Category Archives: Binance
Binance says that DOJ settlement lacks relevance in SEC case as it moves for dismissal – CryptoSlate
Binance submitted two key filings on Dec. 12 in an ongoing case previously launched by the U.S. Securities and Exchange Commission (SEC).
Binances first filing moves to dismiss the case that the SEC launched against its companies and its former CEO Changpeng Zhao in June.
The filing asserts that the SEC has not plausibly alleged that various Binance tokens and services are securities or investment contracts.
It also asserts that the SECs specific claims around Binances BNB token are time-barred, meaning that offerings of the asset occurred outside of the U.S. or the SECs charges are untimely. Furthermore, the filing alleges that claims around certain Binance.com transactions, including BNB Vault and Simple Earn, aim to apply securities law outside of the U.S. in a non-permissible way.
Binances filing additionally asserts that the SECs failure to provide fair notice about its securities claims compels the dismissal of the lawsuit.
Finally, the filing asserts that complaints against Zhao should be dismissed due to lack of personal jurisdiction. According to defense lawyers, Zhaos role in controlling Binance is not solely sufficient for jurisdiction, and the SEC has failed to allege that Zhao had contact with U.S. users in a way that is relevant to the case.
Binance and Zhao arranged plea deals with the Department of Justice (DOJ) and several other U.S. government agencies during the week of Nov. 20. Though those plea deals are separate from the ongoing SEC case, the securities regulator asked courts to consider both plea deals on Dec. 8.
Binance contested this in another filing on Dec. 12, which reads:
In addition to being procedurally improper and impermissible, the SEC Notice fails to demonstrate the relevance of the resolutions with the Department of Justice and FinCEN to any of the SECs defective claims against [Binance Holdings Limited] and Mr. Zhao.
Binances filing added that the SEC had not amended its complaint, asserting that the agencys judicial notice is not an alternative to the amendment.
Numerous other objections are also detailed in the text. According to the filing, plea deals from Binance and Zhao only show that the involved parties violated the Bank Secrecy Act but do not demonstrate that Binance and Zhao received fair notice from the SEC regarding two other securities and exchange acts.
The filing also maintained a lack of jurisdiction defenses that apply to Binances companies and Zhao himself. Specifically, it said that no admission in the plea agreements indicates that relevant transactions occurred, or irrevocable liability attached, in the United States. Regarding Zhao, the filing said that personal jurisdiction has a different meaning in criminal and civil cases implying that jurisdiction exists in the DOJ case, not the SEC case.
Binance concluded by stating that the SECs notice should be disregarded. It once again pressed for the case to be dismissed entirely.
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Binance says that DOJ settlement lacks relevance in SEC case as it moves for dismissal - CryptoSlate
Binance to List Meme Coin BONK, Price Up 115% in 24 Hours – Cryptonews
Source: Binance
After Coinbase, Binance has announced to list hyped meme coin BONK under seed tag section. The trading for the Solana-based meme coin will open at 16:00 Beijing time.
The price of BONK is up over 115% in the last 24 hrs and over 1100% in the last 30 days.
With a market cap of over $1.7 billion, BONK is only behind Dogecoin and ShibaInu.
As per the official announcement, new spot trading pairs for BONK include: BONK/USDT, BONK/FDUSD, and BONK/TRY.
Users can already start depositing the meme coin on Binance in preparation for trading. Withdrawals for BONK will open on 16th December, 08:00 (UTC).
In addition, Binance will add BONK as a new borrowable asset with this new margin pair on Isolated Margin, within 48 hours from 2023-12-15 08:00 (UTC). The new isolated margin pair for the cryptocurrency will be BONK/USDT.
Accessing tokens labeled with a Seed Tag on Binance Spot and/or Binance Margin platforms now requires users to successfully complete the relevant quizzes every 90 days, in addition to accepting the Terms of Use.
As per Binance, the quizzes have been designed to verify users awareness of associated risks before engaging in trading activities involving Seed Tag tokens.
Identifying Seed Tags is facilitated on the respective Binance Spot and Binance Margin trading pages, along with the Markets Overview page. To further emphasize risk awareness, a warning banner will be prominently displayed for all tokens featuring the Seed Tags, creating a comprehensive system to inform and educate users about the unique risks associated with these specific tokens.
Earlier, Coinbase announced to list BONK after which the price of the meme coin surged significantly.
The recent surge in Bonk token value has led to a swift sellout of Solanas Saga mobile phones in North America, with only a limited number remaining in Europe. Each Saga mobile phone includes 30 million Bonk tokens, valued at around $900 with current BONK price, which basically covers the cost of the phone itself.
Interestingly, Solana Labs co-founder Anatoly Yakovenko recently expressed regret on a podcast regarding the initially underestimated success of the Saga mobile phone sales.
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Binance to List Meme Coin BONK, Price Up 115% in 24 Hours - Cryptonews
SEC wants Binance guilt admission added to own case – Cointelegraph
Binance Holdings and its former CEO, Changpeng Zhao, have reacted to a move by the United States Securities and Exchange Commission (SEC) to include Binances admission of guilt to the Department of Justice (DOJ) in its own legal proceedings.
In a Dec. 12 filingsubmitted to the U.S. District Court for the District of Columbia, Binance insisted the SECs attempt to include the $4.3 billion guilty plea and settlement agreement with the DOJ in the continuing case was procedurally incorrect and should not be allowed.
The ongoing Binance-SEC legal case began on June 5, 2023, when the agency accused the company of 13securities law violations, including that Zhao and Binance managed customer assets on Binance.US and mixed or redirected customer assets.
The DOJ negotiated a separate settlement with Binance and its former CEO in November that resolved its probe into the company. The deal required Binance to pay $4.3 billion in penalties and allowed the company to continue operations while adhering to U.S. regulations.
Although not formally included in the settlement, the SEC contended that the federal court overseeing its case against the exchange should consider the statements and acknowledgments made by Binance and Zhao in the Nov. 21 settlement.
The SEC argued that the settlements demonstrate that Binance was well aware it was operating in the U.S., serving U.S. customers and tapping into infrastructure within the U.S. for transactions. In reply, Binance argued the SEC did not show how the resolutions reached with the DOJ were relevant to any of the SECs faulty claims against Binance Holdings and Zhao.
In court papers submitted on Dec. 12, 2023, Binance argued that the SEC notice does not substantiate its claims in the lawsuit from June 2023. It said:
Related: SEC serves suit to evasive Richard Heart in Finland, but not in person
The company added that presenting a judicial notice is not a substitute for amending a complaint. According to the companys statement, the SECs attempt to leverage resolutions with other agencies indicates a lack of information regarding any appropriate regulatory authority on the part of the SEC.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
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SEC wants Binance guilt admission added to own case - Cointelegraph
Binance Lists BONK Token, Solana-Based Memecoin that Gained 1,000% in 30 Days – Coinspeaker
Binance has officially listed the BONK token with limited trading pairs, and will allow users to withdraw the tokens from tomorrow.
Major cryptocurrency exchangeBinancehas announced its decision to officially list Bonk (BONK), the dog-themed meme coin on the Solana (SOL) blockchain. According to an officialannouncement, the listing went live today at 8:00 (UTC).
Binance said Bonk will initially begin trading with three new pairs, including BONK/USDT, BONK/TRY, and BONK/FDUSD. TRY represents the Turkish Lira, a fiat currency that does not represent any cryptocurrency. Users are allowed to start depositing BONK and trading it, but will only have access to withdrawals from 8:00 (UTC) on Saturday.
Interested traders should note that Binance will apply the Seed Tag to BONK.Introducedin July, theSeed Tagis Binances solution to users confusion with differentiating tokens listed in the Main Trading Zone and the Innovation Zone. Binance uses the Seed Tag to note tokens listed in the Innovation Zone, as well as any future listings for innovative projects. Users should note that projects with the Seed Tag have higher volatility and risks that may not be present with other listed tokens.
Binance enforces a quiz for users looking to trade any tokens with Seed Tag. Traders must pass quizzes every 90 days on the exchanges Spot or Margin platforms and also accept the firms Terms of Use. The purpose of the quiz is to ensure that users understand the risks applicable to trading Seed Tag tokens.
First issued in December 2022. BONK is a Shiba Inu-themed token launched on Solana as a meme token. Although it was initially introduced as a meme coin, it is enjoying some adoption on the Solana blockchain. Several developers on the network have already started using Bonk as payment for non-fungible tokens (NFTs).
According to a report, Bonk began with a team of 22 people without a leader. All team members have a history of building NFTs, decentralized applications (dApps), and related products on the Solana blockchain. As of last week, BONKs trading volume had hit $80 million, rising 900% from the daily average recorded at the beginning of November. In addition, open interest (unsettled futures positions) in BONK also spiked 900% from $10 million to $100 million. Also, according to current CoinGecko data, BONK has jumped nearly 1,000% in the last 30 days.
On Wednesday, major American crypto exchange Coinbaseannounced its decision to list BONK. Shortly after the announcement, BONK gained 8%, climbing to $0.00001132. As of Wednesday, BONK had risen by more than 400% in 30 days. By Thursday, the day after Coinbases announcement, BONK climbed another 40%. Coinbase however said its approach to listing the token would be cautious. According to a statement, the exchange said it would first establish sufficient supply. After that, the token will launch in phases.
Earlier this week, BONKdisplacedPepe to become the third-largest meme coin in the crypto market by market capitalization. A large part of BONKs recent jump could be tied to the general explosion in the Solana ecosystem. According to MarketWatch data, Solanas native SOL token has returned more than 491% this year.
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Binance Lists BONK Token, Solana-Based Memecoin that Gained 1,000% in 30 Days - Coinspeaker
Ethereum Gaming Altcoin Rallies As Massive Whale Withdraws From Binance: On-Chain Data – The Daily Hodl
One Ethereum (ETH)-based gaming altcoin soared as a crypto whale suddenly moved a massive amount of the projects tokens off an exchange, on-chain data shows.
As reported by blockchain tracking firm Lookonchain, layer-2 scaling solution ImmutableX (IMX) shot up 20% as a crypto whale made big moves.
The price of IMX increased by 20% today. We noticed that three wallets (possibly belonging to the same whale) withdrew 4.3 million IMX ($9.6 million) from Binance [Monday].
This whale has six related wallets and currently holds a total of ~40.54 million IMX ($90.8 million).
IMX is trading for $1.98 at time of writing, down 3.8% in the last 24 hours.
Lookonchain also noticed that SATS (Ordinals) is soaring amid key listing by top global crypto exchange Binance.
The SATS price is up ~120% since Binance announced the listing of BRC-20 Sats.
On-chain data shows that the top 20 holders of SATS hold 333.3T SATS ($150.8 million, 15.90% of the total supply).
Six of the top 20 holders obtained SATS through minting, with ~78.57 million SATS ($35.5 million).
SATS is trading for $0.000000515075 at time of writing, up 123.4% in the last 24 hours.
Lastly, Lookonchain reported a HashKey-suspected wallet abruptly moved a massive amount of Ethereum onto Binance, suffering a loss.
The wallet related to HashKey has deposited a total of 17,108 ETH ($38.1 million) to Binance after the ETH price plummeted, losing more than $2 million.
Ethereum is trading for $2,187 at time of writing, down 1.4% in the last 24 hours.
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Philippines SEC prepares to ban Binance in three months – Crypto Briefing
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The Philippines Securities and Exchange Commission (PSEC) chair Kelvin Lee clarified in a panel hosted at Coins.ph on December 13, 2023, that the commission is preparing necessary steps to block and ban Binance in the country within three months.
According to a report from BitPinas, a Philippines-based crypto news publication, the panel was organized to clarify public confusion on the matter. This comes after the PSEC issued an advisory warning users about Binances current status as an unregistered exchange.
It is supposed to be three months from our issuance date. Three months from November 29. Depending on how feedback is, we can actually extend that, but currently we should feel lucky with the three months, said Commissioner Kelvin Lee.
The advisory issued by the commission on November 29, 2023, said that the exchange was not authorized to sell or offer securities in the country, given that it was not registered, nor had it tried to register for a VASP (Virtual Asset Service Provider) license from the commission.
Based on the Commissions database, the operator of the platform Binance is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form of securities, the PSEC stated.
A VASP license is required for exchanges to process crypto-to-fiat transfers and trades alongside management and custody of virtual assets. The definition of virtual assets follows current frameworks set by the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog. As of October 27, 2023, the Philippines is on the FATFs developing watchlist. There are currently 17 VASPs in the country.
Lee received criticism after the commission issued the advisory on Binance and discussed the prospect of a ban. In the panel, Lee confirmed that Google and Meta have responded to the SECs request to block Binance-related ads in the country. The details on this pronouncement are scarce, but its worth noting that Google recently made crucial changes to its advertising policies for crypto, prior to the imminent approval of a Bitcoin ETF.
I kept getting asked: why ban Binance when it is cheaper and has more optionsof course, they are cheaper because they never bothered to register in the Philippines and bothered to comply. Unlike the registered entities, there is of course compliance costs (that the VASPs have to shoulder), said Lee.
In November, Binance entered into a $4.3 billion plea deal with the US Department of Justice for money laundering indictments. Binance ex-CEO Changpeng Zhao has since stepped down after pleading guilty.
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Philippines SEC prepares to ban Binance in three months - Crypto Briefing
Binance Opposes SEC Attempt to Advance Ongoing Lawsuit Using the $4.3B Settlement With DOJ – The Crypto Basic
Binance has filed a new motion opposing the SECs attempt to use the exchanges $4.3 billion settlement with the DOJ to advance its ongoing litigation.
Binance Holdings, the worlds largest crypto exchange by 24-hour trading volume, has submitted a new document to further support its motion to dismiss the lawsuit from the SEC.
The motion was filed yesterday by Binance, its subsidiary Binance.US, and the exchanges former CEO Changpeng Zhao (CZ) in response to the SECs opposition to a motion to dismiss the commissions lawsuit.
Recall that the SEC charged Binance and CZ with violating securities law by operating an unregistered securities exchange in June. The regulator listed various crypto assets as unregistered securities, including BNB, SOL, and MATIC.
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With Binance asking the court to dismiss the lawsuit, the SEC opposed the motion, informing the court that the legal tussle should proceed despite the exchanges $4.3 billion settlement with the DOJ and FinCEN.
The securities regulator claims Binances $4.3 billion settlement with U.S. regulators bolsters its case against the exchange. Consequently, it urged a federal court in Washington to weigh Binance and CZs admission during the settlement to advance its lawsuit against the exchange.
In a filing yesterday, Binance countered the SECs claim, stating that its agreement with CFTC, DOJ, and FinCEN is not materially related to the commissions charges.
Furthermore, Binances attorneys argued that the SEC did not present new evidence in its supplementary brief.
It bears mentioning that Binances settlement borders on the exchanges violation of the United States Bank Secrecy Act (BSA).
The DOJ and FinCEN argued that Binance violated the Bank Secrecy Act by failing to maintain and implement an effective anti-money laundering (AML) program in the early stage of its exchange.
Conversely, the SECs lawsuit against Binance relates to the exchanges alleged violation of United States securities law.
That facts in the plea agreements with the DOJ show that Binance Holding and CZ violated the Bank Secrecy Act does not say anything about whether there was fair notice of the SECs theory that the crypto assets at issue were securities under the Securities Act, Binance argued.
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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 Exchange’s BNB Token Misses Out on $180 Billion Crypto Rally – Yahoo Finance
(Bloomberg) -- Binances BNB token has missed out on most of the recent rally in digital assets, a sign of the challenging outlook for the largest crypto exchange after it pleaded guilty to US charges and was hit with a $4.3 billion penalty.
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The total market value of cryptocurrencies has jumped some 12% or $180 billion in the past seven days, stoked by a Bitcoin surge, CoinGecko data show. Over the same period, BNB added about 1.3% to trade at $231 as of 2:55 p.m. Thursday in New York.
BNB, which offers holders benefits such as lower trading fees on Binance, is viewed as a reflection of sentiment toward the exchange. The platform fielded a web of regulatory probes this year, culminating in the US with guilty pleas on Nov. 21 for anti-money-laundering and sanctions violations. BNB is the only major token still nursing a year-to-date loss, according to data compiled by Bloomberg.
Read more: Binance Pleads Guilty, Loses CZ, Pays Fines to End Legal Woes
While Binance remains by far the biggest platform for buying and selling digital assets as well as crypto derivatives, its dominance is waning. The exchanges share of spot trading volumes slid to 32% in November from 55% at the start of 2023, according to CCData. Its derivatives market share declined to 48% from more than 60%.
We expect Binance will lose its throne as the No. 1 centralized exchange by volumes following the plea deal with US authorities, said Matthew Sigel, head of digital-assets research at fund manager VanEck. Rivals OKX, Bybit, Coinbase and Bitget have the potential to grab the top spot, he added.
Binances founder Changpeng Zhao also pleaded guilty and resigned as its chief executive officer under the settlement with US authorities. Zhaos successor Richard Teng, a civil servant turned crypto executive, faces the tricky task of reshaping the firm to avoid regulatory blowups while at the same time stemming the loss of market share.
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Teng has sought to project strength, saying in an interview last month that Binances revenues and profits remain robust. He faces pressure to select a formal headquarters, appoint a board of directors and provide greater financial transparency about the company.
Read more: Binance Top Executive Team to Remain Intact, New CEO Teng Says
Exchange Flows
Binance didnt respond to a request for comment about BNBs performance and the business outlook for the company.
Customers withdrew a net $1.6 billion from Binance in November, the second highest monthly outflow of the year, according DefiLlama data. Some of that has reversed, with a net $398 million flowing onto the exchange so far in December.
BNB is down about 8% since the US guilty pleas and more than $4 billion fine, which ranks among the biggest such penalties in US history. An index of the largest 100 digital assets advanced some 14% over the same period.
BNB is being treated as a proxy for Binance right now, which explains its strong underperformance, said Clara Medalie, director of research at Kaiko.
Over longer time periods, BNB has still outperformed for instance, its up about 686% over the past three years compared with a 122% increase in the index of the top 100 tokens.
This years rebound in digital-asset prices from a 2022 rout provides a tailwind for Binance. The plea deal, and the conviction of Sam Bankman-Fried for fraud at FTX, have also fueled optimism that the worst of the US crackdown on crypto may be over.
The US settlement certainly had an impact on the BNB price but Binance remains operational and theres at least a path forward, said Annabelle Huang, managing partner at crypto lender Amber Group.
--With assistance from Emily Nicolle.
(Updates market figures from the second paragraph.)
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Binance Exchange's BNB Token Misses Out on $180 Billion Crypto Rally - Yahoo Finance
Here’s How Much Binance XRP Holding Dropped in 1 Month Amid Plunging Liquidity – The Crypto Basic
Following the intense regulatory crackdown on Binance, the XRP reserve on the platform has dropped 1.14% within a month, as liquidity takes a huge hit.
Based on our personally tracked records, the XRP reserve on Binance as of November 1 came in at 2,770,726,176 units. This figure has dropped to 2,739,628,543.726 XRP as of December 1, as gleaned in its latest Proof-of-Reserve (PoR) report.
The plunge is reminiscent of the imbalance in the crypto market and the susceptibility of prominent coins to respond to regulatory instability, irrespective of the platform involved.
Despite the Department of Justice (DOJ) netting $4.3 billion in settlement from the exchange, XRP traders on Binance are still obviously treading with caution.
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While there is a month-on-month decline in the XRP reserve presented by Binance, the trading platform remains in a position to redeem all withdrawal requests from its users at any time.
Per the figures presented in the PoR report, the customers XRP balance comes in at 2,624,581,559.32 XRP worth $1,692,855,105 based on XRPs price of $0.645 at the time of writing. The Binance XRP reserve comes in at $1,767,060,410, with a massive excess of $74,205,305.
With the turbulent November, the robust liquidity pool and XRP reserve mitigated the impact of the withdrawal shocks that gripped the trading platform when its founder, Changpeng CZ Zhao stepped down in the fallout with the DOJ.
Binances transparency since it started releasing the PoR report months ago might be responsible for the trust placed in the firm by its loyal customers. Despite the DoJ threat, Binance remains the biggest crypto exchange per daily trading volume.
Just like XRP, Binance has proven that it has enough reserve for the tokens supported on its platform. While Bitcoins customer balance comes in at 561,003.3 BTC, Binance holds 584,373.7 BTC.
Other tokens including Binance Coin (BNB), Ethereum (ETH), and Litecoin (LTC) also have at least a 100% reserve ratio.
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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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Here's How Much Binance XRP Holding Dropped in 1 Month Amid Plunging Liquidity - The Crypto Basic
Binance Proof-of-Reserves show Bitcoin balance dropped 23k BTC in November amid regulatory woes – CryptoSlate
According to its latest proof of reserves report, Binance experienced a significant decline in its Bitcoin balance in November, dropping by over 23,000 BTC, or roughly 4%, coinciding with the exchanges regulatory issues with U.S. authorities.
According to data from Binances website, the total BTC balance of its customers was 584,659 BTC at the beginning of November. However, the balance had decreased to 561,003 BTC by the start of December. This suggests a substantial withdrawal of assets from the platform during the regulatory challenges it faced.
A CryptoSlate Insight analysis highlighted a distinct trend among Binance users during this period. The platform witnessed significant BTC outflows from larger holders, while incoming funds primarily originated from retail users.
Supporting this observation, DeFillamas data dashboard revealed that Binance encountered outflows surpassing $2 billion between Nov. 1 and Dec. 1.
This decline in Binances Bitcoin holdings occurred as the platform resolved to a settlement exceeding $4 billion with the U.S. authorities on issues relating to multiple violations of several financial laws. Additionally, the exchanges founder, Changpeng CZ Zhao, stepped down as CEO after pleading guilty to charges related to money laundering.
Binances website further shows that the platform balances on other major cryptocurrencies also recorded declines during the period.
For context, Ethereum holdings for Binance users dropped by approximately 0.67%, moving from 3.91 million to 3.88 million as users withdrew their assets.
Similar trends were observed in balances for other assets such as XRP, Litecoin, USDC, and Binances native BNB token.
In contrast, Binance saw a more than 5% surge in the balance of Tethers USDT, reaching $15.2 billion. This increase coincided with over 860 million units of the stablecoin being sent to the platform by users during the same period.
Some analysts believe that the upsurge in USDTs balance on Binance is linked to the stablecoins growing market supply. As Binance maintains its position as the leading cryptocurrency exchange by trading volume, crypto traders increasingly deposit their USDT on the platform for trading purposes.
Despite regulatory concerns, data on Binances website indicates that the exchanges assets remain fully backed.
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