Binance
Circle co-founder says converged dollar books on Binance would be good for USDC
According to a new Twitter post, Jeremy Allaire, co-founder and CEO of USD Coin (USDC) stablecoin issuer Circle, said that the recent decision by Binance to merge stablecoin dollar books is “a good thing” for USDC. “This move would lead to a gradual net share shift from USDT to BUSD and USDC,” said Allaire. The day before, Binance announced it would cease trading support for USDC and auto-convert deposits after Sept. 29 to a consolidated Binance USD balance comprising other stablecoins pegged to the U.S. dollar. Users will be able to withdraw individual constituents from the consolidated balance at par value. Some users pointed out that it’s now possible to deposit and withdraw USDC seamlessly in Binance. Before the change, it was required to first conve...
Binance to temporarily suspend ETH and WETH deposits and withdrawals ahead of the Merge
Cryptocurrency exchange Binance announced Monday that it plans to halt all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on selected networks, starting September 6th at 2 am (UTC) in anticipation of Ethereum’s Merge event. #Binance will suspend deposits and withdrawals for Ether $ETH and Wrapped Ether $WETH on the following networks starting from September 6, 2022 at 02:00am UTC. ETH (Arbitrum) ETH (OP) WETH (RON) — Binance (@binance) September 5, 2022 In the announcement, the company shared a list of tokens and networks that will be impacted during the Merge — Namely ETH (Arbitrum), ETH (OP) and WETH (RON). The company stated that deposits of Ethereum (ETH) and Wrapped Ethereum (WETH) made on these networks during the suspension will not ...
Binance identifies KyberSwap hack suspects, involves law enforcement
Helping investigate a $265,000 hack on decentralized crypto exchange KyberSwap, crypto exchange Binance narrowed down two suspects that seem responsible for the attack. On Sept. 1, Kyber Network succumbed to a frontend exploit, allowing the attacker to make away with $265,000 worth of user funds from KyberSwap. While investigations were underway, KyberSwap offered a 10% bounty — of roughly $40,000 — to the hacker as means to remediate the situation. Parallelly, based on an independent investigation, Binance’s security team identified two suspects that may be responsible for orchestrating the virtual heist. Binance CEO Changpeng ‘CZ’ Zhao confirmed that the intel had been sent to the Kyber team. #Binance security team has identified two suspects for yesterday’s KyberSwap hack. W...
Indonesia plans to set up its crypto bourse by the end of 2022
The government of Indonesia returned to its plan to set up a digital assets exchange, publicly announced first time back in 2021. A so-called “crypto bourse” is planned to be established by the end of 2022. According to DealStreetAsia, Indonesia’s deputy trade minister Jerry Sambuaga confirmed during the NXC International Summit 2022 in Bali that the country is still planning on the crypto bourse’ launch, while the whole project has been delayed due to additional preparations: “We will make sure that every requirement, procedure and the necessary steps have been taken.” Sambuaga also described some inevitable preparatory tasks ahead of the launch, such as an assessment of entities that “could be included in the bourse” and setting the minimum requirements for them. CEO of Tokok...
Binance Aus ramping up measures to protect vulnerable users, says CEO
Binance Australia is tightening up its onboarding process for new users as part of a push to protect users it’s flagged as most vulnerable to financial crypto crime. The new measures were mentioned in Binance Australia’s June quarter Economic, Social, and Governance (ESG) report on Aug. 29, which noted that the exchange was working on a “stringent and user-focused onboarding experience” aimed at groups with a higher occurrence of financial crime. Speaking with Cointelegraph, Binance Aus CEO Leigh Travers and Zachary Lu from the exchange’s Financial Crime, Risk and Compliance unit, noted the company has been actively working on ways to protect “vulnerable users” — which starts from the onboarding process. “From the whole financial management perspective, we are really looking at it fr...
The number of crypto billionaires is growing fast, here’s why
Satoshi Nakamoto has more than 1 million BTC, making him the largest Bitcoin holder. He is followed by the founders of Grayscale and Binance, who together have about the same amount of BTC as Satoshi Nakamoto. When looking at the largest Bitcoin holders, there are a few parties that stand out. Of course, Satoshi Nakamoto, with a total of 1,100,000 BTC, has more significant holdings than number two and three holders of Bitcoin, namely Grayscale and Binance. These companies have over 600,000 BTC and 400,000 BTC, respectively, numbers that most Bitcoin investors can only dream of. Behind these top three Bitcoin holders are the cryptocurrency exchanges Bitfinex and OKX, both of which hold over 200,000 BTC. Then, with MicroStrategy and Block.one, there are two more parties that own more than 10...
Binance froze $1M corporate account due to law enforcement request
Major crypto exchange Binance has confirmed it restricted account access to $1 million in crypto for a Tezos tool contributor after being called out on social media. In a Thursday Twitter thread, Binance said it had restricted the account of Tezos staking rewards auditor Baking Bad “as the result of a law enforcement request.” The Tezos contributor alleged that the crypto exchange had blocked access to its corporate account containing Bitcoin (BTC), Ether (ETH), Polgyon (MATIC), Tether (USDT) and other tokens since July 1 “without any explanations” — a claim Binance denied. “BakingBad is well aware of [Binance’s actions], as he was already advised of this multiple times and provided the LE contact form through our support chat system on 7/6, 7/12, and 7/22,” said Binance. “Attempting to mi...
Binance Launches “First-of-its-Kind” Crypto Education Hub in Francophone Africa
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Crypto Dealer Binance Adds Support for the ZAR
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The Philippines pushes back against foreign exchanges, continuing a protectionist streak
The pressure on crypto is growing swiftly in the Philippines. After a recent series of controversial moves from the state regulators and local think tanks, the country’s central bank published a warning to the citizens, discouraging them from engaging in any operations with unregistered or foreign crypto exchanges. The announcement itself doesn’t sound menacing but taken in the context of accompanying developments, it makes a 112-million nation a restive region for crypto. On Thursday, the Bangko Sentral ng Pilipinas (BSP) published a warning note to the country’s citizens, “strongly urging” them not to deal with virtual asset service providers (VASPs) that are either unregistered or domiciled abroad. The Bank emphasized that any deals with virtual assets are high-risk activities by ...
Binance vs. FTX: CZ calls out ‘bad players’ for crypto exchange jitters
The CEO of crypto exchange Binance, Changpeng ‘CZ’ Zhao, raised concern for traders after learning about the infamous phenomenon of trade jitters on other crypto exchanges. Jitters in crypto trading relate to a trade event wherein an investor’s buy or sell order gets stuck and moves down in the list, allowing newer trade orders to go through. Just learned a new word, jitters. On 1 particular exchange, sometimes your orders will be stuck for a bit, and a few other orders will get in front of you. Apparently, this happens often enough on this exchange that the traders coined a term for it, jitters. (Front running) — CZ Binance (@cz_binance) August 19, 2022 While CZ’s concerns against jitters did not explicitly target any particular exchange, the crypto community on Twitter assumed it w...
What is CeDeFi, and why does it matter?
Among the advantages of CeDeFi are lower fees, better security, accessibility, speed and lower cost. CeDeFi’s innovative approach to decentralized banking enables users to trade CeDeFi crypto assets without requiring a centralized exchange. This implies that users may transact directly with one another, removing the need for an intermediary. Among CeDeFi’s major advantages is lower fees. CeDeFi transactions cost lower than those on comparable platforms since there are fewer middlemen involved, especially on networks that are not Ethereum-based. Ethereum has very high gas fees, for instance, with DEX transactions running into hundreds of dollars. It also often causes network congestion issues, leading to delays. Binance CeDeFi, on the other hand, has much lower fee...
