The latest Terra Classic (LUNC) burn from Binance demonstrates the exchanges commitment to the initiative and represents its burn for fees collected in April.

Binance remains committed to supporting the Terra Classic (LUNC) burn campaign, as it recently incinerated over 1.26 billion LUNC tokens for its latest batch of monthly burns. Notably, the burn represents 50% of the fees collected on Terra Classic trades on the exchange for the month of April.

Per data from Terra Finder, the burn transaction occurred today at 12:13 (UTC) and involved exactly 1,268,122,322 (1.268 billion) Terra Classic tokens currently valued at an excess of $135K against prevailing rates.

Following the transaction, the exchanges cumulative LUNC burns have finally surpassed the 31 billion mark, making Binance the first single entity to hit this milestone since the burn initiative began. Binance now boasts a cumulative burn of 31.83 billion LUNC, representing 57.9% of the total Terra Classic burns of 54.92 billion tokens.

The latest 1.2 billion LUNC burn comes exactly one month after the exchange incinerated 1.6 billion tokens for the month of March. This is the third burn exercise carried out by Binance since the proposal that aimed to address its concerns passed. In total, the exchange has burned 11.6 billion Terra Classic since it resumed burns two months back on the back of the proposal.

Notably, on Feb. 28, the community passed the proposal for a chain upgrade to v.1.1.0 which would implement changes aimed at addressing concerns raised by Binance. The upgrade went live on March 1, and Binance resumed burns as promised, after suspending the exercise in September 2022.

Meanwhile, the Terra Classic burn campaign remains on track, with contributions from all angles. As previously reported by The Crypto Basic, the recently-introduced USTC re-peg proposal also seeks to contribute to the burns by purchasing LUNC with USTC divergence fees and incinerating the LUNC tokens or staking them.O

Other entities such as validator LUNC DAO and newly-launched project Cremation Coin have continued to burn millions of tokens every week to champion the cause.

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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 Total LUNC Burns Surpass 31B as Exchange Burns 1.2B+ ... - The Crypto Basic

DigiToads (TOADS) is an Ethereum-based (ERC-20) token that has recently experienced a phenomenal increase in its token price, leaving well-established altcoins like Binance Coin (BNB) and Polkadot (DOT) behind. In this article, we will explore the factors contributing to this impressive price surge and how DigiToads compares to these other top altcoins in the market. Overarchingly it appears that the older generation of tokens cannot keep up with their newer, technologically more able younger rivals.

DigiToads has made a significant splash in the cryptocurrency world, with its recent presale raising over $2.1 million. The projects unique combination of a meme coin appeal, play-to-earn gaming, NFT staking, and community rewards has captured the imagination of investors, leading to a remarkable increase in its token price. DigiToads offers a fresh and engaging experience in the world of popular NFT gaming, positioning itself as a high-growth token that appeals to a wide range of users.

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Binance Coin (BNB) is a well-known altcoin in the cryptocurrency market and serves as the native token for the Binance ecosystem. BNB offers various use cases, including discounted trading fees on the Binance platform, participation in token sales on Binance Launchpad, and staking rewards. While BNB has seen significant growth since its launch, it lacks the playful appeal and community-centric focus that has propelled DigiToads to its recent success.

Polkadot (DOT) is another top altcoin that aims to enable a completely decentralized web where users have control over their own data. The Polkadot network facilitates cross-chain communication and interoperability between multiple blockchains, allowing for the seamless transfer of data and assets. Although Polkadots innovative approach to blockchain technology has garnered significant attention, it does not offer the unique blend of gaming, NFTs, and community rewards found in the DigiToads ecosystem.

One of the main factors contributing to DigiToads impressive price surge is its unique combination of features that cater to a diverse audience. The projects meme coin appeal, play-to-earn gaming, NFT staking, and community rewards have struck a chord with investors, resulting in a strong demand for TOADS tokens.

Another factor that sets DigiToads apart from BNB and DOT is its commitment to social responsibility. The project pledges 2.5% of its profits to environmental causes, such as reforestation efforts and rainforest preservation, further enhancing its appeal to investors who value sustainability and positive impact. This commitment to the environment and the projects focus on community rewards have helped to differentiate DigiToads from its competitors.

The DigiToads ecosystem, with its unique blend of gaming, NFTs, and community rewards, has managed to capture the attention of investors, propelling its token price to new heights. As a result, DigiToads has been able to leave well-established altcoins like Binance Coin and Polkadot behind in terms of price growth.

In conclusion, DigiToads has demonstrated its potential as a top altcoin by experiencing a phenomenal token price increase, outpacing established projects like Binance Coin and Polkadot. DigiToads has resonated with a wide range of investors, leading to an increased demand for TOADS tokens and a strong growth trajectory for the project. The demand for TOADS tokens will continue to rise, further solidifying its position as a major player in the crypto world.

For more Information on DigiToads visit the website, join the presale or join the community for regular updates.

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DigiToads Leaves Binance Coin and Polkadot Behind with Its ... - The Coin Republic

On March 22, Coinbase,one of the worlds largest crypto exchanges, was sent a notice by the US Securities and Exchange Commission (SEC) warning that the regulator planned to sue, alleging the company had violated securities laws. Crypto assets,the SEC insists, are securities, and so fall under its jurisdiction. But on March 27, Binance, the worlds biggest crypto exchange, and its founder Changpeng Zhao were charged by a different regulator, the Commodities and Futures Trading Commission (CFTC), with breaking commodities lawsbecause, the CFTC says, popular crypto assets are commodities.

That two different exchanges can be sanctioned by two different regulators for alleged violations of entirely different regulatory regimes shows the increasing complexity of the operating environment for crypto firms in the US, as a turf war between the SEC and the CFTC escalates. Afterthe dramatic collapse of FTX in November 2022, both regulators have adopted a more aggressiveeven hostileapproach to the crypto industry, using enforcement actions to stake their claimto jurisdiction.

If people wondered what the attitude was at the beginning of the year, now they know its hostile, says Mick Mulvaney, a former White House chief of staff and an advisor to crypto compliance platform Astra Protocol. I dont think FTX was the cause, as much as the excuse.

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Since the start of the year, the SEC has launched a flurry of cases against crypto companies and individuals in the US. In January, the regulatorcharged crypto exchange Gemini and crypto lender Genesis Global Capital over a service that allowed US customers to earn interest on their tokens, which the agency alleged was an unregistered securities offering. In a Twitter thread, Gemini cofounder Tyler Winklevoss called the charges a manufactured parking ticket. Neither Gemini nor Genesis responded to requests for comment.

In February, the regulator reached a settlement with another exchange, Kraken, which agreed to halta service that gave US customers the ability to earn rewards for locking up their crypto. The regulator also issued crypto firm Paxos awarning of intent to sue over its BUSD stablecoin,which the SEC asserts is a security. In astatement, Paxos wrote that it categorically disagrees with the SEC.

Then in March, the SECcharged Justin Sun, founder of the TRON blockchain, with market manipulation, as well as eight celebritiesincluding the likes of Lindsay Lohan and Ne-Yowith illegally touting Sun-related tokens without disclosing they were paid to do so. Sun did not respond to a request for comment.

Mulvaney says he thinks that the agency is flexing its muscle with enforcement actions as a way to strengthen its claim over the industry, but in doing so, has lost its impartiality.

Even within the SEC, there is disagreement over how the agency is handling crypto. Hester Peirce, one of five SEC commissioners, has dissented publicly against multiple crypto-related actions, in an effort, she says, to foster discussion and heal the dysfunctional relationship between the agency and the crypto industry.

We havent done our job as a regulator. We have not provided a road to compliance, and instead have been bringing enforcement actions after the fact, says Peirce. Even though the agencys actions are motivated by a desire to protect investors, the strategy is one of jurisdictional maximalization, she says. And one way to plant a flag is to bring enforcement action.

SEC chair Gary Gensler's office did not respond to a request for comment.

The SECs tilt at the industry hasbeen met by a refusal at the CFTC to yield jurisdiction. The agencyslawsuit against Binanceby far the worlds largest crypto exchange, which has until now remained largely out of reach of US regulatorsspecifically refers to popular cryptocurrencies, including bitcoin, ether, and litecoin, as commodities.

The CFTC did not respond to a request for an interview, but in a statement announcing the lawsuit, Rostin Benham, CFTC chairman, set the stage for further action against crypto firms. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of US law, he wrote.

In ablog post responding to the CFTC lawsuit, Zhao said that Binance does not agree with the characterization of many of the issues alleged in the complaint. He also described the lawsuit as disappointing, particularly because Binance had been working cooperatively with the CFTC. Binance declined to provide on the record responses to further questions about the lawsuit.

In the absence of clear guidance from Congress as to whether the SEC or CFTC should take point on regulating the industry, crypto businesses must do what they can to anticipate possible complaints from both directions. But this is made difficult by the lack of crypto-specific guidelines from both agencies.

Its like driving down the road, with no signs or lanes, trying to figure out the rules based on who gets pulled over, says Dave Siemer, CEO at Los Angelesbased crypto investment firm Wave Digital Assets. Youre just guessing.

Crypto companies say theyre particularly frustrated by the regulatory onslaught because theyve tried to engage with the SEC and CFTC, and asked for clearer, more comprehensive rules of the road.

Speaking to WIRED, Paul Grewal, chief legal officer at Coinbase, claims his companys interactions with the SEC have been more akin to one-sided monologues than dialogs. Attempts to help map out the parts of the crypto industry that do not fit within existing rule structures, he says, have largely garnered no response.

Coinbase is not asking for special treatment. We want to be registered and held to strict standards, Grewal says. But the SEC has outright refused to promulgate basic rules, instead relying on a regime of regulation by enforcement.

Gensler hascalled on crypto firms to register with the SEC, a process that would theoretically minimize the chances of retrospective legal action by ensuring they operate in compliance with the regulators expectations from the get-go. But the idea that registration is as simple asfilling out an online form has inflamed tensions; Grewal says this characterization of the registration process is simply not true and that the few businesses that have tried to register have failed miserably.

If a businesss application is rejected by the SEC, it cannot offer securities-related services in the US, at least in the form described in its application. Because of confusion over the classification of crypto assets, this eventuality could pose an existential threat, says Siemer.To go in and register means to cease to exist, he says. There is no framework; there is no path.

The question of what crypto is could be resolved in the courts. An ongoingcase between the SEC and cross-border payments company Ripple over cryptocurrency XRP, for example, is expected to go some way to clarifying whether cryptocurrencies should be treated as securities (and be regulated by the SEC) or not. After two years, a verdict in the case is near, but because its playing out in a district court, it will not establish binding precedent. However, a victory for the SEC would strengthen its case for becoming the de facto crypto regulator.

People in the industry say that a better resolution would be for the US Congress to put in place comprehensive legislation governing crypto. The European Union is on track to introduce broad-based crypto legislation in 2024, under the Markets in Crypto Act (MiCA), and countries like Japan and the UAE have also moved quickly, but the US lags behind. A number ofcrypto-relatedbills were tabled in the 177th Congress, but died when the latest session ended in December, and so will need to be formally reintroduced and debated again.

Mulvaney, who spent six years in the House of Representatives, says it is unlikely that anything resembling comprehensive crypto legislation makes its way through Congress this year, ahead of the 2024 presidential election. But the silver lining, he says, is that crypto is bipartisanit appeals to libertarian beliefs on both sides of the political dividewhich means the issue of legislation will not be settled along tribal lines.

Its tough to operate with no regulation, because you dont know what you are, says Mulvaney. You dont want to be over-regulated but you need enough to give guidance and clarity. Thats the sweet spot.

In some parts of the crypto community, the refusal of regulators to set clear lines has been interpreted as adeliberate attempt to squeeze the industry out of the US.

Irrespective of the intention, the consequence of continued ambiguity over the classification of crypto assets, the regulator in charge, and the process of registering services with the government is likely to be an exodus of crypto businesses from the country, say Mulvaney and Siemer.

In late March, Circle Internet Financial, issuer of the USDC stablecoin,announced plans to establish a European headquarters in Paris. According to aBloomberg report, Coinbase is also plotting an offshore version of its trading platform. Grewal declined to confirm, but says the company is paying careful attention to the growth of markets outside the US.

A similar pattern is playing out among smaller crypto firms. Wave Digital Assets is preparing its own contingency plan, Siemer says. Although the company is not yet considering leaving the US, it has halted hiring in the country over concerns about the regulatory climate.

Peirce, the SEC commissioner, says the agencys objective is to help enable safe experimentation with technology, not to push the crypto industry offshore. But she is sympathetic to the interpretation. If youre trying to send the message that you want crypto in the United States, but you want it to be compliant, the way to send that message is to help companies [to become compliant]. But we dont see that happening, she says.

You dont repair the situation by saying come in and registerbecause nobody knows what that meansbut by bringing everyone into a room and having a conversation like adults.

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Binance and Coinbase Have Been Sucked Into a Regulatory Turf War - WIRED

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Binance US crypto trivia on Shiba Inu (SHIB) creator draws intriguing answers

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A crypto trivia published on Twitter byBinance.USto test the knowledge of the community about the SHIB creator has drawn interesting answers.

Binance U.S. set out by giving a brief introduction about SHIB, which it says was created to be a community-driven project, and then proceeded to ask who the creator of SHIB was.

"The creators of SHIB set out to create a community-driven project that would focus on creating a decentralized ecosystem for trading and other financial activities," Binance.US wrote.

It then asked, "This Ethereum-based counterpart to Dogecoin's Scrypt-based algorithm was created by whom?"

A total of 55.3% of respondents went for the option Ryoshi. Interestingly, 19.6% and 19.5% of the respondents went for the options of Satoshi Nakamoto (the Bitcoin pseudonymous creator) and Vitalik Buterin (Ethereum creator), respectively.

A total of 5.6% of respondents answered that SHIB was created by Cardano founder Charles Hoskinson.

Similar to Satoshi Nakamoto, Shiba Inu's creator Ryoshi's identity has remained a mystery since the project's inception in August 2020. And just like the Bitcoin creator, Ryoshi exited social media in May 2022.

While many seek to unravel the identity of the SHIB creatorRyoshi, Shiba Inu lead Shytoshi Kusama hinted at what is most important.

"What's important is the concept of decentralization, myself and millions of others believe can change the world. I am Ryoshi, and so are you," Kusama stated.

The phrase "We are all Ryoshi" has found its place in the SHIB community, meaning that everyone has a stake in the project and a responsibility to take it forward.

At the time of writing, SHIB was marginally up in the last 24 hours at $0.00001096. In the last 24 hours, a meager 20,000 SHIB has been burned in a single transaction.

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Shiba Inu: Binance.US Poll on SHIB Creator Sparks Interesting Community Response - U.Today

On March 27, the Commodity Futures Trading Commission (CFTC), the U.S. derivatives regulator, charged three Binance entities (collectively Binance) and its founder and chief compliance officer (CCO) with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.

CFTCs complaint does not break new ground by advocating novel legal theories, but it is remarkable in its thoroughness (73 pages), depth and the comprehensive nature of the allegations, and gives the impression that the CFTC decided to take this opportunity to clearly explain the reach of its jurisdiction and the application of the CEA to virtually all aspects of the digital asset commodity industry.

At the core of CFTCs complaint is the allegation that Binance, its founder and the CCO chose to knowingly disregard applicable provisions of the CEA while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit. The complaint further explains application of the CEA and identifies the following violations:

The complaint is asking for a draconian set of remedies, including a permanent ban on participating in spot or derivative markets involving digital asset commodities and a permanent registration ban with the CFTC meaning that if Binance chose to remedy its violations of the CEA by registering as an FCM, a DCM or a SEF, it will not be allowed to do so, which effectively means a complete ban on Binances operations in the U.S. In addition, the CFTC is asking for a full disgorgement and restitution of all gains from doing business in the U.S. (and theoretically this disgorgement and restitution may apply not only with respect to only U.S. customers, but all of Binances customers). Finally, the complaint is asking for civil monetary penalties under the CEA, which can be interpreted very broadly and may exceed billions, as demonstrated by CFTCs previous enforcement actions.

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CFTC Charges Binance and its Founder with Multiple CEA Violations - JD Supra