Category Archives: Binance
SEC v. Ripple: John Deaton says Hinman documents will be made public and support defense for Coinbase, Binance – FXStreet
XRP-friendly lawyer John Deaton believes Hinman emails are key to the legal battle between US financial regulator Securities and Exchange Commission (SEC) and payment giant Ripple. Deaton believes that email documents could help cryptocurrency exchanges build their defense to tackle allegations of unregistered securities sale.
Also read: Is this gaming token ready to plummet after a 56% rally in the last week?
Crypto-friendly lawyer John Deaton expressed the importance of Hinman documents being made public. Deaton told his 250.9K followers on crypto Twitter that there is a 75% possibility of Hinman emails being made public.
The most recent update on the SEC v. Ripple case is that the financial regulator requested for the documents to remain sealed even after Torres ruling on the summary judgment. While Deaton is confident that the speech drafts will be made public at some point, the lawyer tweeted that cryptocurrency exchanges that are likely to be sued by the SEC at some point in the near future will need the documents to build their defense.
Deaton believes that ERC20 tokens governed by the Ethereum blockchain like DRGN will find the documents more relevant than they are to the payment giants defense.
XRP price yielded 53% losses for holders over the past year and nearly 3% decline since March 19. The legal battle between the US financial regulator and the cross-border remittance firm has ensued for over two years with no end in sight.
While XRP holders are awaiting an outcome in the tussle between the SEC and Ripple, Deaton has taken steps to seek the release of the Hinman emails. Deaton filed a Freedom of Information Act (FOIA) request seeking the release of Hinman drafts and expressed his intention to litigate the matter.
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Bitcoin Surges as Bank Client Rescue Eases Contagion Fears, Fuels Hopes for Fed Dovishness; Binance’s $1B Conversion Helps, Too – CoinDesk
Bitcoin surged above $24,000 for the first time in over two weeks as investors exhaled once U.S. regulators stepped in to back deposits at Silicon Valley Bank (SVB) and Signature Bank (SBNY), and grew hopeful the near-meltdown of the banking sector would prompt the Federal Reserve to ratchet back its monetary hawkishness.
The largest cryptocurrency by market capitalization traded as high as $24,574 Monday midday, according to CoinDesk data before recently retreating slightly above the $24,200 mark, still up over 10% over the past 24 hours. BTC dipped below $20,000 last Friday (UTC) as SVB collapsed.
But a number of analysts said markets were buoyed by the regulators decisions late Sunday to make whole depositors at crypto-friendly Signature Bank and Silicon Valley Bank. Earlier in the day, New York states top regulatory agency shuttered Signature, saying it had taken possession of the bank to protect depositors.
The [federal] bailout for depositors has alleviated some of the fears surrounding contagion risk, which resulted in a short squeeze, Martin Leinweber, digital assets product specialist at MarketVector Indexes, told CoinDesk.
Mondays surge caught traders who bet on prices falling off-guard, forcing them to liquidate some $81 million of BTC short positions over the course of the day. Leinweber noted that the majority of these (positions were) placed on Friday when concerns were heightened. These types of short squeezes tend to push prices higher.
In an email to CoinDesk, Joe DiPasquale, CEO of crypto asset manager BitBull Capital, said an outflow from Circles USDC stablecoin to bitcoin and Binances decision to exchange stablecoins from its recovery fund to bitcoin and ether also led to price increases.
Meanwhile, markets may have been encouraged by what some analysts believe will be a more dovish tone from the Federal Reserve, which has been stung by criticism in recent months that it was raising interest rates too aggressively. On Sunday, Goldman Sachs analysts forecast no rate hike at the Federal Open Market Committee's March 22 meeting after the recent banking stresses, according to a report.
Yet, MarketVectors Leinweber said that despite temporary bailout relief, sentiment remains apprehensive and cautious. He sees concerns raised over possible further banking fallouts and businesses that are industry critical due to the inability to efficiently manage cash flow.
Bears have voiced their major points of concern, including that none of the policies address the fundamental duration mismatch problem that many of these financial institutions have, he said. He added: The ability to borrow secured from the Fed at par (rather than at market prices) only helps in a distress situation and does not address the mismatch in assets/liabilities and over-reliance on zero-interest large deposits.
In an email to CoinDesk, Joshua Frank, co-founder and CEO of The Tie, a provider of information services for digital assets, struck a cautiously optimistic note.
The loss of Silvergate, SVB and Signature is devastating for U.S.-based crypto companies, Frank wrote. That said, the crypto market has at least temporarily responded to the bailouts well. In light of the uncertainty surrounding banking in the U.S., the narrative of bitcoin as a hedge and safe haven has gained steam.
Frank added: While short-term positive, there are still many long-term macro factors to be wary of. U.S. regulators are clearly trying to de-bank crypto, the macro environment does not look great, and major financial institutions went under. If crypto - and in particular bitcoin - is going to continue to recover, we will likely need to see widespread support for this emerging narrative similar to what we saw in 2020/2021 with the bitcoin halving/inflation hedge narrative.
Ether (ETH), the second-largest cryptocurrency, recently rose by over 7% Monday afternoon to change hands around $1,675. Layer 2 protocol Optimism's native OP token surged 21% Monday. LDO, the governance token of the decentralized autonomous organization (DAO) behind liquid staking system Lido, gained 15%.
The CoinDesk Market Index, which measures the overall crypto market performance, was up over 10% for the day.
Equity markets turned mixed Monday afternoon: The S&P 500, Wall Street's benchmark equity index, closed down 0.1%. The Dow Jones Industrial Average (DJIA) slid 0.2%, while the tech-heavy Nasdaq Composite was up 0.4%.
Investors will be eyeing Tuesdays release of Februarys consumer price index data.
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Binance Unveils Game-Changing Product Updates Across Its … – Blockchain Reporter
Binance is at the forefront of leading the crypto market to a revolutionary era. Despite the SECs investigation into Binance, the crypto exchange giant is not stopping bringing new products to its users. Recently, Binance has made headlines with its announcement of the biggest product developments across its ecosystem.
Binance, a leading cryptocurrency exchange, has announced the launch of several new features aimed at providing users with a more customized and streamlined trading experience. With its customizable trading and Range Bound product, the crypto exchange has made significant developments.
Overall, Binance Builds latest edition demonstrates the companys dedication to providing its users with the most advanced and comprehensive crypto trading experience possible.
Binance is taking the NFT space to the next level with their latest release, Bicasso, an AI-powered NFT generator thats already sparking the imaginations of NFT enthusiasts. The beta version of Bicasso was released this month, and users of Binances NFT marketplace are already experimenting with its endless possibilities.
The innovative Bicasso platform has expanded its network and now supports Polygon. This latest development means one can effortlessly buy, sell, deposit, or withdraw ERC-721 NFTs from the Polygon (MATIC) network on Binance.
Moreover, Binance has made ample general updates as it has updated its Notification Center to feature a new Campaign tab that allows users to discover the latest promotions and activities. With this update, users can easily keep up to date with the latest offerings from Binance and never miss out on any exciting opportunities.
Binances latest developments reflect the companys commitment to innovation and its efforts to stay ahead of the curve in the rapidly evolving crypto industry. With its new products and updates, Binance is poised to continue its upward trajectory as one of the leading exchanges in the market.
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Binance Unveils Game-Changing Product Updates Across Its ... - Blockchain Reporter
Binance Announces to Back ETH 2.0 Staking Withdrawals after the … – Blockchain Reporter
The top crypto exchange Binance has recently declared supporting the latest shanghai upgrade of Ethereum. The crypto exchange platform has stated that it will provide support for the withdrawals in staked ETH tokens after the accomplishment of Ethereums new upgrade. As a result of this accomplishment, the consumers will be permitted to convert their BETH tokens to ETH tokens. In this procedure, the crypto exchange platform will maintain a 1:1 ratio between the crypto tokens.
In a blog post published on the official website of Binance, the crypto exchange mentioned that the respective support will be provided within just one week following the upgrades completion. While commenting on Ethereums new upgrades, the crypto exchange noted that Capella and Shanghai are the exclusive upgrades on the network.
In addition to this, it pointed out that the redemptions of the ETH tokens will be offered through its ETH 2.0 Staking page just after the launch of the function for consumers. It showed the community that the respective function will be available on the website just within the days after the upgrades launch on the Ethereum network.
According to the exchange, the consumers who have taken part in part in staking the ETH 2.0 tokens will be permitted to withdraw their BETH tokens to the original ETH. Apart from that, the platform asserted that the customers can keep on participating in the staking process for ETH 2.0 without any restriction of time. As a result of this, they will be provided with the rewards in BETH tokens following the onboarding of the Shapella upgrade.
The crypto exchange moved on to clarify that it will also provide some additional details regarding the above-mentioned withdrawals in another announcement. The respective declaration will be made after the accomplishment of the Shapella upgrade. Apart from that, Binance reveals that because of the processing restrictions on the platform of Ethereum the crypto exchange will have to set a limit on the regular redemption quota for ETH tokens.
It emphasizes the point that the consumers may have to experience some waiting queue when they try to redeem ETH. However, the time to be taken for processing ETH will depend on the demand for the withdrawals.
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Binance Announces to Back ETH 2.0 Staking Withdrawals after the ... - Blockchain Reporter
Helium’s HNT Crypto Token Slides to 2-Month Low After Binance.US Delisting Announcement – CoinDesk
The token has lost 20% in the past 24 hours and was recently trading at $2. The delisting, announced Monday, comes ahead of Heliums migration to the Solana blockchain from its own blockchain.
The Helium Network is a decentralized grid of wireless hot spots that aims to provide an alternative to hard-wired internet or mobile data service. The services are powered by cryptocurrencies, and users who participate in the network receive rewards for doing so. HNT is earned when hot spots provide and validate wireless coverage and transfer data over the network.
While the Helium Foundation is disappointed that Binance.US has decided to take this action in advance of the migration, we understand their position, the foundation said. Heliums migration to Solana is significant, and a first for the industry on par with Ethereums transition from proof-of-work to proof-of-stake.
The foundation said the transition to Solana is proceeding as planned. The migration takes effect on March 27.
The move comes after the projects initial exponential growth in adoption slowed and it suffered accusations of lying about key partnerships and its profitability. Founder Amir Haleem responded in a tweet thread saying Helium doesn't have any commercial relationships with entities using the network. Rather, it evangelizes[s] the network to help them develop applications.
HNT will remain listed on Binances international exchange.
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Helium's HNT Crypto Token Slides to 2-Month Low After Binance.US Delisting Announcement - CoinDesk
Binance CEO announces recovery funds conversion from BUSD to native crypto – Cointelegraph
The failure of three major crypto-friendly banks Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank caused the USD Coin (USDC) stablecoin to fall to as low as $0.87 from its $1 peg.
Amid the concern mounting around stablecoins, Binance co-founder and CEO Changpeng CZ Zhao tweeted on March 13 that with the changes in stablecoins and banks, the exchange will be converting the remaining $1 billion funds in its Industry Recovery Initiative to native crypto.
The native cryptocurrencies listed by CZ included Bitcoin (BTC), BNB (BNB) and Ether (ETH). He then posted links to the hash ID for the BTC and ETH transactions, saying $980 million took 15 seconds to move with a $1.98 transaction fee.
In response to the move by the Binance co-founder, Crypto Twitter had mixed reactions. Some praised the decision, calling it pure gold, and offered a suggestion to use alternative currencies to peg stablecoins:
However, others questioned the move to sell the Binance USD (BUSD) stablecoin and convert the fund to more volatile assets.
On March 10, Circle, the company behind USDC, disclosed it had around $3.3 billion tied up at the failing SVB, which caused the initial depegging event. However, by March 13, USDC had bounced back toward its $1 peg currently hovering around $0.99.
Related: Breaking: Silicon Valley Bank UK arm acquired by HSBC for one pound
Circle also has an undisclosed amount of reserve funds stuck in Silvergate, another United States-based crypto-friendly bank that went bankrupt.
The instability surrounding USDC caused a domino effect on other stablecoins such as Dai (DAI), USDD and FRAX, which also slipped from their $1 peg.
Since the events began unfolding on March 10, the crypto space has been on edge as to what will happen next. Twitter users have claimedthat there is nobody left to bank crypto companies.
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Binance CEO announces recovery funds conversion from BUSD to native crypto - Cointelegraph
Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps – Cointelegraph
The panic caused due to USD Coins (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes.
The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7:00 pm UTC. The reason for the impulse spike is unknown and was likely due to a fat finger trade of a large order.
The potential reason for the flash spike is likely due to thin order books for the newly launched BTC/USDC pair on Binance.The exchange listed the pair only a few hours before the impulse price surge.
According to a trader on Crypto Twitter, it is likely that a Bitcoin market order ate through the limit sell-orders on the pair up to $50,000.
The pairs trading price returned toward the market spot price of around $22,000 in minutes following the spike, suggesting it was an isolated incident. Fortunately, the futures market remained unaffected by the spot BTC/USDC pair; otherwise, it could have triggered massive short-side liquidations.
But this isnt the first time cryptocurrency exchanges have seen flash crashes and spikes. Multiple exchanges in the past had similar issues, inciting anger and refund requests from affected customers.
Related:Deribit to pay users $1.3M after Bitcoin price flash crash to $7.7K
In August 2017, a flash crash on GDAX, now called Coinbase Pro, saw Ether (ETH) prices plummet to as low as $0.1 due to a customer error. Ether was trading at around $300 elsewhere at the time.
USDCs value dropped to lows of $0.87 on March 11 after Circle, the issuer of USDC, revealed that it had $3.3 billion exposure to the defunctSilicon Valley Bank (SVB).
USDC trading pairs have been unstable on other exchanges since the SVB revelations. On March 11, the BTC/USDC pair on Kraken spiked to over $26,000 due to fears about the collapse of USDC.
At the time, USDC was trading at a 10% discount, which would have priced Bitcoin at around $22,200. However, the spike toward $26,000 indicates that panic causes serious volatility.
The fears amplified over the weekend due to uncertainty around the fate of SVB depositors. In response, the United States Treasury, Federal Reserve, and Federal Deposit Insurance Corporation decided to bail out the customers of SVB and Signature Bank but not the shareholders and other stakeholders, restoring market confidence for now.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps - Cointelegraph
Binance-Voyager deal to proceed without holdings, NY judge rules – Cointelegraph
The United States District Court for the Southern District of New York declined the U.S. governments reasonings for halting the acquisition of bankrupt brokerage company Voyager Digital by Binance.US. According to Judge Michael Wiles, any protractions with the deal will harm the interests of Voyagers former clients, who are waiting to return their funds.
The decision to deny the governments motion came on March 15. In it, Wiles realleges his prior approval of Voyager Digitals Chapter 11 bankruptcy plan, which suggests selling billions of dollars in assets to Binance.US in an effort to regain liquidity to pay back customers.
Thus, the court denied the governments appeal for a stay of the confirmation order an additional delay of two weeks in the bankruptcy plan realization. The appeal, filed on March 14, accused the bankruptcy plan of immunizing fraud, theft or tax avoidance. It has also demanded to remove the provision, preventing the U.S. authorities from legally pursuing anyone involved with the sale.
Judge Wiles counted these accusations as exaggerating and mischaracterizing, and ruled to continue with the bankruptcy plan. However, he confirmed the duration of the current stay, which ends on March 20.
The courts approval for Binance.US acquisition of Voyagerwas granted on March 7. Judge Wiles permitted the trading platform to close the Binance.US sale and issue repayment tokens to impacted Voyager customers. He rejected a series of arguments by the U.S. Securities and Exchange Commission that redistributing funds from Voyager to Binance.US would violate U.S. securities laws.
Related: Binance.US, Alameda, Voyager Digital and the SEC the ongoing court saga
The decision came after 97% of 61,300 Voyager account holders favoredthe restructuring plan. Based on the latest estimates, the plan is expected to result in Voyager creditors recovering approximately 73% of the value of their funds.
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Binance-Voyager deal to proceed without holdings, NY judge rules - Cointelegraph
Binance Halts GBP Deposits and Withdrawals – Crypto Briefing
Key Takeaways
Only a month after halting U.S. dollar bank transfers, Binance is now being forced to cease processing British pound deposits and withdrawals as well.
Crypto companies keep struggling with their banking partners.
Global leading crypto exchange Binance will be suspendingBritish pound deposits and withdrawals in the upcoming week. The changes have already come into effect for new users, while existing users will have until May 22 before seeing the service shut down.
Paysafe, our fiat partner that provides GBP deposit and withdrawal services via bank transfers and via card to Binance users, has advised us that they will no longer be able to provide these services from May 22, 2023, a Binance spokesperson told CoinDesk.
Last month, Binance announced that it would suspend deposits and withdrawals of U.S. dollars through bank transfers. The exchange indicated back then that the suspension would only affect 0.01% of its monthly active users. This time around, it stated that the GBP change would impact less than 1% of its users. The company assured that it was working to restart both services as soon as possible.
Binances suspension of GBP and USD transfers are likely due to banking woes. According to lead Bitcoin advocate Nic Carter, the U.S. government may be trying to crack down on the crypto industry by cutting it off from the banking sectora strategy Carter termed Operation Choke Point 2.0. Carter claims that the scheme involves putting pressure on banking institutions to avoid providing their services to crypto companies on a safety and soundness basis.
Despite these headwinds, Binance made over $504 billion of spot trading volume in Februarymore than 61% of the entire market share.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.
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Crypto companies may soon find themselves deprived of banking services in the United States, just like online poker was during the Obama era, says Nic Carter. Operation Choke Point 2.0...
After breaking its peg over the weekend and trading as low as $0.87, Circles USDC stablecoin is now at $1 again. 1 USDC for $0.87 All eyes are on USDC...
Silicon Valley Bank, the 18th largest bank in the U.S. by total assets, was closed down by regulators today after it suffered a bank run. Biggest Bank Failure Since the...
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Binance Halts GBP Deposits and Withdrawals - Crypto Briefing
Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB and Other Tokens – CoinDesk
Crypto exchange Binance said it will convert $1 billion worth of Binance USD (BUSD) to bitcoin (BTC), ether (ETH), BNB coin (BNB) and other tokens to support the market.
The transaction from Binances industry fund to BUSD took 5 seconds and cost merely $1.29, Binance CEO Changpeng Zhao said in a tweet on Monday.
The move likely contributed to buying pressure. Bitcoin jumped over $22,500 in Asian hours on Monday while ether regained the $1,600 market. BNB rose over 10% to trade over $300, setting two-week highs, per CoinGecko data.
The move came as the crypto market suffered another blow in early Asian hours as U.S. regulators shut down the crypto-friendly Signature Bank, adding further stress to the market.
Early last week regulators shut down Silvergate Bank, followed by the collapse of Silicon Valley Bank on Friday night causing markets to go haywire over the weekend as investors rushed to protect their capital.
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Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB and Other Tokens - CoinDesk