Binance founder and former CEO Changpeng Zhao (CZ) has publicly apologized for what he described as “poor decisions” and has taken “full responsibility” for his actions. Meanwhile, Binance co-founder He Yi said that while he acknowledges that CZ may have made mistakes, his biggest one was ignorance. CZ Issues Apology and Appeals for Second Chance...Read More
The U.S. Department of Justice (DOJ) has recommended a three-year prison sentence for Changpeng “CZ” Zhao, the founder and former Chief Executive Officer of Binance. This recommendation follows Zhao’s guilty plea last year for violating the Bank Secrecy Act last November. CZ’s Sentencing According to documents filed by DOJ attorneys on Tuesday night, Zhao should...Read More
Binance executive Tigran Gambaryan remained entangled in a legal battle with Nigeria’s Economic and Financial Crimes Commission (EFCC) with his bail application hearing being postponed yet again. The Federal High Court in Abuja adjourned his case after the EFCC’s lawyer requested more time to respond to new issues Gambaryan’s defense team raised. Gambaryan’s Appeal Adjourned...Read More
Binance, once banned by the Indian government, is set to make a comeback after agreeing to pay a hefty penalty of approximately $2 million. According to a report by ET, the world’s largest cryptocurrency exchange is preparing to re-enter the Indian market under the finance ministry’s oversight of the Financial Intelligence Unit (FIU). Binance’s India...Read More
Binance has announced that it is converting its Secure Asset Fund for Users (SAFU) into Circle’s USD Coin (USDC). Following the $1B conversion into USDC, this stash now makes up approximately 3% of Circle’s total circulating supply, which is $32.6 billion. SAFU Assets Shift to USDC for Stability In an April 18 announcement by Binance,...Read More
Binance executive Nadeem Anjarwalla is facing extradition from Kenya following his escape from custody in Nigeria. He was spotted after a manhunt was launched from Nigeria that led the authorities to Kenya, where his whereabouts were discovered. Binance Executive Set to Be Extradited According to a local report, the Nigerian government is working on extraditing...Read More
Richard Teng, CEO of the world’s largest cryptocurrency exchange, Binance, believes the trading giant is past the cultural issues after it settled criminal charges from the United States Department of Justice (DOJ) with a $4.3 billion fine. During an interview with CNBC, Teng said Binance had moved past the early stage of its development, where...Read More
Binance will soon close its Bitcoin NFT marketplace after opening its trading venue to the network’s collectibles less than one year ago. In a blog post on Thursday, the crypto exchange said it will “cease support for trades and deposits of Bitcoin NFTs” starting April 18 at 6:00 UTC. Binance Exits From Ordinals The exchange...Read More
Tigran Gambaryan, a top executive at Binance, has taken legal action against the Office of the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) in Nigeria. According to a Reuters report, Gambaryan, an American citizen, has filed a Fundamental Rights suit alleging wrongful detention by Nigerian authorities. Unjust Detention and Court...Read More
The Hong Kong-based crypto exchange HKVAEX, reportedly associated with Binance, withdrew its license application from the Securities and Futures Commission of Hong Kong (SFC) on March 28th. HKVAEX announced its intention to apply for a license in October last year while clarifying that it operates as a distinct entity from Binance under BX Services Limited...Read More
CommEX, a crypto exchange that previously took over Binance’s operations in Russia after it decided to exit the country, has revealed its intention to cease operations in the country. Binance had initially announced its departure from Russia in September 2023, stating that the process would take approximately one year to complete. CommEX Announces Gradual Wind-Down...Read More
The Nigerian government has slammed the world’s largest cryptocurrency exchange, Binance, with four counts of tax evasion charges as the saga between the entities deepens. According to a report from local media Premium Times, the Federal Inland Revenue Service (FIRS) filed the charges at a Federal High Court in the nation’s capital, Abuja, on March...Read More
A Federal High Court in Nigeria has ordered the world’s largest cryptocurrency exchange, Binance, to release comprehensive data of all local users trading on its platform to the Economic and Financial Crimes Commission (EFCC) as the clampdown on the firm for its alleged role in the devaluation of the naira continues. According to a report...Read More
Binance disclosed in its 16th proof-of-reserves (PoR) snapshot that its assets exceeded $100 billion as of March 18. The exchange views this milestone not merely as an “arbitrary number” but as evidence of continued trust in Binance and a strong indication of the crypto markets’ solid performance. Binance’s User Asset Holdings Surge In a blog...Read More
Binance has cleared its personnel from the allegations surrounding Book of Meme (BOME), a meme coin built on the Solana blockchain. The move follows widespread discussions and allegations of possible insider trading associated with the “BOME rat warehouse” incident, prompting Binance to take swift action to address the matter. Binance Responds to Allegations In an...Read More
BNB Chain has launched a Rollup-as-a-Service (RaaS) solution that aims to enable large-scale Dapps, enterprises, and BNB Chain itself to construct customized Layer 2 solutions. The latest move aligns with BNB Chain’s 2023 roadmap, which involves expanding the ecosystem with a secure multichain strategy, among other aspects. BNB’s Rollup-as-a-Service (RaaS) Solution According to the official...Read More
The Solana blockchain has become the home of many new and popular meme coins that have garnered the community’s attention during this bull cycle. This has pushed not only their prices up but also SOL’s. The latest such craze is called BOOK OF MEME and was launched earlier this week. It quickly skyrocketed by triple...Read More
Binance, the world’s leading crypto exchange by trading volume, appears to have spun off its venture capital and incubation arm, Binance Labs, as indicated on the latter’s website. This move occurred earlier this year, marking a significant development during CEO Richard Teng’s four-month tenure. Binance Labs Distances From Binance Binance Labs’s website now clearly states...Read More
Nigerian authorities are urging Binance to provide details about its most prominent 100 users within the nation amidst a continued clampdown on the platform. The request is a focal point in discussions between Binance and Nigeria, with the government perceiving the exchange as a key obstacle hindering its attempts to strengthen the national currency, the...Read More
The SEC’s lawsuit against Binance has been ongoing since June when the regulator served a lawsuit to Coinbase as well. The proceedings have had their ups and downs. Since then, the main Binance exchange has settled with the SEC when Binance Holdings Ltd was asked to pay fines adding up to $4.3 billion, and former...Read More
According to Fortune, Binance.US is facing significant challenges, including forced layoffs and a decline in revenue, following legal actions initiated by the U.S. Securities and Exchange Commission (SEC). In newly released court documents, Binance.US Chief Operating Officer Christopher Blodgett disclosed that the company has been compelled to terminate over 200 employees, amounting to two-thirds of...Read More
Binance has announced its plans to halt its services involving the Nigerian Naira (NGN) due to heightened regulatory attention from authorities in Nigeria. The crypto exchange said that it will remove all current NGN pairs by Thursday, and any remaining NGN balances will be transformed into USDT by Friday. According to the official blog post,...Read More
Binance has successfully retrieved $4.4 billion worth of digital assets for its users who made errors in their deposits over the past two years. Various reasons, such as inputting incorrect wallet addresses, depositing tokens that are not compatible, and issues arising from blockchain updates, can lead to mishandling of funds. Mishandled Deposits Recovered In 2022...Read More
A U.S. federal judge has approved Binance’s guilty plea and a hefty $4.3 billion settlement deal for violating anti-money laundering (AML) and sanctions laws through its cryptocurrency exchange. According to a Reuters report, the plea and the settlement were accepted on Friday, February 23. The Settlement Deal The U.S. Department of Justice (DOJ) had announced...Read More
In a recent press release addressing its Nigerian customers, major crypto exchange Binance distanced itself from the rumored currency speculation that is putting downward pressure on the already weak naira. The development comes amid reports of the cryptocurrency exchange earlier placing a cap on USDT sales on its peer-to-peer (P2P) marketplace. Binance Reportedly Under Scrutiny...Read More
The Financial Conduct Authority (FCA) has issued 450 warnings to companies unlawfully promoting cryptocurrency assets from October 8, 2023, to December 31, 2023. The regulatory agency is currently collaborating with technology firms to eliminate and block unauthorized advertisements across various platforms like websites, mobile apps, and social media accounts. This effort led to the removal...Read More
The verdict in Changpeng Zhao’s court battle with the United States government will be delayed, according to a notice filed in a Seattle court. CZ, who pleaded guilty to violations of AML procedures, was allowed to remain out of custody until his sentencing in exchange for a bail bond of $175 million. A further $15...Read More
Pandora has witnessed a remarkable surge of over 30% in the last 24 hours amid a broader market resurgence. This increase can be attributed to recent announcements by crypto wallets from renowned exchanges like Binance and OKX, which emphasized the inclusion of support for the ERC-404 token standard. The ERC-404 Token Standard Based on data...Read More
The Binance coin is about to conclude this week positively, with a gain of over 6% to its portfolio. Further, the crypto market is assumed to stabilize as top crypto tokens display a positive trend in their respective charts. The Binance Coin price traded in a closed range between $313.5 and $323.9 for the first...Read More
One of the biggest crypto exchanges in the industry, Binance, delisted Monero (XMR), a popular privacy-focused coin, triggering a substantial price drop and trading volume right after the announcement. Shortly after, Monero reassured users that they would never compromise on privacy. The main reason for the delisting is likely that Monero uses stealth addresses, while...Read More
