Category Archives: Binance
Binance to Remove Six Crypto Pairs from Platform – Analytics Insight
Binance, the leading cryptocurrency exchange, recently announced its decision to remove six Crypto pairs from the platform. This move comes amidst ongoing consolidation within the crypto space, signaling a shift toward greater regulatory compliance and enhanced investor protection. Lets examine the reasons behind Binances decision and analyze the implications of this action for the broader cryptocurrency ecosystem.
Founded in 2017, Binance quickly rose to prominence, becoming the largest cryptocurrency exchange globally by volume traded. Over the past several months, however, Binance has faced increased scrutiny from regulators worldwide, resulting in the suspension of operations in countries including Japan, Singapore, Thailand, Hong Kong, and Canada.
This latest round of delistings follows previous actions taken by Binance to streamline its product offerings and adhere to regional regulations. In June 2021, Binance removed five stablecoins from its platform after receiving warnings from the United Kingdom Financial Conduct Authority regarding the risks associated with these coins.
The six digital assets set to be delisted from Binance are:
Bitcoin Diamond (BCD): Launched in November 2017, BCD aims to improve transaction processing times and reduce costs compared to Bitcoin.
BitTorrent Token (BTT): Developed by Tron founder Justin Sun, BTT enables faster download speeds and incentives for seeders on the BitTorrent network.
Flux (FLUX): FLUX is a decentralized application platform that focuses on developing dApps related to gaming, social media, and eCommerce.
Hydranet (HDR): HDR is a privacy coin developed to facilitate anonymous transactions on the blockchain.
Siacoin (SC): SC is a decentralized file storage system that uses blockchain technology to store encrypted files across a distributed network of nodes.
Tomochain (TOMO): TOMO is a smart contract platform focused on delivering fast, low-cost transactions and interoperability with other blockchains.
These delistings represent a mix of utility tokens, privacy coins, and altcoins, highlighting Binances commitment to maintaining a balanced portfolio of digital assets that align with current regulatory standards and market trends.
According to Binance CEO Changpeng Zhao, the removal of these six digital assets was primarily driven by factors such as insufficient liquidity, lack of adoption, and regulatory concerns. He emphasized that Binance would continue to prioritize listing only high-quality digital assets that demonstrate real-world utility and comply with local laws and regulations.
By removing these less-established digital assets, Binance hopes to strengthen its position as a leader in the cryptocurrency sector, attracting institutional investors who seek greater transparency and accountability in the markets.
For investors holding these affected digital assets, the delisting announcement presents both challenges and opportunities. On one hand, the loss of Binances extensive customer base and liquidity pools may result in reduced trading volumes and price volatility. On the other hand, the delisting may serve as a catalyst for renewed interest in these digital assets among niche communities and dedicated supporters.
Additionally, the delisting highlights the importance of conducting thorough research and staying updated on the latest developments within the cryptocurrency space. As Binance continues to refine its listing criteria, investors should expect to see additional delistings and deplatforming shortly.
While the delisting of six digital assets represents a significant change for Binance, it also signals a positive trend toward greater regulation and standardization within the cryptocurrency sector. By focusing on quality listings and promoting responsible investing practices, Binance seeks to foster trust and confidence among its customers and stakeholders. Ultimately, this approach will benefit the entire cryptocurrency ecosystem, encouraging innovation, competition, and sustainable growth.
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Binance to Remove Six Crypto Pairs from Platform - Analytics Insight
$PORK: Will the Altcoin be Listed on Binance? – CoinGape
PEPE Coin has disappointed the crypto community after its lack of transparency and embezzlement-related issues. A distant cousin, PEPEFORK (PORK), has entered the market on promises of being different. Its a distant cousin because PORK is a fork of the PEPE coin, which has the code of PEPE but came with new features. Within 12 hours of launch, it gained $41 million in swap volume, snatching all the attention. But even with this achievement, will PORK get listed on Binance? Lets have a look into that.
PORK is a pink frog-themed meme coin that was launched recently in the market. It is being traded at $0.00000035 and has gained a market cap of $290 Million within a week of launch.
Exchanges like Uniswap, Gate.io, and others have already listed PORK on their platforms. Pauly0X created the PORK after the communitys harsh treatment of the PEPE team, as they got accused of lack of transparency, mismanagement, rug pulling, etc. Because of this, he introduced PORK to rebuild, redefine community projects, and introduce future utility.
Pauly0x ran multiple marketing campaigns, and with the promise of transparency, this coin reached its perfect audience. There was a moment when PORK took over the Baby Dogecoin in the 9th position of largest meme coin.
Even some influential people, including Matt Furie, have endorsed PORK. Matt Furie is the artist behind OG Pepe, the frog aesthetic.
Despite garnering the affection and interest of the cryptocurrency community, PORK remains unlisted on Binance. Binances approval for a coin matters while predicting the future of a coin.
In 2021, Binance CEO Changpeng Zhao revealed various factors Binance considered before listing a token. Binance is the largest cryptocurrency exchange by volume and has listed 403 tokens by now. They seriously consider the number of users the most necessary criterion during listing. Binance also looks at the number of active addresses on the blockchain, code commits, and the audience of altcoin.
In an interview with Forbes, Chan said,
If a coin has a large number of users, then we will list it. Thats the overwhelming significant attribute. Consider for example, meme coins even though I personally dont get it, if its used by a large number of users we list it. We go by the community, my opinion doesnt matter.
So, if PORK has an adequate number of users and value, it will have a chance to get listed on Binance. At the same time, we need to know that Binance doesnt need to add every token with an audience because their earnings come from volume rather than listings.
PORK is in demand now, but its shortcomings might hinder it from getting listed on Binance. The altcoin has seen the highs and lows too soon of launch. It reached a market cap of $290 Million impressively, but it also fell to $50 Million within a few days. Other than that, around 420.69T tokens are in circulation, which can dilute its value majorly, pushing it toward inflation.
PORK has made a place in the hearts of meme crypto lovers, but as with any other meme coin, it is prone to fall depending on the trends. If it adds more people to its community while maintaining the adequate traded volume, theres a good chance of getting added to the Binance exchange. It is a new meme coin, so it might take some time to get stable and added to Binance. Check out the Upcoming Binance Listing For 2024.
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Binance Case Nearing Resolution? US Prosecutors Push for Plea Deal in New Move – TradingView
As reported by Bloomberg, U.S. prosecutors are looking to reach a plea agreement in the Binance case initiated by the Department of Justice (DOJ).
U.S. prosecutors asked a federal judge to accept an earlier plea deal in a sentencing letter submitted on Friday in a federal court in Seattle, according to Bloomberg, justifying one of the largest criminal penalties in U.S. history.
According to the U.S. prosecutors, "Given the nature and seriousness of Binances misconduct it was intentional and led by senior executives, with hundreds of millions of dollars of collateral consequences, the penalties in the proposed plea agreement are appropriate."
As part of the plea agreement, Binance would be monitored for up to five years.
Changpeng Zhao, the former CEO of Binance, entered a guilty plea to charges of money laundering and is scheduled to be sentenced in April.
On Nov. 21, Zhao entered a guilty plea to a charge of neglecting to uphold a successful anti-money laundering policy at Binance, the largest cryptocurrency exchange globally, which he created.
To resolve the Department of Justice's (DOJ) investigation into violations of the Bank Secrecy Act (BSA), failing to register as a money-transmitting business, and the International Emergency Economic Powers Act (IEEPA), Binance simultaneously agreed to pay $4.3 billion in fines and restitution.
Binance's guilty plea was part of coordinated resolutions with the U.S. Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC) and the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).
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Binance Case Nearing Resolution? US Prosecutors Push for Plea Deal in New Move - TradingView
Firm handling FTX’s bankruptcy set to be appointed as Binance’s watchdog – crypto.news
New York-based law firm Sullivan & Cromwell may be appointed as an independent monitor for Binance Holdings Ltd.
According to a Bloomberg report, Sullivan & Cromwell is the leading contender for the coveted observer position, likely beating out a crowded field of lawyers and consultants vying for what is seen as a lucrative observer role.
The outlets sources believe former federal prosecutor and firm partner Sharon Cohen Levine will likely lead the surveillance team, according to an anonymous insider cited by Bloomberg.
Although the appointment has yet to be formally signed, Sullivan & Cromwell is at the top of the list, and the Justice Department is close to confirming the firm, one of the people said.
Sullivan & Cromwell is also involved in the bankruptcy process of the FTX cryptocurrency exchange. From November 2022 to November 2023, Sullivan & Cromwell billed more than $153 million in this case. In the FTX bankruptcy case, Sullivan & Cromwell earned an average of $11.8 million monthly.
In November, Binance Holdings Limited pleaded guilty and agreed to pay $4.3 billion to resolve the U.S. Department of Justices investigation into the exchange. U.S. authorities said Binance intentionally withheld a license to prevent regulators from discovering that the company was facilitating billions of dollars in cryptocurrency transactions on behalf of its customers, including U.S. customers, without implementing appropriate KYC procedures and conducting adequate transaction monitoring.
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Firm handling FTX's bankruptcy set to be appointed as Binance's watchdog - crypto.news
Solana (SOL) Overtakes Binance Coin: What’s Next? – CCN.com
Key Takeaways
Solana (SOL) has made headlines by overtaking Binance Coin (BNB) in market capitalization, underscoring the growing interest and confidence in the Solana ecosystem. This is particularly noteworthy as Solanas open interest reached $1.75 billion, approaching an all-time high.
This surge highlights increased investor activity and signals a bullish sentiment surrounding SOLs future potential. As Solanas price rises and trading volume sees significant upticks, the cryptocurrency community is abuzz with speculation about the future of SOL.
Recent data from CoinGlass highlights a 108% jump in open interest for Solana, setting a new record at $1.75 billion. This uptick shows heightened investor engagement and enhanced market activity on major exchanges, including Binance, Bybit, and OKX.
Solanas rising interest contributes to an overall optimistic trend in the crypto market, initially ignited by Bitcoins climb above $50,000. Enthusiasm for Bitcoin tends to positively affect altcoins like Solana. Not only that, but some analysts predict Solana could reach $140, indicating a potential 25% growth from its current price.
In addition, other on-chain metrics indicate a positive sentiment. According to data from TheBlock, Solanas value moved on chain has reached $37 trillion, the highest point in the last 12 months. In comparison, this metric was only $1 trillion in January.
This is also the case with fees. On January 31, it reached an all-time high of $1.2 million. It cooled off in February, but this number is still high at $522,000.
The price of Solana reached a high of $124 on December 24 last year, coming from a low of $18 in mid-September. As it broke resistance at around $80, it retested it for support on January 22.
This is when the current uptrend started, with the price now $116 and still going upward. We most likely saw a corrective wave four from its December peak to its January low, with its current rise being wave five of a five-wave pattern.
There was a possibility that this move was corrective and another downturn would take place. However, because it has crossed $110, we now expect it to reach a higher high above $125. The next significant zone that can serve as resistance is at $167, our next target.
However, after the uptrend ends, it would mark the compilation of the larger uptrend dating from January, meaning we could see a major correction pushing the price down by a significant amount.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authors opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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Binance-Owned Trust Wallet Faces Fresh Scrutiny in US – The Crypto Basic
A U.S. federal agency is investigating a security vulnerability in Binance-owned Trust Wallet that could potentially lead to financial losses.
The National Institute of Standards and Technology (NIST), a unit of the U.S. Department of Commerce, is currently probing Binance-owned Trust Wallet over a potential security vulnerability.
According to a recent report, the security flaw is associated with a version of Trust Wallet that has misused a feature dubbed the trezor-crypto library.
Following the misuse of the trezor-crypto library, the U.S. agency said the flaw could help attackers generate mnemonic words that can be used to steal users funds from their Trust Wallets.
Explaining in detail, NIST pointed out that an attacker can leverage the flaw to create mnemonic words within a specific timeframe systematically. Afterward, these mnemonic words can be linked to a particular address to access and steal its crypto holdings.
NIST indicated that a similar security flaw was previously exploited in July 2023, causing huge losses to investors. In the meantime, NIST has commenced an investigation to ascertain the real-world effect of the vulnerability.
Additionally, the agency included the Trust Wallet flaw in a database established for documenting all security issues that are capable of causing financial losses.
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Launched in November 2017, Trust Wallet has encountered a series of security incidents leading to the loss of users funds.
Despite Binance acquiring the wallet in 2018, the crypto storage provider has continued to encounter several security breaches. In a series of tweets last year, Trust Wallet confirmed that one of its users was hacked to the tune of $4 million.
According to Trust Wallet, the funds were stolen by an Italian-based criminal organization through a social engineering attack. Popular gaming project Webaverse- the victim of the hack- explained that the attackers stole the funds by merely snapping the wallets balance without gaining access to its seed phrases and passwords. The incident raised concerns regarding the safety of Trust Wallet.
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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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Cardano, Binance Coin and Bitgert Price Projections Unveiled for Crypto Investors – Analytics Insight
Investors keenly watch the movements of notable assets like Cardano (ADA), Binance Coin (BNB), and the innovative Bitgert (BRISE). Lets explore the recent developments and future projections for Cardano, Binance Coin, and Bitgert that play a significant role in shaping the crypto landscape.
Cryptocurrency analyst recently shared a bullish outlook for Cardano (ADA), predicting a potential rally of 1,233% if certain breakout scenarios are validated. Cardanos ADA might follow a historical pattern, rising to $0.80, retracing to $0.60, and then entering a bull run towards $8 by January 2025. This projection for Cardano signifies a substantial increase from the current price, highlighting the potential for significant gains.
As of the latest data, Cardanos ADA has experienced a 1.87% increase in the last 24 hours, reaching $0.60 and exhibiting an 11% weekly gain. Cardanos steady rebound since January 23, coupled with strategic moves like surpassing the daily MA 50 at $0.53, positions Cardano for potential upward momentum. Cardano is at critical $0.613$0.617 area, acting as a barrier since January, becomes pivotal for Cardanos trajectory. Breaking this barrier could propel Cardanos ADA towards the projected $0.80 level, as anticipated by crypto analyst.
A crucial milestone in Cardanos journey is the live testing of Plutus v3 on SanchoNet, the test network for Cardanos decentralized on-chain governance mechanism. Cardanos Plutus v3 represents a significant leap forward in smart contract language. Cardano is aiming to enhance the developer experience, streamline smart contract adoption, and boost cross-chain interoperability.
Binance Coin (BNB) has recently witnessed a surge. Binance reached a 15-month peak above $350. This upward movement for Binance comes amidst broader market dynamics, with coin experiencing notable gains. Binance Coin remarkable 3% surge positions it above $350, marking a significant milestone not seen since the FTX Binance saga in November 2022. Market dynamics indicate that Binance Coin could potentially extend its rally above $375. Binance could target the $400 level in the near term.
The Binance Coin price chart reflects bullish signs, with the price trading above the $350 pivot level and the 100 simple moving average (4 hours). A key bullish trend line for Binance provides support at $354, and if the price closes above the $365 resistance zone, Binance Coin may gather further bullish momentum.
Amidst the fluctuations in Cardano and Binance Coin, Bitgert (BRISE) stands out as a trailblazer in the crypto engineering realm. Bitgerts collaboration with Centcex, set to launch a groundbreaking project, offers BRISE token holders unparalleled opportunities on the Centcex Launchpad.
Bitgerts high-performance blockchain, the Bitgert Chain, processes over 100,000 transactions per second, setting new standards for transaction efficiency globally. The commitment to affordability, with transaction fees as low as $0.001 and a zero gas fee policy, makes blockchain accessible to a broader audience.
With a community boasting over 600,000 users and facilitating more than 25 million transactions, Bitgert reflects growing trust and reliance. As Bitgert continues to redefine blockchain accessibility, its visionary approach and transformative technology position it as a key player in the future of decentralized finance.
For the latest updates on Bitgert and to stay informed about its developments, visit their official website or engage with the community on Telegram and Twitter. As the crypto market unfolds, Cardano, Binance Coin, and Bitgert contribute uniquely to the evolving narrative of decentralized finance and digital assets. Stay tuned for further insights into the cryptocurrency landscape.
Learn more about Bitgert below: https://bitgert.com
Telegram: t.me/bitgertbrise
Twitter: x.com/bitgertbrise
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Former Binance CEO Changpeng Zhaos Criminal Sentencing Postponed Until April: Report – The Daily Hodl
The founder and former chief executive of Binance, the worlds largest crypto exchange platform, has reportedly had his criminal sentencing postponed until April.
According to a new CNBC report, Changpeng Zhaos sentencing from charges brought forth by the U.S. Department of Justice, which claimed that the executive failed to maintain adequate anti-money laundering protocols, will be delayed at least two more months.
The court record gives no official reason for the delay, according to the report.
Zhao, a Canadian national and a resident of the United Arab Emirates, is currently in the US, free on a $175 million bond. Due to his level of wealth, the former CEO is considered a flight risk by U.S. District Judge Richard Jones.
When Zhao pleaded guilty in November, he agreed to step down from Binances CEO post, in addition to paying a $50 million fine. Binance paid $4.3 million in restitution fees.
Last December, The Chair of the Commodities Futures Trading Commission (CFTC) said CZ would face prison time over the charges in a CNBC interview.
Speaking in a CNBC interview, CFTC Chair Rostin Behnam said that he expects Zhao to spend time in prison after pleading guilty.
Said Behnam,
We have over $4 billion in fines on the criminal and civil side. The CFTC, Justice [Department] and The Treasury. Obviously, theres the criminal side so he will be going to jail.
The sentencing will be taking a bit of time. So I think law enforcement, both criminal and civil, we work together[and] we feel like we got a bad actor here and its sending a clear message.
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3 Crypto Platforms That Binance Recently Invested In – BeInCrypto
Binance, through its venture capital arm Binance Labs, has made notable investments in three innovative platforms Ethena Labs, NFPrompt, and ShogunFi.
Binance Labs has kickstarted its first batch of Season 6 Incubation by supporting three crypto projects.
Ethena Labs is notable for its innovative stablecoin approach. It converts Ethereum (ETH) into a yield-bearing stablecoin, independent of traditional banks, which sets a new crypto stability and utility standard, making stablecoins more attractive. Indeed, it enhances the Ethereum ecosystem with versatile financial instruments.
NFPrompt, on the other hand, is transforming Web3 content creation. This AI-driven platform caters to digital creators, supporting NFTs and inscriptions. Additionally, it provides AI creation tools, community engagement, and monetization options.
Finally, ShogunFis launch of an intent-centric protocol focuses on enhancing trader extractable value (TEV). It uses sophisticated order flow management and chain abstraction. This investment reflects Binances commitment to bettering the trading experience.
To kick-off Season 6 of The Binance Labs Incubation Program, Binance Labs hosted a founder-focused meet up during EthCC Paris in July for program alumni, portfolio founders and founders interested in the program to network and meet the Binance Labs Investment team, Binance Labs wrote.
Read more: How To Fund Innovation: A Guide to Web3 Grants.
Binance Labs, with its impressive track record of a 14x return on investment across 250 projects in 25 countries, has established itself as a pivotal player in nurturing the Web3 ecosystem.
The venture capital and incubation arm of Binance is known for its chain-agnostic and stage-agnostic investment approach, focusing on early-stage projects with the potential to shape the future of Web3. In 2023, despite a downturn in the crypto market, Binance Labs continued making over 25 investments, particularly in infrastructure, DeFi, and Web3 gaming.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
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3 Crypto Platforms That Binance Recently Invested In - BeInCrypto
Binance Moves 63 Million XRP as Price Recovers – The Crypto Basic
Binance moved a significant amount of XRP across its wallets early Tuesday, a trend which could indicate significant customer demand as XRP price attempts a recovery.
On-chain data shows that around 6:40 UTC on Tuesday, Binance made three large XRP transfers across its wallets. The exchange moved 20,634,685 XRP ($10.9 million), 21,235,383 XRP ($11.2 million), and 22,555,390 XRP ($11.9 million).
While popular blockchain tool Whale Alert flagged the transfer as a movement from Binance to unknown wallets, further investigation revealed that Binance had also activated the XRP addresses that received the transfer.
Specifically, the wallet addresses became active on January 3 and have since been used by Binance as hot wallet addresses to service customers XRP demand.
A transaction trail showing users moving funds from it to other exchanges such as Bybit, Bitso, and Upbit. There are also transfers to the payment platform Payeer and prediction service Stake.com.
While some of these exchange transactions involve internal transfers, others see movements to users cold storage addresses, where they are safely kept away as long-term investments.
Meanwhile, on-chain transparency provides a basis for trusting cryptocurrency exchanges, as opposed to traditional financial systems where users have little visibility into fund movement.
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Binance, like most exchanges, already offers proof-of-reserve reports, assuring customers that funds are safe amid any type of market condition.
It is also worth noting that the latest large XRP transfers by Binance have come at a time when XRP has begun making a recovery from its most recent lows.
While XRPs progress may not perfectly mirror the broader crypto market, investors in the cryptocurrency have more reasons to be hopeful than in despair.
In the past week, XRP has gained over 5.5%, climbing from $0.4989 to $0.53 at the time of writing. The gradual recovery may be the preliminary phase of what many analysts believe will be a significant bull run for the cryptocurrency.
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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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Binance Moves 63 Million XRP as Price Recovers - The Crypto Basic