Category Archives: Binance
Binance withdraws from Canada due to regulatory environment – Anadolu Agency | English
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Binance withdraws from Canada due to regulatory environment - Anadolu Agency | English
Bitcoin drops to $26K as the result of Binance whales selloff – CryptoSlate
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Bitcoin drops to $26K as the result of Binance whales selloff - CryptoSlate
Binance first for crypto investments – The Cryptonomist
PitchBook recently released its Q1 2023 Crypto Report, dedicated to crypto investments, which shows that the most active companies in terms of investments are Binance and Coinbase.
The PitchBook report shows that cryptocurrency companies raised $2.6 billion in venture capital globally in the first quarter of 2023, with 353 funding rounds.
While these are still big numbers, they represent an 11% decrease in total deal value and a 12.2% decrease in the number of deals compared to the previous quarter.
In fact, from this perspective, the first quarter of 2023 was the worst since late 2020, i.e. before the start of the last big bull run. It also marks the fourth consecutive quarter of declining investment activity in the crypto sector.
However, while it was a down quarter overall, there were some upside parameters in the detail.
For example, seed rounds were up 33.3%, while late-stage rounds grew by as much as 209.2%. The biggest problem was the 16.7% drop in early-stage rounds.
Furthermore, the most notable acquisition, according to the report, was that of streaming platform Streami by Binance, through the acquisition of a majority stake in Streamis GOPAX exchange.
In fact, the real decline began in the second quarter of 2022, the quarter in which the Earth/Moon ecosystem imploded.
In fact, the all-time high was reached in the first quarter of that year, the quarter that followed the crypto markets all-time highs.
Since then, the decline has been continuous, although much less pronounced in the last quarter than in the previous three.
It should be noted that the current level of investment in the crypto sector is lower than in the first quarter of 2021, when the last major bull run was just beginning, but still significantly higher than in the last quarter of 2020.
Thus, for the time being, the current level remains higher than the pre-bull run level.
The report notes that the crypto market has grown rapidly over the past decade, attracting a large number of users, including institutional investors who have poured billions of dollars into it.
Blockchain technology itself has also evolved, moving far beyond the simple recording and transfer of value to being used for secured lending, automated market making and the tokenization of off-chain assets.
According to PitchBook analysts, future cryptocurrency innovation could even threaten established players such as Visa, Mastercard and American Express, which have enjoyed decades of total dominance due to their ability to charge fees of up to 3%.
However, the collapse of several crypto companies in 2022 highlights that there are still significant challenges in the industry, so much so that mainstream adoption is unlikely to happen before better regulations and guidelines are released, according to the report.
The lack of clear regulation would be a major concern for the crypto industry, so much so that it is seen as a limiting factor.
The report cites the EUs MiCA as one of the most comprehensive regulatory frameworks already in place.
PitchBook analysts believe that 2023 could be a turning point for the industry, as they expect financial regulators and central banks around the world to increase their focus on cryptocurrencies starting this year.
They also state that cryptocurrencies and web3 will continue to grow and evolve in the future, despite the recent challenges that have emerged over the past year.
They highlight how the crypto ecosystem has made significant progress in recent years, including decentralised finance (DeFi).
In this regard, they note that the crypto industry is still in its early stages, so there is still plenty of room for growth and innovation.
Speaking of the future, they expect established exchanges such as Binance and Coinbase to become active acquirers in 2023, particularly by targeting smaller competitors such as cryptocurrency exchanges, custodian services or peripheral activities such as financial technology (fintech) securities brokerage.
In other words, if so far many of the key players in new investment in the crypto sector have been funds or firms from the traditional investment world, it is possible that in 2023 it will be the larger crypto companies themselves that become the real protagonists in this regard.
Binance is the largest exchange in the world and Coinbase is the largest US exchange. Moreover, the demise of FTX has only strengthened these two giants, the latter of which is already listed on the Nasdaq.
Emerging opportunities in the crypto sector that investors could focus on include zero-knowledge proofing and Web3 identity.
Companies to watch include Intmax and Obol.
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LUNC Burns Billions More Tokens Than Binance: Is a Price … – Crypto News Flash
As per the latest development, a new Terra Classic Project dubbed DFLunc has been recently burning many Terra Classic (LUNC) tokens. Over the last few days, DFLunc has burned more than 1.5 billion LUNC tokens, deflating the circulating supply more rapidly. As a result, the total burned LUNC has now surpassed more than 57 billion.
This massive burning of the LUNC tokens comes just around the time of Terra LUNAs crash anniversary. With the recent development, DFLunc has surpassed Binance which recently burned more than 1.27 billion LUNC earlier this year on May 1, as part of its monthly LUNC burning mechanism. So far, the total LUNC burns by binance has crossed 31.83 billion.
Interestingly, after the Binance burns, the LUNC burn rate has continued to rise with the community burning millions of new LUNCs with this new protocol. The DFLunc protocol is a decentralized finance (DeFi) protocol consisting of several smart contracts and aims to deflate the LUNC supply using a continuous burn mechanism.
The DFLunc protocol is also a validator for Terra Classic and will allow users to mint the DFC tokens only by burning the LUNC tokens. It shall mint two smart contracts based on CosmWasm DFLunc and CW20-DFC. In DFLunc, users burn Terra Classic (LUNC) by paying USTC as protocol fees to mint the DFC tokens.
This protocol aims toward the growth of validators on the Terra Classic blockchain and has divided its plans into different stages.
The Terra Classic community continues to make progress on the network revitalization plan. In the latest move, the proposal seeks community consensus on upgrading the chain to v2.0.1.
The Lunc Burn Army recently submitted proposal 11511 to bring specific improvements to the Terra Classic chain along with an upgrade to v2.0.1. LBA.
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This upgrade will review the minimum initial deposit required for submitting governance proposals in order to mitigate incidents of spam along with facilitating an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24. As we know, the Terra Classic blockchain runs on the Cosmos SDK framework and uses the Tendermint consensus protocol.
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Just with six days left in voting, the proposal has a staggering 99 percent votes for Yes. Once the community passes the proposal, the upgrade will occur on May 17. Thus, it will bring the Lunc blockchain one step closer to parity with the Cosmos and Luna 2.0 networks.
The recent development could push LUNC prices higher. After a strong downtrend in April last month, LUNC is showing a major upward momentum over the last week.
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
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LUNC Burns Billions More Tokens Than Binance: Is a Price ... - Crypto News Flash
Binance, Coinbase Impacted As Jane Street, Jump Crypto Exit US Market – CoinGape
Leading market makers for the crypto market Jane Street and Jump Crypto are exiting the U.S. due to extreme regulatory crackdown, lack of regulatory clarity, and heightened scrutiny.
The US SEC-led crypto regulatory crackdown has raised a wide set of problems for leading crypto exchangesBinance, Coinbase, and other crypto-related entities, with some planning to move their operations offshore.
Two of the worlds top market-making firms Jane Street and Jump Crypto have decided to cease crypto trading in the U.S. amid an intense crypto regulatory crackdown in the US. The firms will continue market making and not leave the crypto market entirely, reported Bloomberg on May 10.
Jane Street preparing to scrap its global crypto expansion plans because regulatory uncertainty has made it difficult for the firm to meet internal standards.
Meanwhile, Jump Crypto, the digital asset division of Jump Trading, is exiting the US market but planning to expand its operations globally.
US federal departments and regulators have intensified regulatory crackdown against the crypto market following the FTX debacle and Terra-LUNA crisis. In fact, Jane Street and Jump Crypto were linked to FTX and Terra-LUNA crisis. Jump Crypto backed the TerraUSD algorithmic stablecoin by proving liquidity and funds, while Jane Street is cited by the US CFTC in its lawsuit against crypto exchange Binance. It is also linked to FTX and Sam Bankman-Fried. Many executives of FTX were earlier employees of Jane Street.
Also Read: Terraform Labs Moves Tokens Worth Millions A Year After Terra-LUNA Crisis
Market makers such as Jane Street and Jump Crypto support the crypto market by providing liquidity. Troubles due to lack of liquidity were one of the primary reasons for the crypto contagion seen last year.
The crypto market has already been becoming less liquid throughout the year and Jump and Jane Street pulling back their market-making activity will put further pressure. Coinbase and Binance are witnessing less liquidity as compared to earlier quarters.
CoinGape Media earlier reported, the U.S.-licensed crypto exchanges lost market share in 2023 Q1, with Coinbase accounting for 1.31%, Kraken 0.60%, and Binance.US 0.37%. Moreover, Coingecko reported a continuous decline in trading volume on Coinbase from 7% in January to 5% in March. Meanwhile, trading volume on crypto exchanges outside the U.S. rising due to the regulatory crackdown against crypto in the US.
Also Read: US SEC Is Reportedly Close To Taking Enforcement Action Against Binance
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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Binance, Coinbase Impacted As Jane Street, Jump Crypto Exit US Market - CoinGape
Top Analyst Updates Outlook on Polygon, Ethereum and Binance Coin, Says Altcoins To Plunge Lower Than Expected – The Daily Hodl
A leading analyst is warning that crypto assets may face more downside during the current market correction.
Pseudonymous analyst and trader Bluntz tells his 222,800 Twitter followers that altcoins are trending downwards on the large time frames and could fall far more than what is currently being anticipated.
Citing the example of Polygon (MATIC), Bluntz says that the Ethereum (ETH) layer-2 scaling solution has just slipped below an ascending channel and is heading lower.
So many altcoins losing really high time frame structure now. MATIC, for instance, is breaking down from a 12-month bear flag and just had a solid close below a year long channel.
Personally, Im starting to think things are going quite a bit lower than many are anticipating.
According to the analyst and trader, MATIC could plummet by up to 54% from current levels.
[A drop to] $0.40 $0.50 more reasonable I think.
Polygon is trading at $0.869 at time of writing.
Turning to Ethereum, Bluntz says that the second-largest crypto asset will plunge soon after closing below a weeks-long ascending channel.
From his chart, it appears Bluntz is targeting Ethereum to fall to below $1,700. ETH is trading at $1,842 at time of writing.
Underside bear flag retest of ETH looks done, Im thinking the bottom falls out of this quite soon.
Next up is Binance Coin (BNB), the utility token of the Binance Smart Chain. Bluntz says that BNB has come under severe pressure when paired against Bitcoin, falling by over 35% since late last year.
Of all the majors BNB has got to have one of the most savage downtrends on its BTC pair, literally down only, not even remotely sideways like ETH/BTC has been.
Generated Image: Midjourney
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Binance Set To Leave Canadian Market Due To Unfavorable Regulatory Landscape – Ethereum World News
The worlds largest crypto exchange is set to exit the Canadian crypto market. Binance announced earlier today that it will be winding down its operation in Canada, citing the challenging regulatory environment created by the enhanced investor protection commitments that were introduced by the Canadian Securities Administrators.
According to a recent tweet from Binance, the crypto exchange is proactively withdrawing from the Canadian marketplace. The tweet blamed Canadas new guidance related to stablecoins and investor limits published for crypto exchanges for the firms decision to exit the country. The regulations reportedly made Canada untenable for the firm to operate in.
The crypto exchange stated that Canada was a relatively small market, but held sentimental value given that it is the home country of founder and CEO Changpeng Zhao. The exchange explored reasonable avenues to protect its Canadian users, but all efforts were futile. In the tweet, the exchange thanked the Canadian regulators who collaborated with the exchange to address regulatory concerns.
While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework.
As for the exchanges Canadian customers, the tweet clarified that they received emails containing comprehensive information regarding the impact of the latest development. Binance is confident that it will return to Canada once its regulators allow citizens to access a broader range of digital assets. With its latest decision, Binance joins fellow crypto exchanges OKX and dYdX, which announced their intention to depart Canada earlier this year due to the shakeup in regulations.
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Binance Set To Leave Canadian Market Due To Unfavorable Regulatory Landscape - Ethereum World News
Binance slams US crypto crackdown and makes bid for UK oversight – Financial Times
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Binance slams US crypto crackdown and makes bid for UK oversight - Financial Times
Crypto stocks drop after Binance halts bitcoin withdrawals for hours – Reuters
May 8 (Reuters) - Shares of cryptocurrency- and blockchain-related companies fell in early trading hours on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees.
The halts pushed bitcoin , the world's biggest cryptocurrency, down 2% to a one-week low of $27,900.
Crypto exchange Coinbase Inc (COIN.O) fell 3.6%, while blockchain-farm operator Bitfarms Ltd dropped 5.1%. Crypto miners including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and U.S.-listed shares of Hut 8 Mining (HUT.TO) declined between 5.3% and 6.6%, tracking lower bitcoin prices.
Binance, the world's largest crypto exchange, shut bitcoin withdrawals for an hour late on Sunday and for about three hours on Monday, saying there was a glut of pending transactions because it hadn't offered so-called miners a high enough reward to log the trades on the blockchain.
The company said its set fees did not anticipate a recent surge in bitcoin-network gas fees - the payments made to crypto miners whose computing power processes transactions on the blockchain.
"There were so much traffic congestion and also the gas fees were so high over the weekend ... even by historical standards," Oppenheimer's Owen Lau told Reuters.
Binance said in a tweet that the company had adjusted its fees to "prevent a similar recurrence".
In March, it had suspended deposits and withdrawals citing tech issues.
Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles.
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Crypto stocks drop after Binance halts bitcoin withdrawals for hours - Reuters
Is Binance going bust? Spot market outages and BTC outflows spark fears – CNBCTV18
Over the past few days, the crypto community has witnessed multiple changes in Binances bitcoin balance. The abrupt flow of bitcoins occurred shortly after Binance temporarily halted BTC withdrawals on its platform. The series of events has led some to believe that whales were jumping ship, raising concerns about the overall health of Binance. But is that really the case?Is Binance about to go bust? Lets discuss.
What has happened so far?
The sequence of events commenced on May 8, when Binance temporarily suspended Bitcoin withdrawals on its platform due to congestion issues affecting the Bitcoin network. During the same day, a number of bitcoin inflows and outflows were noted on the exchange. As per CryptoQuant, the changes consisted of an outflow of 117,359 BTC, an inflow of 10,036 BTC, and an outflow of 40,184 BTC. The same accounted for nearly $4 billion, representing almost 30 percent of Binance's net bitcoin reserved balance.
As BTC withdrawals remained halted, rumors started circulating on social media platforms that Binance could possibly be financial trouble. A crypto analyst said, Billions of dollars have been withdrawn from Binance while the price of Bitcoin continues to plummet. This is a big red flag. This sort of behavior happens during insolvency/legal risks.
However, Binance later clarified that it halted BTC withdrawals since there was a glut of pending transactions. This had happened since miners were not rewarded with a high enough fee to log the trades on the blockchain, leading to a backlog.
It also clarified that its BTC outflows was a result of internal movements between Binance's hot and cold wallets, necessitated by BTC address adjustments.Currently, Bitcoin withdrawals have been re-enabled on Binance.
In the Bitcoin blockchain, transactions are broadcasted to the mempool, where miners select transactions to include in the next block. It was observed that a significant backlog of Bitcoin transactions had resulted in a surge in transaction fees. On May 7, the mempool held a staggering 395,000 unconfirmed Bitcoin transactions, in contrast to just 56,500 on April 26, according to data from Blockchain.com.
This incident coincided with another event on Friday, where Bitcoin transaction fees reached its highest levels in nearly two years, averaging around $9.5 per transaction. Although fees slightly decreased to about $8.8 on Saturday, they were still 500 percent higher compared to the past six months when Bitcoin transactions averaged around $1.4.
Many analysts have attributed this incident to a combination of factors, including congestion in the Bitcoin network, higher transaction fees, and the increasing number of inscriptions (NFT-like assets) created through Ordinals.
Bitcoin network's core developer, Peter Todd, presented a different perspective. He stated that Bitcoin is not encountering congestion but rather high demand. He suggested that Binance should enable users to specify the fee they are willing to pay for withdrawals and process transactions accordingly. Todd mentioned that it costs approximately $5 to ensure inclusion in the next block, which should not be a significant issue for Binance, considering it likely operates with fractional reserves.
Crypto community response
Meanwhile, another data point emerged from Coinglass on May 9, revealing over 183,080 Bitcoin outflows from Binance.
One author from CryptoQuant voiced his concerns on Twitter, questioning whether these actions were intentionally done to create panic. He highlighted the perspective of users, who witnessed the movement of 170k BTC to another address while their ability to withdraw was temporarily blocked. He also asked if there were any responsible managers who would think before taking such irresponsible actions again.
A Bitcoin analyst named Jan Wustenfeld responded to the tweet, expressing his belief that the movements and the temporary withdrawal closure were likely related. He suggested that the funds were moved to address the increasing transaction fees, which led to the temporary measure.
Reflecting on the recent FUD surrounding Binance, a crypto educator named Crypto Busy emphasized the importance of scalability solutions for exchanges and wallets. He stated that Bitcoin itself remains stable but highlighted the need for improved scalability. He concluded with the reminder, "Remember not your keys, not your crypto," emphasising the importance of self-custody in the crypto space.
Conclusion
Given that Binance is the largest crypto exchange in the world, such unusual movements can be worrisome. Similar instances have occurred in the past but Binance CEO Changpeng Zhao (CZ) has dismissed them as saying "business as usual."
However, according to what experts have said, the aforementioned events appear to relate to difficulties in the Bitcoin blockchain rather than concerns at Binance.
So, while the string of incidents may be interconnected, there isn't much evidence to imply that Binance will go bankrupt anytime soon. For the time being, its answers regarding the aforementioned incidents appear to have alleviated concerns that the exchange is in financial danger.
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Is Binance going bust? Spot market outages and BTC outflows spark fears - CNBCTV18