Category Archives: Binance
Polygon price slides after whale moves 10.78 million MATIC into Binance – FXStreet
Polygon (MATIC) price has been on a steep downtrend for the most part of the year, with the token withstanding the worst of the bear market. The situation was made worse when the US Securities and Exchange Commission (SEC) labeled MATIC a security, among other tokens like Solana (SOL and Cardano (ADA).
Also Read: MATIC price climbs asPolygonoutlines proposals for 2.0 upgrade
Polygon (MATIC) price is bearish, cutting down on the mid-September gains inspired by the developers proposals to implement the transition to Polygon 2.0.The proposals included the creation of a POL token to replace MATIC as the native gas and staking token of the ecosystem.
At the time of writing, Polygon price is $0.5054, with clear indications of a continued downtrend as long as it remains trapped underneath the foothold of the downtrend line. With the Relative Strength Index (RSI) dipping, momentum seems to be falling and MATIC could drop in value. Worse, the Awesome Oscillator (AO) remains in the positive, with its histogram bars flashing red to show bears are having their say in the market.
MATIC/USDT 1-day chart
However, the gains made during this hype have all been cut down, with a recent report by web3 data analysis tool Lookonchain attributing it to a whale moving a total of 10.78 million MATIC tokens to the Binance exchange. At current rates, that volume in MATIC tokens is worth approximately $5.5 million. The transaction happened over the last 26 hours, causing a 3% slump in Polygon price.
Notably, moving tokens to exchanges is often interpreted as intention to sell, with the ongoing slump suggesting token holders are already closing their positions to avoid being caught as part of exit liquidity.
According to data from behavior analytics platform Santiment, the number of active addresses on a 24-hour scale has been on a steady rise since September 24, recording a 35% increase. In the same way, the whale transaction count for wallets with more than 100,000 MATIC and more than one million tokens has increased significantly.
MATIC Santiment
With these, it is likely that the Polygon MATIC price will record increased volatility over the coming days
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the assets current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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Polygon price slides after whale moves 10.78 million MATIC into Binance - FXStreet
Binance CEO responds to rumors, says US executive is ‘taking a deserved break’ – Cointelegraph
Binance CEO Changpeng CZ Zhao has shot down speculation surrounding the departure of Binance.US CEO Brian Shroder, noting that he is taking a deserved break after a successful stint at the company.
Binance.US is a subsidiary of Binance Holdings, with the United States-based exchange seeing a handful of other top executives recently step down from the firm amid lawsuits from the U.S. Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).
In a Sept. 15 statement via X (formerly Twitter), CZ urged people to ignore FUD around the recent shuffling of execs, as he suggested that Shroder was leaving the firm amicably after accomplishing everything he set out to do when he joined two years ago.
Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers. We are grateful for his contributions, CZ said.
Binance is facing lawsuits from both the SEC and CFTC over several alleged violations of SEC and CFTC laws, including the alleged sale of unregistered securities and mishandling of customer funds. As part of its lawsuit, the SEC claimed that the U.S. and international branches of Binance have illegally commingled funds between each other.
Amid the lawsuit, Binance.US announced on Sept.13 that it was laying off a third of its staff and that Shroder was leaving his position as CEO. On Sept. 14, an additional two executive departures were reported as both head of legal Krishna Juvvadi and chief risk officer Sidney Majalya decided to quit the company. The departures fueled speculation on X that Binance may be facing worse legal troubles than previously understood.
Related: Binance.US not cooperating with investigation, US SEC says in filing
Seemingly referencing the lawsuits in his X post, CZ also asserted that the crypto market is in a different place now than it was two years ago as crypto firms face an increasingly hostile regulatory environment. In his view, the new CEO for Binance.US, Norman Reed, is the right person to lead the U.S. exchange in this new era.
Binance is the largest crypto exchange by volume in the world. It has come under increasing scrutiny since the third-largest exchange, FTX,went bankrupt in November 2022, and FTX executives were charged with fraud. Critics say Binance has not been transparent enough about its business practices and has not proven that it is solvent. However, CZ has brushed off these concerns, stating that the firm has no liquidity issues and that claims against it are unfounded.
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Binance CEO responds to rumors, says US executive is 'taking a deserved break' - Cointelegraph
SEC reverses decision on sealing, redacting some documents in Binance.US case – Cointelegraph
Observers should soon get a look at some of inaccessible documents in the United States Securities and Exchange Commissions (SEC) case against Binance. The documents were sealed or redacted at the SECs request and are being unsealed at the request of the SEC itself.
District of Columbia District Court Magistrate Judge Zia Faruqui issued an order Sept. 15 granting the SECs motion to unseal or remove the redaction from the documents. The order lists 18 sealed documents and another nine partially sealed or redacted documents.
Binance and any nonparty that claims a confidentiality designation regarding documents relating to the SECs Motion to Compel will be able to argue against the unsealing for seven days, and the SEC will have seven days to respond to those claims.
All of the sealed documents, filed as docket no. 102, were filed on Aug. 28. There was speculation at the timethat they were connected with a U.S. Justice Department investigation of Binance. The partially sealed documents total 117 pages. Among them are internal Binance.US documents, emails and SEC court filings, including the memorandum on Binace.US compliance with SEC discovery efforts filed Sept. 14.
Related: Binance.US not cooperating with investigation, US SEC says in filing
The list in Faruquis order does not encompass all the sealed documents filed in the case. A proposed order filed by BAM, the Binance.US holding company, on Sept. 11, along with the SECs opposition document and eight exhibits, were filed as sealed and are not mentioned in the order.
The SEC case against Binance.US, Binance and CEO Changpeng Zhao was initiated in June and revolves around claims of unregistered securities operations and other improprieties, including wash sales. Binance.USrequested a protective order against the SEC in August.
Magazine: Cleaning up crypto: How much enforcement is too much?
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SEC reverses decision on sealing, redacting some documents in Binance.US case - Cointelegraph
Binance.US legal and risk executives are leaving, Wall Street Journal reports – Reuters
Biance app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights
Sept 14 (Reuters) - Risk and legal executives at the U.S. affiliate of Binance are leaving at a time when the crypto giant is grappling with regulatory pressures, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Krishna Juvvadi, head of legal, and Sidney Majalya, chief risk officer, are leaving Binance.US, the report said.
Binance.US declined to comment.
The company said on Tuesday its chief executive, Brian Shroder, would leave and it would cut more than 100 jobs roughly a third of its headcount.
The U.S. Securities and Exchange Commission (SEC) in June filed a civil complaint against the world's largest crypto exchange, Binance, and its founder Changpeng Zhao, accusing them of creating Binance.US as part of a "web of deception" to evade securities laws aimed at protecting U.S. investors.
Binance has also seen a number of executive exits. Its global head of product, Mayur Kamat, resigned early this month and its chief strategy officer, Patrick Hillmann, left in July.
Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles.
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Binance.US legal and risk executives are leaving, Wall Street Journal reports - Reuters
Binance.US not cooperating with investigation, US SEC says in filing – Cointelegraph
The United States Securities and Exchange Commission (SEC) has accused Binance.US of non-cooperation in the ongoing investigation against the crypto exchange, according to a court filing dated Sept. 14.
The SEC in its court filing noted that Binance.USs holding company called BAM has produced only 220 documents during the discovery process. Many of the submitted documents under the Consent Order consist of unintelligible screenshots and documents without dates or signatures.
SEC added that BAM has refused to produce essential witnesses for deposition, instead agreeing only to four depositions of witnesses it has unilaterally deemed appropriate and said:
The SEC also raised concerns over Binance.US's use of Ceffu, wallet custody software provided by the global entity Binance Holdings Ltd. The SEC noted that BAM made inconsistent statements about Ceffus and Binances involvement in the wallet and customer funds management.
SEC said that BAM first claimed Ceffu was BAMs wallet custody software and services provider but later stated that Binance was BAMs wallet custody software provider. The regulators raised concern that the crypto exchange's usage of Ceffu violates a prior agreement meant to prevent funds from being diverted abroad.
Related: Binance plans new round of layoffs amid increased regulatory scrutiny
The SEC filed a lawsuit against Binance on June 5, pressing 13 charges against the crypto exchange including unregistered securities offerings, the Simple Earn and BNB Vault products, and its staking program. The SEC claimed that Binance.com, Binance.US, and BAM Trading should have registered as clearing agencies, broker-dealers, and exchanges, respectively. The unregistered offer and sale of Binance.US' staking-as-a-service programme required BAM Trading to register as a broker-dealer as well.
The latest accusations by the SEC against Binance.US come amid an internal crisis at the exchange. The Binance.US CEO Brian Shorder joined the long list of top Binance executives leaving the firm this year followed by the resignation of the head of legal and the exchanges chief risk officer within days.
Binance.US didnt immediately respond to requests for comments.
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Magazine: US and China try to crush Binance, SBFs $40M bribe claim: Asia Express
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Binance.US not cooperating with investigation, US SEC says in filing - Cointelegraph
Shiba Inu Payments Now in 9 Latin American Countries with This … – The Crypto Basic
Binance unveils a product allowing users to send Shiba Inu to Argentinian and Colombian bank accounts.
The largest crypto exchange, Binance, recently unveiled a crypto-focused solution allowing Shiba Inu investors to spend Shiba Inu in nine countries. In particular, Binance has proclaimed a new product dubbed Send Cash.
According to the official statement, Send Cash will enable crypto enthusiasts to transfer digital assets like Shiba Inu through the Binance Pay platform from nine countries in Latin America.
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Binance disclosed that the objective behind the initiative is to enable individuals to seamlessly send digital funds directly to the bank accounts of their friends and family. The report highlighted the nine Latin American countries for which this Send Cash service is applicable.
They are Binance customers in Honduras, Argentina, Guatemala, Colombia, Costa Rica, Paraguay, Mexico, Panama, and the Dominican Republic.
Meanwhile, the report noted that at this initial stage, users in the above-highlighted nine countries can credit the bank accounts of recipients in Argentina and Colombia through the Binance Pay service. The exchange also stated that the process will attract the lowest transaction fees.
Notably, Send Cash will facilitate Shiba Inu payments to Argentinian and Colombian bank accounts with Binance Pay alongside government-approved transfer services providers. Binance believes the initiative will streamline cross-border transactions, saving time, effort, and money.
Moreover, Min Lin, the Regional Vice President for Latin America at Binance, emphasized the significance of the development. He remarked:
This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to developing new ways of using crypto in everyday life.
Furthermore, Binance elaborated on the role of financial inclusion in addressing poverty and fostering economic growth. It citeddata from the World Bank to stress that nearly half the adult population in the Caribbean and Latin America are financially excluded due to no access to traditional bank accounts.
Binance noted the place of crypto solutions in bridging the financial divide, with Send Cash being an example. Notably, Binance Pay supports other prominent cryptocurrencies such as Bitcoin, Ethereum, XRP, Cardano (ADA), and stablecoins USDT and USDC.
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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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This Week on Crypto Twitter: Idris Elba Falls Flat, and Are We Near the End of Binance? – Decrypt
Illustration by Mitchell Preffer for Decrypt
For those who keep an eye on crypto prices, it was yet another fairly uneventful week as market leaders Bitcoin and Ethereumand most other leading cryptocurrenciesbarely budged.
Among the top thirty cryptocurrencies, Stellars XLM was the only one to post notable losses. Last week, XLM rallied 10% off the back of a tweet promising something cool in ten days. Lo and behold, ten rotations of the earth later, on Tuesday, and Stellar delivered a high-budget commercial with Idris Elba. While the production is faultless, several saw it as a piece of non-news.
Contrary to the teams intentions, XLMs price has dropped 11% since last week. Evidently, it was all too tempting a case of buy the rumor, sell the news for investors to pass by.
On Monday, Bitcoin fan Udi Wertheimer warned customers of Swan to pull out their money after he noticed that a hack recently targeted the Bitcoin-exchanges stash held by Fortress Trust. Many felt that the hack explained Ripples sudden acquisition of Fortress.
Jameson Lopp, CTO of self-custody solution Casa, pointed out the discrepancy between Ripples narrative and Fortress.
CZ announced that he was donating $3 million to Moroccan Binance users from the earthquake-stricken Marrakesh-Safi Province who completed their Proof of Address before September 9.
Journalist Matthew Russell Lee, who tweets as @InnerCityPress, was present at the sentencing of OneCoin co-founder Karl Sebastian Greenwood. OneCoin was a $4 billion scam enticing people to invest in a cryptocurrency for a blockchain that didnt exist. Lee live-tweeted some choice moments from the trial for his followers. The judge sentenced Greenwood to 20 years for fraud.
More Ethereum spot ETF applications keep coming in every week, says Bloomberg ETF analyst James Seyffart. His colleague Eric Balcunas then provided a breakdown of the current state of play.
On Tuesday, Google Cloud engineer Sam Padilla was very excited to share a teaser about his companys new collaboration with interoperability protocol LayerZero. Google Cloud is now LayerZeros default oracle operator, meaning dApps on the protocol will have their transactions automatically verified using Google Cloud.
Crypto analyst Adam Cochran offered a stark glimpse of the future of Binance. This week, the exchangewhich is currently facing litigation from the SEC for a litany of alleged securities laws violationsturned heads when the CEO of U.S. arm Briah Schroder resigned on Wednesday amid news of a new round of layoffs; he was replaced this weekend by former Ripple/SEC and First Reserve Bank man Norman Reed.
Seyffart tweeted more bad omens for Binance on Thursday.
Speaking of layoffs, SuperRare CEO John Crain had an announcement of his own on Friday.
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This Week on Crypto Twitter: Idris Elba Falls Flat, and Are We Near the End of Binance? - Decrypt
Crucial Week Ahead for Crypto: Feds Interest Rate Decision, FOMC Meeting, And Binance Vs. SEC Hearing To Capture Attention – Coinpedia Fintech News
The crypto market is preparing for a volatile week, filled with major events that have the potential to shift investor sentiment and alter price trends. From the Federal Reserves much-anticipated interest rate decision to the Federal Open Market Committee (FOMC) meeting and the hearing of the legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), all eyes are on these crucial developments next week.
FOMC Meeting: Will the Fed hike interest rates again in 2023? After ten straight increases and a pause in June, rates rose by 25 basis points in July to 5.25-5.50%. The decision hinges on U.S. CPI data, especially core inflation. Augusts CPI rose 3.7% year-on-year, up from Julys 3.2%, while Core CPI was 4.3%, down from 4.7% in July, leaving the Fed and markets uncertain.
When Federal Reserve Chairman Jerome Powell and his team convene next week, they are unlikely to indicate that theyre finished with interest rate hikes. Given that inflation remains above the 2% goal and the economy is robust, U.S. central bankers are expected to maintain a leaning towards stricter policy during their September 19-20 meeting, even if they keep rates unchanged.
Last weeks CPI data failed to bring any significant volatility to Bitcoin. Nonetheless, Fed interest rate announcements are expected to induce a 1% market volatility based on recent trends. At the moment, Bitcoin is trading in the $26K range, comfortably above bearish levels.
Binance Vs. SEC Hearing: A key event on the horizon for next week is the court hearing between Binance and the SEC. A ruling in favor of the SEC could lead to a significant market sell-off, while a decision supporting Binance could ignite a buying demand.
The U.S. SEC recently presented evidence against Binance U.S., highlighting the exchanges non-compliance with a prior consent order. Binance U.S. has countered, claiming the SECs demands in an emergency order are unwarranted.
Last month, the SEC filed confidential documents that caused unrest in the crypto market. Theyve now submitted a motion to unseal to reveal these papers. Amidst the ongoing lawsuit, several officials from Binance and Binance U.S. have departed, affecting investor confidence and trading volumes.
The SEC has submitted 31 exhibits to support its motion to compel and oppose Binance U.S.s request for a protective order. Only 10 of these 31 exhibits were included in the latest filings. The SEC is also asking the court to reject BAMs plea for a protective injunction. Magistrate Judge Faruqui has scheduled the next hearing for September 18.
On September 15, the SEC moved to unseal or withdraw its previous motion to seal documents related to the Binance case. Both parties have agreed to disclose numerous SEC filings from last month. The SEC has expressed concerns that Binance U.S. (BAM Management and BAM Trading) is not adequately separating its wallets, systems, and personnel from Binance.
If the SEC wins the case, which is expected to extend beyond Genslers term, Binance could face hefty fines, operational restrictions, and strict oversight of its BNB token. Additionally, CZ could be permanently banned from running financial firms. With the SEC alleging that Binance U.S. is jeopardizing $2.2 billion of presumably U.S.-based funds, these assets could be seized if linked to illegal activities.
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Binance to Give Away up to $30000 Worth of Rewards in 2023 … – PR Newswire
COLOMBO, Sri Lanka, Sept. 14, 2023 /PRNewswire/ --Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, has kicked off its 2023 Referral League campaign, giving users a chance to earn up to 30,000 worth of rewards in USDT.
Both existing and new users who have completed their Know Your Customer (KYC) verificationare eligible to participate in the campaign, giving them the opportunity to earn rewards when they successfully refer their friends to register for an account.
Existing users will share a prize pool of up to 16,000 USDT, with a higher reward opportunity depending on their band of successful referrals. For instance, existing users who have made 20 or more referrals can receive a bonus equivalent to $6 for each referral.
New users will receive opportunities to earn rewards worth 14,000 USDT. 1500 new users who have successfully completed their KYC may stand a chance to receive a 8 USDT token voucher. In addition, 200 new users who completed their first trade in Spot may stand a chance to be rewarded with a token voucher of 10 USDT each. Users can also buy their first crypto (USDT or BTC) using the seamless P2P product from Binance.
Rachel Conlan, Chief Marketing Officer at Binance, said: "Binance has always prioritized the cultivation of community among our valued customers. In the spirit of this commitment, our 2023 Referral League campaign serves as an opportunity to express our gratitude to those who have steadfastly supported us, while also serving as a welcoming gateway for newcomers seeking to embark on their crypto journey. As a user-focused organization, we remain committed to providing a convenient, safe and secure platform for all users who are looking to trade."
The 2023 Referral League campaign has been open from 8 September 2023 and is set to run till 23 September 2023, giving participants ample time to take advantage of this special program. To find out more about the referral campaign in detail, users can visit this page.
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Binance to Give Away up to $30000 Worth of Rewards in 2023 ... - PR Newswire
SEC accuses Binance.US of non-cooperation in ongoing … – Cryptopolitan
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The United States Securities and Exchange Commission (SEC) has raised concerns about Binance.USs lack of cooperation in the ongoing investigation into the cryptocurrency exchange. In a court filing dated September 14, the SEC criticized Binance.USs holding company, BAM, for its limited document production and unresponsive behavior. SECs frustration with document production The SEC expressed its Read more
The United States Securities and Exchange Commission (SEC) has raised concerns about Binance.USs lack of cooperation in the ongoing investigation into the cryptocurrency exchange. In a court filing dated September 14, the SEC criticized Binance.USs holding company, BAM, for its limited document production and unresponsive behavior.
The SEC expressed its frustration with BAMs document production during the discovery process. According to the court filing, BAM has provided only 220 documents, many of which are described as unintelligible screenshots and lack essential information such as dates or signatures. The SEC believes that these documents do not meet the standards required for a thorough investigation.
In addition to document production, the SEC accused BAM of refusing to produce essential witnesses for deposition. Instead, BAM has agreed to only four depositions, which it unilaterally deemed appropriate. The SEC also highlighted BAMs reluctance to cooperate in providing relevant communications, citing blanket objections and a refusal to produce documents that are part of its regular business operations. Interestingly, the SEC noted that it later obtained some of these supposedly non-existent documents from other sources, raising further concerns about BAMs transparency.
The SECs court filing also raised questions about Binance.USs use of Ceffu, a wallet custody software provided by the global entity Binance Holdings Ltd. Initially, BAM claimed that Ceffu was its wallet custody software and services provider.
However, BAM later changed its stance, asserting that Binance was the provider of the wallet custody software. This inconsistency has led the SEC to question the involvement of both Binance and BAM in managing customer funds and whether it violates a previous agreement intended to prevent fund diversion abroad.
The SEC initiated legal action against Binance on June 5, 2023, leveling 13 charges against the cryptocurrency exchange. These charges encompassed unregistered securities offerings, products like Simple Earn and BNB Vault, and Binance.USs staking program.
The SECs argument was that Binance.com, Binance.US, and BAM Trading should have registered as clearing agencies, broker-dealers, and exchanges, respectively. The unregistered offering and sale of Binance.USs staking-as-a-service program also triggered the requirement for BAM Trading to register as a broker-dealer.
These latest accusations by the SEC add to the challenges facing Binance.US, which has been dealing with internal upheaval. CEO Brian Shorder recently joined the list of high-ranking Binance executives who have left the company this year. This departure was followed by the resignations of the head of legal and the chief risk officer at the exchange within a short span of time.
The SECs concerns about Binance.USs cooperation in the investigation, coupled with the internal turmoil at the exchange, paint a complex picture for one of the worlds largest cryptocurrency platforms. The outcome of the ongoing legal battle between Binance and the SEC will likely have far-reaching implications for the regulation of cryptocurrency exchanges in the United States.
As this investigation unfolds, the cryptocurrency community and regulatory authorities will continue to closely monitor the developments and decisions made by both the SEC and Binance. US. The stakes are high, and the cryptocurrency industrys compliance with regulatory standards remains a critical issue for the broader financial ecosystem.
Disclaimer:The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.
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SEC accuses Binance.US of non-cooperation in ongoing ... - Cryptopolitan