Category Archives: Binance
Arbitrum (ARB) Token Listed on Binance Exchange Ahead of Massive Airdrop: Details – U.Today
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Top cryptocurrency exchange Binance has announced that it will list Arbitrum (ARB) and that trading for Arbitrum (ARB) spotpairs will ostensibly begin on March 23 at 5:00 p.m. UTC.
Binance will list two new spot trading pairs with the tickers ARB/BTC and ARB/USDT. Users can deposit in preparation for trading once the official token claim is live at the Ethereum block height of 16,890,400, estimated to be around March 23 at 12:30 p.m. UTC.
Furthermore, ARB withdrawals are anticipated to open on March 24 at 5:00 p.m.(UTC). In addition, Binance says it will add ARB as a borrowable new asset, with the new ARB/USDT margin pair on an isolated margin within 48 hours from March 23 at 5:00 p.m. UTC.
One of the oldest crypto exchanges in the crypto space, Poloniex, also announced it will list Arbitrum (ARB). The deposit for ARB willcommence on March 23, 2023, at noon (UTC), while trading for ARB/USDT is set to begin on March 23, 2023, although the exact timing is yet to be confirmed.
ARB is the native governance token of Arbitrum, a Layer 2 scaling solution project for Ethereum, with an initial supply cap of 10 billion at launch.
The Arbitrum token is majority community-owned (over 56%). Of this community allocation, 12.75% will be distributed in the Arbitrum Airdrop this Thursday, March 23, based on data taken in a snapshot on Feb.6, 2023.
Lookonchain estimates that 1.162 billion Arbitrum tokens will be airdropped on March 23.
The Arbitrum Foundation and DAO will be charged with the responsibility of distributing the remaining community tokens over time.
According to Nansen, 625,143 addresses are eligible, or 28% of those thatbridged to Arbitrum One before Feb.6, 2023.
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Arbitrum (ARB) Token Listed on Binance Exchange Ahead of Massive Airdrop: Details - U.Today
Binance replaces BUSD in SAFU fund with TUSD and USDT – Cointelegraph
Cryptocurrency exchange Binanceannouncedon March 17 that it has replaced the Binance USD (BUSD) holdings in its Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos recent move to stop minting new BUSD, which has led to the assets market capitalization falling.
SAFU is an emergency insurance fund established by Binance in July 2018 to protect users funds in case of security breaches or other unforeseen events. Binance committed a percentage of trading fees to grow the fund, which was valued at $1 billion as of Jan. 29, 2022. SAFUs wallets initially consisted of BNB (BNB), Bitcoin (BTC) andBinance USD which has now been replaced by TUSD and USDT.
Binance assured users that the change would not impact them, their funds would continue to be held in publicly verifiable addresses, and BUSD would continue to be supported. The exchange added that it would closely monitor the fund to ensure that it remains sufficiently capitalized and top it up periodically as necessary using its own funds.
On Feb. 13, BUSD issuer Paxos Trust Company announced it would stop issuing new BUSDeffective Feb. 21 in accordance with the directions of and in coordination with the New York Department of Financial Services.
Related:Coinbase disables trading for BUSD
Days after reports emerged that United States regulators were scrutinizing Paxos and BUSD, Binance minted nearly $50 million worth of TUSD. The transaction took place on Feb. 16, according to data from Etherscan, and came two days after Binance CEO Chanpeng Zhao mentioned in a Feb. 14 Twitter Space that Binance would look to diversify its stablecoin holdings away from BUSD.
With the U.S. Securities and Exchange Commission also taking action against BUSD, some crypto community members have questioned whether stablecoins are the real issue at hand or if its actually about Binance, as the SEC didnt take action against Paxos gold-backed stablecoin, Pax Gold (PAXG).
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Binance replaces BUSD in SAFU fund with TUSD and USDT - Cointelegraph
Binance removes BUSD from SAFU fund adds TUSD, USDT – CryptoSlate
Binance will no longer hold BUSD in its Secure Asset Fund for Users (SAFU) and has swapped the stablecoin for ERC-20 TUSD and BEP-20 USDT, according to a March 17 press release.
The worlds largest crypto exchange said the swap was seamless and will not affect users. It also provided the wallet addresses where it is holding the funds.
Binance said the move was necessary following Paxos decision to stop minting BUSD which will result in a gradual market cap reduction.
This swap is to ensure that assets in SAFU continue to protect users in the long term as the BUSD market capitalization continues to decrease over time.
BUSDs peg to the dollar was not affected by the announcement.
The SAFU fund was set up in 2018 and is made up of three wallets that Binance shares publicly. The exchange previously held Bitcoin, BNB, and BUSD in the fund.
The USDT was added to the same address the exchange uses for its BNB SAFU holdings. On-chain data shows the wallet currently holds roughly $450 million worth of BNB and about $100 million in USDT.
Meanwhile, the TUSD wallet shows the exchange is holding $100.3 million worth of the stablecoin.
Based on the SAFU BTC wallet,the exchange currently holds 16,277 BTC in the fund worth approximately $428 million as of press time.
New York-based blockchain firm Paxos was the primary issuer of the BUSD stablecoin.
In February, the New York Department of Financial Services (NYDFS) ordered the company to stop issuing the stablecoin, citing oversights in its relationship with Binance.
The regulator said in a statement at the time:
The Department is monitoring Paxos closely to verify that the company can facilitate redemptions in an orderly fashion subject to enhanced, risk-based, compliance protocols.
Paxos, in turn, announced that it would adhere to the regulators orders and would end its relationship with Binance.
The company is also reportedly facing regulatory action from the U.S. SEC over issuing BUSD as an unregistered security. However, the regulator has not made an official move in the weeks since the NYDFS order.
If the SEC does decide to pursue legal action, it could imply similar consequences for other stablecoins.
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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Binance removes BUSD from SAFU fund adds TUSD, USDT - CryptoSlate
Binance Touts Compliance While Avoiding Financial Disclosures – BeInCrypto
Binance Chief Strategy Officer Patrick Hillman avoided revealing key financial information about Binance and Binance.US in response to a recent letter from U.S. lawmakers.
Hillmans 14-page response said that despite Binance having weak compliance in its earlier years, it had invested heavily in personnel to ensure it complies with robust Know-Your-Customer and Anti-Money Laundering policies.
Binance has 750 compliance personnel, including regulators and law enforcement. It tapped former Gemini COO as its compliance officer, Hillman said.
In addition, he emphasized that Binance and its U.S. affiliate Binance.US are separate entities, and the two companies were less closely coupled than previously reported in the media.
Earlier this month, three U.S. senators, including Elizabeth Warren from Massachusetts, accused Binance of being a playground for illegal transactions.
The letter, co-penned by Roger Van Holland of Maryland and Roger Marshall from Kansas, asked Binance, Binance.US, and its CEO Changpeng CZ Zhao for the balance sheets of all Binance-related companies since 2017. It also asked for anti-money laundering policies and evidence that Binances CEO instructed employees to lower KYC standards. The senators set a March 16, 2023, deadline for Binance to respond.
An anonymous source told Bloomberg that Binance had separately sent the required financial information to U.S. regulators.
After the collapse of rival exchange FTX in November 2022, Binance has tried to distinguish itself as an ethical business.
It created a recovery fund to help struggling crypto firms. It is reportedly working on a new proof-of-reserves report that confirms changes in users balances without revealing their identity.
The exchange also mints so-called B-Tokens, which allow it to use customer deposits on a single blockchain. These tokens are supposed to be backed up by collateral of the actual tokens deposited.
Recently, however, Binance admitted that collateral was being held in the same wallets as corporate funds, causing customer deposits to be overcollateralized. This error prompted the exchange only to mint B-Tokens when they were backed up by the required collateral.
On March 17, 2023, Changpeng Zhao said that crypto firms should not lend customer funds to earn money and that they should charge a transparent fee for services.
He recently rejected comparisons to collapsed Bahamian exchange FTX in a recent Forbes article that alleged Binance lent customer funds.
FTX reportedly had mixed customer and corporate funds to fuel the lavish lifestyles of executives Sam Bankman-Fried, Ryan Salame, and Gary Wang before the exchange filed for bankruptcy last year.
A recent filing in the ongoing FTX bankruptcy case revealed that Bankman-Fried had received the largest payout of $2.2 billion. In comparison, former engineering director Nishad Singh received around $587 million, while Wang was paid around $246 million.
According to the filing, the FTX conglomerate also had a $6.8 billion balance sheet hole before the bankruptcy.
FTXs US affiliate had about $255 million in assets and $342 million in debts. The crypto empire held $900 million in cash and cash equivalents, mostly made up of investments, according to the filing.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
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Binance Touts Compliance While Avoiding Financial Disclosures - BeInCrypto
Binance removes BUSD from its $1 billion SAFU Fund, swaps it with USDT and TUSD – FXStreet
Binance has been facing a lot of flak from users and regulators for the last couple of weeks. The biggest issue that stumped Binance was the decision taken by Paxos to stop minting new Binance USD (BUSD) tokens, forcing the crypto exchange to switch to other stablecoins.
In a blog post on Friday, the world's biggest cryptocurrency exchange Binance announced that it would be swapping out its BUSD holdings. The funds in the company's Secure Asset Fund for Users (SAFU) will no longer contain any BUSD token as they will be swapped with Tether (USDT) and TrueUSD (TUSD).
The decision came into effect following Paxos' announcement of stopping minting BUSD due to regulatory concerns in the United States. Calling it to be a long-term solution, Binance noted that the change in the asset would not bear any impact on the funds or the users. The fund, back in January this year, reached a total value of over $1 billion at the market price of the asset back then.
This is the second time Binance has taken such a major decision, as earlier this week, the same swapping was carried out for the exchange's Industry Recovery Initiative fund. Formed after the collapse of FTX in order to bail out worthy suffering crypto operations, the fund was also worth nearly $1 billion at the time of its launch.
Tweeting in regards to the same, Binance said,
"Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency. (sic)
Binance Coin price could be seen trading at $330.7, right at the cusp of breaching through the critical resistance at $334.7. Flipping this level into support would mark a multi-month breakout for BNB and also result in a new year-to-date high.
This would also allow Binance Coin price to eventually initiate a sustainable rally, pushing the cryptocurrency to test the resistance block from $335 to $357. If the upper limit of the altcoin is tested, BNB would stand at a four-month high of pre-FTX collapse.
BNB/USD 1-day chart
However, if Binance Coin price faces corrections owing to Thursday's 7.35% rise, the altcoin could decline to test the critical support at $294.5. Losing this support level would invalidate the bullish thesis and leave BNB vulnerable to falling to $264.9.
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Binance removes BUSD from its $1 billion SAFU Fund, swaps it with USDT and TUSD - FXStreet
Binance CEO CZ Ridicules Troubled US Financial Institutions By … – Investing.com
Changpeng Zhao (CZ), the CEO of Binance, continues to deride the financial institutions of the United States as they struggle to maintain stability amid threats of hyperinflation following the implosion of two prominent banks in the country.
They buy debt, we buy crypto, Zhao tweeted on Monday, recalling an earlier move to convert $1 billion of a fiat-backed stablecoin to other native cryptocurrencies, including Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH).
Interestingly, the price of Bitcoin has hit one of its highest points in nine months as the US banking sector battles a liquidity crunch. I didnt see the Bitcoin is not a store of value narrative in the past week, the CEO teased.
The post Binance CEO CZ Ridicules Troubled US Financial Institutions appeared first on Coin Edition.
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Whale moves $33 million worth of Ethereum to Binance in one go: What this means for ETH – FXStreet
Ethereum price (ETH) earned a significant price gain on March 18 when it broke beyond the $1,800 level. However, recent market data shows that a significant chunk of ETH was transferred to the Binance exchange at 1:30 AM ET, casting doubts on a possible sale happening. The transfer resulted in the largest altcoin by market cap losing part of its market value.
Ethereum price (ETH) slumped after 18,657 ETH tokens (approximately $33,130,424 at current rates) were transferred in a single transaction. The transaction was traced back to an unknown but affluent wallet, costing him a mere $1 transaction fee on the Ethereum blockchain. In most instances, when such a huge chunk of tokens is transferred to an exchange, it usually points to a prospective sell activity that eventually drives down the asset's price.
Related: Assessing chances of Ethereum price rally to $2,400
As a result of the activity, Ethereum price has taken a breather, easing back 2.53% from the $1,807 reported earlier and auctioning for $1,761 at press time. This comes as market FUD continues to linger in the industry. According to projections by prominent crypto analyst Akash Girimath, however, the current bullish narrative for ETH would only be invalidated once the price crosses below the $1,636 level.
A move below the aforementioned invalidation level could send Ethereum price down to lose the support offered by the 50, 200, and 100-day Exponential Moving Averages (EMAs) at $1,588, $1,553, and $1,529, respectively.
In extreme cases, the Ethereum price could drop to the $1,500 psychological level before buyers can attempt a recovery. Such a move would constitute a 15% downswing for the PoS token from current levels.
ETH/USDT 1-day chart
Meanwhile, Ethereum price still has some ground to cover before tagging the $2,000 psychological resistance level. The move would be feasible if the cryptocurrency sustains the current momentum, which, in turn, depends on the macroeconomic environment. Notably, the recent collapses in the banking sector fueled more liquidity into the crypto market, causing the Ethereum network to record a positive net flow of $35.8 million.
Ethereum price could resume its uptrend if Bitcoin remains bullish above $27,000 and ETH bulls hold forte by increasing their buying pressure. Moreover, the Ethereumnetwork recently confirmed the official launch date for theShanghai update, which will happen in three weeks.
These factors could be enablers to Ethereum price soaring in value near term.
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Whale moves $33 million worth of Ethereum to Binance in one go: What this means for ETH - FXStreet
More People Are Downloading Crypto Apps Like Coinbase, Binance, Heres Why – NewsBTC
According to real-time app data provider Apptopia, the top 10 crypto applications for exchanges and self-custody wallets have risen by about 15% since Silicon Valley Bank (SVB) and two other lenders fell last week.
The recent shake-up in the United States banking system appears to shift interest and demand towardcrypto solutions. Trackers note that since last weeks crisis, there has been a remarkable increase in downloads of crypto dapps offering exchanging and asset storage services.
According to Apptopia, the top 10 crypto apps, defined as Coinbase, Crypto.com, Trust, Binance, Bitcoin and Crypto DeFi Wallet, Blockchain.com, KuKoin, Kraken, eToro and BitPay, comprising both exchanges and self-custody wallets, have risen by around 15% since Silicon Valley Banks stock fell 60% last week.
This starkly contrasts the top 10 traditional banks and top 10 digital-first bank app downloads, which have fallen by around 5% and 3%, respectively, over the same period.
Last week, Silvergate Capital, Silicon Valley Bank, and Signature Bank shut down or halted operations, leading to crypto companies, investors, and traditional users scrambling to move their assets. Last weeks events significantly impacted Circle, the issuer of USDC, a stablecoin.
The circumstances surrounding the collapse of these banks raisedquestions about where people and companies should park assets and which entities are trustworthy. Amid this development, crypto assets rose as the United States government and the Federal Reserve (Fed) intervened to prevent an extension of the crisis.
Bitcoin and Ethereum, two of the largest cryptocurrencies by market capitalization, have posted impressive gains this week. BTC is trading above $26,000 and remains the most dominant crypto asset.
The expansion in asset prices has seen the global crypto market cap rise by 8.3% to about $1.1 trillion when writing on March 17, according to CoinMarketCapdata.
The banking crisis in the United States puts midsize and regional banks, like First Republic, under pressure. According toReuters, First Republic had the third-highest rate of uninsured U.S. deposits behind SVB and Signature Bank, at about $119.5 billion.
The top 10 traditional banking apps saw a 5% download decline. Interest fell in banking apps like Capital One, Chase, Bank of America, Wells Fargo, Discover, Citi, and U.S. Bank.
Meanwhile, the top 10 digital-first apps posted a 3% decline as app users lost interest in, among other apps, Chime, Dave, Albert, Empower, Varo, MoneyLion, Current, Aspiration, Sable, and Oxygen.
According to Stefan Rust, CEO of Truflation, the current shift in investor sentiment towards cryptocurrencies ispositiveand unexpectedly supported asset prices. He believes the situation is similar to what happened in 2020 when investors fled traditional markets during the COVID-19 pandemic in favor of alternative assets.
Feature Image From Canva, Chart From TradingView.
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More People Are Downloading Crypto Apps Like Coinbase, Binance, Heres Why - NewsBTC
Space ID to Launch ID Token on Binance Launchpad – BSC NEWS
Synthetix, the derivatives liquidity protocol, achieved a record-breaking $490 million daily trading volume on March 17. The protocol also generated over $511,000 in fees on the same day.
Derivatives Liquidity Protocol, Synthetix hit $490 million in daily trading volume for the first time on March 17, according to Dune analytics.
In terms of trading, the majority took place on the Kwenta trading platform, which accounted for $479.8 million in trading volume. In addition, the Synthetix generated more than $511,000 in fees on March 17.
Worth noting that Synthetix will distribute over $8M of Optimism's governance tokens to its perpetual swaps users as rewards.
The reward system will reward traders based on the fees paid, the volume generated, and the amount staked in SNX, Synthetix's governance token. As reported, users who stake 2,500 or more SNX can further boost their rewards with a maximum bonus of 15%.
The program will begin in the first week of April and run for 20 weeks.
In the first week, 50,000 OP tokens will be distributed, followed by 100,000 OP in weeks two and three. The remaining weeks of the program will see 200,000 OP per week.
The rewards will be issued from Synthetix's treasury, which received 9 million OP from the Optimism Foundation in July 2022.
Synthetix has also deployed version 3 (v3) on the Ethereum mainnet following security audits on February 23.
According to its developers, Synthetix v3 offers developers better architecture for developing faster, more complex, and more efficient decentralized financial applications (DeFi). Additionally, V3 will provide simplified staking and differentiated debt pools, meaning network stakers can contribute collateral to specific asset pools and receive fees without being exposed to every Spartan Council-supported asset.
Synthetix currently has a Total Volume Locked (TVL) of $457.14 million, which includes $303.82 million in Ethereum and $153.32 million in Optimism. Synthetix is trading at $2.88, up 0.08 in 24 hours.
Synthetix is a decentralised liquidity layer built on Ethereum and Optimism that acts as a backend for DeFi protocols. Stakers provide liquidity to collateralize a portfolio of synthetic assets in exchange for rewards and market yields. This liquidity is used to underwrite synthetic assets and perpetual futures trading at oracle prices, removing the need for traditional order books and counterparties. As a result, liquidity is commutable and fungible across markets, and traditional slippage is eliminated.
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Traders Union Experts Published Their Binance Coin Price Prediction For 2030 – mid-day.com
The crypto market may be going through hard times, but that doesnt mean it wont recover.
There are actually enough reasons to believe it will grow in the near future. In a recent Traders Union article, the company*s experts have listed the most important reasons that major cryptocurrencies will be growing soon and presented their Binance coin price prediction that stretches out to 2035.
Will Binance Coin actually grow back?
Binance Coin (traded under the symbol BNB) is the native cryptocurrency of Binance, by far the most popular crypto exchange in the world. Created as a utility token for lower fees in 2017, the coin has an impressive variety of applications now, including financial services and online booking. All that makes the coin a very attractive asset: BNB currently ranks fourth among all cryptocurrencies by market cap, with only BTC, ETH, and USDT ahead of it. It*s an essential part of the crypto market now, and that is just one reason to believe it has a bright future ahead.
Traders Union experts have reviewed all the basic factors that determine the BNB price and published three different scenarios for its future. Basically, they expect it to cost about $637 by the end of 2023 if the market continues to recover actively. However, that is the most optimistic estimate; the experts are much less ambitious in other scenarios. Their average forecast for BNB is about $580, and their most conservative prediction is just $520 by the end of the year. However, even if the least optimistic option is going to happen, BNB still remains a potentially profitable investment.
In 2025, the experts expect BNB to reach about $1,000 on average. The most optimistic forecast is up to $1,200 by the end of that year, and the minimum estimate is around $983. In 2030, they expect the coin to cross the $4,000 bar to reach $5,000 by the end of that year, and that is the most conservative forecast. The experts suggest that it may cost $5,500 on average, and their maximum estimate is over $6,100 by the end of 2030. More distant forecasts can*t be too precise, but the experts claim that BNB can reach $10,000 in the beginning of 2035.
What will become of other coins?
Traders Union analysts make forecasts for other coins as well, and it seems that most of them can still be quite profitable in the long term if the market grows back soon. For example, many crypto investors keep asking: will Cardano go up? The experts are sure that ADA isn*t dead. While it has dropped 60% during the past year, it shows some signs of recovery now. Their average forecast for the end of 2023 is somewhere around $0.57. In 2025, ADA can reach $1, according to Traders Union.
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Traders Union Experts Published Their Binance Coin Price Prediction For 2030 - mid-day.com