Category Archives: Binance
Fox Journalist and Deaton React As SEC Presents Inconsistent Argument in Binance Case – The Crypto Basic
Crypto enthusiasts spot inconsistency in the SECs legal argument after the regulator claimed that crypto assets themselves represent the embodiment of an investment contract.
This was the SEC lawyers position in yesterdays legal hearing centered on Binances attempt to get an enforcement action from the securities regulator dismissed.
For context, the SEC charged Binance and Coinbase in June with violating federal laws by operating unregistered securities exchanges and listing crypto assets deemed investment contracts.
In the Binance lawsuit, the SEC labeled 12 crypto assets as securities, including FIL, BUSD, BNB, ADA, and AXS. On the contrary, Binance and Binance.US filed a dismissal motion asking U.S. District Judge Amy Berman Jackson to dismiss the lawsuit.
Reports from the courtroom during Mondays hearing suggested that the SEC claimed the Howey Test, a longstanding security test in the United States, was clear for all assets, including cryptos.
According to reports from the courtroom, the commissions lawyers claimed that the crypto tokens listed in the Binance case represent the investment contracts, adding that the assets are the embodiment of a security.
However, the SECs argument did not sit well in the crypto community, as enthusiasts spotted significant inconsistencies in the theory. Notably, Attorney John Deaton, who represents thousands of XRP holders in the SEC v. Ripple case, commented on the development.
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The pro-XRP lawyer revealed that the SEC first expressed the embodiment theory when responding to his motion to intervene on behalf of XRP holders in the Ripple legal tussle.
An excerpt from the SECs response read:
The XRP traded, even in the secondary market, is the embodiment of those facts, circumstances, promises, and expectations, and today represents that investment contract.
Attorney Deaton pointed out that the SEC has failed to cite any case law to support its embodiment theory.
Additionally, Fox Business Journalist Eleanor Terrett was among those who commented about the SECs inconsistent arguments.
In an X post yesterday, the pro-crypto journalist noted that two federal judges, Judge Analisa Torres in the Ripple lawsuit and Judge Jed Rakoff in the Terra case, declared that the token in itself is not a security.
She pointed out that the SEC also acknowledged this fact in both cases as it described the tokens as merely computer codes. Per Terrett, the SECs inconsistent legal theories were seen in the Ripple and LBRY cases.
For instance, the judge in the Ripple case called out the SEC for presenting inconsistent arguments about Ripples other distributions of XRP.
According to the judge, at one point, the SEC argued that Ripples other distributions were the sale of unregistered securities as they were made in exchange for non-cash considerations.
She added that the SEC later changed the argument by claiming that Ripples other distributions of XRP were sold indirectly to the public to raise liquidity for the company.
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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 shakes privacy coin market with possible Zcash and Monero delisting threats – CryptoSlate
Crypto exchange Binance said it could delist three privacy tokens, including Zcash (ZEC), Monero (XMR), and Horizen (ZEN), because they are at risk of no longer meeting its listing criteria, according to a Jan. 4 statement.
As such, the exchange placed a Monitoring tag on these privacy tokens and other digital assets like Aragon, Firo, Keep3rV1,MobileCoin, Reef, and Vai.
Binances decision, alongside the broader market drawdown, has significantly impacted these digital assets as the privacy sector is down more than 6% during the last 24 hours and by nearly 10% in the past week, according to CryptoSlates data.
During the past day, Monero, Zcash, and Horizen are down 5%, 12%, and 16%, respectively.
Meanwhile, Binance now requires users interested in these assets to take quizzes every 90 days to ensure they understand the inherent risks of trading them on its spot and/or Margin platforms.
Binance stated that:
Tokens with the Monitoring Tag exhibit notably higher volatility and risks compared to other listed tokens. These tokens are closely monitored, with regular reviews conducted. Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform.
The exchange further clarified that its decision was part of a periodic project review, assessing criteria like team commitment, trading volume, network security, and liquidity.
Last year, Binancesaidit would delist several privacy coins in compliance with European local laws and regulations. At the time, market observers pointed out that the move was attached to the high regulatory scrutiny privacy coins have attracted globally.
OKX, another top cryptocurrency platform, revealed intentions to delist several privacy-focused cryptocurrencies, including Zcash and Monero, by Jan. 5 because they do not align with its listing criteria.
As of press time, Binance has yet to respond to CryptoSlates request for additional commentary.
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Binance shakes privacy coin market with possible Zcash and Monero delisting threats - CryptoSlate
Binance to sunset BEP2/BEP8 asset, introduces BEP333 – BNB Chain Fusion – CryptoTvplus
BNB Chain has revealed plans for the gradual elimination of the BNB Beacon Chain from its ecosystem, ushering in the era of BEP333: BNB Chain Fusion. This initiative, set to take effect in April 2024, aims to enhance the development effectiveness of the BNB Smart Chain (BSC), fortify security measures, and optimize asset utilization efficiency.
The BNB Beacon Chain is a blockchain component of the BNB Chain, initially developed by Binance and the community. It serves as the staking and governance layer of the BNB ecosystem, responsible for governance, managing staking, and voting on the BNB Chain.
The BNB Beacon Chain upholds community-first principles, operates as an open-source ecosystem, and fosters a permissionless and decentralized environment. It does not support smart contracts, as this was an intentional design decision to improve the performance of the system and eliminate the need for complex processing.
Digital asset issuers and holders operating on the BNB Beacon Chain are urged to take note of this transformative development. The Beacon Chain Fusion, while scheduled for April, necessitates careful planning and execution of asset transitions to ensure the security of funds.
BNB Chain noted that holders should make sure they transfer their BEP2/BEP8 tokens, like Binance Coin (BNB) to the BSC network. This proactive step is critical to maintaining a seamless, loss-free move and preserving a 1:1 asset ratio. It added that failure to establish cross-chain functionality for tokens before the BNB Beacon Chain deactivation will result in irreversible loss.
BNB Chain also called on Token Issuers to validate asset support for cross-chain transfers as well as notify asset holders to migrate promptly. After the Beacon Chain Fusion, holders of assets with cross-chain features who did not transfer assets to the BSC network pre-Fusion can opt for a backup solution: BEP299-Token Migration post-Beacon Chain Fusion.
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Binance to sunset BEP2/BEP8 asset, introduces BEP333 - BNB Chain Fusion - CryptoTvplus
Find out why top analyst predicts Pushd (PUSHD) will overtake Solana (SOL) and Binance Coin (BNB) – The Merkle Hash
The past few days have been dramatic in the crypto market. As Pushd stirs the crypto market with its novel web3 e-commerce marketplace, top analysts boldly predict its potential to outstrip Solana (SOL) and Binance Coin (BNB), two of the markets most prominent players. This audacious forecast begs the question: what exactly sets Pushd apart? Lets find out.
The global e-commerce industry is worth a whopping $6 trillion. Despite its good CAGR, the e-commerce landscape is plagued with several issues, including centralization, delayed deposits and withdrawals, risk of exploitation, and poor support.
Pushd aims to solve its problem with a novel blockchain-powered web3 e-commerce marketplace. Built on Ethereum, Pushd leverages the innovative power of blockchain technology and smart contract automation to foster better e-commerce trading experiences.
Its user-driven and intuitive platform allows anyone to register and start listing their products immediately without any KYC. Apart from this, Pushd focuses on user flexibility, faster transaction processing, and commission-free trades. Additionally, users can earn with multiple cashback, reward programs, and more.
Pushds record-breaking 10,000 signups and stage one sell-out in presale is a testament to its advantages and potential. It signals a strong endorsement of its vision to address the shortcomings in the e-commerce industry.
Although Pushd has forged ahead of Solana (SOL) for obvious reasons, Solana (SOL) remains a staunch and highly functional DeFi protocol. The hybrid Proof of History chain gained prominence as the Ethereum killer an innovation to end Ethereums Proof of Work inefficiencies.
Despite the FTX turmoil in 2022, Solana (SOL)s unprecedented recovery and surging user and DeFi activities are a testament to its massive scalability. Last year, Solana (SOL) closed with a colossal 1077% growth and the largest institutional capital inflow.
Although the Solana (SOL) token is retracing its gains with a 12% 7-day loss, its DeFi activities are not slowing down. TVL gains stand at an astounding $1.1 billion in 6 months, thanks to the meme craze, strategic partnerships, and ecosystem development.
Binance Coin (BNB) has also made great price movements since the crypto market surged. In fact, the Binance Coin (BNB) token recently knocked Solana (SOL) over to reclaim its place as the 4th largest cryptocurrency with a $45.6 billion market capitalization.
Although Binance Coin (BNB) had a fair 2023, it grappled with regulatory scrutiny as the SECs probe and ex-CEO Changpeng Zhaos legal woes weighed heavily on investor sentiment. Unfortunately, SEC citing Terraforms case and India closing all gates to Binance has further worsened Binance Coin (BNB)s outlook. Currently, Binance Coin (BNB) is struggling to maintain its stand after losing over 4% in the past 24 hours.
While Solana (SOL)gets knocked over by embattled Binance Coin (BNB), Pushds upcoming presale will showcase its potential to outshine these renowned giants. Pushds rapid momentum makes it a noteworthy innovation and an excellent investment for the next bull run.
Find out more about the Pushd presale at their official website
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosurehere.
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Binance Updates Proof of Reserves: Are Funds SAFU? – BeInCrypto
Binance, the worlds leading cryptocurrency exchange, has unveiled its fourteenth Proof of Reserves (PoR).
The latest snapshot, dated January 1, reveals a robust growth in user assets, potentially bolstering confidence among investors and users alike.
The data shows a notable increase in the holdings of major cryptocurrencies. Users Bitcoin (BTC) assets have risen to 575,000, marking a 2.65% jump, equivalent to an addition of 14,850 BTC. Similarly, Ethereum (ETH) holdings have climbed by 2.9%, reaching 4 million. Notably, the USDT (Tether) assets have surged by 4.45%, now standing at a substantial 16.8 billion.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
PoR is crucial in the crypto industry, serving as a verifiable assurance that any crypto exchange holds sufficient reserves to back its users assets on a 1:1 basis, along with additional reserves. This system is vital in ensuring that for every Bitcoin a user deposits, the crypto exchanges reserves increase correspondingly, offering a safeguard against potential financial crises.
Its important to note that these figures exclude Binances corporate holdings, which the firm manages separately. However, Binance has been accused of co-mingling users funds with its corporate holdings.
Read more: What Is Merkle Tree Proof of Reserves?
Due to various legal challenges, 2023 was a challenging year for Binance. In November 2023, it agreed to pay a fine of $4.3 billion to settle lawsuits with US regulators. Also, co-founder and CEO Changpeng Zhao, had to step down after pleading guilty to money laundering charges.
The company is still trying to dismiss the lawsuit from the US Securities and Exchange Commission (SEC). Nonetheless, Binance claims that it invested $213 million in the compliance program last year.
We put compliance first. In 2023, we invested $213 million in our compliance program, an increase of 35% from last year ($158 million). We also continued investing in leading KYC vendors and product solutions, Binance CEO Richard Teng said.
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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Binance Updates Proof of Reserves: Are Funds SAFU? - BeInCrypto
Binance Coin (BNB) Price Analysis for January 7 – U.Today
The last day of the week has started bullish for the cryptocurrency market.
The rate of Binance Coin (BNB) has increased by 0.39% since yesterday. Over the last week, the price has fallen by 3.13%.
On the hourly chart, the rate of BNB is bearish as it is near the local support level of $305.1.
If the situation does not change by the end of the day, one can expect a breakout to the $300 zone.
On the bigger time frame, BNB remains under bears' pressure. At the moment, one should pay attention to $300. If bulls lose this vital mark, the fall is likely to continue to the $290 range next week.
From the midterm point of view, neither buyers nor sellers are dominating. If the bar closes around the current prices, there is a high chance of ongoing sideways trading between the $300 and $320 areas.
BNB is trading at $307 at press time.
About the author
Denys Serhiichuk
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
Excerpt from:
Will Binance Delist These 10 Cryptos? – BeInCrypto
Binance has announced changes to its token monitoring system, which will be effective January 4, 2024.
The company will intensify scrutiny on certain cryptocurrencies while promoting others as innovative offerings to attempt a secure and dynamic trading environment.
Binance added ten altcoins, including Aragon (ANT), Firo (FIRO), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), Vai (VAI), Monero (XMR), Zcash (ZEC), and Horizen (ZEN), to its Monitoring Tag list.
This designation signals heightened volatility and risk, placing these tokens under closer observation. Moreover, regular reviews will assess their alignment with Binances listing criteria, hinting at potential delisting if the tokens do not meet the standards.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Conversely, GMX (GMX) and SushiSwap (SUSHI) have been removed from the Seed Tag list, identifying fresh, potentially volatile projects. These changes reflect Binances evaluation based on factors such as project commitment, development quality, trading dynamics, network security, and ethical conduct.
Binance users must pass periodic quizzes to trade these tagged tokens and agree to the Terms of Use. This educational requirement is part of Binances strategy to ensure informed trading decisions, especially for high-risk assets.
Similarly,OKX announced that customers in the United Kingdom will encounter changesin their user experience (UX). The cryptocurrency exchange is set to implement tests for its UK users to assess their understanding of cryptocurrencies and proficiency in risk management.
Read more: OKX Review 2024: A Comprehensive Guide to the Leading Crypto Exchange
Do you have anything to say about Binance delisting or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCryptos latest Bitcoin (BTC) analysis, click here.
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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Binance.US Taps Lesley O’Neill as its New Chief Compliance Officer – Cryptonews
Source: AdobeStock / piter2121
Binance.US, the American subsidiary of global cryptocurrency behemothBinance, has announced the appointment of Lesley ONeill as its new Chief Compliance Officer.
According to arecent announcement, ONeill brings a wealth of experience to the role, having previously worked at digital identity fintech Prove Identity for five years, where she served as Chief Compliance Officer for two years.
Prior to her tenure at Prove, she also had experience in the traditional finance sector.
As the Chief Compliance Officer at Binance.US, ONeill will be responsible for overseeing the firms know-your-customer (KYC), anti-money laundering (AML), and sanctions programs.
She takes over from Tammy Weinrib, who left the company in November after nearly two years.
Interim CEO Norman Reed expressed his confidence in ONeill, highlighting her expertise in fraud and identity, and her successful track record in developing and managing compliance and legal functions.
It is incredibly exciting to join Binance.US at this important time for the company and digital asset industry, ONeill said in a comment.
I look forward to earning and maintaining the trust of our customers and regulators by building upon the companys strong foundation of compliance and deepening its commitment to accountability and transparency.
Binance.US and its global parent company, Binance, have faced regulatory scrutiny in recent months.
In June, the Securities and Exchange Commission (SEC)initiated an enforcement actionagainst them, alleging the sale of unregistered securities.
The SEC lawsuit named Binance founder Changpeng Zhao as one of the defendants, accusing him of controlling Binance.US despite claiming it operated independently.
In November, Zhao stepped down as CEO and pleaded guilty to an anti-money laundering violation, agreeing to pay a $50 million fine.
Binance, as a company, also settled with the Justice Department, the Treasury Department, the Commodity Futures Trading Commission, and the Office of Foreign Assets Control, paying a hefty $4.3 billion in penalties.
Amidst these regulatory challenges, Binance.US has experienced executive departures.
Former CEO Brian Shroder left the crypto exchange in September, coinciding with a reduction in staff.
Interim CEO Norman Reed, a former regulator with the SEC and the former Chief Legal Officer and General Counsel of Binance.US, has been leading the company since then.
Additionally, the firms Chief Risk Officer, Sidney Majalya, and Head of Legal, Krishna Juvvadi, also departed in November.
Binance isexpected to maintain its positionas the dominant global exchange, even after reaching a settlement with the U.S. Department of Justice (DOJ).
According to a research report by broker Bernstein, Binanceexperienced minor outflows of less than $1 billionfollowing the news of the settlement, but there was no significant panic among customers.
Analysts at Bernstein, led by Gautam Chhugani, highlighted that Binances reputation with retail non-U.S. customers has remained strong throughout the crisis.
Despite the settlement, Binance is expected to remain a material entity in non-U.S. markets.
However, the report also anticipates increased competition from rivals such as Coinbase and new exchanges in regulated markets like Hong Kong and Singapore.
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Binance.US Taps Lesley O'Neill as its New Chief Compliance Officer - Cryptonews
Binance Debuts Token with Name of Elon Musk’s Start-up, xAI – U.Today
Gamza Khanzadaev
Binance's unveiling of XAI token launchpool promises not just new avenue for users but also piques interest with its intriguing resemblance to Elon Musk's AI venture, xAI
In a strategic move that seems to tread the fine line between coincidence and clever marketing,Binance, the world's largest crypto exchange, has unveiled its latest venture the XAI token launchpool. Set to commence farming on Jan. 5, users can stakeBNB, FDUSD and TUSD to reap rewards in XAI tokens over four days, with trading on Binance scheduled to open on Jan. 9 across various pairs.
The XAI Launchpool reveals intriguing details, including a max token supply of 2.5 billion XAI and an enticing 3% of the total supply allocated as rewards.
What is more interesting is that the project's name, XAI, bears an uncanny resemblance to Elon Musk's AI-focused startup, xAI. Although both ventures operate in distinct realms, the coincidental similarity sparks curiosity.
While the connection between Binance's XAI and Musk'sxAI appears superficial, the coincidence prompts speculation about a potential ticker battle trend. Could legitimate projects be leveraging attention-grabbing tickers to redirect market focus?
Speaking of Elon Musk, one may recall the recent surge in meme token Grok, named after Musk's AI chatbot. XAI's story unfolds against the backdrop of Grok's staggering 2,500% surge in million-dollar volumes in November, casting a speculative shadow on whether the choice of ticker plays a role in capturing investor interest.
While this observation does not overshadow XAI's promising prospects onArbitrum, it introduces a compelling layer of intrigue to an already captivating narrative.
About the author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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Binance Debuts Token with Name of Elon Musk's Start-up, xAI - U.Today
Alchemy Pays Crypto Card App Debuts on Binance Marketplace – DailyCoin
Fiat-crypto payment gateway Alchemy Pay has officially debuted its Crypto Card Mini app on a new marketplace, according to an announcement made by the company on Friday.
The launch follows Alchemy Pays integration with Worldpays Visa and Mastercard payment rails in December to provide enhanced payment experiences on its fiat-crypto payment solutions available in 173 countries.
According to a press release dated January 5, Alchemy Pay has collaborated with Binance Pay in launching its Crypto Card Mini app on Binance Marketplace, a platform the exchange says has hundreds of thousands of daily users.
Following the launch, Alchemy Pay announced that it was giving away 1,000,000 vouchers, allowing users to acquire the card at a discounted rate of $0.01. The offer lasts until February 28, when the promotional period ends.
Per the statement, other rewards set for the period include 2,595,000 ACH for new users recharging and spending activities and up to 25,000 $ACH rewards through crypto card spending.
While the rewards aim to incentivize users to acquire the card, Binance earlier clarified that the promotion is not available in certain jurisdictions, including the U.S., Canada, Singapore, Japan, UK, UAE, and Australia.
Read how Alchemy Pay supports Burger Kings crypto payments:Burger King Delivers on Crypto Payments Through Binance
Stay updated on McDonalds support for crypto payments:McDonalds Will Receive Payments in Bitcoin (BTC) and Tether (USDT) in Lugano
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Alchemy Pays Crypto Card App Debuts on Binance Marketplace - DailyCoin