Category Archives: Binance
Binance to List Telegram (TON) Token as Price Jumps 10% – Watcher Guru
One of the largest cryptocurrency exchanges on the planet, Binance, is set to list the Telegram Open Network (TON) token. The change announced the launch of TON perpetual contract with 50% leverage. Subsequently, the value of the token surged by 10% following the announcement.
TON is the layer-1 blockchain that is developed by the Telegram messaging application. Indeed, the privacy-focused app has instituted some new programs that have increased the overall value of the companys ecosystem. Specifically, the app recently launched a renewed 50% ad-revenue sharing plan that is set to begin today.
Binance Futures will launch the USD-M TON Perpetual Contract at 2024-03-01 12:30 (UTC), with up to 50x leverage, but no spot is currently listed. TON is an L1 blockchain powered by Telegram. https://t.co/vlb25QpHCj
Also Read: TON Up 15%: Telegram Integrates Crypto Wallet for 800 Million Users
One of the most popular messaging applications has seen its popularity grow in recent days. Indeed, Telegram has announced it is set to share 50% of its massive ad revenue stream with channel owners. However, the announcement that that payout would be made in Toncoin (TON) increased its overall value.
That surge has only increased with some more positive news today. Specifically, Binance is set to officially list Telegram (TON) tokens in a move that caused a 10% jump in value. The exchange is set to launch a TON perpetual contract with up to 50x leverage.
Also Read: Bitcoin, Tether Payments Goes Live on Telegram Through Wallet Pay
The continued increase in value for the token has perpetuated the cyclical economic relationship between Telegram users and TON. With the introduction of the ad-revenue sharing plan, users will be paid in Toncoin. Subsequently, they can then spend those TON tokens on features within the Telegram ecosystem.
These developments have created what could be a self-sustaining economic system for Telegram users thus far. Additionally, the continued integration of the coin presents optimism that the value will only continue to grow. Especially if the messaging application continues to grow alongside it.
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Binance to List Telegram (TON) Token as Price Jumps 10% - Watcher Guru
Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown – Cryptonews
Last updated: March 1, 2024 06:52 EST | 2 min read
The Nigerian government has imposed a staggering $10 billion fine on Binance as part of a crackdown on the platform in an effort to stabilize the nations local currency.
Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, revealed the fine in an interview with the BBC, according to areport Premium Times reported on Friday.
According to Onanuga, Binance has allegedly profited significantly from illegal transactions in Nigeria while the country has suffered substantial losses.
The Nigerian governments move comes after the Office of the National Security Adviser (ONSA) confirmed that it is investigating the operations of Binance and other cryptocurrency platforms.
The ONSA stated that it is coordinating an interagency investigation into Binances activities.
Earlier this week, the Nigerian governmentdetained two executivesof Binance who had flown into the country to negotiate with authorities amid the crackdown.
However, the meetings reached an impasse as Binance officials declined to meet some of the governments demands.
The executives were accused of operating a business worth billions without the necessary registrations and documentation.
The Nigerian authorities demanded that Binance provide data on transactions involving the Nigerian Naira on its platform over the past seven years.
They also requested the removal of certain data relating to Nigeria from the platform.
However, the Binance executives insisted on being taken to their respective countries embassies before complying.
It is worth noting that Binance is not registered in Nigeria and has no physical presence in the country, according to Onanuga.
He alleged that people had been arbitrage trading the dollar-naira rates on the platform, which negatively impacted the value of the local currency.
Onanuga claimed that Binance was cooperating with the Nigerian government by providing information and had already suspended naira-related transactions on its platform.
Last week, the exchange alsointroduced a price capforTether ( USDT)tokens on its peer-to-peer (P2P) platform in order to comply with local regulatory requirements.
At the time, it restricted traders on Binances P2P platform from selling USDT above the set cap of 1,802 naira per USDT.
Nevertheless, the Nigerian government is seeking at least $10 billion in retribution from Binance.
The Nigerian governments actions against Binance and other crypto firms stem from concerns over continuous manipulation of the forex market and illicit movement of funds.
Authorities believe that these activities have contributed to the weakening of the naira.
In September 2023, Nigerias Securities and Exchange Commission (SEC)declared Binance Nigeria Limited illegal, stating that the platform was neither registered nor regulated by the commission.
Binance previously pleaded guilty to criminal money laundering charges brought by the U.S. Department of Justice, agreeing to pay $4.3 billion to settle the case.
Binances founder and CEO, Changpeng Zhao (CZ),also pleaded guiltyand agreed to step down from his position.
CZs criminal trial has been postponed to April 30 by a U.S. court.
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Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown - Cryptonews
Binance Prosecutors Seek Tougher Travel Restrictions for Crypto Firm’s Founder – PYMNTS.com
Prosecutors want stricter bail conditions forBinancesfounder as he awaits sentencing on money-laundering charges.
Changpeng Zhaopleaded guiltyin November of last year to failing to adhere to proper anti-money laundering practices at his cryptocurrency exchanges, and also agreed to step down as head of the company.
Now,federal prosecutors want a judge to require Zhao to give the U.S. Attorneys office and pretrial service at least three days notice before any travel within the country, CNBC reported Friday (Feb. 23), citing court documents.
The new bail conditions would also require Zhao to give up his Canadian passport and would prevent him from applying for a new one without court permission. In addition, the billionaire would be forbidden from changing his residence without approval.
The argument came as a judge approved Binances $4.3 billion deal with the U.S. government forged the same time as Zhaos plea that resolved ongoing Justice Department investigations connected to the Bank Secrecy Act (BSA), failure to register as a money transmitting business and other financial and regulatory violations.
A December court ruling had determined Zhaowas a flight riskand ordered him to remain in the U.S. ahead of his sentencing. The sentencing had originally been scheduled for Friday, but will now happen in April.
Zhaos lawyers have contended that their client is not a flight risk, pointing to the fact that he traveled to the U.S. to enter his guilty plea, intends to resolve the case, and proposed a sizable bail agreement.
However, federal prosecutors argued that Zhao was a flight risk because of his substantial wealth outside the country and his close ties with the United Arab Emirates, which has no extradition treaty with the U.S.
Zhao is facing up to 18 months in prison under federal sentencing guidelines but could be subject to a stiffer penalty, assuming the Justice Department argues for one.
Despite Binances recent legal and regulatory issues, the company last year saw a 30% increase in its user base, welcoming 40 million new customers.
Importantly, we saw a particularly strong uptick in inflows coming from institutional investors, Binance CEORichard Tengwrote in the companys year-end report.
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Binance Prosecutors Seek Tougher Travel Restrictions for Crypto Firm's Founder - PYMNTS.com
IRS hires ConsenSys, Binance US, and TaxBit executives to strengthen crypto supervision – crypto.news
The Internal Revenue Service (IRS) is hiring employees from the crypto industry to improve its expertise in working with digital assets.
According to a Feb. 28 Bloomberg report, the IRS has hired two former cryptocurrency executives. One of them, Sulolit Raj Mukherjee, previously worked for the American division of the Binance crypto exchange, Binance US. His past work experience also includes the crypto firm ConsenSys, where he was head of the tax department.
Another new IRS hire, Seth Wilks, was recently vice president of government affairs and success at TaxBit. Both specialists will help lead the agencys cryptocurrency compliance and enforcement efforts. However, the exact positions of Mukherjee and Wilks have yet to be revealed by the agency.
Pulling in expertise from the private sector to work with the IRS team is critical to successfully building the agencys efforts involving digital assets and helping us do it in a way that works well for everyone.
The process of regulating cryptocurrency activities in the US, including in the tax area, is still under development. Many agencies, including the IRS, are proposing more thorough regulation of the digital assets sector. One of the latest IRS initiatives in this area is the new rules on the taxation of cryptocurrencies, which oblige brokers and exchanges to report sales.
The document was presented jointly with the US Treasury Department last year. Officials expected the new rules to close the tax gap and ensure everyone plays by the same set of rules. Under the proposed regulations, crypto brokers would be treated like more traditional brokers, such as stock brokers.
However, the document was criticized by representatives of various fields. Thus, Congressman Patrick McHenry called on agencies to establish more apparent regulatory requirements. In his opinion, any regulatory requirement must be narrow, tailored, and clear.
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Inside story of Binance executives’ detention in Nigeria – Business Insider Africa
The two executives travelled to Nigeria after the recent ban of Binance and several cryptocurrency trading platforms to halt what it described as continuous manipulation of the forex market and illicit movement of funds.
Upon arrival, they were apprehended by the office of the national security adviser, who also confiscated their passports, as reported by the Financial Times.
Yemi Cardoso, Nigeria's central bank governor, during the monetary policy meeting earlier this week, stated that Binance Nigeria has 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.
As of Wednesday, the complete identities of the two Binance executives remain unclear. However, according to the information gathered, one of them is American, and the other is British-Pakistani.
The Nigerian government has secured a court warrant to detain the officials for at least twelve days in the first instance.
A source familiar with the situation told PREMIUM TIMES that the investigation has been transferred to the Economic and Financial Crimes Commission (EFCC). Meanwhile, the two executives are being held at a guest house near the Office of the National Security Adviser.
Last year, the Securities and Exchange Commission (SEC) said the operation of Binance Nigeria Limited, a subsidiary of Binance, was illegal. Despite the warning by the regulatory agency, the firm continued its operation.
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Inside story of Binance executives' detention in Nigeria - Business Insider Africa
Over $26 billion passed through Binance Nigeria from unknown sources- Cardoso – Business Insider Africa
In the case of Binance, in the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify, he told reporters.
Last week, the government moved against Binance, OctaFX, Coinbase and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities.
The restriction of these platforms is also aimed at slowing currency speculation activities in the country.
In response to the government's action, Binance stated that its platform is not for currency pricing, and users engaging in manipulative behavior will be removed from its platform.
As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance, the platform added, noting that it is setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.
It is important to note that foreign exchange rates are influenced by various complex factors, which Binance has no influence on,"
However, we continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open, transparent dialogue about managing the evolving landscape of cryptocurrency and financial markets, it said.
In February 2021, the CBN banned crypto in the country, explicitly instructing financial institutions to refrain from operating accounts for cryptocurrency service providers in view of the money laundering and terrorism financing risk and vulnerabilities inherent in their operations.
In December 2023, the Central Bank of Nigeria changed its stance on crypto assets and asked banks to disregard its February 2021 ban on crypto transactions.
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Nigeria fines Binance $10b in forex-rate manipulation probe – crypto.news
Binance faces another hefty fine following $4.3 billion paid to U.S. authorities as part of a plea settlement with the Department of Justice.
Nigerias government is imposing a $10 billion sanction on crypto exchange Binance as the African country investigates suspected foreign exchange rate manipulation tied to the naira currency, special adviser Bayo Onanuga confirmed in a Mar. 1 BBC interview.
The fine follows the arrest of two company executives sent to negotiate with authorities after officials disclosed plans to ban the crypto firm.
Local officials refused to disclose the identities of the Binance representatives, but reports say one is an American and the other is British. Both crypto exchange negotiators reportedly asked to be moved to their respective embassies.
A source close to the matter said enforcement agencies secured a court warrant allowing Nigerias government to hold the two persons for up to 12 days.
The crypto exchange crackdown ensued following government accusations that Binance facilitated illicit transactions and could not account for $26 billion in money flows. Furthermore, Nigerias Securities and Exchange Commission (SEC) said the platform has operated without a license and refused to comply with regulatory requirements.
Binance crypto platform and our Naira
The Central Bank of Nigeria (CBN) governor Yemi Cardoso says over $26 billion has passed through Binance Nigeria in the last four years.
Channels TV reported that Cardoso said this on Tuesday after the MPC meeting in Abuja.
In the case pic.twitter.com/yieFYBywoo
Authorities have demanded naira-related transaction data from Binance for the last seven years, and according to the Premium Times, a request was made to delete specific Nigerian information from the trading venue.
P2P trading was also disabled on the crypto exchange, while some users have reported being unable to access Binance facilities.
One user told crypto.news they had just traded naira for Tethers USDT on P2P to pay for social media services before their login was revoked. The trader preferred to remain anonymous amid uncertainty around the extent of Nigerias clampdown.
Other crypto-forex trading sites like Coinbase and Kraken also fell under Nigerias ban, as internet service providers were instructed to block access to these platforms. However, Coinbase pushed back on the decision and is conducting internal investigations.
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Nigeria fines Binance $10b in forex-rate manipulation probe - crypto.news
Nigerians turn to VPN as government blocks access to Binance, Coinbase, others – CryptoSlate
Binance has acknowledged reports of Nigerian users encountering difficulties accessing its official website following the governments directive to block prominent crypto platforms sites.
In a Feb. 22 email sent to its users and obtained by CryptoSlate,Binance clarified that the restriction only affects attempts to reach its official Binance.com site, leaving its app users unaffected by the measure.
Binance has yet to respond to CryptoSlates request for additional commentary as of press time.
Meanwhile, CryptoSlate can confirm that notable crypto firms websites, such as Binance, Coinbase, and Kraken, were inaccessible as of press time. However, platforms like KuCoin, Gemini Exchange, the peer-to-peer platform noOnes, and Justin Suns HTX remained reachable.
This development stemmed from concerns that Nigerian forex traders were utilizing Binances peer-to-peer platform for currency speculation activities.
Bayo Onanuga, a special adviser to Nigerias Presidency, accused Binance of assuming roles belonging to Nigerias Central Bank and advocated for a complete ban on the emerging crypto sector in the African nation.
Binance, however, refutes these claims, asserting that it is not a price discovery platform and that market conditions dictate prices on its platform. The exchange further emphasized being powerless over the multifaceted factors influencing foreign exchange rates.
We continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency and financial markets, it added.
Nigerias social media space is littered with several crypto stakeholders advising their community on using Virtual Private Networks (VPNs) in the face of this ban.
Mikael Bernard, a crypto and financial market analyst, warned his followers against using US servers to access their accounts, which could result in a ban.
If youre using a VPN, dont use US servers. Youd get banned. Use other countries. For crypto newbies only, Bernard wrote.
Binance is currently embroiled in regulatory issues in the US. The firm recently agreed to a record $4.3 billion fine, and its former CEO, Changpeng Zhao, is in the US awaiting sentencing.
Despite these challenges, Binances data reflect robust activity for its USDT/NGN trading pair, with nearly 5 billion Naira in trades, equivalent to $3 million USDT, within the last 24 hours.
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Nigerians turn to VPN as government blocks access to Binance, Coinbase, others - CryptoSlate
Judge Fines Binance $4.3 Billion in US Plea Deal – Watcher Guru
Following the guilty plea issues in November of 2023, a US Judge approved Binances plea deal to see the exchange pay a $4.3 billion fine. Indeed, the approval will now see the exchange pay one of the largest penalties in US history following a years-long investigation into the exchange.
The massive plea deal made headlines last year, with the approval seeing Binance admit to engagement in money laundering and sanction violation charges. Additionally, the US Department of Justice Press Release announced that the firms former CEO, Changpeng Zhao, pleaded guilty to Federal charges that would ultimately lead to his resignation.
JUST IN: Judge fines #Binance $4.3 billion in US plea deal after admitting to money laundering & sanctions violations.
Also Read: Binance Targeted: Nigeria Acts Against Crypto Amid Forex Concerns
The Binance brand has long been a pillar of strength within the digital asset sector. However, that trust and standing took a massive hit at the tail end of 2023. The exchange would face a plethora of federal charges. Subsequently, the exchange would face a $4.3 billion resolution and would see their longstanding head abandon his position.
Now, that resolution has been confirmed in the situations latest development. Specifically, a US judge has approved Binances plea deal that will result in a $4.3 billion fine from the exchange. Indeed, the amount is set to be one of the largest criminal penalties issued in American history.
Also Read: Binance Trust Wallet Under Probe By U.S. Officials
This really is a case where the ethics of the company were compromised by greed, US District Judge Richard Jones said in the hearing according to Bloomberg. The approval was issued on Friday in the proceedings that took place in Seattle.
Additionally, the approval sees Binance admitted to its role in the Federal violations. Conversely, the resolution was part of a coordinated effort from several US government agencies. Among those were the Office of Foreign Assets Control (OFAC) and the US Commodity Futures Trading Commission (CFTC).
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Judge Fines Binance $4.3 Billion in US Plea Deal - Watcher Guru
Binance Witnesses Massive XRP Withdrawal: Buy Dip? – TradingView
In a bustling crypto market, where weekends are no time for rest, Binance, the world's largest crypto exchange, witnessed a significant event early Saturday morning. A report fromWhale Alert, a platform tracking large transactions in the crypto space, revealed an unknown entity withdrawing a staggering 20 million XRP, valued at approximately $10.7 million, from Binance's coffers.
The destination of this substantial amount of XRP remains shrouded in mystery. However, clues suggest a connection to Binance itself. The receiving address, activated by a previous transfer of 4.17 million XRP from Binance earlier in 2024, now holds a total of 17.65 millionXRP. The wallet exhibits high activity, frequently engaging in transfers to various exchanges.
19,999,989 #XRP (10,694,127 USD) transferred from #Binance to unknown wallethttps://t.co/WWc9ufzZAx Whale Alert (@whale_alert) February 24,2024
While speculation leans toward an internal Binance operation, the possibility of an unidentified XRP whale cannot be dismissed entirely. Such a move prompts scrutiny ofXRP's price dynamics.
XRP price outlook
Today, the token's value surged by 2%, halting a recent downtrend that saw a more than 6% drop over three days. Currently trading at $0.545, XRP has lingered around this level for nearly a month.XRP to USD by CoinMarketCap
This withdrawal raises questions about market sentiment. Could this whale be seizing the opportunity to accumulate XRP at what they perceive as an optimal price level? The timing, amid a consolidation phase for the token, suggests strategic intent.
For traders eyeing the dip, this event serves as a potential signal. With the market witnessing an influx of XRP onto private wallets, could this be a precursor to a bullish surge? The decision to "buy the dip" hinges on interpreting the motives behind such significant withdrawals.
As XRP once again finds itself at a pivotal juncture, actions of major players like this whale onBinance could hold the key to the token's next trajectory.
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Binance Witnesses Massive XRP Withdrawal: Buy Dip? - TradingView