Category Archives: Binance
Prosecutors Push for Travel Limits on Ex-Binance CEO – Crypto Times
The legal drama surrounding former Binance CEO Changpeng Zhao took a new turn as U.S. prosecutors pushed for stricter travel restrictions ahead of his April 30th sentencing.
In a filing on February 23rd, U.S. Attorney Tessa Gorman petitioned Magistrate Judge Brian Tsuchida to enforce conditions for Zhaos freedom on bail, including remaining in the U.S. until sentencing and surrendering his Canadian and other passports.
This comes after the judge previously denied Zhao permission to travel abroad to visit family, citing flight risk concerns. Despite objections from Zhaos legal team, prosecutors aim to guarantee his presence at upcoming proceedings, especially after a substantial $4.3 billion settlement between Binance and U.S. authorities.
This deal, approved on February 23rd, involves a $1.8 billion fine and $2.5 billion forfeiture. Judge Richard Jones underscored the ethical lapses within Binance, emphasizing how greed compromised its integrity.
Following Zhaos departure, Richard Teng assumed the CEO role. The upcoming sentencing will determine how strictly Zhaos post-Binance activities will be monitored.
Also read: Hoskinson Seriously Considers MMA Fight With Vitalik Buterin
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Prosecutors Push for Travel Limits on Ex-Binance CEO - Crypto Times
Bitcoin Price Prediction as Judge Approves Binance’s $4.3 Billion Plea Deal Can Bull Market Resume Now? – Cryptonews
Last updated: February 24, 2024 03:08 EST | 3 min read
In the wake of Binances substantial $4.3 billion plea agreement, market analysts are closely watching the Bitcoin price prediction, searching for indicators that may signal a return to a bull market.
With Bitcoin currently trading at $50,500, a modest downturn of 0.50% on Saturday, the implications of this legal settlement are under scrutiny for their potential impact on cryptocurrency market dynamics.
The settlement, approved by a U.S. judge, demands Binance to pay hefty fines for lapses in anti-money laundering efforts. As the cryptocurrency landscape adjusts to these new legal precedents, the question remains whether Bitcoin can leverage this moment to resume its upward trajectory.
A U.S. judge has sanctioned a settlement involving Binance, the worlds largest cryptocurrency exchange, agreeing to a guilty plea and a $4.3 billion penalty for breaches of federal anti-money laundering and sanctions regulations.
This judgment by U.S. District Judge Richard Jones in Seattle includes a criminal fine of $1.81 billion alongside $2.51 billion in forfeitures.
The settlement addresses serious lapses identified in Binances operations, including insufficient internal controls which led to the platform failing to report over 100,000 suspicious transactions linked to groups designated as terrorist organizations, such as Hamas, al Qaeda, and ISIS.
Furthermore, Binance was implicated in facilitating transactions involving child sexual abuse materials and ransomware proceeds.
In response to these findings, Binance has acknowledged its responsibility and undertaken significant enhancements to its compliance mechanisms, including improving its anti-money laundering and know-your-customer procedures.
As part of the settlement, Changpeng Zhao, Binances founder, who pleaded guilty to related charges, is currently on a $175 million bond in the U.S. His conditions include a $50 million fine and a requirement to resign as Binances CEO.
Proposed changes to Zhaos bond aim to ensure his compliance with U.S. travel and residency restrictions until his sentencing, emphasizing the need for Zhao to notify authorities of any travel plans, surrender his passports, and possibly undergo location monitoring.
Key Points:
Bitcoins market movements on February 23 show the cryptocurrency in a consolidation phase, with the price hovering around $51,033, slightly above the 50-day Simple Moving Average of $51,654.
The asset is caught within a narrowing symmetrical triangle pattern, indicating indecision among traders.
The formation of a symmetrical triangle and a triple bottom pattern around the $50,700 level suggests a neutral bias among investors.
A breakout above this level could signal a bullish trend, while a break below could turn the trend bearish.
For now, Bitcoin appears to be in a holding pattern, awaiting a catalyst for its next significant move.
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At present, BTCMTX tokens are available at $0.0136, with an impending price increment on the horizon. Theres a rapidly closing windownow less than a dayfor investors to lock in tokens at the current rate through the Bitcoin Minetrix portal.
As the fundraising phase culminates, Bitcoin Minetrix gears up for a pivotal launch, set to invigorate the mining and staking domains.
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Nigeria reportedly plans to ban Binance, other crypto firms over their ties to forex – crypto.news
The Nigerian government is said to be considering blocking Binance and other crypto firms to prevent forex market manipulation and illicit fund movement.
Crypto exchange Binance and other digital asset trading platforms are risking being banned in Nigeria, as the local authorities are weighing options to curb forex market manipulation, Premium Times Nigeria has learned, citing Nigerian officials.
The report says the decision comes in response to growing concerns over criminals exploiting crypto trading platforms to undermine the stability of the naira, Nigerias fiat currency. Aside from economic implications, authorities have also expressed concerns about national security, citing reports of criminal organizations using crypto platforms for ransom payments.
The development follows recent measures taken by Binance, which imposed a limit on the selling price of Tether (USDT) on its peer-to-peer platform in Nigeria. In a blog announcement to Nigerian users on Feb. 20, Binance emphasized its commitment to collaboration with local authorities, saying it is working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.
Binances move comes after the Office of the National Security Adviser and the Central Bank of Nigeria (CBN) joined forces to address challenges impacting economic stability. According to officials, the joint initiative aims to enhance oversight of local trading platforms in response to heightened volatility in the local markets.
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Nigeria reportedly plans to ban Binance, other crypto firms over their ties to forex - crypto.news
XRP Whales Move Nearly 60 Million XRP from Binance – The Crypto Basic
At least 3 different whale XRP transfers from Binance were recorded within the space of 24 hours, suggesting a possible accumulation trend.
While whale XRP transactions are not uncommon in the market, a recent unusual trend involves the consistent XRP outflows from the same exchange. This move typically signals a likely coordination between a whale or institution.
These transfers have drawn comments from some members of the XRP community due to their prevalence in such a short period of time.
According to data insights from Whale Alerts, the largest of the transfers from Binance involves 20,898,914 XRP worth $11,286,635.
Notably, the recipient of the funds was also activated by Binance, per data from Bithomp. This has led to speculation that the transaction could be an internal fund movements from Binance.
Besides this, another 18,544,887 XRP worth $10,016,690 was also moved from the trading platform to another Binance-activated wallet. In addition, the third transaction is worth 19,905,635 XRP or $10,751,673.
A proper analysis of the activating wallets shows a unique trend, all three transfers are traceable to the same wallet, implying that a single whale might be behind this movement with strong ties to Binance.
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Over the past months, most XRP transfers have always had a strong tie to Ripple Labs with the preferred exchanges being Bitstamp and Bitvavo amongst others. This Binance-linked transfer shows a new major trend.
While these XRP transfers show accumulation, another major whale transaction emerged involving an inflow to Binance. The Whale Alert data shows 95,000,000 XRP valued at $51,369,170 at an average price of $0.5407 were transferred to the exchange.
This 90 million XRP can also be traced to Binance but with a different wallet compared to the one linked to the three outward transactions analyzed earlier.
Amid these transfers, XRPs price and market capitalization have dropped to $0.5469 and $29,843,688,415. The assets trading volume is also down 11% to $1,382,001,359.
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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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XRP Whales Move Nearly 60 Million XRP from Binance - The Crypto Basic
Binance Hit with $4.3 Billion Penalty for AML Breaches – Crypto Times
Cryptocurrency exchange Binance Holdings Ltd. will pay a massive $4.3 billion criminal penalty after a judge approved a plea deal on Friday.
Binance and its founder, Changpeng Zhao, pleaded guilty late last year to anti-money laundering violations and sanctions offenses. The company admitted to letting transactions occur with terrorist organizations like Hamas on its exchange platform.
An independent firm will monitor Binances compliance for up to five years as part of the agreement. The deal also requires Zhao to step down as CEO. He faces up to 18 months in prison at an April sentencing.
US District Judge Richard Jones approved the plea deal at a hearing in Seattle. He said Binance knew it was subject to US laws but made calculated decisions not to follow them out of greed.
Prosecutors said the misconduct was intentional and led by senior executives. The deal aims to deter this behavior and protect consumers. Binances deputy general counsel told the judge the company accepts full responsibility and is proud of recent compliance improvements.
Also read: Nigeria Blocks Crypto Exchanges: Binance, Coinbase, Kraken
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Binance Hit with $4.3 Billion Penalty for AML Breaches - Crypto Times
Binance Futures to List ORDI; Cardano Eyes Significant Uptick InQubeta Nears $10M in Ongoing Presale – Cryptonews
Last updated: February 24, 2024 01:14 EST | 2 min read
It has been an exciting couple of weeks, from GoDaddys integration with ENS to Wormholes snapshot of eligible wallets for its upcoming airdrop and Bitcoin hitting $50,000. Adding to this excitement is Binance Futures introduction of the USDC-margined ORDI (ORDI) Perpetual Contract, scheduled for launch on February 22.
At the same time, Cardano (ADA) has been riding the bullish market wave, eyeing a significant price uptick. In the ICO world, InQubeta (QUBE), an emerging crypto, is nearing $10 million in presale and is set to skyrocket after launch.
InQubeta (QUBE) is one of the most impressive new ICOs currently. Racing ahead, a staggering $9.9 million has been raised in its early funding, with sights set on breaking the $10 million fundraising goal. This massive presale participation suggests investor confidence in its appeal and potential.
A token costs only $0.0224 in the seventh stage of the ICOa ridiculously low entry point. Meanwhile, according to experts, it will experience a 55x upswing after its launch, which positions it as the best new crypto to invest ina recommended presale.
Aside from its explosive upside potential, its novelty makes it more appealing. Standing at the intersection of AI and blockchain, it aims to solve critical issues within the fast-rising AI sector, in particular, reshaping the fundraising landscape.
It will build the first crypto-based crowdfunding platform, allowing AI tech startups to source capital through its utility token, QUBE. By simply minting investment opportunities, which will be represented as equity-based NFTs, and offering them to investors on the marketplace, startups can raise much-needed capital. Further, through the fractionalization of these unique NFTs, investors can become early backers of AI ventures with no limits on investment.
ORDI (ORDI) is a novel crypto with text or image NFTs as tokens on the Bitcoin network. It is the first BRC-20 token to be created using the Ordinals protocol. Stirring up much buzz, it is the talk of the crypto community, especially among Bitcoin enthusiasts, with its price charting a bullish trajectory.
In exciting news, Binance Futures is set to introduce the USDC-margined ORDI Perpetual Contract, which is scheduled to launch on February 22. This has been creating ripples of excitement within the community, with the price reacting positively.
Binance Futures will offer enthusiasts and traders an impressive leverage of up to 75xhigh-risk, high-reward trades. With excitement on the rise, ORDI is expected to see further upside, making it one of the best coins to invest in.
Cardano (ADA) has demonstrated impressive performance this year, leaving critics second-guessing. While it was written off by many, its growth so far in 2024 has left holders excited, turning skeptics into fans.
Following the rise in investor sentiment post-Bitcoin ETF, Cardano is among the altcoins riding the ensuing bullish wave. Aiming for a breakout, it is one of the altcoins to watch. According to analysts, ADA will race past $0.65 in the coming days.
If you have yet to position yourself, there might not be a better time than now. Simply add Cardano to your portfolio, HODL, and ride its huge wave.
Binance Futures imminent listing of ORDI has sent ripples of excitement within the community, coinciding with a rally in its price. At the same time, Cardano is on the rise, eyeing a significant uptick, while InQubeta prepares to skyrocket post-launch. To become an early QUBE holder and position for staggering gains, click the link below.
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Binance Announces 2 PEPE Giveaways as Expert Predicts Potential 114% Price Spike – The Crypto Basic
Binance, the worlds largest crypto exchange by 24-hour trading volume, has announced two giveaway campaigns for enthusiasts of meme-based cryptocurrency Pepe (PEPE).
According to an announcement today, the two promos center on Binances Simple Earn Locked Products, with winners promised a massive reward of 700,000 PEPE each and an exclusive bonus of up to 9% APR.
Notably, the first giveaway campaign requires new users of Binances Simple Earn Locked Products to learn about the memecoin.
Afterward, the users will be required to test their knowledge by completing a quiz within the promotion period. The campaign, which commenced today at 14:00 (UTC), is slated to end on March 7, 2024, at 06:00 (UTC).
According to the announcement, the first 50,000 users who correctly answer all questions in the quiz will receive 700,000 PEPE each. Binance will distribute the rewards to the winners as a 150-day PEPE Locked Products position on March 20, 2024.
The second campaign requires users to subscribe to PEPE on the Simple Earn Locked Products between March 1, 2024, and May 31, 2024. Per the announcement, the subscription format will be on a first-come, first-served basis.
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Users who subscribe with 10,000 to 500 million PEPE will receive an exclusive bonus tiered APR of 9% alongside a real-time APR.
In addition, you will only receive a real-time APR when you subscribe to the product with over 500M PEPE. While the minimum subscription is 10,000 PEPE, the maximum amount is set at 1 trillion PEPE.
Binances giveaway announcement follows PEPEs breakout. The token surged to a high of $0.00000140 in the daily chart before consolidating within the $0.0000013 price level.
At the time of writing, a unit of PEPE was trading at $0.00000128, up 9.3% over the past 24 hours.
Meanwhile, famous crypto analyst Ali Martinez forecasted that PEPE will continue its rally in the coming days. According to him, the meme-based token will first surge to $0.00000166 before making a bullish run toward $0.00000274.
Hitting the $0.00000274 target would require PEPE to rise by 114% from its current price.
Martinezs recent analysis comes nearly two weeks after he called attention to a buy signal on PEPEs 3-Day chart. At the time, he noted that the signal indicated a bullish impulse for the token.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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INTRODUCING | Binance Launches a One-Stop Solution for Inscribing and Trading BRC-20 Inscription Tokens – bitcoinke.io
Binance, the worlds largest exchange, has introduced an in-app Inscriptions Marketplace that supports Bitcoin BRC-20 tokens, including ORDI ($ORDI).
As per an announcement by the crypto exchange, the Binance Inscriptions Marketplace serves as a one-stop solution integrated into the Binance Web3 Wallet. This feature empowers users to inscribe and trade various inscriptions, including BRC-20 tokens and Ethereum Virtual Machine (EVM) tokens.
The BRC-20 is an experimental token standard designed for fungible tokens on the Bitcoin blockchain.
In contrast to Ethereums ERC-20 tokens, which leverage the blockchains smart contracts, BRC-20 tokens utilize Ordinals inscriptions. This protocol allows for the inscription of data on individual Satoshis (Sats), which are the smallest denominations of Bitcoin.
The introduction of BRC-20 tokens has facilitated the development of meme coins built on the Bitcoin blockchain. Tokens like $ORDI, $SATS, and $PIZA have contributed to the collective market capitalization of BRC-20 tokens surpassing $2.8 billion, according to data from CoinGecko.
Ordinals and BRC-20 tokens have sparked controversy among the Bitcoin community. Bitcoin Core developer, Luke Dashjr, has contended that inscriptions are exploiting a vulnerability in Bitcoin Core leading to an increase in blockchain spam and subsequently causing a surge in transaction fees.
Despite facing criticism, BRC-20 tokens are displaying resilience and continued adoption. Binance has joined wallets like Phantom in supporting this new token standard. Notably, ORDI, the most valuable BRC-20 token in terms of market capitalization, holds a position within the top 100 cryptocurrencies overall, according to data from CoinGecko.
The Inscriptions Marketplace is designed with accessibility and convenience in mind. It caters to all, from BRC-20 enthusiasts to those new to Web3, providing a secure and enjoyable experience. The introduction of the Inscriptions Marketplace is a welcome development for Binance Web3 Wallet, enhancing users journey through the decentralized web with its array of features.
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Government Prosecutors Urge Judge To Accept Plea Deal for Crypto Exchange Binance: Report – The Daily Hodl
US government prosecutors are reportedly urging a federal judge to accept crypto exchange Binances plea deal.
In November 2023, the top global crypto exchange was hit with a $4.3 billion fine by the U.S. Department of Justice (DOJ) to settle a multi-year investigation.
Changpeng Zhao, Binances controversial chief executive, said he would plead guilty to violatingUS anti-money laundering laws and step down as CEO.
A sentencing memo filed to a federal court in Seattle last week indicates that prosecutors want the cases judge to accept the plea deal, according to a new report from Bloomberg.
Prosecutors argue the penalties are fitting given Binance committed intentional misconduct that caused hundreds of millions of dollars of collateral consequences.
Zhaos sentencing hearing was recently postponed until April 30th, according to CNBC.
Last month, a former hostage and several family members of the victims of the October 7th Hamas attack on Israel sued the exchange for allegedly providing the terrorist group with a funding mechanism. The lawsuit accuses Binance of processing numerous transactions for Hamas between 2017 and 2023.
Back in June 2023, the U.S. Securities and Exchange Commission (SEC) accused Binance and Zhao of selling unregistered securities, misleading investors about its security protocols and diverting customer funds. The SEC also attempted to freeze the assets of the exchanges American arm, Binance.US.
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Binance to shut down multiple leveraged token listings – crypto.news
Binance has announced the discontinuation of support for certain leveraged tokens associated with Bitcoin, Ether, and BNB, effective Apr. 3.
Unveiled on Feb. 19, the decision specifically targets leveraged tokens BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP, and BNBDOWN, all paired with Tether.
The exchange will halt trading and subscription services for these leveraged token pairs on Feb. 28 at 06:00 UTC, as stated by Binance.
All trade orders for the leveraged tokens that they mentioned will be automatically removed on the set date, indicating a firm deadline for users to adjust their holdings.
Binance announced that it will stop trading and subscription services for leveraged tokens on February 28, 2024, at 6:00 (UTC), followed by the termination of redemption services and delisting of leveraged tokens; on April 3, 2024, at 6:00 (UTC), it will stop supporting leveraged
In preparation for the delisting, Binance has outlined a phased process commencing on Apr. 1 and concluding by Apr. 3.
Users will be able to redeem their tokens before the delisting date, said the company.
However, for those who do not meet the redemption deadline, Binance has committed to converting the tokens into USDT based on their value on the delisting date and crediting users accounts within 24 hours.
As described by Binance, leveraged tokens offer a means to engage in leveraged positions without collateral or maintenance margins, thereby avoiding liquidation risks.
The effects of price movements in the perpetual contracts market, premiums, and funding rates are among the potential risks Binance has warned about despite the advantages of leveraged tokens.
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Binance to shut down multiple leveraged token listings - crypto.news