Category Archives: Binance
Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion – FinanceFeeds
Welcome to this weeks roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the weeks most impactful events and trends across these dynamic sectors.
John Oliver rips into MetaTrader over role in Pig Butchering scams
Comedian John Oliver did not hold back in criticizing the popular MetaTrader trading platform during his segment on pig butchering scams last Sunday on Last Week Tonight with John Oliver. Read More
eToro revives IPO plans after failed $10B SPAC merger
Israeli social trading network eToro is actively exploring options for a public market listing, according to CEO Yoni Assia in an exclusive interview with CNBC. Read More
OANDA launches FCA-registered OANDA Crypto in the UK
Oanda Global Corporation has launched OANDA Crypto, a new cryptocurrency trading platform tailored for private investors and traders in the United Kingdom. Read More
ThinkMarkets secures lucrative DFSA license in Dubai
Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC). Read More
Admirals appoints founder Alexander Tsikhilov as CEO
Alexander Tsikhilov, the founder and Supervisory Board Chairman of Admirals Group AS, has been announced as the new CEO of the company, taking effect from 1 March 2024. Read More
WTF as in What The Fraud?, Sumsubs new podcast on digital fraud
Sumsub has announced the launch of its new podcast, What The Fraud?, aiming to explore the impact of digital fraud on businesses and discuss challenges and prevention strategies in the face of rapid AI developments. Read More
FF Podcast delves into the rise of prop trading as Brokeree releases Prop Pulse
The 29th episode of the FinanceFeeds Podcast, hosted by Nikolai Isayev, features Tatiana Pilipenko, Regional Head of Business Development for APAC, UK, and the Americas at Brokeree Solutions, at a critical time for the prop trading industry, particularly in the United States. Read More
SEC closer to approve 24Xs application for a pioneering 24/7 trading venue
The Securities and Exchange Commission (SEC) has accepted an updated Form 1 application from 24X National Exchange LLC for a license to establish a new national securities exchange. Read More
Webull valued at $7.3 billion ahead of SPAC merger with NASDAQ-listed SK Growth
Webull has announced it will go public through a merger with SPAC company SK Growth in order to get listed on NASDAQ under a new ticker symbol. Read More
Think Elon Musk backed your crypto exchange? ASICs latest reveal may shock you
Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill. Read More
SBF claims zero loss to FTX customers, 100-year sentence is grotesque
Sam Bankman-Fried, the former FTX CEO who was found guilty of fraud charges last year, is facing his sentencing next month. But before that day arrives, hes making a plea for what he considers a fair shake. Read More
Coinbase and Robinhood down as Bitcoin surge past $64,000
In a dramatic day for cryptocurrency markets, Bitcoins price spiked to nearly $64,000, causing major disruptions for users of Coinbase and Robinhood. Read More
ASIC bankrupts finfluencer Tyson Scholz over stock tips
The Australian Securities and Investments Commission (ASIC) has effectively bankrupted Tyson Robert Scholz, the figure behind Black Wolf Pit. The action marks a significant crackdown on so-called finfluencers and individuals providing unlicensed financial services. Read More
OKX officially launches Turkish crypto trading platform
OKX has announced the official launch of its Turkish platform, OKX TR, in Istanbul as part of the crypto exchanges strategy to provide Turkish users with access to crypto trading, decentralized finance, and its Web3 Wallet. Read More
Morgan Stanley to add spot bitcoin ETFs
Morgan Stanley is reportedly considering adding spot bitcoin ETF products to its brokerage platform. This move comes after the Securities and Exchange Commission (SEC) approved the investment vehicle in January. Read More
Binance ordered to pay $10 billion in Nigeria
The Nigerian government has reportedly demanded a minimum of $10 billion from Binance amid a crackdown on the crypto exchange and the devaluation of the countrys local currency, the naira. Read More
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Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion - FinanceFeeds
This Web3 Token Soars 30% Amidst Binance Listing – BeInCrypto
AXL, the Axelar Networks native token, has recently taken center stage. This Web3 interoperability platforms token saw its value surge by over 30% after Binance, a leading global crypto exchange, announced it would list AXL.
This event has sparked significant interest among traders and investors worldwide.
Binances decision to list AXL, introducing trading pairs such as AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY, marks a pivotal moment for the token. Trading commenced on March 1 at 11:00 UTC, with withdrawals opening the following day. Furthermore, Binance tagged AXL as a seed token, acknowledging its inherent volatility.
The implications of Binances listing have been profound for the broader cryptocurrency market. Historically, tokens listed on Binance have witnessed considerable price volatility, and AXLs case is no exception. The tokens price trajectory has been upward, with derivatives data suggesting a bullish outlook among traders.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
This enthusiasm was further fueled by a traders swift gain of $56,000 from trading AXL post-announcement, highlighting the lucrative opportunities presented by such market movements. The traders ability to capitalize on the tokens price rally underscores the high-stakes nature of crypto trading, where timing and market sentiment play crucial roles.
This trader quickly spent 500,000 USDT to buy AXL 1 minute after Binance announced the listing of AXL. Then he sold AXL immediately and got 556,000 USDT. He made 56,000 USDT in only 8 minutes, Lookonchain elaborated.
The listing of AXL comes at a time when Binance is actively expanding its trading options, with the recent inclusion of other tokens such as Dymension (DYM), Pyth Network (PYTH), and the launch of the USDC-margined ORDI Perpetual Contract. These developments reflect the exchanges strategy to leverage the ongoing bull market to increase trading revenue.
Read more: 7 Best Binance Alternatives in 2024
Interestingly, this listing follows Binances recent removal of several tokens, including Monero (XMR), due to changing standards and compliance requirements. Along with Monero, Binance delisted Aragon (ANT), Multichain (MULTI), and Vai (VAI).
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This Web3 Token Soars 30% Amidst Binance Listing - BeInCrypto
Nigeria reportedly considers $10 billion Binance fine over illegal transactions and registration – CryptoSlate
The Nigerian government is reportedly considering imposing fines of up to $10 billion on Binance.
Local media outlets reported that Bayo Onanuga, the special adviser to the Nigerian president, said the exchange profited from facilitating illegal transactions in the African country while the nation suffered huge losses. According to Onanuga, the fine would be a form of retribution for the exchange actions.
Besides that, the report stated that Binance operated in the country without proper registrations.
As of press time, Binance has yet to respond to CryptoSlates request for comment.
The exchange is also reportedly cooperating with the ongoing investigations in Nigeria.
Premium Times Editor Oladeinde Olawoyin said:
The government says Binance is already cooperating by providing useful information and had already suspended naira-related transactions on its platform.
This aligns with Binances previous commitment to collaborate with local authorities to ensure a fraud-free and manipulation-free platform for its users. The exchange said:
As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.
Over the past weeks, the Nigerian government has increased scrutiny of Binances involvement in the countrys foreign exchange (FX) issues. Reports confirm that Nigerian authorities have launched an investigation into Binance and arrested two of the exchanges executives upon their arrival in the country to address the ban on the crypto exchange website.
The authorities also alleged that Binance Nigeria facilitated $26 billion in transactions from undisclosed sources last year.
In response to the crackdown, Binance removed Nigerias fiat currency, Naira, from its peer-to-peer (p2p) platform.
The exchange has yet to make any new public comments on the issues surrounding it in Nigeria.
Meanwhile, Binances clash with the Nigerian government comes on the heels of its settlement with US authorities. Last year, the firm agreed to pay a record fine exceeding $4 billion for failing to adhere to financial laws.
Link:
Nigeria hits Binance with $10 billion fine amidst crypto exchange probe – Business Insider Africa
This development was disclosed by Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu.
The presidential aide stated that the fine was imposed due to Binance's illegal operations, which has significantly contributed to the devaluation of the naira in recent times.
Last week, the government moved against Binance, and other crypto platforms like OctaFX, Coinbase and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities.
Yemi Cardoso, Nigeria's central bank governor, during the monetary policy meeting earlier this week, stated that Binance Nigeria facilitated transactions exceeding $26 billion from unidentified sources in one year.
According to PREMIUM TIMES, the Nigerian authorities requested Binance executives to provide data relating to transactions involving the Nigerian Naira on the Binance platform in the last seven years. They also demanded that some other data relating to Nigeria be deleted from the Binance platform.
However, the Binance executives insisted that they should be taken to their respective countries embassies before they could comply.
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Nigeria hits Binance with $10 billion fine amidst crypto exchange probe - Business Insider Africa
Nigerian Government Fines Binance $10B for ‘Illegal Transactions’ – Watcher Guru
The Nigerian Government has fined cryptocurrency exchange Binance $10 billion for profit on illegal transactions according to Bayo Onanuga, a special advisor to President Bola Tinubu. Onanuga disclosed the financial penalty in an interview with the BBC that took place Friday.
The government has not been shy about its stance against the exchange in recent months. Indeed, the country had previously detained Binance executives earlier this week as it sought a large crackdown on unpaid taxes from unregistered exchanges.
JUST IN: Nigerian government demands $10 billion from Binance, citing the exchange profited from its "illegal transactions."
Also Read: Nigeria Detains Binance Executives Following Cryptocurrency Ban
The last several months have been difficult for one of the largest cryptocurrency exchanges on the planet. Binance has faced a years-long investigation from the United States that ultimately resulted in hefty fines and a leadership change. Now, it is facing a massive financial penalty from another country.
The Nigerian government has fined Binance $10 billion according to a BBC interview with President Tinubus special adviser. Specifically, the country is stating that the exchange profited from illegal transactions. The fine was issued a day after reports of the detention of Binance executives in the country.
Also Read: Judge Fines Binance $4.3 Billion in US Plea Deal
The platform fixes the exchange rate for the country and it is an illegal rate. The CBN is the only authority that can fix the change rate for the country, advisor Onanuga told BBC Friday. Binance platform harbors people who fix the exchange rate which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilize the economy.
Nigeria is currently facing a crisis with its currency, as the Naira has fallen to record lows against the US Dollar. Moreover, before the BBC interview, Onanuga has long called for Binance to be held to account for his views on its effect on the Nigerian economy.
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Nigerian Government Fines Binance $10B for 'Illegal Transactions' - Watcher Guru
‘I Said Our Government May Impose Heavy Fines on Binance . . . I Never Said it Would Definitely Be $10 Billion,’ Says … – bitcoinke.io
At the same time, the Nigerian Government special adviser cited in the BBC article said that his statement was misrepresented.
I said our government may impose heavy fines on Binance for what happened, Mr Bayo Onanuga told The Gazette. I never said Binance had been informed about the fines or that it would definitely be $10 billion.
I only said the amount may be imposed, which is because nothing has been finalized yet, Mr Onanuga said, placing repeated emphasis on the uncertainties around the fines.
In any case, Binance is under fire from the federal government of Nigeria which suspended the firms activities alongside Coinbase, Kraken, Forextime, OctaFX, Crypto, and FXTM for fixing the exchange rate.
Binance platform harbors people who fix the exchange rate which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilize the economy, Mr Onanuga told BBC.
Nigerias central bank Governor, Olayemi Cardoso, has said that Binance Nigeria has moved $26 billion worth of untraceable funds.
The government is also said to have detained two executives of the Binance crypto exchange after they flew into the country this week.
According to the Financial Times, the two individuals were detained by Nigerias Office of the National Security Adviser, and their passports were confiscated. They had been invited by Nigeria to meet officials but were intercepted upon arrival on the grounds that Binance had been operating in the country illegally.
It is not necessarily arrest per say, Zakari Mijinyawa, a spokesman for the National Security Adviser told Bloomberg.
Meetings and discussions are ongoing. Its a national security issue and an interagency process is on.
Last year [2023], the countrys Securities and Exchange Commission (SEC Nigeria) said Binance Nigeria was not authorized to operate in the country.
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Binance Coin Hits $400 After Bitcoin Surge: Here’s How High BNB Can Go – Watcher Guru
BinanceCoin (BNB) has reignited its price ascent this week after undergoing key technical tests. With Bitcoins stagnation above $56,000 contrasting with BNBs sudden spike above $400, the top exchange token looks poised to retest critical upper resistance levels soon.
After retracing last year,BNBspent considerable time centering around $300 support. However, this lateral price action has given way to a renewed uptrend recently.
Binance Coin currently trades around $400, up 30.6% in the last 30 days alone as positive momentum accelerates. With trading technically in an overbought state, indications favor continuation higher over most probable pullbacks for now.
Also read: Ethereum: How High Can ETH Go in March 2024?
BNB has broken the key $400 psychological level recently. This could trigger FOMO and propel BNB towards retesting former all-time highs above $690.
Drawing insights from BNBs behavior at the beginning of 2024, cryptocurrency experts atChangellyhave offered their price projection for Binance Coin for the weekend.
During this period, it is anticipated that the coins price may reach an average of $420. Within the same period, the minimum expected price is $416, while the maximum price target is set at $440.
Also read: Shiba Inu: $1000 Invested in SHIB in 2020 Becomes $9.2 Million
After concerns around the Binance exchange rocked investor confidence last year, BNB looks to have reawakened the strong fundamental narrative supporting it since its inception.
Having reclaimed its bullish momentum decisively this week, all eyes are now set on the next leap as Binance Coin surpassed the $400 level.
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Binance Coin Hits $400 After Bitcoin Surge: Here's How High BNB Can Go - Watcher Guru
Binance Coin (BNB) & Chainlink (LINK) Investors Join Kelexo (KLXO) Presale Craze as Bitcoin (BTC) and Ethereum … – Crypto Reporter
With the Kelexo (KLXO) presale and token rise in the market, here is an overview of why Binance Coin (BNB) and Chainlink (LINK) investors have joined the protocol presale as Bitcoin (BTC) and Ethereum (ETH) seem to be keeping their price rally active.
Bitcoin (BTC) doesnt seem to be letting go of its dominance in the crypto market. As the most influential token in the market, Bitcoin (BTC) now has a total market cap of over $1.2T. This comes after Bitcoin (BTC) hit a new $67K market price in the last few days.
One fun fact about Bitcoin (BTC) is that the token is ranked #1 by market capitalization but is not the highest trading crypto. Bitcoin (BTC) has lost the number one spot to the stable token Tether (USDT).
The Ethereum (ETH) token is now selling at $3,442.89. This comes after Ethereum (ETH) gained a 15% increase in market value. As of writing, Ethereum (ETH) is now ranked #2 by market capitalization.
The average Ethereum (ETH) trading volume recorded over the last seven days is $35B, making Ethereum (ETH) the third-highest trading cryptocurrency. A market analyst has suggested that Ethereum (ETH) holders look to Kelexo (KLXO) for portfolio stabilization and risk diversification.
Chainlink (LINK) investors are joining the Kelexo (KLXO) presale due to its rumored 30x ROI possibility. Amidst the market growth and surge, Chainlink (LINK) has only gained a slight 8% increase in market value.
Now selling just below the $20 mark, Chainlink (LINK) has a total market cap of $11B. In addition, Chainlink (LINK) has recorded a 29.75% increase in market activity, increasing its daily trading average to $1B. As one of the top 20 highest trading crypto in the market, Chainlink (LINK) is staying resilient in the crypto market.
The Binance Coin (BNB) newly introduced VIP programs are not holding its token holders down as more of them pour their gains into Kelexo (KLXO). Today, Binance Coin (BNB) has gained over 7% in market value, selling as high as $408.34 per token.
With a total market capital of $61B, Binance Coin (BNB) is ranked #4 in market capitalization. The Binance Coin (BNB) is the 10th-highest trading token in the market. This comes after Binance Coin (BNB) gained over 29% in market activity.
Kelexo (KLXO) is a crypto lending platform designed to reduce the barriers to crypto lending. This is why the Kelexo (KLXO) platform has attracted impressive users. Over 7,000 user sign-ups have been recorded in the last few weeks on Kelexo (KLXO).
The Kelexo (KLXO) token is also in its presale and sells at $0.028 per token. With a total supply of 444 million tokens and a lifelong liquidity lock, experts have placed Kelexos (KLXO) market cap between $600B and $900B in two years.
Find out more about the Kelexo (KLXO) presale by visiting the website here.
Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.
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Mega Gains Likely in Raffle Coin (RAFF) As Ethereum (ETH) & Binance Coin (BNB) Holders Scramble to Take … – Analytics Insight
Excitement is growing around the highly speculative Raffle Coin (RAFF), a new crypto offering a raffle-based reward system to holders. As Ethereum (ETH) and Binance Coin (BNB) holders search out the next big thing, Raffle Coins (RAFF) unique crypto raffle tokenomics has captured attention. Holders can win lottery style crypto rewards based on the size of their Raff Coin (RAFF) wallet. Raffle Coins (RAFF) low market cap coupled with viral lottery hype could enable 1000x gains in the blink of an eye. For risk-tolerant crypto investors, the chance to win big via Raffle Coin (RAFF) crypto raffles may prove too tantalizing to pass up.
Binance Coin (BNB) has rallied over 7% in the last week, reaching its highest price of $386 since November 2022. Binance Coin (BNB) remains the 4th largest cryptocurrency by market cap. Analysts attribute the price surge of Binance Coin (BNB) to improving sentiment after Binance settled legal issues with US authorities and its CEO Zhao stepped down.
In the short term, some see Binance Coin (BNB) as overbought and expect a pullback. But its recent 31% monthly gains and achievement of the key $400 price point signal bullish mid to long-term momentum, especially as Binance continues expanding offerings like the Portal gaming project. Investors seem increasingly optimistic on the outlook of Binance Coin (BNB) despite the crypto markets recent struggles.
Ethereum (ETH) appears to have rallied over 20% versus Bitcoin (BTC) in recent weeks, largely on growing anticipation of a potential US spot ETF approval by May. But analysts say the price run of Ethereum (ETH) is also driven by other catalysts like its deflationary issuance since moving to proof-of-stake, record low exchange supplies indicating more Ethereum (ETH) being locked up, and upcoming network upgrades like Dencun that will improve layer 2 scalability.
These factors point to sustained momentum for Ethereum (ETH) as decentralized apps and DeFi regain steam in 2023. Though an ETF rejection could still reverse gains, market experts currently see Ethereum (ETH) positioned to continue significantly outperforming Bitcoin (BTC) this year.
Raffle Coin (RAFF) is an innovative decentralized platform allowing users to participate in instant crypto raffles for prizes like cars, holidays and clothing. Its user-friendly interface makes entering draws easy. As a decentralized platform, Raffle Coin (RAFF) lets token holders shape its future by proposing and voting on new features.
Notably, the platform shares 40% of all generated fees with presale investors proportional to their holdings. 10% of fees also go into a monthly crypto lottery. The presale is currently in stage one and priced affordably at $0.016. Raffle Coin (RAFF) ultimately presents a new twist on lotteries and prizes by handing control back to users. Its revenue sharing and governance powers let the community guide its path.
For crypto enthusiasts, Raffle Coins features may prove too appealing to pass up. Find out more about the Raffle Coin (RAFF) presale by visiting the website here.
Find out more about the Raffle Coin (RAFF) presale by visiting the website here.
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Breaking: Binance Senior Executives Arrested in Nigeria – BeInCrypto
Two senior executives from Binance, the worlds leading cryptocurrency exchange, have been detained in Nigeria.
This action comes on the heels of the Nigerian governments efforts to stabilize the naira. It has seen unprecedented volatility, leading to an inflation surge to a 30-year high of 29.9%.
The Binance executives had arrived in Nigeria following the governments ban on several cryptocurrency trading platforms. However, they found themselves in the custody of the national security advisers office, with their passports confiscated. The specifics of their detention highlight the escalating tensions between Nigerian authorities and the crypto market, which has become a haven for speculative trading on the naira.
Nigerias central bank governor, Olayemi Cardoso, cited Binance in a recent press conference. He expressed concerns over the illicit and suspicious financial flows through crypto platforms. According to Cardoso, an alarming $26 billion has been transacted through Binance Nigeria in the past year. This has raised eyebrows over the sources and users involved in these transactions.
We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best. In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify, Cardoso said.
In response to these developments, Binance has suspended the trading of the naira against major cryptocurrencies. This move signals the exchanges immediate reaction to the regulatory heat its facing in Nigeria.
Read more: 7 Best Binance Alternatives in 2024
The Nigerian governments crackdown is part of a broader strategy to rein in the speculative trading that has contributed to the nairas devaluation. By targeting crypto exchanges like Binance, authorities aim to establish a more controlled and transparent financial environment. This includes demands from the anti-corruption agency and national security adviser for a comprehensive list of Binances Nigerian users since its inception.
Amidst this regulatory turmoil, Binance faces its own internal challenges. Especially, following the resignation of its founder, Changpeng Zhao, after pleading guilty to charges related to money laundering. The recent events in Nigeria add another layer of complexity to Binances efforts to navigate the global regulatory landscape and maintain its dominance in the crypto market.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Breaking: Binance Senior Executives Arrested in Nigeria - BeInCrypto