tag:blogger.com,1999:blog-4503292949532760618.post2740874672380167161..comments2024-03-28T02:31:38.608-07:00Comments on DSHR's Blog: Binance's Time In The BarrelDavid.http://www.blogger.com/profile/14498131502038331594noreply@blogger.comBlogger60125tag:blogger.com,1999:blog-4503292949532760618.post-81875425072876009962024-03-14T15:11:28.752-07:002024-03-14T15:11:28.752-07:00The Nigerian government has detained two Binance e...The Nigerian government has detained two Binance executives complaining that Binance's pair between the naira and USDT was driving down the value of the naira. Cryptocurrencies are popular in Nigeria because the currency has been devalued. Matt Levine <a href="https://www.bloomberg.com/opinion/articles/2024-03-14/apollo-partner-did-the-ok-kind-of-fraud" rel="nofollow">writes about it</a>:<br /><br />"For one thing, it is rude to the government to say “the institutions and currency here are bad so I’m putting my money in Bitcoin.” For another thing, if the government <i>wants</i> to seize your money or whatever, it will be annoyed if you make that difficult: You may see “weak financial and legal institutions,” but the government sees “legitimate enforcement of our laws against improper currency transactions.” Also, though, if <i>everyone</i> decides to get out of the local banks and into Bitcoin, that is going to <i>create</i> problems; it will drive down the local currency and make the banks weaker."<br /><br />And he notes that, in practice, using cryptocurrency involves using exchanges such as Binance:<br /><br />"In some broad philosophical sense, the appeal of crypto is that the government can’t just ask a bank for your account information and then seize your account. But in a practical sense that’s not always entirely true."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-13863295821529984112023-12-06T06:54:01.591-08:002023-12-06T06:54:01.591-08:00In Inside France’s courtship of Binance, Akila Qui...In <a href="https://www.ft.com/content/47fe6542-d000-4051-86d9-feb0055697da" rel="nofollow"><i>Inside France’s courtship of Binance</i></a>, Akila Quinio recounts how CZ fooled the French government:<br /><br />"It all started when Changpeng “CZ” Zhao met Macron at the Elysée palace in November 2021. That same month, Binance said it would invest €100mn into France’s burgeoning crypto scene — a pledge dubbed “objective moon” by its founder. The courtship culminated with France’s Autorité des Marchés Financiers, the financial watchdog, granting the exchange regulatory approval last May — a move that contrasted sharply with other national regulatory stances.<br />...<br />One may expect recent events to have rocked the nascent relationship. But the French government appears to have remained under Binance’s charm."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-66637075196549919942023-11-22T06:55:57.093-08:002023-11-22T06:55:57.093-08:00Molly White points out that:
"Notably, the S...Molly White <a href="https://web3isgoinggreat.com/?id=binance-legal-action" rel="nofollow">points out that</a>:<br /><br />"Notably, the <a href="https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-changpeng-zhao" rel="nofollow">SEC lawsuit</a> was not among those settled."<br /><br />The <a href="https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution" rel="nofollow">DoJ's press release</a> has details.David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-25743029455483398442023-11-21T12:53:06.446-08:002023-11-21T12:53:06.446-08:00It looks like Binance's time in the barrel has...It looks like Binance's time in the barrel has come to an end. Chris Strohm, Matt Day, Ava Benny-Morrison, and Allyson Versprille report that <a href="https://www.bloomberg.com/news/articles/2023-11-21/binance-ceo-zhao-to-plead-guilty-in-us-settlement-wsj" rel="nofollow"><i>Binance and CEO Plead Guilty, Agree to Pay Billions in Fines</i></a>:<br /><br />"Binance Holdings Ltd. and its Chief Executive Officer Changpeng Zhao pleaded guilty to criminal charges for anti-money laundering and US sanctions violations, including allowing transactions with Hamas and other terrorist groups, under a sweeping deal with the Justice department designed to keep the company operating.<br /><br />Binance agreed to plead guilty to criminal charges and pay over $4 billion in penalties. Zhao, who agreed to step down and pay a $50 million fine as part of the settlement, appeared in court in Seattle Tuesday to plead guilty. The deal, which includes the Treasury Department and the Commodity Futures Trading Commission, ends a years-long investigation into the cryptocurrency exchange.<br />...<br />Zhao faces a maximum sentence of 10 years and fines up to $500,000, plus any profits he made from the alleged scheme. His lawyers said in court on Tuesday that his sentencing will be delayed by 6 months. Zhao’s agreement includes a waiver of his right to appeal, provided that his sentence doesn’t exceed 18 months, judge Tsuchida said during the plea hearing."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-58415601669088312142023-11-20T19:46:13.152-08:002023-11-20T19:46:13.152-08:00Chris Strohm, Allyson Versprille, and Olga Kharif ...Chris Strohm, Allyson Versprille, and Olga Kharif report that <a href="https://www.bloomberg.com/news/articles/2023-11-20/us-seeks-more-than-4-billion-from-binance-to-end-criminal-case" rel="nofollow"><i>US Is Seeking More than $4 Billion From Binance to End Case</i></a>:<br /><br />"The US Justice Department is seeking more than $4 billion from Binance Holdings Ltd. as part of a proposed resolution of a years-long investigation into the world’s largest cryptocurrency exchange.<br /><br />Negotiations between the Justice Department and Binance include the possibility that its founder Changpeng Zhao would face criminal charges in the US under an agreement to resolve the probe into alleged money laundering, bank fraud and sanctions violations, according to people familiar with the discussions."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-52744379292464006762023-10-21T14:00:07.251-07:002023-10-21T14:00:07.251-07:00The Economist asks Will Binance come over to the l...<i>The Economist</i> asks <a href="https://www.economist.com/finance-and-economics/2023/10/19/will-binance-come-over-to-the-light-side" rel="nofollow"><i>Will Binance come over to the light side?</i></a>:<br /><br />"Now, with ftx out of the picture and sbf on trial, charged with various kinds of fraud, which he denies, cz looks a lot like the last man standing in crypto. Binance utterly dominates crypto trading (see chart). A whopping 40-50% of it by volume takes place on the platform.<br />...<br />The test for the firm now will be in Europe. America is cracking down on crypto, and is unlikely to pass new laws soon. By contrast, European legislators have written a “Markets in Crypto-Assets” or “mica” framework, which entered into force in June. Exchanges can keep operating under existing licences until 2026, unless refused under mica, which will require strong policies against money-laundering and terrorist financing.<br />...<br />A crypto exchange can no longer argue that it cannot comply with national rules because they do not exist. Failing to meet Europe’s standards would reveal that Binance does not want, or is unable, to follow even clear laws."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-43774178090314404472023-10-20T14:04:10.142-07:002023-10-20T14:04:10.142-07:00Olga Kharif reports that Binance Stops Offering Cr...Olga Kharif reports that <a href="https://www.bloomberg.com/news/articles/2023-10-20/binance-stops-offering-visa-card-in-europe-while-partners-step-back" rel="nofollow"><i>Binance Stops Offering Crypto Visa Debit Card in Europe While Partners Step Back</i></a>:<br /><br />"Binance is no longer offering its Visa debit card in Europe, the latest retrenchment by the world’s largest cryptocurrency exchange.<br /><br />Existing holders of the European Economic Area card will be able to use them until Dec. 20, Binance said in a blog on its support website on Friday. About 1% of Binance’s users are impacted by this change, according to a Binance spokesperson.<br />...<br />Mastercard Inc. and Visa Inc. have been stepping back from their card partnerships with Binance, which is facing growing scrutiny from US regulators. Visa stopped issuing new co-branded cards with Binance in Europe as of July. Visa didn’t immediately return a request for comment."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-5928584249516438242023-10-19T06:36:18.219-07:002023-10-19T06:36:18.219-07:00Sandali Handagama reports that Binance.US Halts Di...Sandali Handagama reports that <a href="https://www.coindesk.com/policy/2023/10/17/binanceus-halts-direct-dollar-withdrawals/" rel="nofollow"><i>Binance.US Halts Direct Dollar Withdrawals</i></a>:<br /><br />"Binance.US users can no longer withdraw dollars directly from the platform after the exchange updated its terms of use on Monday.<br /><br />"In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn," the email said."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-46148524672283119342023-10-18T11:52:57.724-07:002023-10-18T11:52:57.724-07:00Emily Nicolle reports another rat has left the shi...Emily Nicolle reports another rat has left the ship in <a href="https://www.bloomberg.com/news/articles/2023-10-18/binance-france-director-stephanie-cabossioras-exits-in-latest-senior-departure%22" rel="nofollow"><i>Binance France Director Exits in Latest Senior Departure at Crypto Exchange</i></a>:<br /><br />"Binance’s Stéphanie Cabossioras has stepped down from her position as managing director at the crypto exchange’s French unit, adding her name to the list of senior leaders to have departed the company this year.<br /><br />Cabossioras, who joined Binance in April last year as head of legal in the region, acted as the firm’s general manager in the country. She was previously deputy general counsel at France’s markets regulator Autorité des Marchés Financiers, arriving at Binance when the company announced it was establishing its European hub in Paris."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-61696643692529189942023-10-11T07:25:02.341-07:002023-10-11T07:25:02.341-07:00In Binance Founder’s $1 Billion Plan to Save Crypt...In <a href="https://www.bloomberg.com/news/articles/2023-10-10/binance-s-1-billion-plan-to-save-crypto-after-ftx-has-quietly-fizzled-out" rel="nofollow"><i>Binance Founder’s $1 Billion Plan to Save Crypto Quietly Fizzled Out</i></a> Emily Nicolle reports that:<br /><br />"Zhao’s plan: to pull together some of the industry’s biggest names and raise at least $1 billion to finance promising startups which, due to forces outside their own control, were strapped for cash. Time was of the essence. “The industry needs saving now, not in 2023,” Zhao said in a Nov. 24 Bloomberg Television interview.<br /><br />Not much has come of Zhao’s grand plan to rescue crypto. The Industry Recovery Initiative, as it was called, has deployed less than $30 million since its inception, a Bloomberg News analysis of public digital-asset wallets linked to the project indicates. Only one of nine named participants has invested all the funds it committed. The cryptoasset sector, meanwhile, remains starved for cash and companies are cutting jobs to stay afloat."<br /><br /><a href="https://www.bloomberg.com/opinion/articles/2023-10-10/sbf-s-bets-used-to-work-out" rel="nofollow">Matt Levine is skeptical</a>:<br /><br />"At the time, I found this plan puzzling, because I had never heard of a crypto project that was “otherwise strong, but in a liquidity crisis.” I asked: “Has there ever been a pure liquidity problem at a crypto firm?” Crypto project that got hacked and lost all its money? Sure. Crypto project whose founders ran off with all the money? Sure. Crypto project whose money was all in magic beans that turned out to be worthless? Sure.<br /><br />But crypto project that had lots of good long-term assets that it could not sell or finance quickly, and that was therefore driven into bankruptcy despite having lots of value? I mean? ... I just kind of do not think that that is how crypto <i>works</i>. Compared to traditional financial assets, crypto is unusually good at being liquid (it all trades on computers around the clock) but unusually bad at being solvent (it often turns out to be worthless). A fund set up to solve liquidity problems in crypto won’t end up doing much."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-22681862607016667952023-10-06T10:16:59.150-07:002023-10-06T10:16:59.150-07:00Olga Kharif reports that Binance’s Spot Crypto Mar...Olga Kharif reports that <a href="https://www.bloomberg.com/news/articles/2023-10-05/binance-s-spot-crypto-market-share-shrinks-for-a-seventh-consecutive-month" rel="nofollow"><i>Binance’s Spot Crypto Market Share Shrinks for a Seventh Consecutive Month</i></a>:<br /><br />"The trading platform’s spot market share dropped to 34.3% in September from 38.5% the previous month, according to data compiled by researcher CCData. It was 55.2% in January. In derivatives, its market share fell to 51.5% from 53.5% in August, and 62.6% in January."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-88465527394347779052023-09-13T06:13:27.398-07:002023-09-13T06:13:27.398-07:00Olga Kharif reports that Binance US CEO Departs as...Olga Kharif reports that <a href="https://www.bloomberg.com/news/articles/2023-09-12/binance-us-cuts-100-positions-as-crackdown-erodes-crypto-business" rel="nofollow"><i>Binance US CEO Departs as Crypto Platform Cuts Third of Staff</i></a>:<br /><br />"Binance.US Chief Executive Officer Brian Shroder left the company and has been replaced on an interim basis by Chief Legal Officer Norman Reed, moves that coincided with another round of job cuts at the struggling crypto platform.<br /><br />The company controlled by embattled digital entrepreneur Changpeng “CZ” Zhao is eliminating about one third of its workforce, or more than 100 positions, according to a spokesperson, as a regulatory crackdown erodes its business."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-54792768916162577002023-09-06T11:18:47.857-07:002023-09-06T11:18:47.857-07:00Muyao Shen's Binance Executive Departures Gath...Muyao Shen's <a href="https://www.bloomberg.com/news/articles/2023-09-06/binance-departures-gather-pace-with-kostarev-smerkis-leaving" rel="nofollow"><i>Binance Executive Departures Gather Pace With Kostarev, Smerkis Leaving</i></a> reports on the rats leaving:<br /><br />"Two Binance executives overseeing regions including Eastern Europe and Russia have left the world’s largest crypto exchange, which has been rapidly losing senior managers as regulators in the US and elsewhere crack down on it.<br /><br />Gleb Kostarev, regional head of Eastern Europe, Commonwealth of Independent States, Turkey, Australia and New Zealand; and Vladimir Smerkis, a general manager for the CIS region, announced their departures on Facebook.<br />...<br />Helen Hai, who most recently ran Binance’s global fiat business, has also left, the Wall Street Journal reported Wednesday, citing people familiar with the matter."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-31461579813298174032023-07-19T06:44:05.273-07:002023-07-19T06:44:05.273-07:00Yueqi Yang reports that Binance’s Lead in Offshore...Yueqi Yang reports that <a href="https://www.bloomberg.com/news/articles/2023-07-18/binance-s-lead-in-offshore-market-share-falls-as-rivals-gain-ground" rel="nofollow"><i>Binance’s Lead in Offshore Market Share Shrinks as Rivals Gain Ground</i></a>:<br /><br />"The market share of Binance has dropped to 73% in mid July from 90% at the beginning of the year, based on spot trading volume data from Kaiko. Meanwhile, OKX’s share rose to 11%, nearly doubled from January. Huobi and Bybit have also increased their market share, now representing 9% and 7%, respectively, of global spot crypto trading volume."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-13042639890809827902023-07-18T09:17:29.751-07:002023-07-18T09:17:29.751-07:00Muyao Shen reports that Crypto Derivatives Show Gr...Muyao Shen reports that <a href="https://www.bloomberg.com/news/articles/2023-07-17/perpetual-crypto-futures-show-growing-pessimism-around-binance" rel="nofollow"><i>Crypto Derivatives Show Growing Pessimism Around Binance’s Token</i></a>:<br /><br />"The negative sentiment is most reflected on the perpetual swap market, a type of futures contract used in crypto markets that do not expire. Data from Coinglass shows that the open interest-weighted funding rate turned negative this weekend, meaning that speculators betting on a price decline are willing to pay those counting on gains to keep their bearish positions on BNB open.<br /><br />“Typically, negative funding rates indicate heavy short positioning. In this case, it seems traders are betting on a decline in BNB prices,” said Darius Tabatabai, co-founder of decentralized exchange Vertex Protocol."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-77403361245047662252023-07-06T16:08:46.066-07:002023-07-06T16:08:46.066-07:00Olga Kharif reports that Crypto Trading Volume Dro...Olga Kharif reports that <a href="https://www.bloomberg.com/news/articles/2023-07-06/crypto-quarterly-trading-volume-dropped-to-lowest-since-2019" rel="nofollow"><i>Crypto Trading Volume Dropped in Second Quarter to Lowest Since 2019</i></a>:<br /><br />"Volume on so-called centralized exchanges rose 16.4% to $575 billion in June, the first increase in three months, according to a report from researcher CCData. Overall, trading volume fell 40% to $1.7 trillion from the first quarter, and was down 62% compared with the year-earlier period, the researcher said.<br /><br />Meanwhile, Binance’s market share of non-derivatives trading volume declined for the fourth consecutive month, dropping 1.4% to 42% in June. The biggest crypto platform’s market share fell the most among centralized exchanges, and it registered the lowest market share since August 2022."<br /><br />The <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoowLc06d8AtK0xlNFZ9iRfD8AciO4iNLJE1r4Sk70NQrfpp0ZZfeI9sGsCEqmopsyyrzX6fkDRviIHQen8Isd8F0ek6NUNlj0Olz_vWLUODigTGgXg2FhcyPh39sl15p_Gt4wbxlA2bQzpSW64ooBKuSp1Vhervv3FZwYqRXuSeyKVjE3zyvMske81m_o/w200-h107/CryptTradingVolume.png" rel="nofollow">graph of trading volume</a> is brutal.David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-57992345122191895342023-07-06T16:00:08.973-07:002023-07-06T16:00:08.973-07:00In Binance Key Executives, Many US Employees Leave...In <a href="https://www.bloomberg.com/news/articles/2023-07-06/binance-executive-patrick-hillmann-us-employees-leave-as-crisis-deepens" rel="nofollow"><i>Binance Key Executives, Many US Employees Leave Crypto Exchange Amid Crackdown</i></a> Olga Kharif and Muyao Shen report that:<br /><br />"Patrick Hillmann, chief strategy officer at the company since late 2021, is leaving, he confirmed on Twitter, saying he was “doing so on good terms.” Steven Christie, senior vice president for compliance, and Hon Ng, Binance’s general counsel, have also left, a person familiar with the matter said. Eleanor Hughes, currently Binance’s head of legal for APAC and MENA, will become the new general counsel, said the the person, who asked not to be named discussing private information. Noah Perlman, who joined Binance in February from Gemini Trust Co. to be chief compliance officer, remains at the company. <br /><br />Binance employed nearly 600 employees in the US, according to LinkedIn. During midyear performance reviews in June, various of these staffers were asked whether they would be willing to relocate and some of those who declined were let go, the person familiar with the matter said. Binance didn’t respond to a request for comment on any of the departures or information."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-79631819524119665202023-07-06T10:18:39.461-07:002023-07-06T10:18:39.461-07:00Amy Bainbridge and Sunil Jagtiani re[port that Bin...Amy Bainbridge and Sunil Jagtiani re[port that <a href="https://www.bloomberg.com/news/articles/2023-07-05/binance-australia-offices-searched-by-regulator-as-part-of-derivatives-probe" rel="nofollow"><i>Binance Australia Offices Searched by Regulator as Part of Derivatives Probe</i></a>:<br /><br />"Binance’s offices in Australia were searched by the country’s financial markets regulator as governments around the world turn up the heat on the biggest cryptocurrency exchange. <br /><br />The Australian Securities and Investments Commission conducted searches at several Binance Australia locations on Tuesday, people with knowledge of the matter said, asking not to be identified discussing private information. The action was part of an investigation into its now-defunct local derivatives business, according to the people.<br />...<br />The platform’s global share of crypto spot trading fell for a fourth consecutive month in June, reaching a 10-month low of 42%, according to a report from CCData on Wednesday. Binance’s derivatives market share also dropped."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-24471660843974387982023-06-29T09:18:44.896-07:002023-06-29T09:18:44.896-07:00Olga Kharif and Emily Nicolle report on Binance Dr...Olga Kharif and Emily Nicolle report on <a href="https://www.bloomberg.com/news/articles/2023-06-29/binance-says-paysafe-to-cease-being-its-euro-payments-provider" rel="nofollow"><i>Binance Dropped by Paysafe for Euro Deposits and Withdrawals</i></a>:<br /><br />"Binance Holdings Ltd. will lose access to euro-denominated bank transfers to and from its cryptocurrency exchange via banking partner Paysafe Ltd., the latest in a recent string of blows to its business in Europe. <br /><br />Paysafe will no longer support bank transfers of euros to and from Binance via the Single Euro Payments Area network from Sept. 25, according to a spokesperson for the world’s largest crypto exchange."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-13848740513287351252023-06-23T13:19:40.981-07:002023-06-23T13:19:40.981-07:00Molly White reports that Binance ordered to halt o...Molly White reports that <a href="https://web3isgoinggreat.com/?id=binance-ordered-to-halt-operations-in-belgium" rel="nofollow"><i>Binance ordered to halt operations in Belgium</i></a>:<br /><br />"Belgium's Financial Services and Markets Authority alleged on June 2023 is violating prohibitions against "offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area". The regulator ordered Binance to immediately stop providing "any and all such services" in the country."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-74941239696076609032023-06-21T06:21:47.762-07:002023-06-21T06:21:47.762-07:00Molly White reports that Binance cancels registrat...Molly White reports that <a href="https://web3isgoinggreat.com/?id=binance-cancels-registration-in-the-united-kingdom" rel="nofollow"><i>Binance cancels registration in the United Kingdom</i></a>:<br /><br />"Binance's footprint is shrinking even further, as the company has canceled its registration with the United Kingdom's Financial Conduct Authority (FCA). This means that the company will not be able to perform any regulated activities in the country."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-63393336505049876172023-06-16T06:48:40.103-07:002023-06-16T06:48:40.103-07:00Two headlines this morning - Crypto Exchange Binan...Two headlines this morning - <a href="https://www.bloomberg.com/news/articles/2023-06-16/binance-probed-by-france-for-illegal-practice-crypto-money-laundering" rel="nofollow"><i>Crypto Exchange Binance Probed by France for Alleged Illegal Practices</i></a> and <a href="https://www.bloomberg.com/news/articles/2023-06-16/binance-exits-netherlands-after-failed-registration-attempt" rel="nofollow"><i>Binance Exits Netherlands After Failed Registration Attempt</i></a>.David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-90931759060697591772023-06-11T06:55:29.095-07:002023-06-11T06:55:29.095-07:00In Crypto Weekend Slump Compounds Jitters of Inves...In <a href="https://www.bloomberg.com/news/articles/2023-06-10/crypto-weekend-slump-led-by-altcoin--sol--ada--matic--follows-sec-crackdown" rel="nofollow"><i>Crypto Weekend Slump Compounds Jitters of Investors Already on Edge</i></a> Sunil Jagtiani, Emily Nicolle and Yueqi Yang report on fallout from the SEC's suits:<br /><br />"Altcoins including Cardano’s ADA tumbled as much as 25% on Saturday before paring a sliver of the decline, while tokens including Solana’s SOL, Polygon’s MATIC and Avalanche’s AVAX posted double-digit percentage drops. Bitcoin, the largest digital asset, was down almost 3% as of 4:15 p.m. in New York. Second-ranked Ether earlier shed more than 6% to hit its lowest level since late March. <br /><br />The crypto market is notorious for big swings during weekends, when activity is typically thinner and even small trades can make an impact.<br />...<br />Further speculation of selling pressure around Robinhood Markets Inc.’s decision Friday to drop certain altcoins from its platform also fed the negative sentiment."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-18812633559568716002023-06-10T09:59:15.198-07:002023-06-10T09:59:15.198-07:00In Nigeria’s SEC Says Binance Operations in Countr...In <a href="https://www.bloomberg.com/news/articles/2023-06-10/nigeria-s-sec-says-binance-operations-in-country-are-illegal" rel="nofollow"><i>Nigeria’s SEC Says Binance Operations in Country Are ‘Illegal’</i></a> Anthony Osae-Brown reports that:<br /><br />"Nigeria’s Securities and Exchange Commission declared the operations of digital-assets exchange Binance Holdings Ltd. illegal in the West African nation, days after the US SEC launched lawsuits against the firm. <br /><br />Binance Nigeria Limited, the unit of the cryptocurrency platform in Africa’s biggest economy, is neither registered nor regulated by the commission and its operations are therefore “illegal,” the SEC said in a statement posted on its website late Friday. “Any member of the investing public dealing with the entity is doing so at his or her own risk,” the commission warned."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.comtag:blogger.com,1999:blog-4503292949532760618.post-21085995110680286212023-06-08T13:28:47.645-07:002023-06-08T13:28:47.645-07:00In Binance Money Trail Reveals $70 Billion Flowing...In <a href="https://www.bloomberg.com/news/articles/2023-06-08/binance-money-trail-reveals-70-billion-flows-to-silvergate-signature" rel="nofollow"><i>Binance Money Trail Reveals $70 Billion Flowing Through Silvergate, Signature</i></a> Olga Kharif and Yueqi Yang report on an SEC filing:<br /><br />"Crypto exchange Binance and related entities shuttled some $70 billion through accounts at now-defunct Silvergate Bank and Signature Bank from 2019 up until this year, including “large amounts of money” flowing in and out within days, according to new details revealed in a filing Wednesday.<br /><br />Silvergate facilitated more than $50 billion in deposits for Binance-related parties, while Signature handled more than $19 billion, the 27-page document, which was filed Wednesday in US District Court in Washington, shows. Some of the funds flowed out to foreign entities, according to the filing, which cited a review of financial records including bank statements, deposits, canceled checks and wire transfers."David.https://www.blogger.com/profile/14498131502038331594noreply@blogger.com