Category Archives: Binance
Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group – Decrypt
The US Chamber of Digital Commerce, a crypto advocacy group, is backing Binance in its fight against the U.S. Securities and Exchange Commission, which charged the crypto exchanges American affiliate with various securities violations earlier this year.
In an amicus brief filed Thursday, the group said the SEC is stifling financial innovation and driving crypto startups offshore by creating a hostile regulatory environment within the United States. What's more, the group says the SEC has got its analysis of crypto assets totally wrong.
In filing a lawsuit against Binance, the SEC is suing the equivalent of a grocery store selling oranges and other fruit, or an online e-commerce marketplace, like Amazon, the group wrote. Tokens alone are not securities, and the markets where they are available to buy and sell are not securities exchanges.
Since Gary Gensler assumed his position as chair of the SEC, the Commission has levied dozens of enforcement actions against digital asset companies. This year, some of those names included the largest cryptocurrency exchanges in the world, such as Binance, Coinbase, and Kraken.
Alleged violations include offering unregistered staking-as-a-service products, and listing coins on their platforms that violate securities laws. Coinbase and others have countered with claims that there arent yet clear guidelines on which cryptocurrencies qualify as securities.
According to the lobbyist group, the SECs arguments fail to recognize the distinction between the subject of an investment-contract security, and the investment contract itself, causing them to falsely label many crypto tokens as unregistered securities.
The SEC has adopted a regulation-by-enforcement approach, arbitrarily categorizing various blockchain-based digital assets as securities and penalizing businesses for failing to obtain SEC registrations that are not actually available to them, the Chamber wrote in its brief.
Some alleged security tokens listed by Binance included its native token BNB, the stablecoin BUSD, and other popular crypto assets such as Solana (SOL), Cardano (ADA), and Polygon (MATIC), according to the SECs lawsuit in June.
A federal court partially ruled against the SEC when it tried to claim that certain sales XRP by the assets issuer, Ripple, qualified as unregistered securities offerings. The SEC on Thursday dropped its charges against Ripple executives but is still pursuing an appeal with regard to charges against the company itself.
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REPORT | Binance Loses Market Share from 75% in 2022 to 54% in … – bitcoinke.io
Binance, the leading crypto exchange globally, has experienced a significant decline in its market dominance compared to international competitors that do not provide support for the United States dollar in 2023, according to data gathered by the Block Research.
In 2022, Binance concluded the year with a 75% market share within an analysis of platforms that includes prominent Asian participants such as Upbit, Huobi, Bybit, and OKX. Nevertheless, this percentage experienced a consistent decline over the course of the year, reaching 54% in August 2023.
Partial data for the month of September 2023 indicates that Binances market share is on track to decrease even further, potentially dropping below 51%, the researchers said.
The worlds largest exchange has faced a challenging year [2023] in terms of regulatory issues, particularly in the United States, where it has been subjected to lawsuits from both the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Furthermore, it has attracted regulatory attention in other parts of the world, notably in France, where it is currently under investigation, and it has opted to withdraw completely from certain markets, including The Netherlands.
In June 2023, the Securities Exchange Commission in Nigeria declared the exchangess operations in the country illegal, despite denials from Binance.
Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.
The decline in market share for Binance coincides with a broader decrease in trading volumes across the industry. In August 2023, spot trading volumes across all exchanges amounted to only $423 billion, marking the lowest figure observed since 2020.
This comes as decentralized exchange, Uniswap, strengthens against centralized exchanges. In Q2 2023, Uniswapfacilitated approximately $110 billion worth of trades in the second quarter of 2023, $20 billion more than the $90 billion Coinbase handled during the same period.
The CEXs appear to have faced a more difficult time in the bear market with Coinbase spot trading activity declining 83% from around $540 billion in the fourth quarter of 2021. In contrast, Uniswaps trading volume decreased by 50%, going from $235 billion during the same period.
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REPORT | Binance Loses Market Share from 75% in 2022 to 54% in ... - bitcoinke.io
Five Things to Know in Crypto This Week: Crypto ETFs, Ripple, and Binance Grab the Headlines – FX Empire
Fake News and Optimism Toward a BTC-Spot ETF Approval
Fake news hit the crypto news wires on Tuesday, sending BTC to $30,127 before returning to sub-$30,000. Investors responded to the fake news of the SEC approving the Blackrock (BLK) BTC-spot ETF. Blackrock addressed the fake news, stating that the iShares Bitcoin ETP application was still under review.
While fake news hit the markets on Tuesday, anticipation of the SEC approving BTC-spot ETF applications grew on Friday. BTC revisited the $30,000 handle before ending the day at $29,698.
Fidelity and Grayscale filed amended BTC-spot ETF applications, raising the market bets on imminent SEC approvals.
Bloomberg Intelligence ETF analyst James Seyffart recently raised the chances of the SEC approving the Ark BTC-spot ETF application to 90%.
BTC was up 9% to $29,652, Monday through Saturday morning.
This week, Israeli authorities ordered Binance to freeze 100+ Hamas-linked crypto accounts. The authorities also requested account details on 200 more crypto accounts, most reportedly with Binance.
The news comes at a difficult time for Binance, which is in a legal battle against the SEC.
In June, the SEC filed thirteen charges against Binance, CZ, and Binance US. The SEC Chair Gary Genslers statement about the charges resonated. The SEC Chair said,
[], we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.
However, the latest news puts Binance under the scrutiny of US lawmakers again.
This week, US lawmakers sent a bipartisan letter to the US Administration requesting the Administration to address the crypto financing of terrorism.
The letter stated,
Congress and this Administration must take strong action to thoroughly address crypto illicit finance risks before it can be used to finance another tragedy.
Senator Elizabeth Warren was among US lawmakers co-signing the letter.
US lawmakers responded to the news of Israeli authorities demanding Binance to freeze 100+ Hamas-linked crypto accounts.
On Friday, Senator Warren shared an update from the US Administration, saying,
Major announcement by the US Treasury Department Deputy Secretary Wally Adeyemo to crack down on crypto financed-terrorism. I led 100+ lawmakers raising concerns, and the Biden administration is taking swift and significant action. Congress must also step up and close crypto money laundering loopholes.
The Wall Street Journal reported,
The Biden Administration is set to designate international mixers, cryptocurrency exchanges that provide customers anonymity, as money-laundering hubs that threaten national security, a significant regulatory step.
On Tuesday, Coinbase (COIN) issued a statement outlining its approach to preventing illicit crypto activity. The statement was in response to the news of Hamas-linked accounts with Binance.
According to the statement,
[] Coinbase focuses on rooting out bad actors seeking to use crypto for illicit purposes. We maintain a robust compliance program which includes KYC checks, sanctions screening, suspicious activity reporting, and strong law enforcement partnerships, to prevent and detect illicit activity on our platform.
The statement went on to say,
Further, blockchain analytics technology allows us to trace, report, and even prevent terrorist financing.
Coinbase is also in a legal battle with the SEC. The SEC filed charges against Coinbase in June, days after filing the charges against Binance.
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Binance Coin (BNB) in Consolidation Mode: Is a Breakout Imminent? – The Crypto Basic
Binance Coin (BNB) might be set for a surprising surge if it breaks out from its ongoing consolidation phase.
Top crypto analyst Crypto Randmarked outthis consolidation phase in a post on X. According to Crypto Rand, BNB has been consolidating nicely following the breakout of the primary downtrend resistance.
Binance Coin hasrecordedsteep slumps for the better part of this year. Despite its 0.38% growth in the past 24 hours, BNB is down 14.20% Year-to-Date (YTD) and more than 35% over the past six months.
Crypto Rand maintains an optimistic outlook for BNB despite this bearish historical performance. The chart accompanying his analysis shows three distinct downtrend resistance phases and the ensuing consolidation movements.
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From August 2022 to June this year, BNB hovered between a low price of $260 and a peak of $340. Marked by the upper blueish bands, BNB oscillated differently and even breached the $260 support zone around January.
As uncertainties surrounding Binances legal status in the United States emerged, BNB nosedived below $260 in June, turning that price point into new resistance.
This downward move ushered in its second consolidation phase from June to August. Currently, BNB has once again flipped the support at $230, dropping below $210 earlier this month.
The immediate mission is to regain the $230 resistance. Should the optimism from Crypto Rand materialize into actual growth, it can usher in a rally that might return the coin to the $260 range soon.
BNB trades at $212.14, with its market capitalizationpeggedat $32.18 billion. Crypto Rand confirmed that BNB recently witnessed an impressive increase in volume not recorded months ago.
One major challenge of Binance Coin is the impact of the crackdown from the U.S. SEC. Damning as the case appears, BNB is not alone in the fight as the trading of ADA, SOL, FIL and others on secondary exchanges constitutesinvestment contracts per the SEC.
As Binance and Coinbasefightthe SEC in this regard, a good precedent is set in XRPs ruling. This presents a long-term bullish outlook if all assumptions turn out as experts predict.
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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 Coin (BNB) in Consolidation Mode: Is a Breakout Imminent? - The Crypto Basic
Binance Academy and Blockchain Center To Expand World’s … – Cryptonews
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
The organizations have teamed up to educate 1 million students on Web3 technology by 2026. More than 200 universities in over 50 countries will feature in the landmark crypto education program.
Binance Academy, the blockchain learning hub created by Binance, and Blockchain Center, the non-profit focused on research and education, are expanding the worlds largest Web3 learning program. The Global University Outreach Program combines the efforts of both organizations in a bid to foster a generation of blockchain-savvy students possessed with the tech knowledge to thrive.
The global expansion follows a successful pilot at Kazakhstan universities that saw 22 domestic universities teach blockchain fundamentals with teaching materials supplied by Blockchain Center and Binance Academy. More than 4,000 Kazakhstan students commenced blockchain studies this year following an initial training course for 300 educators. The program will expand to over 200 universities across more than 50 countries.
The curriculum for The Global University Outreach Program encompasses a broad range of Web3 topics with a particular focus on blockchain engineering and compliance. Through its collaboration with Binance Academy, Blockchain Center will aim to provide specialized training to over 1,000 university educators. The ambitious educational initiative will instill knowledge that will give students an opportunity to seek out a career in the blockchain industry. It will also furnish them with the skills to attain personal success within the crypto space.
The two primary components of The Global University Outreach Program are Blockchain Engineering and Blockchain Compliance. The former will grant students a deep working knowledge of crypto protocols, giving them practical skills to pursue a career in blockchain engineering. The 20-week course will cover such topics as Solidity, Web3, and BNB Chain fundamentals.
Blockchain Compliance, meanwhile, will educate students on the intersection of crypto and traditional finance, and the regulatory requirements and legal obligations this entails. Over 13 weeks, pupils will gain an insight into the relationship between digital assets and fiscal policy as it pertains to key crypto jurisdictions.
Yi He, co-founder of Binance, said: In the rapidly changing world of digital finance, blockchain education is a key pillar for driving transformation. Through this educational initiative, Binance Academy and Blockchain Center will cultivate a new generation of skillful talents poised to propel our industry forward and ignite innovation. Let's keep building.
Aidana Kaskyrbek, CEO and founder of the Blockchain Center added: "Blockchain Center's goal is to accelerate the adoption of blockchain technology by stimulating the growth of the human capital in the industry. We are proud of our groundbreaking educational initiative, which will significantly enhance talent development in the industry. The project offers a robust platform for aspiring professionals to explore, experiment, and innovate new solutions in the field.
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Binance Academy and Blockchain Center To Expand World's ... - Cryptonews
Binance Urges Euro Users to Convert to Tether After Bank Partnership Ends – Decrypt
Binance prompted European Paysafe users to convert their EUR balances to Tethers dollar-pegged stablecoin USDT before October 31.
The crypto exchange indicated in a statement that this decision was made after its banking partner Paysafe unilaterally decided to stop processing EUR deposits for Binance users.
On September 25, Paysafe had already signaled its intentions by suspending euro deposits. Until then, the firm was managing Binances European users fiat deposits and withdrawals.
According to the crypto exchange, this situation will be temporary. "Binance is changing its fiat partner for EUR services, a spokesperson for Binance told Decrypt.
This process will take several days to complete and we will provide regular updates to affected users to let them know when full functionality can be restored, the spokesperson added. We look forward to having our new fiat partner up and running as soon as possible."
These services included bank transfers routed through the European Union's Single Euro Payments Area (SEPA) system.
The sudden and inexplicable decision by Paysafe will cause a brief interruption to the following services, Binance indicated in its public statement. We apologize for any inconvenience.
Since this Thursday morning at 4 a.m. UTC, Paysafe users can longer trade EUR spot trading pairs, and open orders have been canceled.
Another Binance feature, called Binance Convertwhich is similar to a token exchangeis now also encountering limitations on EUR transactions.
However, users will still be able to withdraw their Euros from Binance to their banking account.
Decrypt has reached out to Paysafe for comment.
Binance's recent communication comes in the wake of disruptions caused by Paysafe affecting operations across multiple countries.
On Monday, Binance France's spokesperson confirmed to the French news outlet BFM that it is encouraging users to shift their traditional money holdings into cryptocurrencies, without any added fees.
From the start of this week, Binance France users have been unable to execute euro deposits or withdrawals using bank transfers.
Earlier this year in May, Paysafe withdrew its support for transactions in British pounds. This decision came in the wake of concerns voiced by financial regulators in the United Kingdom.
Moreover, in June, the company announced its departure from the Netherlands after its attempts to secure a virtual asset service provider (VASP) license failed.
This decision was followed the same month by directives from Belgian officials, ordering the crypto exchange to suspend its operations in their jurisdiction after accusing it of not complying with local rules.
However, Binance has since resumed new user registrations for Belgian residents.
The challenges faced by Binance aren't restricted solely to Europe. Last June, Binance Australia also stopped Australian dollar (AUD) deposits and withdrawals conducted via bank transfer.
Furthermore, on September 27, Binance withdrew from Russia after selling its business to a new crypto exchange called CommEX. This decision came amid concerns about Binance allegedly not following financial sanctions against Russia.
Meanwhile, Binance still faces legal challenges in the U.S. On June 5, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its associated entities, alleging the platform sold unregistered securities and conducted unauthorized operations in the U.S.
This legal action by the SEC follows a previous lawsuit from the Commodity Futures Trading Commission (CFTC) just three months prior, where Binance was accused of not registering with the agency and violating several of its regulations.
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Binance Urges Euro Users to Convert to Tether After Bank Partnership Ends - Decrypt
Binance asks users to convert EUR to USDT after Paysafe goes AWOL – FXStreet
Binance, one of the top crypto exchanges in the world, announced on Thursday that there will be a brief interruption of EUR payments due to Paysafes unilateral decision.
Also read:Binance CoinPrice Forecast: BNB needs to retrace before a bullish breakout
Binance mentioned that Paysafe, a payments rail in Europe, has unilaterally decided to stop processing EUR deposits for Binance users.
The announcement blog further stated that Paysafe users are advised to take appropriate actions in advance. To alleviate the situation, the exchange suggested that the affected users may convert EUR balances in their Binance accounts to USDT before 2023-10-31 at 0:00 (UTC). Meanwhile, users may continue to withdraw their EUR balances from Binance accounts to their bank accounts.
After the collapse of the US-based exchange FTX, Binance has constantly been under regulatory scrutiny. The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June 2023.
Additionally, Binance recently exited Russia, stating that operating in Russia is not compatible with Binances compliance strategy.
Binance Coin price also came under heavy fire during the last few months but BNB held up surprisingly well, considering the barrage of bearish news. Currently, BNB trades at $211.
Read more:Binance Coinprice at risk as FUD surrounding aBinancecollapse intensifies
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Binance asks users to convert EUR to USDT after Paysafe goes AWOL - FXStreet
FTX founder’s trial and regulatory scrutiny of Binance could impact … – Investing.com
Investing.com
Published Sep 28, 2023 03:30AM ET
Ron Hammond of the Blockchain Association recently discussed potential legal actions in the cryptocurrency sector and their probable implications. The conversation took place on Thursday, with Thinking Crypto providing the platform for this dialogue.
Hammond highlighted several key issues that are likely to shape the future of the sector. Among them, he mentioned the forthcoming trial of Sam Bankman-Fried (SBF), founder of FTX exchange. SBF's alleged fraudulent activities could lead to misconceptions about the nature of cryptocurrencies and their operations.
In addition to the FTX case, Hammond underscored ongoing scrutiny by the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) targeting Binance, one of the world's largest cryptocurrency exchanges. He emphasized that these investigations could potentially bring about significant regulatory impacts. The need for clarity, particularly concerning Binance US, is paramount in these circumstances.
Furthermore, Hammond pointed out that imminent hearings are likely to focus on Artificial Intelligence (AI) and technology issues within Senate Banking. He also noted that House rulings on a stablecoin bill and market structure are on the agenda.
The Blockchain Association representative also acknowledged taxation issues that Senate Finance is keen on addressing. This comes at a time when digital currencies are becoming increasingly mainstream, prompting the need for clear tax regulations.
Finally, Hammond confirmed reports of sanction evasion violations by Binance's parent company following a central crypto hearing. These allegations add to the growing list of regulatory concerns surrounding Binance, further emphasizing the need for stringent oversight in the cryptocurrency sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Why Binance and Banking Giant MUFG Want to Issue Stablecoins in Japan – CoinDesk
Binances Japan unit on Monday said its working with financial giant Mitsubishi UFJ Trust and Banking Corporation (MUTB) on developing stablecoins.
MUTB and Binance Japan are running a joint study on issuing stablecoins pegged to sovereign currencies like the yen that comply with local laws but the stated goal is driving Web3 adoption in the country.
Through this joint study, both companies aim to issue new stablecoins to help accelerate the mass adoption of Web3 in Japan, a press release said, adding that the companies hope to start relevant operations by the end of next year.
The study does not translate to a promise to issue stablecoins, and Binance Japan still has to secure applicable regulatory approvals before issuing anything. However, Japans Web3 ambitions and new stablecoin rules may actually set the necessary conditions for incubating such a project.
Involvement of a TradFi giant like MUTB also adds some legitimacy to the initiative as it leads a consortium of banks and trust banks that plans to issue stablecoins on private and public blockchains through a compliant platform called Progmat Coin, which Binance Japan also intends to use.
The platform has permissions under new stablecoin rules that kicked in this June that let Japanese exchanges apply for a special license to trade stablecoins even those issued overseas, like tether (USDT) and USD Coin (USDC). In fact, USDC issuer Circle hinted it may take advantage of the new rules to make the stablecoin available to the Japanese market.
Other jurisdictions like the European Union and even the U.K. have taken more stringent approaches to regulating stablecoins, particularly after one such cryptocurrency, terraUSD, rapidly lost parity with the U.S. dollar last year, leading to the collapse of not just the issuer but a string of other prominent players in the crypto world.
MUTB also claims its Progmat platform could help mitigate some of the risks inherent in stablecoins that regulators fear.
Progmat is a neutral infrastructure that enables the issuance of various brands of stablecoins with the greatest flexibility of use and the least risk of de-pegging, Tatsuya Saito, founder and CEO of Progmat Inc and vice president of product at MUTB said on a Monday press release.
Binance Japan and MUTB plan to study the issuance of stablecoins that could be deployed on multiple blockchains such as Ethereum and Binances BNB Chain.
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Why Binance and Banking Giant MUFG Want to Issue Stablecoins in Japan - CoinDesk
SHIB and XRP Payments Now Available for HSBC Bank Users, Binance Japan to Launch New Stablecoin with Mitsubishi UFJ, XRP Ledger Set to Receive…
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Per a recent announcement posted on X platform by blockchain payments system FCF Pay, HSBC users can nowpay their mortgage bills and loans with crypto through FCF Pay. Among the digital assets available for payments are Shiba Inu, XRP, Bitcoin, Ethereum, Binance Coin, Dogecoin and several others. The news is a major development for cryptocurrencies, as HSBC is one of the world's top banking and financial services firms and serves millions of customers around the globe. Earlier this month, FCF launched a Crypto Bills service, allowing customers to pay mortgages, car payments and subscriptions with USDT, BTC, ETH and SHIB.
According to a press release from Sept. 26, Binance Japan and Mitsubishi UFJ Trust and Banking Corporation (MUFG)joined forces to develop a new stablecoin pegged to the Japanese yen (JPY) and other global currencies. The initiative centers on the utilization of the Progmat Coin platform, which was created to facilitate the creation and management of stablecoins linked to the Japanese yen. Both companies have set an ambitious timeline, planning to start stablecoin operations by the end of 2024.
As recently posted by Xumm, a major XRPL wallet, XRP Ledger is going to receivea monumental upgrade: a planned infrastructure overhaul. The anticipated outcome of this revamp is faster local node connections, real-time transaction information and an overall improved user experience. As part of this, the code and intellectual property of the new software to power the xrplcluster will be designed, written and subsequently donated to the XRPL Foundation. Also, the revamp will introduce a paradigm shift: instead of relying on third-party hosting sites where only a handful make a profit, the xrplcluster software will be rebuilt from scratch.
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