Binance
We are focused on anti-money laundering, transparent, regulation – CZ, Binance founder
Facebook WhatsApp Reddit Twitter Shares Founder of Binance, the world largest cryptocurrency trading platform, CZ said the they are focussing anti-money laundering and regulations. CZ made this known in post share on his Twitter handle yesterday, 21st of January 2022. In response to a journalist who talk about people who let go of Binance, he said: FUD. Journalists talking to people who were let go from Binance and partners that didn’t work out trying to smear us. We are focused on anti-money laundering, transparent and welcome regulation. Action speaks louder than words. Thank you for your unwavering support! NaijaBlog.ng .ua5626572517ba644b52a35135ec89216 { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; backg...
Reuters: Binance was withholding information from regulators, repeatedly shunned own compliance department
In a report published on Friday, Reuters laid out the findings of its investigation into the regulatory compliance practices of Binance, the world’s largest cryptocurrency exchange by trading volume. The authors suggest the existence of a recurring pattern whereby the company’s CEO Changpeng Zhao, while proclaiming its openness to government oversight, ran an organization that systematically denied regulators’ requests for financial and corporate structure information and shirked proper client background checks. The reported findings are based on the accounts of Binance’s former senior employees and advisers, as well as the review of documents such as internal correspondence and confidential messages between several national regulators and the company. According to the document, several hi...
Binance CEO doesn’t think crypto ad restrictions will affect user adoption – Here are his thoughts
Changpeng Zhao explained that word of mouth plays a more prominent role than advertisement in ramping up user adoption Binance CEO Changpeng Zhao said in a recent interview shared by CNBC that he does not expect the increasing ad restrictions by regulators to impact the growth of crypto. Zhao explained that it is only recently that crypto ads were embraced, given that word of mouth has been the dominant force behind crypto adoption. As such, he expects the demand for crypto to grow further, and the surging regulatory measures against the ads are evidence of this. “Clampdown on crypto advertising is unlikely to have much of an effect on demand, as most of the crypto users come from word-of-mouth promotions anyway,” he elucidated. Ads haven’t had a significant influen...
Ad restrictions won’t impact crypto demand, Binance CEO says
Binance CEO Changpeng Zhao, also known as “CZ,” claimed that the growing restrictions on crypto advertisement won’t impact the demand. During his interview with CNBC, CZ stressed that physical crypto advertisements and crypto ads, in general, have not had much impact on user growth, and it has only become common over the past few years. He said that the majority of crypto adoption comes from “word of mouth” marketing. Clampdown on crypto advertising is unlikely to have much of an effect on demand, says @binance CEO Changpeng Zhao pic.twitter.com/K5EtuWyxGz — CNBC International (@CNBCi) January 20, 2022 He also added that primary advertising services such as Google and Facebook had not allowed crypto ads for the longest time. Thus, it’s clear advertisement doesn’t play a significant r...
Binance Auto-Burn program torches nearly $800 million worth of BNB tokens
6296 of the burned tokens were adjusted from the BNB Pioneer Burn Program Binance’s 18th quarterly burn of its native BNB token saw the highest dollar value in tokens cleared off the network. The leading exchange announced yesterday that it had cut from circulation a total of 1,684,387.11 BNB, valued at around $798,079,000 at the time of writing, according to market data. Comparatively, the 17th burn done in October cleared out 1,335,888 BNB valued at $639,462,868 at the time of the burn, and the 15th, which torched in excess of 3 million tokens, did not reach $600 million in dollar value cleared. Of the burnt tokens, 6296.305493 were tokens removed via the BNB Pioneer Burn Program. The program is a Binance initiative to cover customer losses in select cases where tokens are erroneou...
Binance partners with Gulf Energy to set up a digital asset exchange in Thailand
Last year, Binance received a criminal complaint from the Thailand SEC over unlicensed operation Thailand-based Gulf Energy Development Public Company has reached an agreement with crypto exchange Binance to explore avenues leading to the development of a digital asset trading platform and related business in the country. A letter sent to The Stock Exchange of Thailand on Monday revealed an MoU reached between the two parties that would see Binance help advance blockchain technology and scale the development of digital assets in the country. Gulf Energy is said to have banked its decision to complete the agreement with Binance in the hopes that the infrastructure around Thailand’s digital economy would proliferate in the coming years. The firm explained that with a combination ...
Singapore’s MAS updates crypto advertisement regulations
The Singapore regulator has asked crypto service providers not to show advertisements trivialising the high risks associated with these trades Yesterday, the Monetary Authority of Singapore issued guidelines for crypto service providers, asking them to desist from airing advertisements to the general public in the country. A media release published alongside the guidelines confirmed that the regulator aims to inhibit speculation on various assets known to be volatile and thus unsuitable for investors within the general public. Onwards, crypto service providers in Singapore would no longer be allowed to advertise their products on retail-scale platforms. These include physical ATMs in public settings, physical ads, and online platforms. The updated guidelines also required that henceforth, ...
Binance sponsors AFCON to further develop crypto adoption in Africa
Monday marked the start of the TotalEnergies Africa Cup of Nations tournament — the largest men’s football championship series in Africa. At the same time, Binance announced its official partnership with the Confederation of African Football as well as its official sponsorship for the AFCON 2021 tournament, becoming the first crypto and blockchain sponsor for the event. Through this sponsorship, Binance will also be promoting CAF’s social media content which will include the Assist of the Day, Assist of the Week and Assist of the Tournament. This content will cover games from five cities in Cameroon across all six venues. Veron Mosengo-Omba, the General Secretary for the CAF, was “delighted to welcome Binance as an official sponsor of the AFCON tournament this year.” Mosengo-Omba said that...
Pakistan to investigate Binance for multi-million dollar crypto scam
Pakistan‘s Federal Investigation Agency (FIA) reportedly issued a formal notice to crypto exchange Binance in an effort to identify links around a multi-million crypto scam in the region. The government of Pakistan started a criminal investigation after receiving numerous complaints against an ongoing scam that involved misleading investors into sending funds from Binance wallets to unknown third-party wallets. According to local coverage, the FIA’s Cyber Crime Wing has issued an order of attendance to Binance Pakistan’s general manager Hamza Khan to identify the exchange’s link to “fraudulent online investment mobile applications.” KARACHI: Federal Investigation Agency (FIA) has detected an online fraud of Rs100 billion using a cryptocurrency and issued notice to the local represent...
3 reasons why Cosmos (ATOM) price is near a new all-time high
Blockchain network interoperability is shaping up to be one of the main themes for the cryptocurrency ecosystem in 2022. New users are continuing to onboard into the growing world of crypto while both new and established projects search for the chain that will best serve the needs of their protocol and community. One project that has 2022 off to a bullish start thanks to its focus on facilitating the communication between separate networks is Cosmos (ATOM). This project bills itself as “the internet of blockchains” and seeks to facilitate the development of an interconnected decentralized economy. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $25.06 on Dec. 30, the price of ATOM has rallied 75% to hit a daily high at $43.98 on Jan. 4 as its 24-...
Bitcoin sees ‘non-stop’ end-of-year buying as 10K BTC leaves Coinbase in a single day
Almost 10,000 Bitcoin (BTC) left major United States-based exchange Coinbase on Dec. 30 in a sign that investor appetite is returning to the sphere. Data from on-chain monitoring resource Coinglass shows Coinbase’s professional trading arm, Coinbase Pro, shedding 9,925 BTC in the 24 hours to New Year’s Eve. Binance adds 66,000 BTC in December The buy-in, which runs in contrast to rising or flat balances on other major exchanges, marks a conspicuous short-term trend shift. The latter half of December has been characterized by platforms such as Binance and OKEx seeing increased inflows of BTC — something commentators feared could be a forewarning of a sell-off. While such a mass sale of BTC has not yet occurred, not everyone believes that it will stay that way. At the same time, the ex...
Indian taxman recovers $6.62M from WazirX for evading tax on commission
Indian crypto exchange WazirX has reportedly paid over $6.6 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the pending tax of $5.43 million (40.5 crore rupees), the interest and a penalty for non-payment. Government officials from the Central GST and Central Excise committee (CGST Mumbai Zone) recovered the funds from the crypto exchange after detecting a GST evasion of $5.43 million on the commissions. A typical GST fraud involves creating fake invoices without actually moving the goods between the seller and the buyer. Officers of CGST Mumbai East comm’te have detected GST Evasion of Rs 40.5 Cr. on commission of Wazir X Crypto Currency & recovered Rs 49.2 Cr. in cash as GST, interest & Pena...
