The United States Securities and Exchange Commission (SEC) has filed a motion objecting to the sale of Voyager Digital’s assets to crypto exchange Binance.US in a $1 billion deal. According to a Wednesday filing submitted at the United States Bankruptcy Court for the Southern District of New York, the SEC alleges that the transaction would...Read More
The company has switched to a “semi-automated” process to govern the reserves that back the tokens it issues. In late January, it was discovered that Binance stored token collateral with user funds in the same wallet. Bloomberg reported that the firm mistakenly stored collateral for almost half of its 94 Binance-peg tokens (B-tokens) in a...Read More
Major blockchain infrastructure platform Paxos Trust Company is holding discussions with the US Securities and Exchange Commission (SEC) concerning Binance stablecoin BUSD, according to a report by Reuters. The company earlier received a notice from New York authorities to cease minting BUSD. According to Reuters on Tuesday (Feb. 21, 2022), Charles Cascarilla, CEO of Paxos,...Read More
Novotel Bahrain Al Dana Resort reportedly became the first hotel in the country to accept cryptocurrencies as a means of payment. Other hotels located on the Arabian peninsula that embraced digital assets during the past several months include W Dubai – The Palm and Palazzo Versace Dubai. Entering the World of Crypto According to recent...Read More
Binance.US refuted an earlier report made by Reuters, which stated that the international exchange allegedly moved $400 million from an account belonging to the American affiliate. In an attempt to clarify the situation, Binance.US said that only executives of the platform had such access to its bank accounts. Binance Purportedly Transferred $400 Million from Binance.US...Read More
Binance has started minting True USD (TUSD) in response to a U.S. regulatory crackdown on its own stablecoin BUSD. On Feb. 16, the world’s largest crypto exchange minted 50 million TUSD, according to blockchain sleuths. True USD was launched in 2018 and listed on Binance in May of that year. TUSD is the sixth largest...Read More
Leading cryptocurrency exchange Binance had “gaps” in regulatory compliance in the first few years after its launch in 2017, the company’s Chief Strategy Officer (CSO) Patrick Hillmann told the Wall Street Journal in an interview. Hillmann revealed that Binance had missteps during the implementation of its security measures, such as the Know-Your-Customer (KYC) protocol and...Read More
It’s been over half a year since the Harmony bridge was breached, allowing hackers believed to be a part of the Lazarus Group to make off with about $100 million in cryptocurrencies at the time they were stolen. Multiple Cashout Attempts Nearly $91 million of those funds have seen attempted cashouts so far. The most...Read More
A new survey conducted by the world’s largest cryptocurrency exchange Binance discovered that having an interest in crypto could make people more attractive. Binance conducted the study from February 6 to 9, 2023, surveying 2,600 participants aged 18 to 46. Interest in Crypto is a “Significant Plus” The survey discovered that an active interest in...Read More
Circle – the issuer of the world’s second-largest stablecoin, USDC – reportedly warned the New York Department of Financial Services (NYDFS) last Autumn that Binance has been mismanaging its token reserves. This came months before Monday’s announcement that Paxos is ending its relationship with Binance surrounding BUSD, by order of the New York regulator. Circle’s...Read More
The US-based blockchain infrastructure platform – Paxos Trust Company – will stop the issuance of new Binance stablecoins (BUSD) from February 21. Despite this, the firm said it has a “strong corporate balance sheet” and vowed to continue servicing new and existing clients. Ending the Relationship With Binance As directed by the New York State...Read More
The world’s largest crypto exchange has reportedly admitted that the New York Department of Financial Services has ordered Paxos to stop issuing the Binance USD (BUSD) stablecoin. BUSD is the seventh-largest cryptocurrency, with a market cap of over $16 billion. The United States continues with its clampdown against several cryptocurrency participants. After Kraken fell victim...Read More
The Canadian University of Dubai (CUD) partnered with Binance to enable students to pay their fees in digital currencies. With the recent collaboration, the exchange dived deeper into the local ecosystem. It received a cryptocurrency license from Dubai’s regulators in September last year. Settling the Semesters in Crypto The world’s leading crypto platform disclosed the...Read More
Binance said earlier today it had introduced zk-SNARKs to its proof-of-reserve system in an attempt to make it easier for users and other entities to verify its solvency. Additionally, the exchange has added four new crypto assets to its PoR system. Ever since the loud collapse of FTX in late 2022, cryptocurrency exchanges have rushed...Read More
The opaque and intriguing ownership of the Indian crypto exchange WazirX continues to baffle investors and crypto honchos alike. Over the past two weeks, Binance and WazirX top executives once again came to blows over the issue. In August 2022, Binance CEO Changpeng Zhoa and WazirX CEO Nischal Shetty publicly accused each other of lying about...Read More
Binance, the biggest exchange in crypto, seeks to revive trust in the industry after an onslaught of hacks and scams that ravaged its reputation last year. The company is helping bring together a consortium of fellow businesses intent on proving how well the space can cooperate with regulators. Bringing Back Trust As reported by CoinDesk,...Read More
The largest cryptocurrency exchange – Binance – added its name to the list of companies that provided help to Turkish residents affected by the recent devastating earthquake. It will give away $100 worth of BNB to each of its local users and launched a public donation address where everyone can contribute. Binance vowed to airdrop $100 in...Read More
Binance – the world’s largest crypto exchange – announced on Monday that it will pause all deposits and withdrawals in USD from bank accounts starting February 8. The company said it will work to restart the feature as soon as possible. Why the Suspension? After announcing the suspension over Twitter, Binance offered no particular explanation...Read More
Leading cryptocurrency exchanges, such as Bybit, BitMEX, and Bitfinex, vowed to support victims of Turkey’s disastrous earthquake with aid packages. Binance is also looking to help the affected people. A massive earthquake with a magnitude of 7.8 struck southern Turkey earlier today (February 6) and killed over 1,500 people. Hundreds of buildings collapsed, meaning the...Read More
The world’s largest cryptocurrency exchange has launched a new tool dubbed Binance Tax to enable users to understand their crypto tax liabilities on up to 100,000 transactions. According to a press release shared with CryptoPotato, the new feature aims to help customers stay up-to-date with their crypto-related tax liabilities. Details of Binance Tax Binance noted...Read More
Wybo Wiersma – a 40-year-old Dutchman who studied at Oxford’s St Cross College – will serve a 54-month prison sentence for stealing £2,156,000 (more than $2.6 million) using a cryptocurrency scheme. UK detectives linked the scam to the man who used the pseudonym Norbert van den Berg in his malicious website and university coursework. ‘Greed...Read More
The world’s leading crypto exchange has given an ultimatum to the operator of WazirX to withdraw all customer funds stored on Binance’s infrastructure and wallets. This comes as Zanmai has supposedly refused to retract a previous “false public statement” against Binance. The spat between the two crypto trading platforms began last year when the Indian...Read More
The world’s largest cryptocurrency exchange – Binance – reportedly restored operations on the South Korean market after acquiring a majority stake in the distressed local platform Gopax. It halted operations in the Asian country in 2021, citing low interest and usage among local traders. Back in South Korea Binance revealed its intentions to purchase a 41.2%...Read More
Mark Wahlberg’s production company – Urealistic Ideas – reportedly partnered with the media outlet – Fortune – to release a documentary revealing the controversial relationship between Sam Bankman-Fried (SBF) and Changpeng Zhao (CZ). The FTX crash caused a clash between the two, who accused each other of the catastrophic event. Making a Movie out of...Read More
Binance – the world’s largest cryptocurrency exchange – announced on Wednesday a feature that will allow its community to easily provide the company with comments and feedback. The tool will let users effectively participate in forming Binance’s product roadmap. Listening to the Community In a press release shared with CryptoPotato on Wednesday, Binance said the...Read More
The world’s largest cryptocurrency exchange – Binance – joined forces with the multinational financial services giant – Mastercard – to launch a prepaid card in Brazil. The partners previously rolled out such a feature in Argentina. As reported by Reuters today (January 30), the Binance card is still in beta testing and should be available to...Read More
Crypto markets have been showing strong signs of recovery – but not everyone is convinced, and financial institutions are understandably on their guard. According to the Federal Deposit Insurance Corporation (FDIC), offering crypto products and services should be considered a high-risk activity by traditional banks. “Business models that are concentrated in crypto-asset-related activities or have...Read More
After the excessive turmoil in the crypto market triggered by the FTX liquidity and bankruptcy scandal, several crypto service providers began publishing their reserve funds. Popular crypto exchange OKX released its third Proof-of-Reserves (PoR), in which it revealed holding “clean assets” worth $7.5 billion in BTC, ETH, and USDT. In a statement, OKX’s Chief Marketing...Read More
The fall of Sam Bankman-Fried’s $32 billion crypto empire highlighted the importance of self-custody for users. In fact, investors have already hopped on the trend of holding their assets themselves rather than entrusting their hard-earned money to a third-party platform. According to the latest data compiled by crypto analytic company, Santiment, Bitcoin’s supply on centralized...Read More
The world’s largest cryptocurrency exchange – Binance – announced its services in Poland are now fully compliant with domestic regulatory standards for virtual asset service providers (VASPs). Polish users are required to sign new Terms and Conditions with Binance Poland to continue using the company’s products. In a recent blog post, Binance said the update comes...Read More
