facilitate after September 18, 2024.
Following the announcement, the value of these coins dropped significantly. OMG decreased by 25.76%, WAVES by 27.06%, and XEM by 28.73%. In contrast, WNXM quickly rebounded from its decline, currently down by only 3.27%.
These significant price changes reflect the profound impact of Binance's decisions on cryptocurrency markets. For instance, the delisting of DREP, MobileCoin, and pNetwork in March led to their values halving within hours. Conversely, the listing of new tokens like Axelar Network () and Dogwifhat () in March saw their prices surge by over 25% post-announcement.
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