Bitcoin Balance on Binance Drops by Over 4.7k After CFTC’s Civil Action
The repercussions of yesterday’s civil action by the United States Commodity Futures Trading Commission (CFTC) against Binance CEO Changpeng Zhao (CZ) and the company has reverberated in the entire crypto industry.
Crypto-related stock markets led by Coinbase Global, Riot Platforms, Marathon Digital, and MicroStrategy Inc were all in losses on Tuesday. Additionally, the Bitcoin and Ethereum markets edged lower today, with BNB taking the largest hit.
The future of Binance operations in the United States looks bleak, whereby a report by Bernstein Research indicates the exchange could lose its U.S. market in the CFTC settlement. Moreover, Judge Jennifer Rearden of the U.S. District Court in New York on March 27 granted the emergency motion by the United States government in a bid to halt the potential deal between Voyager and Binance.US.
As a result, crypto market analysts forecast more choppy days in the short term despite the ongoing global banking crisis that has increased Bitcoin’s long-term success.
Investors Flee Binance Exchange
According to market data provided by Coinglass, over 4,761 Bitcoins have been withdrawn from the Binance crypto exchange in the past 24 hours. Additionally, over 5,253 Bitcoins have been withdrawn from the same exchange in the past seven days. As a result, Binance currently holds 534,784 Bitcoins in its reserves.
Interestingly, Coinbase Pro recorded an increase of 504 Bitcoins in the last 24 hours to hold 486,474 BTCs. Bitfinex is another centralized exchange that recorded a bump in Bitcoins reserves in the past 24 hours.
Similarly, the total Bitcoin balance on all exchanges significantly declined after the CFTC sued Binance and CZ. Moreover, it is a matter of time before other centralized exchanges are hit with a similar civil action.
Binance Could Lose U.S. Market Amid Crypto Regulatory Crackdown: Report
In the past few years, the Binance cryptocurrency exchange has been the leader when it comes to global crypto traded volume and registered volume. According to the latest data by Binance, the company reported a 24-hour trading volume of about $38 billion and over 120 million registered users. However, Binance’s global dominance is seriously threatened by the ongoing global regulatory crackdown.
On March 27, the United States Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois, charging Changpeng Zhao (CZ) and Binance for violating Commodity Exchange Act (CEA) and several CFTC regulations.
The CFTC accuses Binance.US of helping United States customers evade financial compliance by using off-shore shell companies to avoid Binance’s KYC-based controls.
Binance To Exit USA?
According to a report by Bernstein Research, the CFTC could force CZ and Binance to cease United States operations in part of the settlement. Since Binance cryptocurrency trading is a global business, Bernstein expects the exchanges to work at all costs to protect their global influence.
“ Binance will look to safeguard its dominant international business, which is its cash cow, and where it has worked on licenses in Europe, Africa, and Australia,” analysts Gautam Chhugani and Manas Agrawal wrote.
The researchers do not, however, expect the recent CFTC action to trigger a cryptocurrency sell-off. Moreover, Hong Kong is becoming a crypto-friendly market that embodies the Chinese banking industry.
Related: BNB Coin Price Prediction 2023, 2024, 2025, 2026 – 2030
The Need For Crypto Regulation
In his defense, Binance and its CEO have contacted crypto-friendly United States senators to explain their predicaments.
“Binance has maintained that the best form of user protection is regulation. Smart regulation will protect both consumers and markets and still allow for innovation and the preservation of crypto’s fundamental value propositions of financial independence and empowerment,” Binance’s letter to US Senators – Warren, Van Hollen, and Marshall – noted.
CFTC Cracks Down On Binance, $850 Million Outflow Recorded
Binance, the world’s largest centralized exchange for digital assets, saw a massive outflow of $850 million just hours before the Commodity Futures Trading Commission (CFTC) issued an indictment against the exchange.
According to Thanefield Capital’s data research, there were large stablecoin withdrawals across centralized exchanges, totaling almost $1.5 billion in just 12 hours prior to the CFTC indictment. The withdrawals from Binance align with rumors that something significant was happening, as evidenced by the massive movement of stablecoins out of exchanges.
Binance Indicted for Financial Wrongdoing
The CFTC has filed a lawsuit against Binance for breaking numerous US financial laws, including rules intended to prevent money laundering. The regulator accused the top exchange of manipulating markets, lacking compliance efforts, and not cooperating with investigative subpoenas. It also accused it of obscuring the location of its executive offices.
Binance has rejected many of the allegations and defended its practices. The exchange claims it has made “significant investments” to ensure that US users are not active on the platform.
Also, the company has blocked users identified as American citizens or residents or those who have a US mobile number. It also stated that it intends to continue to collaborate with regulators in the US and around the world to develop a transparent, thoughtful regulatory regime.
Binance CEO Targeted in Lawsuit
Binance CEO Changpeng Zhao has been named as a defendant and has been repeatedly singled out throughout the complaint. The CFTC stated that it had been able to gather evidence by collecting Signal text chains and group chats from “Zhao’s telephone,” which has raised questions about how this was possible. According to the CFTC, Zhao has communicated over Signal with numerous Binance officers, employees, and agents for varying purposes and they are investigating those communications.
The commodities regulator has accused Binance employees of knowing that the platform had facilitated “potentially illegal activities.” The regulator alleges that Binance officers, employees, and agents have acknowledged that the Binance platform has facilitated such activities internally.
Ripple (XRP), Binance Coin (BNB), Litecoin (LTC), and Orbeon Protocol (ORBN) Primed for Significant Gains
Ripple (XRP), Binance Coin (BNB), Litecoin (LTC), and Orbeon Protocol (ORBN) are poised for substantial gains in the dynamic cryptocurrency landscape. Orbeon Protocol (ORBN), a decentralized investment platform enabling companies to issue fractionalized, equity-based NFTs to investors, has experienced a remarkable 2713% rally, with its token price soaring from $0.004 to $0.1125, now nearing the end of the eleventh presale round. As the market evolves, these cryptocurrencies are well-positioned to capitalize on their momentum and potential for growth.
Ripple (XRP)
Ripple (XRP) is now the top-performing major cryptocurrency, up 21% in the last week on the back of a positive conclusion to the ongoing SEC litigation.
Ripple’s (XRP) price is currently $0.45, a big milestone as Ripple (XRP was trading below $0.4 for the bigger part of a year, now outpacing rivals like Bitcoin (BTC), Cardano (ADA), and Litecoin (LTC).
In 2020, the SEC charged Ripple of selling $1.3 billion in unregistered securities through Ripple (XRP). However, Ripple (XRP) contends that XRP is not a security and does not meet the Howey Test standards.
Binance Coin (BNB)
Binance Coin (BNB) was established in 2017 as part of Binance’s initial coin offering (ICO) in order to collect funding for platform development, exchange system growth, branding, marketing, and industry education.
Binance Coin’s (BNB) prospects are promising, with a 6% gain in the last week and a 25% increase in the last 200 days. Bolder experts predict Binance Coin (BNB) a minimum price of $1100 and a maximum price of nearly $1300 for Binance Coin (BNB) in 2025, underlining its potential for development and its role in the crypto scene.
Litecoin (LTC)
Litecoin (LTC) just reached a multi-week high of $94, gaining 12.57% in the last week on a trading volume of over $650 million.
The last bullish week saw Litecoin (LTC) close in on a new monthly high, fueled primarily by the Federal Reserve’s decision to slow the pace of interest rate rises.
Consequently, Litecoin’s (LTC) success in the quickly growing cryptocurrency industry illustrates its durability and potential for development.
Orbeon Protocol (ORBN)
Orbeon Protocol (ORBN) is a groundbreaking decentralized investment platform that uses fractionalized, equity-based NFTs to help startups and enterprises obtain capital. These NFTs may be acquired for as little as $1, making them a unique and accessible option for businesses to raise funding while also developing a loyal investor community.
Orbeon Protocol (ORBN) will open up fundraising and early-stage investments to everyone throughout the globe, providing unprecedented access to a hitherto closed sector. Orbeon Protocol (ORBN) is a terrific approach for businesses to obtain exposure and raise financing in a much shorter period of time.
The Orbeon Protocol (ORBN) ecosystem prioritizes security. Every smart contract has its own “Fill or Kill” mechanism. If a company fails to fulfill its financial targets, this strategy instantly refunds investors’ money. Orbeon Protocol (ORBN) has been rigorously tested by Solid Proof and offers cutting-edge security features.
As the eleventh presale round comes to a close, the price of one Orbeon Protocol (ORBN) token has risen by a whopping 2713%, from $0.004 to $0.1125. Experts believe Orbeon Protocol (ORBN) has a lot left in the tank, predicting a presale price of $0.24 for a 60x return.
Find Out More About The Orbeon Protocol Presale
Website: https://orbeonprotocol.com/
Presale: https://presale.orbeonprotocol.com/register
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Binance and CEO Changpeng Zhao Face Legal Action by U.S. CFTC For Alleged Derivatives Trading Violations
Binance, one of the world’s largest cryptocurrency exchanges, has been facing regulatory concerns from authorities around the world. The exchange has been accused of violating a number of regulatory requirements, including anti-money laundering (AML) and know-your-customer (KYC) rules. Recently, Binance has been sued by the US CFTC for alleged derivatives trading violations.
Binance Faces Legal Action By CFTC
The regulatory concerns regarding Binance’s crypto business are bringing FUD situations for investors as the crypto exchange is facing increased regulatory scrutiny from authorities. According to court documents filed on Monday, the Commodity Futures and Trading Commission (CFTC) has filed a complaint against Binance, one of the world’s largest cryptocurrency exchanges, and its co-founder, Changpeng Zhao. The complaint alleges that Binance has actively solicited users from the United States and undermined the exchange’s own compliance program, which the CFTC claims to be ineffective.
The complaint claimed that Zhao and Samuel Lim, the ex-chief compliance officer, deliberately sought to attract profitable and valuable “VIP” clients, including institutional customers based in the United States.
According to the filing, Zhao’s company is facing a lawsuit for reportedly violating regulations on trading and derivatives. Additionally, the exchange has failed to register with the CFTC and has disregarded U.S. financial market laws that are designed to prevent and detect illicit activities such as money laundering and terrorism financing.
Binance Failed to Supervise Its Activities
The agency pointed out that Binance’s revenue from derivatives transactions had surged from $63 million in August 2020 to $1.14 billion by May 2021. However, approximately 16% of Binance’s accounts were held by customers based in the United States. According to a lawsuit by the CFTC, Binance engaged in trading on their own platform through 300 accounts that were either directly or indirectly linked to their CEO CZ.
The filing further alleged that Zhao and other senior management members at Binance had neglected their responsibility to oversee the exchange’s operations and had even played an active role in facilitating violations of U.S. laws. This included assisting and instructing U.S.-based customers to evade compliance controls that were intended to detect and prevent such violations.
The CFTC previously launched an investigation into Binance over concerns that it enabled U.S. citizens to place wagers that contravened U.S. regulations. Binance has not yet publicly responded to the CFTC’s complaint. However, the exchange has previously stated that it takes compliance very seriously and has made efforts to improve its compliance procedures in recent months. Despite this, Binance’s regulatory issues continue to mount, which could have serious consequences for the exchange’s future operations.
Dogecoin (DOGE), RenQ Finance (RENQ), and Binance Coin (BNB)
The cryptocurrency market is highly volatile and ever-changing, with new coins and tokens emerging every day. However, certain cryptocurrencies have been able to maintain their popularity and stay in the limelight.
In March 2023, three of the most talked-about cryptocurrencies on social media are Dogecoin (DOGE), RenQ Finance (RENQ), and Binance Coin (BNB). In this article, we will take a closer look at each of these cryptocurrencies and why they are creating such a buzz.
Dogecoin (DOGE)
Dogecoin is a cryptocurrency that was created as a joke in 2013 but has since gained significant attention from investors and the general public. DOGE has become a cultural phenomenon, with celebrities and companies tweeting about it, leading to an increase in its popularity. In March 2023, Dogecoin is still one of the most talked-about cryptocurrencies on social media.
The reason behind DOGE’s popularity is its loyal community of supporters, who continue to promote and invest in the cryptocurrency. The recent spike in DOGE’s price has also attracted a lot of attention from traders and investors, with some predicting that it could reach new heights in the coming years.
However, it’s important to note that DOGE’s value is highly volatile, and investors should exercise caution before investing in it.
RenQ Finance (RENQ)
RenQ Finance is a decentralized finance (DeFi) platform that aims to solve the liquidity problem by connecting isolated blockchains. RenQ Finance offers a comprehensive suite of DeFi tools, including a wallet, cross-chain swap, aggregation protocol, and a launchpad.
RENQ has been gaining popularity due to its innovative features and its potential to solve some of the biggest problems in the DeFi space. The platform has already gained significant traction, with a growing community of supporters and investors.
RENQ’s unique approach to DeFi has led some to refer to it as the “Cardano Killer,” a reference to the popular cryptocurrency Cardano (ADA). This is because RENQ’s technology offers several advantages over Cardano, such as its cross-chain capabilities and its ability to solve liquidity problems.
RenQ Finance has been gaining traction in the crypto community, with an increasing number of users showing interest in the platform. This is evident from the growing number of Twitter followers, Telegram members, and overall community engagement.
The community support for RenQ Finance is a positive sign for the platform’s growth and prospects. The community can contribute to the development of the platform by suggesting improvements and providing feedback on the user experience.
In March 2023, RENQ is generating a lot of buzz on social media, with investors predicting that it could see significant growth in the coming years.
Binance Coin (BNB)
Binance Coin is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. BNB has been gaining popularity due to its utility on the Binance exchange, where users can use it to pay for trading fees and other services.
BNB’s popularity has also been driven by the success of the Binance exchange, which has become one of the most trusted and reliable exchanges in the industry. In March 2023, BNB is still one of the most talked-about cryptocurrencies on social media, with investors predicting that it could reach new all-time highs in the coming years.
BNB’s success is also due to its ability to adapt to changing market conditions and offer new products and services to its users. This has led some to refer to BNB as a “blue-chip” cryptocurrency, with a strong track record of growth and success.
Conclusion
Dogecoin, RenQ Finance, and Binance Coin are three of the most talked-about cryptocurrencies on social media in March 2023. Each of these cryptocurrencies has its own unique features and advantages, which have helped them gain significant attention from investors and the general public.
However, it’s important to remember that the cryptocurrency market is highly volatile and that investing in cryptocurrencies comes with risks.
Click Here to Buy RenQ Finance (RENQ) Tokens.
Visit the links below for more information about RenQ Finance (RENQ):
Website: https://renq.io
Whitepaper: https://renq.io/whitepaper.pdf
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9 Out 10 Investors Prefer TMS Network (TMSN) Over Binance USD (BUSD) And USD Coin (USDC)
The craze around stablecoins was already declining, but the de-pegging of USD Coin (USDC) has catalyzed the downfall. Even Binance USD (BUSD), which has the backing from the biggest crypto exchange in the world, has also plummeted on the social graph. Meanwhile, TMS Network (TMSN), a new crypto project, has stolen all the limelight with its presale success. TMS Network (TMSN) has raised over $3.2 million, and grown by 1200% in the first month of its launch.
Binance USD (BUSD) Enters Red Zone After Regulatory Attacks
The crypto market has suddenly become unfavorable toward stablecoins, including Binance USD (BUSD). Binance USD (BUSD) is a stablecoin of the Binance exchange. The value of Binance USD (BUSD) is pegged to the US dollar. However, recent weeks have pulled Binance USD (BUSD) down to the ground. The drop in Binance USD’s (BUSD) value began after regulators intensified their attack on the stablecoin. Binance USD (BUSD) suffered a major hit after a leading exchange, Coinbase, delisted it. The market capitalization of Binance USD (BUSD) has fallen from $12.5 billion to $8 billion in just a month. Currently, Binance USD (BUSD) ranks 12th by market capitalization.
USD Coin’s (USDC) De-pegging Event Scares Investors
De-pegging of the USD Coin (USDC) became a momentous event in the crypto world. USD Coin (USDC) is a stablecoin that has been pegged to the value of a US dollar. USD Coin (USDC) was designed to make transactions faster, and reduce the volatility in price. However, the recent collapses of Silver Valley Bank, and Silvergate Capital dragged USD Coin (USDC) to a critical situation where it had to de-peg itself from the US dollar. As per market data, USD Coin (USDC) had deposits worth about $3.3 billion in the Silver Valley Bank. USD Coin (USDC) has witnessed a steep fall in its market capitalization in the past 30 days, dipping from $42 billion to $34 billion. However, USD Coin (USDC) is still the 5th largest cryptocurrency by market capitalization.
TMS Network (TMSN) Brings Revolutionary Innovations to The Market
TMS Network (TMSN) is a blockchain-based platform that combines cryptocurrencies, and traditional derivatives. It is a decentralized trading platform that solves major issues like centralization, low transparency, slow transaction speed, and high fees. TMS Network (TMSN) allows users to trade without resorting to fiat payment. It enables the trading of stocks, Forex, futures, CFDs, and other derivatives by using cryptocurrency as payment. Also, traders will not be asked to open new accounts on TMS Network (TMSN). All they have to do is connect their crypto wallet, and make transactions.
TMS Network (TMSN) is equipped with institutional-level liquidity to allow traders to execute transactions instantly. TMS Network (TMSN) also has an on-chain analysis mechanism to provide advanced price analysis. Moreover, TMS Network (TMSN) has deployed smart contracts to keep middlemen away. It protects TMS Network (TMSN) from any wash trading, price manipulation, and tampering.
TMS Network (TMSN) boasts better scalability than other platforms. Hence, it can allow an increased number of trade activities at lower costs. The platform has also launched TMS Trader Education, and TMS Social Trading Club to help inexperienced traders make informed and profitable decisions. To grant users full control of their order book, TMS Network (TMSN) will offer non-custodial portfolio management, and auto-rebalancing of holdings.
$TMSN is the native cryptocurrency of the platform’s ecosystem, and stage 2 of its presale has begun. A TMSN token can currently be purchased at $0.41, which is 1200% above its launch price of $0.003. Experts have opined that purchasing presale TMSN tokens now can give investors a 100x return on their investment.
To find out more please check the links below:
Presale: https://presale.tmsnetwork.io
Website: https://tmsnetwork.io
Telegram: https://t.me/TMSNetworkIO
Twitter: https://twitter.com/tmsnetwork_io
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Binance Shuts Down Sterling Transactions Following Split with the UK Banking Partner
In recent months, cryptocurrency investors and enthusiasts have been rocked by a series of sudden collapses of banks that were once seen as friendly to the crypto industry. These banks, which had previously been critical partners for crypto exchanges and firms, have abruptly cut ties with their crypto clients, leaving many investors reeling and uncertain about the future of their investments. According to recent news, crypto exchange giant Binance has decided to suspend sterling deposits and withdrawals for UK users after losing its banking partner.
Paysafe Cut Ties with Binance Following Regulations
On Tuesday, a spokesperson for Binance announced that the world’s largest cryptocurrency exchange would be putting a halt to sterling deposits and withdrawals just one month after it ceased transfers in US dollars.
According to the Binance spokesperson, the exchange’s partner for sterling transfers, Paysafe, has notified them that their services will be discontinued starting May 22, which will affect all of Binance’s customers. As a result, new users have been unable to make sterling transfers since Monday. The spokesperson said:
“Binance will ensure that affected users are still able to access their GBP balances. The change affects less than 1 percent of Binance users.”
Binance Witnesses a Major Setback in the UK
The exact number of clients affected by the cessation of sterling transfers was not disclosed by Binance, which boasts a customer base of over 128 million. However, the company’s spokesperson confirmed they are actively seeking an alternative solution for sterling transfers.
This latest development is just another challenge for Binance in its efforts to gain access to traditional currencies. In fact, last month, the exchange had to suspend all dollar bank transfers due to increased regulatory scrutiny and crackdowns on the crypto industry by U.S. authorities. A Paysafe spokesperson said:
“We have concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time and so this is a prudent decision on our part taken in an abundance of caution.”
Binance, led by billionaire CEO Changpeng Zhao, is currently under investigation by the Justice Department for potential money laundering and sanctions violations. A high-ranking Binance executive informed Bloomberg and The Wall Street Journal last month that the exchange is anticipating penalties as a resolution to the ongoing investigations.
In addition to the regulatory scrutiny, Binance also faced difficulties accessing dollars after the U.S. Securities and Exchange Commission disclosed that it was contemplating taking action against the issuer of its “BUSD” stablecoin. This announcement resulted in approximately $6 billion in outflows earlier this month, posing another obstacle for the exchange.
The split with Binance’s UK banking partner is the latest in a series of setbacks for the exchange after facing increased regulatory scrutiny. While Binance has maintained that it is committed to complying with all relevant regulations, its troubles with banking partners suggest that the exchange may be facing an uphill battle.
HedgeUp (HDUP) and Binance Coin (BNB) Expected to Perform Well in 2023
As the bear market continues to create havoc in the crypto space, new token releases are at their all-time high. More and more projects are joining the ranks, and HedgeUp (HDUP) is one of those leading the trend.
HedgeUp (HDUP) is a new crypto project that has taken the market by storm. Even in the presale stage, the platform has successfully gained holders’ trust.
Today, we will take a closer look at it, find out how it compares to Binance Coin (BNB), and find out why so many experts have tipped these two tokens to perform well in 2023.
Binance Coin (BNB)
Binance Coin (BNB) began as an ERC-20 standard token built on the Ethereum blockchain. It is the native token of the Binance ecosystem and powers the BNB Chain ecosystem.
BNB was launched in 2017 as an asset for users of the new exchange to pay fewer trading fees.
The BNB coin plays a vital role in the Binance ecosystem by powering operations. Among other things, the coin was designed to pay listing, exchange, trading fees, and other expenses users incur on the Binance cryptocurrency exchange.
Over the years, Binance’s role has expanded beyond just a digital asset exchange, and BNB remains an integral part of the Binance ecosystem. The coin has also come a long way since its launch as an ICO in 2017. Despite the recent hack and market downturn, its performance has been impressive. Binance constantly works on consolidating its market share in the crypto industry and creating new innovative projects.
With its investment in Twitter, one can look forward to new use cases for the BNB coin, making it a promising cryptocurrency in 2023.
HedgeUp (HDUP)
HedgeUp is building the first crypto NFT alternative investment marketplace and is a highly beneficial addition to the cryptocurrency sphere.
Investors can buy into fractionalized NFTs backed by HedgeUp’s extensive catalog of assets such as wine, fine art, diamonds, luxury watches, yachts, gold, and private jets. These assets will be fractionalized and available for users to access from the equivalent of $1 in HDUP tokens.
Users can buy a fraction or 100% of an NFT representing a specific asset. If they buy the entire NFT, they can have the assets delivered to their designated address.
In addition, token holders will enjoy many excellent features, such as exclusive access to equity NFT releases, launchpad, bonuses and staking rewards, online master classes, wallet, and banking.
HedgeUp offers unmatched transparency and long-term commitment to building a successful platform –and it shows.
For one, HedgeUp’s founders and the team have locked their tokens for 18 months, which is a testament to their commitment to the token’s safety and long-term stability. Moreover, investors can buy into HedgeUp confidently, knowing it has already passed a stringent audit with Solid Proof and CoinSniper with flying colours.
The presale of HedgeUp is happening now, and the token value is priced at only $0.013. However, many experts have predicted that the token will grow significantly in 2023.
Hence, any cryptocurrency investor looking for the most outstanding results should consider investing money in HedgeUp tokens.
For more information on HedgeUP click the links below:
Presale Sign Up: https://app.hedgeup.io/sign-up
Official Website: https://hedgeup.io
Community Links: https://linktr.ee/hedgeupofficial
Binance and Coinbase Halt USDC Transfer – Is Circle’s USDC Next in Line for a UST-Style Collapse?
Coinbase and Binance, two of the world’s largest cryptocurrency exchanges, have taken action in response to Circle’s stablecoin, USD Coin (USDC), suffering a de-peg following the collapse of Silicon Valley Bank (SVB).
Coinbase Halts USDC to USD Conversion
Coinbase has temporarily halted its USDC to USD conversion and requested that users wait until Monday when banks will reopen. The exchange has cited heightened market activity and the resulting withdrawals through banks as the reason for the suspension of conversions.
Binance Adds Stablecoin Trading Pairs
In contrast, Binance has taken a different approach by adding several new stablecoin trading pairs, running fee promotions and offers for users. These pairs include BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT, and USDP/USDT spot trading pairs. These trading pairs will be available for trading on March 11, 2023, at 14:00 (UTC).
According to Lookonchain, several crypto institutions have made substantial deposits of USDC into Circle or bought back USD in the past 24 hours. Coinbase, for instance, has deposited $1.97 billion into Circle, while an unknown organization with addresses starting with “0x3356” has transferred significant amounts of USDC to various platforms.
This deposit of USDC into Circle and the buyback of USD by some crypto institutions may be an attempt to stabilize the value of their crypto holdings amidst market fluctuations.
USDC Depeg Raises Concerns
USDC has dropped from its $1 peg and is currently exchanging hands at $0.89 at press time. This depeg has caused rising fears, uncertainty and doubt (FUD) among crypto market participants and has led to concerns that USDC may suffer the same fate as Terra’s algorithmic stablecoin UST.
Circle’s stablecoin has reached a 24-hour low of $0.88, prompting Coinbase and Binance to take proactive measures to mitigate the potential risks.
Lido Dao Stabilizes Amidst Volatility, Binance Avoids US scrutiny, while TMS Network Culminates Presale stage 1 early
The year 2023 presents several promising prospects for investors to regain their financial losses. Among the noteworthy ventures garnering attention is TMS Network (TMSN). This project has recently commenced its presale, and has witnessed an unprecedented surge in demand. TMS Network (TMSN) prides itself as having the most cutting-edge decentralized trading hub that serves multiple purposes. However, the question remains if it can hold its ground against established coins such as Lido DAO (LDO) and Binance (BNB). Keep reading to discover more.
Lido Dao (LDO) Stabilizes Amid Volatility
Lido DAO (LDO) is a decentralized platform that offers a secure and reliable solution for staking Ethereum.
Lido DAO (LDO) is a widely recognized liquid staking solution designed to improve the Ethereum blockchain. Lido DAO (LDO) offers users the ability to stake their ETH without any minimum deposits, and without the need to manage infrastructure.
Lido DAO’s native token, LDO, has demonstrated consistent growth since the beginning of 2023.
With the expanding significance of staking in the Ethereum network, and the increasing popularity of decentralized finance (DeFi), Lido DAO (LDO) is well-positioned for continued success, particularly with the upcoming Shanghai upgrade.
Lido DAO’s (LDO) current price is marked at $2.74, and is expected to improve further.
Binance (BNB) Avoids U.S. Scrutiny for Regulated Crypto Exchange
Binance (BNB), a prominent global cryptocurrency exchange, has taken measures to mitigate the risk of facing legal action from US authorities by establishing a US-based entity in 2019, according to the Wall Street Journal.
Since 2020, Binance (BNB) has been under investigation by the Department of Justice and Securities and Exchange Commission regarding its relationship with Binance.US.
According to sources familiar with the matter, subpoenas have been issued in this regard. If the US regulators find that Binance (BNB) has control over its US entity, they may claim the authority to monitor its entire business.
In response to the issue, a Binance (BNB) spokesperson stated in an email to Reuters that they have acknowledged the lack of adequate compliance and controls during the early years. However, they emphasized that the company has undergone significant changes in terms of compliance.
The increasing scrutiny on Binance (BNB) is evident from the recent request by three US senators demanding regulatory compliance and financial information from Binance (BNB) and Binance.US.
As per Reuters, Binance.US was created as an indirect subsidiary to shift the attention of US regulators away from Binance.com.
TMS Network (TMSN) Begins Presale
In the highly competitive world of cryptocurrency, establishing a strong reputation can prove to be a formidable challenge. Nevertheless, TMS Network (TMSN), a decentralized exchange, has succeeded in capturing the attention of investors through its impressive trading solutions. With $2.5 million raised in both public and private funding, TMS Network (TMSN) demonstrates remarkable potential.
The appeal of TMS Network (TMSN) lies in its decentralized structure, which is built on the Ethereum blockchain. This provides users with exceptional security, transparency, and immutability.
Additionally, TMS Network (TMSN) offers competitive trading fees and revenue-sharing rewards that empower traders to maximize their profitability. These features have generated considerable excitement among investors, and makes TMS Network (TMSN) a worthy choice to invest in.
So, here’s the scoop: Lido DAO (LDO), Binance (BNB), and TMS Network (TMSN) are all crypto coins that are turning heads in the blockchain world. Thus, there’s a good chance their value could skyrocket in 2023 and keep climbing after that.
Presale | Whitepaper | Telegram | Twitter
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Binance Will Perform Tron Networks Wallet Maintenance, Polygon Launched a New Web3 ID Service, Understand The Market Better With TMS Network
Tron (TRX) is a decentralized platform based on its native protocol. Tron’s (TRX) protocol aims to offer blockchain support with high throughput. Tron’s (TRX) protocol also seeks to provide high availability and scalability for dApps in its ecosystem. Tron’s (TRX) decentralized blockchain can also be used for various tasks, including dApp deployment, token asset issuing, staking, and asset transfers.
MATIC is an Ethereum token that powers the Polygon network. Polygon (MATIC) aims for cheaper and faster Ethereum transactions with the help of sidechains. To use Polygon (MATIC), users need to bridge some of their cryptos to Polygon, and then interact with popular crypto apps that were once exclusive to the Ethereum blockchain. MATIC can be used to pay for any transaction fees, and also participate in PoS consensus.
The launch of TMS Network’s (TMSN) decentralized platform has brought about various benefits for traders. For starters, traders will have access to various digital assets through TMS Network’s (TMSN) platform. TMS Network (TMSN) will also allow for increased liquidity that will permit traders to execute quicker trades at better prices, thereby resulting in more profits.
All you need to know about Binance’s latest announcement regarding Tron’s (TRX) wallet maintenance
Binance recently announced that it would perform wallet maintenance for the Tron (TRX) network. Binance also announced that deposits on Tron’s (TRX) network would be temporarily halted till the maintenance is completed.
Binance’s maintenance would not affect withdrawals from Tron’s (TRX) network. Once the maintenance is completed, deposits will resume on Tron’s (TRX) network. At the time of writing, Tron’s (TRX) token price was $0.067.
Polygon’s (MATIC) new Web3 ID service announced
Polygon (MATIC) has recently announced that it is launching a new Web3 ID service. Polygon (MATIC) also announced that the service will be based on zero-knowledge proofs. Polygon (MATIC) has called the new service “Polygon ID,” on its Ethereum sidechain. Polygon’s (MATIC) new service will authenticate user credentials without revealing any personal information.
Polygon (MATIC) has stated that it will use ZKPs (zero-knowledge proofs) that will eliminate the need to upload sensitive information on the blockchain. Polygon (MATIC) will integrate this service into Polygon zkEVM, and will be released this month. Polygon’s (MATIC) token price doesn’t seem to have impacted positively as it fell almost 4.5% in the last 24 hours, and was at $1.22, at the time of writing.
Make informed decisions with TMS Network (TMSN)
TMS Network’s (TMSN) decentralized platform is ideal for traders of all levels. TMS Network (TMSN) has created a user-friendly platform that will be available on mobile devices. Traders can access TMS Network’s (TMSN) platform from any mobile device allowing them to access markets from anywhere.
TMS Network’s (TMSN) platform is eagerly awaited by traders, which shows in the increase in its token price which is up to $0.029. The developers of TMS Network (TMSN) have raised $500K in just 2 weeks, and the presale has sold out earlier than expected. This amount is in addition to the $2 million raised by TMS Network (TMSN) through a private seed sale.
For more information on TMS Network (TMSN), please see the links below:
Presale | Telegram | Discord | Twitter
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Crypto Expo Europe to hold a workshop by Binance
Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, will organize a workshop within Crypto Expo Europe, which will take place on March 19-20, 2023, at Radisson Blu, in Bucharest, an event dedicated exclusively to the Blockchain and Crypto market from Central and Eastern Europe (CEE).
It is an event solely focused on the Blockchain and Crypto market from Central and Eastern Europe (CEE).
Kiril Khomiakov, the Central Eastern European Director at Binance, and Ilie (Elijah) Puscas, the Country Manager for Romania at Binance, are scheduled to be in Bucharest in March.
They will be hosting one of the most sought-after workshops from Crypto Expo Europe, in addition to participating in panel discussions such as “Conclusion – What have we learned from our experiences? Can we establish market guidelines?”
For those seeking to expand their knowledge and stay informed on the latest trends within the Blockchain and Crypto industry, the Binance workshop is an exceptional opportunity, catering to crypto enthusiasts, amateurs and professionals alike.
So, whether you are just starting out and trying to understand and learn more about the crypto field, or whether you are a specialist with a great experience in the field, but you are looking for information to help you develop new strategies, Crypto Expo Europe is the event you need for a 360° view of the Blockchain and Crypto industry.
Limited tickets are available for purchase on the official website of the event, cryptoexpoeurope.com. The website provides additional details regarding the event’s agenda, participating companies, and guest speakers scheduled to attend on March 19-20, 2023 at the Radisson Blu in Bucharest.
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US Senators Accuse Binance of Illegal Financial Activity, Demand Answers on Money-Laundering and US Users
In recent weeks, Binance, one of the world’s largest cryptocurrency exchanges, has found itself under intense scrutiny from U.S. senators and regulators. Moreover, users are now shifting their funds to DEX as Binance becomes a spotlight of regulatory warnings from several countries. While the BUSD trouble is still in progress, Binance has been accused of being a “hotbed of illegal financial activity” by lawmakers, who have demanded answers from the company on various issues, including its treatment of U.S. users, its finances, and its money-laundering controls.
Is Binance Connected To Illegal Activities?
Adding to Binance’s troubles, the Securities and Exchange Commission (SEC) has reportedly launched an investigation into the exchange’s stablecoin, Binance USD (BUSD). The SEC is looking into whether BUSD is backed by sufficient reserves and qualifies as a security under U.S. law.
According to the report from Wall Street Journal, Binance, a leading cryptocurrency exchange, has been targeted by a bipartisan group of three US Senators who have demanded information regarding its money laundering controls. The Senators have accused the exchange of facilitating “illegal financial activity” and have pressed for transparency on the matter.
Sens. Elizabeth Warren, Chris Van Hollen, and Roger Marshall wrote in a letter:
“Binance and its related entities have purposefully evaded regulators, moved assets to criminals and sanctions evaders, and hidden basic financial information from its customers and the public.”
The group of US Senators, in a letter, addressed to Binance CEO Changpeng “CZ” Zhao, have requested information related to the company’s balance sheets since 2017, internal protocols, and any exchanges regarding Zhao’s reported attempts to restrict compliance measures.
The Senators have set a deadline of March 16th for Binance to respond to their request.
Binance Is Now Facing Trouble From Around The World
The ongoing scrutiny marks a significant turning point for Binance, which has long been seen as one of the leading players in the cryptocurrency industry. The company has faced criticism in the past over its regulatory compliance, but it has largely been able to weather these storms and continue to grow.
However, the latest allegations against Binance have hit the company hard. The exchange’s CEO, Changpeng Zhao, has been forced to defend the company’s reputation in public statements, insisting that Binance takes its regulatory obligations seriously and is committed to working with authorities to address any concerns they may have.
Binance Launches Wordle-like Game on its Platform
Binance, the world’s largest crypto exchange, has announced the launch of the Binance ‘Word of the Day’, a mini word-guessing game for all registered users on the exchange. The game allows players to guess the word of the day in six guesses, with hints and clues provided as they play the game. The new game aims to drive traffic on the exchange, kill users’ boredom while on the platform, and enhance users’ vocabulary in crypto and Web 3.
The ‘Word of the Day’ guessing game is available on the Binance mobile app and the website app. Simply, users need to log in to their accounts (or register a new account) to start playing the game. According to the team statement, new users on the platform can use the code WOTD2023 to get a 10% discount on spot trading fees. Once on the home page of the web app, click on the ‘Word of the Day’ icon and start guessing away! The game can be accessed in the Gift & Campaign section on the mobile app.
The players have six tries to correctly guess the word or they’ve lost the game.
The word of the day will be grouped into different weekly themes to make it more interesting. The theme can be used as a hint when making guesses. Past themes included CR7, Binance Gift Card, and the Metaverse. To win the game, users need to be conversant with the latest topics in discussion across the crypto field and follow Binance Blog, Academy, Announcements and social media channels, all of which could give hints on the secret word.
As is with Wordle, the globally recognized word-guessing game, Binance’s Word of the Day opens with a blank slate. The player types in their guess of the first word and if correct they win the game for the day. If the player guesses wrong, they will be prompted to enter their second guess. Luckily, the game gives hints after every wrong word by changing the colour of the tiles.
The green tiles on a wrong word show that the letter is in the Word of the Day and in the right position. A yellow tile indicates that the letter is in the Word of the Day but not in the correct position and black tiles show the letter is not in the Word of the Day.
While the game helps sharpen the players’ knowledge of crypto vocabulary, more is at stake – a chance to compete with your friends and family. Binance Word of the Day tracks your every win allowing you to see who can keep their winning streak going the longest and show off your achievements using the share button.
Ethereum (ETH) and Binance Coin (BNB) Outperformed by Orbeon Protocol (ORBN) Presale
Investors looking to get in on the ground floor of the next big thing in the crypto world should pay attention to the Orbeon Protocol (ORBN) presale, which has already outperformed Ethereum (ETH) and Binance Coin (BNB) by a long shot. But what sets Orbeon Protocol (ORBN) apart from its competitors is its innovative use of equity-backed NFTs, which is revolutionizing the venture capital and crowdfunding sectors. With Orbeon Protocol (ORBN) currently in its seventh presale phase and having already seen a rally of 1815%, it’s not too late to get in on the action at just $0.076 per token.
Ethereum (ETH)
Ethereum (ETH) is a decentralized, open-source blockchain platform that is used to create and run smart contracts and decentralized applications. Ethereum (ETH) works with a proof-of-work consensus algorithm, which makes sure the network is safe and secure.
Ethereum (ETH) is also used as a currency on decentralized exchanges and as a way to pay for transactions within the Ethereum (ETH) ecosystem. But Ethereum (ETH) hasn’t been easy to scale up, and the network hasn’t been able to keep up with the growing demand for decentralized apps and smart contract execution.
This has hurt Ethereum’s (ETH) long-term prospects, and Ethereum (ETH) recently lost nearly 6% of its value. From its all-time high of $4,878 to now, Ethereum (ETH) has dropped by almost 70%.
Binance Coin (BNB)
Binance Coin (BNB) is the native cryptocurrency of Binance, one of the world’s largest and most prominent cryptocurrency exchanges. The Binance exchange accepts Binance Coin (BNB) as payment for transaction fees and provides users a discount on these costs when paid in Binance Coin (BNB).
By developing its own blockchain and decentralized exchange, Binance Smart Chain, Binance has also increased the use case for Binance Coin (BNB). Binance Coin (BNB) is a very liquid cryptocurrency, but its value is greatly dependent on the success and widespread acceptance of the Binance exchange and ecosystem.
As a result, Binance Coin (BNB) may lack the autonomy and long-term stability offered by other cryptocurrencies. This was emphasized when one of the largest cryptocurrency exchanges, FTX, failed. Currently, Binance Coin (BNB) is trading nearly 55% below its all-time high.
Orbeon Protocol (ORBN)
Orbeon Protocol (ORBN) is a groundbreaking crowdsourcing and venture capital platform that helps businesses raise funds through token sales. Orbeon Protocol (ORBN) enables individuals to readily invest in creative projects while also assisting businesses in gaining access to new financial sources.
Users of the Orbeon Protocol (ORBN) can acquire these NFTs for as little as $1, allowing them to become stakeholders in some of the most promising early-stage opportunities.
Consequently, Orbeon Protocol (ORBN) can cut fundraising expenses while allowing businesses to seek funding fast and effectively. By decreasing the minimum investment level, Orbeon Protocol (ORBN) makes investing significantly more accessible to a larger spectrum of investors.
Orbeon Protocol (ORBN) tokens can still be purchased at a low price of $0.0766 because the project is presently in presale phase 8 and has already shown enormous profits, but more is predicted. Analysts believe that by the end of the presale, Orbeon Protocol (ORBN) investors will have experienced a massive 6000% increase in value, pushing the price up to $0.24.
Find Out More About The Orbeon Protocol Presale
Website: https://orbeonprotocol.com/
Presale: https://presale.orbeonprotocol.com/register
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Breaking! Binance Is Planning To Exit The US Crypto Market As Regulatory Scrutiny Heats Up
The Securities and Exchange Commission (SEC) has been closely scrutinising Binance, one of the world’s largest cryptocurrency exchanges, over concerns related to potential securities violations. The SEC has been investigating Binance’s operations, including its trading and lending platforms, to determine whether they comply with US securities laws. Additionally, the SEC has been examining whether Binance has been selling unregistered securities to US residents through its exchange platform. As a result, Binance has faced regulatory hurdles and legal action from authorities in several countries, including the United States, Japan, the United Kingdom, and Canada. According to a recent report from Bloomberg, the popular crypto exchange Binance is now planning to exit the US market as SEC’s scrutiny is putting a stop to its expansions and operations.
Binance May Soon Exit The US Market
Binance’s USD-pegged stablecoin, the Binance USD (BUSD), has recently come under scrutiny from the US Securities and Exchange Commission (SEC). The SEC investigates whether BUSD is a security and whether Binance has violated securities laws by offering it on its platform. In response to the SEC’s investigation, Binance has stated that it is committed to complying with all applicable laws and regulations. The company has also emphasised its efforts to ensure the transparency and stability of BUSD, including regular audits of its reserves.
However, the SEC shows no sign of cooperation with Binance and forces Binance to exit the US market as soon as possible to continue expanding its offshore crypto business. A source with knowledge of the matter has revealed that Binance is considering the possibility of scaling back its operations, as the company’s relationships with a critical banking partner and stablecoin issuer have encountered problems in the face of heightened regulatory scrutiny. The Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Justice Department, and Internal Revenue Service (IRS) have all launched investigations into Binance.
Crypto Market In The US Remains In the Dark
As concerns regarding BUSD are heating up, it lost over $2.5 billion in market cap. Changpeng Zhao, the CEO and co-founder of the world’s largest cryptocurrency exchange in terms of trading volume stated on Friday that funds have shifted from BUSD to Tether. Zhao also emphasised that Binance USD is not issued by Binance.
Additionally, amid all these FUD situations, bank records and internal company communications reveal that Binance had undisclosed access to a bank account that supposedly belonged to its independent US partner. The documents also indicate that significant amounts of money were transferred from the account to a trading firm managed by Binance’s CEO, Changpeng Zhao.
In the first quarter of 2021, records reviewed by Reuters indicate that more than $400 million was transferred from Binance.US’s account at Silvergate Bank, based in California, to a trading firm called Merit Peak Ltd. The Binance.US account was registered under the name of BAM Trading, the operating company of the US exchange. Internal reports suggest that the transfers to Merit Peak began in late 2020.
With US regulators closely scrutinising Binance’s operations, the firm is ready to pay fines to “make amends” for any previous regulatory breaches, as it was unaware of any laws during its establishment.
The outcome of the SEC’s investigation into BUSD is yet to be seen, but it highlights the increasing regulatory pressure on the cryptocurrency industry. As the industry continues to grow and mature, regulators are seeking to ensure that stablecoins and other cryptocurrency offerings comply with existing securities laws and regulations.
Binance Bolsters Stablecoin’s Role In Market With $50 Million TrueUSD Minting
Binance, one of the world’s largest cryptocurrency exchanges, has announced that it has minted $50 million worth of TrueUSD, a stablecoin pegged to the US dollar. This decision comes after the New York State Department of Financial Services (NYDFS) halted the issuance of another stablecoin, BUSD, by Paxos, amid regulatory scrutiny.
Created by TrustToken, TrueUSD provides a secure and reliable way for traders to move funds between exchanges and wallets without being exposed to market volatility. Each TrueUSD is backed by a corresponding US dollar held in escrow accounts, which are regularly audited by third-party accounting firms to ensure full collateralization.
This move by Binance, a major player in the industry, is a significant boost for the cryptocurrency market, as it highlights the importance of stablecoins in reducing volatility in the market. Stablecoins like TrueUSD provide a secure way for people to hold cryptocurrencies without being exposed to market fluctuations, which is crucial for increasing mainstream adoption.
Furthermore, Binance’s decision to mint TrueUSD is a testament to the industry’s ability to self-regulate. By demonstrating a commitment to transparency and stability, Binance is setting a new standard for the industry, showing that it is possible to create a safer and more stable crypto market through responsible actions.
Binance CEO Changpeng Zhao (CZ) announced in a Twitter spaces conversation on February 14 that Binance is looking to diversify its stablecoin holdings away from BUSD. CZ also added that the existing circulating supply of BUSD is safe, and as more people want to redeem, they will be burned.
CZ was never too bullish on the success of Binance-branded BUSD and thought that the BUSD project would fail. This announcement could signal a shift in the crypto market, with more players expected to follow Binance’s lead in backing stablecoins.
As the industry continues to mature and evolve, stablecoins like TrueUSD are becoming an essential part of the ecosystem, providing a reliable bridge between traditional finance and the world of cryptocurrencies. This move by Binance is likely to have a significant impact on the cryptocurrency market, with stablecoins taking on an even more prominent role in reducing volatility and increasing mainstream adoption.
KuCoin lists Floki Inu, Is Binance Next in Line?
Following news that Kucoin will list the Meme token, Floki is exploding and the ‘Shiba-inu competitor’ gained almost 60% in value. The Kucoin listing makes Floki accessible to millions of cryptocurrency users in various nations. Shortly after, the LCX Exchange announced that it would also be launching Floki.
The meme coin has a $496 million market valuation, and the Floki community is expecting that Binance will list it soon. Not to mention Binance’s strong relationship with Elon Musk as a result of the cryptocurrency exchange purchasing some Twitter stock when the Tesla CEO took over the position of the CEO.
Building its ecosystem around three main utility projects—focusing on NFT marketplaces, metaverse-based games, and educational platforms—is how Floki Inu hopes to move forward.
Both the Ethereum and the Binance Smart Chain support Floki Inu. The initial coin offering (ICO) pricing for Floki Inu was set at a relatively reasonable $0.0000041 per token, with a maximum of 10 trillion tokens. While the price of the Floki coin did not change much in the initial weeks, the token’s value nearly quadrupled from $0.000002763 on July 28 to $0.000004458 on July 30, 2021.
The price of cryptocurrencies fell in 2022 in the wake of the economic crisis and collapse of various cryptocurrency exchanges. At a price of $0.0000998, Floki Inu corrected by more than 91% to close the year at $0.00000881. Yet in 2023, Floki Inu skyrocketed and increased over 50% on February 16th, 2023. According to reports, Elon Musk’s tweet was the cause of the price increase.
Although if it was just a joke about Floki becoming the new Twitter CEO, Musk may have been hinting that he is actually serious about looking for a successor. He clarified that by the end of 2023, Twitter might have a new CEO.
Binance Displays Compliance To Pay Fines For Regulatory Violations Of The Past
Binance Chief Strategy Officer, Patrick Hillmann, announced in an interview with The Wall Street Journal that the world’s largest cryptocurrency exchange is willing to pay fines to “make amends” for past regulatory violations.
Hillmann acknowledged that the company grew rapidly and was initially unaware of the laws and regulations surrounding money laundering, sanctions evasion, and corruption. Binance expects to face fines and is currently working with regulators to remedy the violations.
Binance’s Fate Hangs In The Balance
According to Reuters, Binance has been under investigation by the US Attorney’s Office for the Western District of Washington since at least 2018, and the Department of Justice (DOJ) has reportedly sent at least two trading firms subpoenas requesting records of their past dealings with Binance US.
The DOJ is currently assessing whether the evidence they have collected is sufficient to bring charges against the exchange and several individuals, including CEO Changpeng ‘CZ’ Zhao.
Hillmann did not specify which investigation he was referring to during his interview with The Journal but stated that the outcome could “likely [be] a fine, could be more…We just don’t know. That is for regulators to decide.”
He declined to estimate the size of the fines or a timeline for when the investigation might be settled. However, he expressed confidence in the discussions with regulators, stating, “It will be a good moment for our company because it allows us to put it behind us.”
The company is committed to complying with regulations in the future and is working to improve its compliance measures.
Binance Changes Its Stance
Binance’s willingness to pay fines to address past violations is a change from its previous stance. CEO CZ had previously stated that Binance was not subject to US regulations and that the company had no headquarters or official location.
However, as regulatory pressure has increased, Binance has taken steps to comply with regulations and improve its compliance measures, including hiring former US Treasury Department officials and implementing a new anti-money laundering program.
The outcome of the investigation and potential fines imposed on Binance will have implications for the broader cryptocurrency industry as regulators seek to bring companies into compliance with anti-money laundering and sanctions regulations.
Binance USD (BUSD) Stabilizes at $1 After CEO Clarifies Connection to Paxos-Issued Token
The Binance USD (BUSD), the third-largest stablecoin by market cap, is returning to its intended $1 peg after Binance CEO Changpeng Zhao commented on the crypto exchange’s connection to the popular Paxos Trust Co.-issued token on Tuesday.
BUSD is a stablecoin backed by short-term treasuries and cash-like assets. It rallied to $0.9997 in European morning hours on Wednesday, recovering from a two-year low of $0.9950 hit after the New York Department of Financial Services (NYDFS) on Monday ordered Paxos to stop minting more of the tokens.
During a Twitter Spaces session on Tuesday, Zhao clarified that Binance does not issue BUSD. “We have an agreement to let them [Paxos] use our brand, but that’s not something we created,” he said.
Zhao’s comments likely improved sentiment among traders, with some crypto enthusiasts on Twitter pointing this out earlier this week. Paxos has already burned more than $700 million of BUSD tokens since Monday.
“Paxos will continue to service the product, and manage redemptions,” Zhao added. “Paxos also assured us the funds are #SAFU, and fully covered by reserves in their banks, with their reserves already audited many times by various audit firms.”
However, the regulatory pressure could impact BUSD’s market cap, which will decrease over time. If BUSD is ruled as a security by the courts, it will significantly impact the development of the crypto industry in jurisdictions where it is ruled as such.
Despite the ongoing regulatory uncertainty in certain markets, Binance will continue to support BUSD for the foreseeable future. However, Zhao also said that the company foresees users migrating to other stablecoins over time and that product adjustments will be made accordingly.
“We will be reviewing other projects in those jurisdictions to ensure our users are insulated from undue harm,” he said.
As of now, BUSD is still trading at $1, in line with its intended peg.
Binance in Deep Waters- Billions of Outflows in Cryptos Recorded in the Past 24 Hours
The SEC has locked horns over the entire crypto space with the recent crackdown on Paxos which is a fully regulated entity, with a license from the New York State Department of Financial Services (NYSDFS). Soon after this, huge FUD outspread within the space, and addressing the issue, the CEO of Binance, in a series of tweets clarified that BUSD is completely owed and issued by Paxos, but Binance may continue to support BUSD.
In the meantime, massive outflows were recorded in the past 24 hours of billions of dollars in cryptos. The outflows surpassed the levels recorded during the FTX bankruptcy and December 2022 FUD. As per data from Dune Analytics, nearly $1 billion in cryptos was withdrawn from Binance in just 22 hours.
An acute stress test appears to have knocked the Binance platform as they are facing constant withdrawals following an event. Along with this, Binance is getting hit from multiple sides as Circle’s regulatory complaint against the platform in terms of mismanaging the reserves back in 2022 has also surfaced. It said that Binance did not store enough crypto in reserve to support the tokens it had issued.
Collectively, Binance continues to be in dire straits as the trader’s confidence shaken’s after every such event. After the recent FTX fiasco, the market participants have been in extreme fear and tend to fall into the smallest FUD as the market bulls have not gained complete dominance yet.
Therefore, with the recent event, it appears that the crypto space continues to be in hot waters and hence the possibility of marking the bottom of the 2022 bear market continues to hold high.
Why Exactly Binance Stablecoin (BUSD) Was Being Targeted by SEC?
New York regulator NYDFS came down on stablecoin issuer Paxos last week over Binance USD (BUSD), and Paxos had to stop minting the stablecoin, which was thought to be a part of the major crackdown against crypto-related companies.
Regulators’ Crackdown on BUSD Makes no Sense
However, it doesn’t make any sense because the real reason behind the crackdown was never made clear by the regulator, and also, BUSD is a stablecoin that is pegged 1:1 to the US dollar, so it has very little volatility, as was pointed out by Altcoin Daily’s Aaron Arnold.
As a result of its consistent nature, the SEC is of the opinion that it cannot be classified as a security. New information has been disclosed that Circle, another stablecoin issuer in charge of USDC, had filed a regulatory complaint against Binance over token management in the previous year. Circle’s complaint said that the biggest cryptocurrency exchange in the world did not have sufficient cryptocurrency in its reserves.
It’s important to realize that Binance does not really own BUSD; Paxos does. Binance has officially signed into a license arrangement with Paxos, the firm that owns the stablecoin and issues it, in order to utilize the company’s name and logo.
On the other hand, according to the NYDFS, Paxos did not manage BUSD in a “safe and sound manner.” It’s interesting to note that Paxos is a trusted company chartered by the New York Department of Financial Services itself.
The crypto world has been in a state of turmoil due to this entire problem, and Binance CEO Changpeng Zhao has emphasized that they don’t actually own the stablecoin. Paxos has also informed them that the funds are secure and completely covered by reserves in their banks, and the reserves have been reviewed many times by several different audit companies.
The stablecoin issuer will continue to service the product and manage redemptions, says CZ. But eventually, BUSD’s market cap will only decrease over time, and the stablecoin will slowly fade into the shadows.
Paxos Halts BUSD Stablecoin Issuance, Here’s What Binance CEO Has To Say!
In light of the continuing investigation by New York regulators, blockchain infrastructure platform Paxos Trust Company will stop issuing new Binance USD (BUSD) stablecoins. The third-largest stablecoin in the world, Binance USD, is purportedly under scrutiny by the SEC.
The Securities and Exchange Commission intends to file a lawsuit against cryptocurrency trading company Paxos Trust for creating and listing the BUSD stablecoin without first registering it as a security, according to the Wall Street Journal.
“BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024. New and existing Paxos customers will be able to redeem their funds in US dollars or convert their BUSD tokens to Pax Dollar (USDP), a regulated US dollar-backed stablecoin also issued by Paxos Trust,” Paxos said in a statement.
According to a statement from Binance, Paxos is expected to keep overseeing product redemptions. The latest regulatory action occurs while the market for cryptocurrencies experiences increasing unpredictability. The SEC recently also declared that open violations of the securities laws are caused by crypto staking.
Earlier today, CZ, the founder, and CEO of Binance, tweeted that Paxos had notified him that the New York Department of Financial Services, where Paxos is registered and subject to regulation, had ordered the business to stop issuing BUSD.
He also revealed and said, “On the alleged SEC vs Paxos lawsuit, I have no information about it, other than public news articles. The lawsuit is between the US SEC & Paxos.I am not an expert on US laws. But personally, I agree with Mile’s logic here (not that it means much)”
Since 2019, when Paxos Trust entered into a licensing arrangement with Binance, the largest cryptocurrency exchange in the world, to use its name and brand.
Disrupting Industries with Ethereum (ETH), Binance Coin (BNB) and Orbeon Protocol (ORBN)
The blockchain revolution is disrupting traditional industries at a rapid pace, and leading the charge are Ethereum (ETH), Binance Coin (BNB) and the latest entrant, Orbeon Protocol (ORBN).
With its innovative use of blockchain technology, Orbeon Protocol (ORBN) is providing investors with unprecedented access to early-stage investment opportunities, and its skyrocketing growth of over 1675% is a testament to the excitement it’s generating in the DeFi community as analysts expect more than 6000% returns from Orbeon Protocol (ORBN) in its presale.
Ethereum (ETH)
The open-source Ethereum (ETH) blockchain uses smart contract technology to enable apps and financial services to work without a central server. Ethereum (ETH) built a decentralized computing platform for smart contracts, programmable currencies and decentralized apps (dApps) that would go beyond what Bitcoin (BTC) could do. In a nutshell, Ethereum (ETH) was made to fix some of Bitcoin’s (BTC) problems.
The second largest cryptocurrency, Ethereum (ETH) has become the basis for a lot of other cryptocurrencies. Since Ethereum (ETH) uses its own blockchain and has its own programming language, Ethereum (ETH) is more flexible than Bitcoin (BTC). Analysts believe this flexibility will help Ethereum (ETH) dominate the market.
Early last week, Ethereum (ETH) went over $1,600, which sent its price soaring above $1,650 after it went up by 4%. Since the start of 2023, Ethereum (ETH) has increased by more than 35.8%.
Binance Coin (BNB)
Binance Coin (BNB) is a cryptocurrency that has grown in popularity over the past few years. Binance Coin (BNB) is flexible and always changing. Binance Coin (BNB) is a great investment because it can be used in a lot of ways and has a long history.
Binance Coin (BNB) was made by Binance, one of the biggest cryptocurrency exchanges, so it could be used on their platform as a native currency. Binance Coin (BNB) now offers a wide range of benefits, such as lower trading fees, access to exclusive events and deals and more.
Binance Coin (BNB) is also used to pay for different goods and services in the Binance ecosystem. In the world of cryptocurrencies, Binance Coin (BNB) is a sign of stability, security, growth and its value has only gone up over time.
Orbeon Protocol (ORBN)
The objective of Orbeon Protocol (ORBN) is to make investing in startups easier and more accessible by establishing a safe environment in which users may buy tokens with confidence. Orbeon Protocol (ORBN) uses blockchain technology to deliver unparalleled transparency to investors. This serves to safeguard investors against possible fraud or fraudulent activity.
Orbeon Protocol (ORBN) makes it simpler for investors to invest in potential firms that are only getting started. Investors may purchase these NFTs for as little as $1 via Orbeon Protocol (ORBN).
Orbeon Protocol (ORBN) also offers a security mechanism called “Fill or Kill,” which ensures that investors receive their money back if a project fails to meet its financing target within a set time.
Orbeon Protocol (ORBN) is now in presale phase 7, with a price of $0.071. This public presale phase will end soon, and analysts believe that the price of ORBN will increase by more than 6000% during the presale. Orbeon Protocol (ORBN) has received a lot of attention from the DeFi community, with a rally of over 1675%.
Find Out More About The Orbeon Protocol Presale
Website: https://orbeonprotocol.com/
Presale: https://presale.orbeonprotocol.com/register
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SEC Drops the hammer on Paxos – Sues The Exchange Over Binance Stablecoin
The United States Securities and Exchange Commission (SEC) has informed Paxos Trust Co. that it intends to sue the company for violating investor protection laws. This move comes as part of the SEC’s ongoing campaign to enforce regulations in the cryptocurrency market.
Wells Notice Issued to Paxos
The SEC’s enforcement staff has issued a Wells notice to Paxos, a letter used to inform companies and individuals of a possible enforcement action. The notice alleges that Binance USD, a digital asset issued and listed by Paxos, is an unregistered security.
The reason for the notice, specifically related to the issuance or listing of the coin, is not yet determined. Firms that receive Wells notices have the opportunity to respond in writing and argue why the SEC should not proceed with a lawsuit.
Binance and Paxos partnership
BUSD is a Binance-branded stablecoin pegged to the dollar at a one-to-one ratio. Binance and Paxos announced their partnership to launch BUSD in 2019, and it is now listed on several exchanges including Paxos-run digital asset exchange itBit.
Paxos and Binance Respond to SEC Notice
Paxos declined to comment on the matter, while Binance stated that BUSD is issued and owned by Paxos and that it only licenses its brand.
SEC’s Stance on Stablecoins
The SEC has previously indicated that stablecoins would be a focus for its enforcement unit, and SEC Chairman Gary Gensler has said stablecoins can resemble bank deposits or money-market mutual funds. In November 2021, a panel of regulators led by the Treasury Department said that stablecoins should have a specific regulatory framework and be limited to issuance by banks.
BUSD’s Growth in the Market
BUSD has become the world’s third-largest stablecoin, with a market cap of over $16 billion as of Sunday, according to CoinGecko data. Paxos also issues its own stablecoin, Pax Dollar, with a market cap of around $897 million.
Kraken Agrees to Pay $30 Million in Penalties to SEC
The SEC has been intensifying its crypto enforcement efforts against major market participants. Last week, Payward Inc.’s Kraken platform agreed to stop offering crypto staking services in the US and pay $30 million in penalties to the SEC for selling unregistered securities as yield products.
Paxos Under Investigation by NYDFS
Paxos is also currently under investigation by the New York Department of Financial Services, though the scope of the investigation is unclear.
This news follows recent enforcement actions taken by the SEC against digital tokens, and the increasing scrutiny of cryptocurrency firms by government officials globally. Netizens are criticizing the SEC for planning to sue several crypto exchanges. They say that the SEC should have made clear rules from the beginning instead of regulating through enforcement. Unfortunately, the SEC is hurting investors more than crypto firms indirectly.
Is Binance The Next To Face Regulatory Scrutiny ?
The first cryptocurrency, Bitcoin has been making a to and fro movement between $22,000 and $23,000 levels since the past day. This bullish sentiment comes after Jerome Powell’s inflation speech where his stance has been a neutral one. This has resulted in an increase of 1.67% in global crypto market cap over the last 24hrs.
However, while the crypto market gets on the recovery board, the regulators hover around the exchanges that are still not regulated. The same is the claim by Shark Tank’s Kevin O’Leary, a venture capitalist who believes that Binance is the next to face regulatory audit.
Binace Exchange To Face Regulatory ?
In a new interview with The Wolf Of All Streets’ Scott Melker, Kevin states that Binance shareholders should be the one worried while regulators look for crypto exchanges. However, the investor is of not much concern as he claims of not investing in any unregulated exchanges, be it decentralized or centralized.
Moreover, Kevin asserts that it’s just not the US regulators who are looking around unregulated exchanges like Binance, but the regulators all around the globe. As per the investor, it’s good if Binance settles with regulators with whatever the cost is, because if that doesn’t happen it will provoke the bear action.
Next, the Shark Tank star is of the opinion that the crypto industry has too many worthless coins and projects. He believes there are nearly 10,000 tokens which will be pulled back to zero value as these tokens are of no volatility and volume.
On the other hand, Binance is said to halt its US dollar bank transfers from today, Feb 8. As per the company, only the users from Binance.com will be affected. However, the reason is yet to be revealed.
Ethereum, Binance And Orbeon Protocol
The best crypto investors are always on the lookout for the next big investment to balance their portfolios. This includes getting a bargain on classic investments like Ethereum (ETH) and Binance (BNB) while generating greater returns with presales like Orbeon Protocol (ORBN). As the crypto market starts to bounce back, these three investments are being considered the best to buy in February.
Ethereum Builds Investor Confidence After 30% Price Rise
Ethereum (ETH) is the second largest cryptocurrency in the world by market cap and is seen as a stable investment compared to many alternatives. Its native token, Ether (ETH), reached an all-time high of $4,878.26 in 2021. However, its value crashed in 2022, pushing its value below $1500.
The Ethereum blockchain has been used to build hundreds of DeFi projects, including NFT projects like Bored Ape Yacht Club (BAYC). In fact, as of January 2023 it’s predicted that 76% of all trading volume in the NFT market uses the Ethereum blockchain.
Despite its popularity, Ethereum (ETH) has been criticized for its high fees and long transaction times, which are sometimes used to create gas wars. This is the process in which a group of investors drive up the price of an NFT collection during its initial sale to price out everyday investors.
From the start of January, the value of Ethereum (ETH) increased by 31.24%, with one ETH currently selling for $1,571.98. Due to Ethereum’s importance throughout the DeFi industry, many investors are confident its value will increase both throughout 2023 and in the future.
Binance Coin Sees Late January Price Increase
Binance Coin (BNB) is the native token of Binance, the world’s number one cryptocurrency exchange. It’s used for trading fees and initially offered holders trading discounts, though these are no longer available.
Binance Coin (BNB) is currently the fourth largest cryptocurrency in the world, and one BNB token is priced at $309.30, a 26% increase from the month before. With Binance continually growing as an exchange, the value of Binance Coin (BNB) is likely to grow with it, making Binance Coin (BNB) a safe investment option for investors who want to balance their portfolios.
Orbeon Protocol Stage Five Presale Starts With A Big Win
Orbeon Protocol is a different investment option from both Ethereum (ETH) and Binance (BNB) in that it has the potential to offer significantly higher returns. Since October, the value of its native token ORBN has increased by over 1400%, rising in value from $0.004 to $0.06, and selling out during each presale stage.
Orbeon Protocol (ORBN) looks to disrupt the crowdfunding market with its DeFi launchpad. The Orbeon Launchpad will offer a funding alternative for startups, who can raise money from everyday investors by selling equity-backed NFTs.
Each NFT will represent shares in the startup and will be fractionalized to let investors get involved for as little as $1. Orbeon Protocol (ORBN) has addressed the issue of startups being risky investments by implementing a “Fill or Kill” into each NFT smart contract. This will automatically return investors money if their chosen startup doesn’t hit its funding targets.
With Orbeon Protocol entering stage five of its presale, it’s predicted to hit a new all-time high within the next few weeks. This has put ORBN tokens in high demand, with some investors predicting highs of $0.24 before the end of the presale.
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Binance Re-enters South Korea Through GOPAX Deal, What Next?
In December, 2020 the lead crypto exchange, Binance had announced that the firm will no longer be offering products and services in South Korea. The major reason for its termination was low transaction volumes witnessed in the country. Binance had revealed that the exchange will discontinue services related to peer-to-peer (P2P) exchanges that it operates.
However, Binance is now all set to make its entry back into South Korean territory by acquiring GOPAX exchange. It was just last month that Binance had claimed to have completed the required steps to acquire GOPAX. Gopax CEO, Lee Jun-haeng had a stake of 41.2% and Barry’s Silbert’s Digital Currency Group was a second largest shareholder of Gopax.
Binance CEO, Changpang Zhao was looking to acquire Gopax since the start of 2021. But the fall of FTX and Genesis had affected Binance’s GOPAX acquisition move as Genesis halted all its withdrawal after FTX collapsed. This decision to suspend withdrawal by Genesis put a halt to its repayment of $47 million to its GoFi customers.
Binance Acquires Major Stake In GOPAX Exchange
Now, this acquisition deal has officially opened the path for Binance to make their comeback into South Korea. The country has a huge opportunity as it boasts of having the world’s largest crypto economics and start-up community. Moreover, this expansion will allow Binance to develop its leadership in terms of Blockchain and web3 developments.
The first thing Binance plans to offer after the acquisition deal is to offer capital to GOPAX so that customers can withdraw their interest made for yield product GoFi. Binance’s funding for the GOPAX deal came from the Industry Recovery Initiative to which Binance had committed $1 billion. However, the terms of the deal are yet to be disclosed.
Binance Tells WazirX to Withdraw Customer Assets Held in its Wallets-Is it an End of the Collaboration?
The post Binance Tells WazirX to Withdraw Customer Assets Held in its Wallets-Is it an End of the Collaboration? appeared first on Coinpedia Fintech News
The dreadful days for the Indian crypto community have not vested following the ignorance of digital assets in the recent announcement of Budget 2023. The power cash between the two titans began a few months before, which now appears to have reached its destiny of closure. Binance, the top crypto exchange has asked told WazirX, its ex-Indian counterpart to withdraw customer funds held on their platform.