Tag: Binance

Binance Halts Certain Trading Pairs and Disables PayID AUD Deposits Amid Tightening Australian Regulations

by Blockchain News

In an ongoing adaptation to tighter Australian regulations, Binance, the world’s largest cryptocurrency exchange, has announced significant changes affecting its Australian users.

Firstly, Binance will cease trading on several spot trading pairs tied to the Australian Dollar (AUD) effective from June 1, 2023, at 06:00 (UTC). The affected pairs include ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD.

Despite this shift, the platform reassures users that they can continue to trade these cryptocurrencies via other trading pairs available on the exchange. Additionally, it’s crucial for those using trading bots on the aforementioned pairs to update or cancel them before the given date to avoid potential losses.

This announcement follows a recent tweet from Binance on May 18, 2023, informing users of an immediate halt to PayID AUD deposits. This action was necessitated by a decision from their third-party payment service provider. The move further exemplifies Binance’s ongoing adjustment to changing regulatory norms in Australia.

Binance urges users to stay updated and make necessary changes in line with these amendments to ensure smooth trading experiences. Users are also reminded that in case of any translation discrepancies, the original English announcement will prevail.

The regulatory landscape for cryptocurrency in Australia is tightening, and exchanges like Binance continue to adapt their operations to comply with these evolving standards.

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Binance CEO Highlights CCTV’s Crypto Coverage amid Market Uncertainties

by Blockchain News

In the midst of global financial uncertainties and growing regulatory pressure on cryptocurrencies, Binance CEO, Zhao Changpeng, has offered an optimistic view following a recent cryptocurrency-focused broadcast by China Central Television (CCTV).

According to Zhao, the broadcast is a significant event that’s created a buzz in Chinese speaking communities. He shared this view on Twitter, stating, “CCTV just broadcasted crypto. It’s a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.”

While cautioning that past events may not necessarily predict future outcomes and his words were not intended as financial advice, Zhao’s comment appears to indicate a belief that this exposure might influence a positive shift in market dynamics. This view arrives at a time when the global cryptocurrency market is facing numerous challenges.

Bitcoin, the leading cryptocurrency, has recently experienced a drop amidst tightening regulations, disappointing policy developments from Hong Kong, and the ongoing issue of the debt ceiling. This trend has echoed in other digital currencies, adding to investor concern.

CCTV’s crypto broadcast might indeed suggest a softening stance on digital currencies within China, a country known for its rigorous crypto regulation. Historically, media coverage in influential platforms has been observed to sway market sentiment and can significantly impact the trading behavior in both traditional and crypto markets.

Nevertheless, it’s important for investors to consider Zhao’s tweet in the wider context of current market conditions. While his optimism may signal potential opportunities, the current market uncertainties underscore the importance of due diligence and risk assessment in cryptocurrency investment.

Crypto market followers and investors will likely be watching closely for any indications that the Chinese market’s sentiment toward cryptocurrencies is indeed changing, as it could hold substantial implications for the global cryptocurrency industry. 

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Binance’s Chief Communications Officer Debunks Reuters’ Claims, Denies Alleged Financial Irregularities

by Blockchain News

Binance’s Chief Communications Officer, Patrick Hillmann, took to Twitter to vehemently deny allegations of Binance commingling customer and company funds as reported by Reuters. Hillmann called out the story as weak and filled with conspiracy theories.

In his tweet thread, Hillmann highlighted that the Reuters article revolved around the term “deposit” used on the transaction page when users purchased Binance’s stablecoin, BUSD, issued in partnership with Paxos.

Hillmann clarified that users were merely buying a stablecoin, and it was explicitly stated that the stablecoin was redeemable by Paxos. He argued that the use of the term “deposit” didn’t equate to the misuse or mishandling of funds. Hillmann criticized Reuters for publishing the story despite finding no evidence of Binance client funds being lost or taken. He accused the news outlet of putting up a defense against a potential libel suit by mentioning the lack of evidence upfront and then spinning a narrative around the unverified claims of a “former insider.”

Addressing the ongoing regulatory concerns around Binance, Hillmann stated that the company has been transparent about its past shortcomings. He questioned the need for a respected news outlet like Reuters to “continue making stuff up.”

Hillmann further criticized the consistent mention of Binance CEO Changpeng Zhao’s ethnicity without noting that he’s been a Canadian citizen since the age of 12, indicating an undercurrent of xenophobia.

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Binance Accused of Commingling Customer Funds and Revenue, Says Reuters Report

by Blockchain News

Binance, the world’s largest cryptocurrency exchange, is facing allegations of having commingled customer funds with company revenue in 2020 and 2021, violating U.S. financial rules that mandate the segregation of customer money, according to a special report by Reuters. Citing three sources familiar with the matter, the report claims that the exchange held mixed accounts at U.S. lender Silvergate Bank, with sums running into billions of dollars.

According to Reuters’ report, the money flows highlighted a lack of internal controls at Binance, obscuring the location of client assets and risking their security. Despite the serious nature of the allegations, no evidence has been found to indicate that Binance client funds were lost or misused.

The special report by Reuters comes amid increased scrutiny from SEC chair Gary Gensler over the practices of crypto exchanges, with a particular focus on safeguarding client money. While Binance has not been directly targeted by the SEC, it faces allegations from the U.S. Commodity Futures Trading Commission (CFTC) of allowing U.S. customers to trade on its platform despite claims to restrict access.

Binance has refuted the allegations, according to Reuters. Binance spokesperson Brad Jaffe denied the commingling of funds, stating that the accounts in question facilitated user purchases of Binance’s own dollar-linked crypto-token, BUSD, likening the process to buying a product from Amazon.

The report from Reuters has drawn attention to the exchange’s financial operations as it faces civil charges from the CFTC and an ongoing investigation by the Justice Department for alleged money laundering and sanctions violations. The exchange’s banking future is unclear as the crypto sector faces a broader crackdown in the U.S.

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Binance Australia Maintains AUD Withdrawals Despite Suspension of PayID AUD Deposits

by Blockchain News

Binance, the world’s largest cryptocurrency exchange, has announced an immediate cessation of PayID AUD deposits and potential impacts on bank transfer withdrawals for its users. The unexpected decision follows an action taken by its third-party payment service provider.

In a recent tweet, Binance stated, “We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third-party payment service provider.” The payment processor’s decision also affects the bank transfer withdrawals, the timeline for which will be advised to the users once confirmed.

While the sudden stoppage may cause some disruptions for Australian users, Binance has made it clear that they are actively seeking a new payment service provider to resume the services swiftly. “We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users,” the exchange said.

Despite this setback, Binance assured its customers that other transaction methods remain operational. Users can still purchase and sell cryptocurrencies using credit or debit cards. Additionally, the Binance P2P marketplace remains unaffected by this development and continues to operate as usual.

Most importantly, Binance highlighted that all users’ funds are safe. The exchange guarantees protection through the Secure Asset Fund for Users (SAFU). SAFU is an insurance fund established by Binance to protect its users and their funds in extreme situations. 

Just now, Binance confirmed via a tweet that AUD withdrawals for its Australian users will continue as usual. ‘We have confirmed with our local payment partner that our users can continue to withdraw AUD, and we will update with any further changes on timing as we know more,’ the tweet stated.

Binance’s recent announcement comes amid increasing regulatory scrutiny on cryptocurrency-related businesses in Australia.

On 6th April 2023, the Australian Securities and Investments Commission (ASIC) canceled the Australian Financial Services Licence of Oztures Trading Pty Ltd, which operates as Binance Australia Derivatives. This cancellation came into effect following a request from Binance the previous day.

This move signals a tightening regulatory environment for cryptocurrency businesses in Australia, posing new challenges for industry players like Binance.

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Binance Adds Bitcoin Ordinals to NFT Marketplace

by Blockchain News

Bitcoin ordinals, also known as Bitcoin NFTs, are gaining popularity in the Web3 space as more marketplaces adopt and offer digital assets. Binance, a leading cryptocurrency exchange, has recently announced that it will soon support Bitcoin ordinals on its NFT marketplace, expanding its multichain NFT ecosystem to include the Bitcoin network. This move follows other decentralized networks that the Binance NFT market has already integrated, including BNB Chain, Ethereum, and Polygon.

Mayur Kamat, the head of product at Binance, commented on the new offerings in the marketplace and Bitcoin’s crypto legacy, stating, “Bitcoin is the OG of crypto.” With this update, Binance users will be able to purchase and trade Bitcoin ordinals from their existing accounts. The announcement also states that the update will include royalty support and additional revenue-generating opportunities for those creating Bitcoin ordinals.

Prior to Binance’s announcement, OKX, another cryptocurrency exchange, announced in late April that it would bring Bitcoin ordinals to its marketplace and wallet ecosystem. Initially, OKX users could view and store ordinals using their accounts, with the option to mint ordinals being hinted at in the future, according to Haider Rafique, the chief marketing officer at OKX.

Bitcoin NFTs are available on marketplaces such as Magic Eden, which integrated the feature back in March. Recent data shows that inscriptions of Bitcoin ordinals have been on the rise in recent months, reaching 58,179 inscriptions on April 2, up 83.5% from the previous month. As of May 1, the total number of Bitcoin ordinal inscriptions had skyrocketed to exceed 3 million.

However, Bitcoin ordinals remain a controversial topic within the crypto community. Some Bitcoin maximalists criticize them for deviating from Bitcoin’s original peer-to-peer ethos. Nonetheless, Bitcoin ordinals offer unique opportunities for creators and collectors to buy, sell, and trade digital assets on the blockchain.

The rise of Bitcoin ordinals also reflects the growing interest in NFTs and digital art. In March, the digital artist Beeple sold a digital artwork for a record-breaking $69 million at a Christie’s auction. The sale of this NFT sparked a frenzy in the NFT market, with artists, musicians, and other creatives exploring the potential of blockchain technology to authenticate and monetize their work.

In conclusion, Binance’s move to support Bitcoin ordinals is a significant step for the NFT market, expanding the availability of digital assets to include the Bitcoin network. With the rise of Bitcoin ordinals and NFTs, we can expect to see continued innovation and experimentation in the world of blockchain and digital art.

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Google, UK, FTX and Binance in Crypto News

by Blockchain News

In the latest crypto news, Google has expanded its Web3 program by adding 11 blockchain partners to its Google for Startups Cloud Program. The program will provide expertise, grants, and services to emerging Web3 entrepreneurs. The UK government has also allocated $125 million to establish an AI task force aimed at promoting the country’s sovereign capabilities, such as public services, and fostering the adoption of safe and reliable AI foundation models. On the other hand, FTX has agreed to sell its LedgerX futures and options exchange and clearinghouse to M7 Holdings for $50 million, while Binance.US has backed out of its $1 billion Voyager asset purchase due to the “hostile and uncertain regulatory climate in the United States.”

In more detail, Google has partnered with 11 Web3 blockchain firms, such as Alchemy, Polygon, Celo, and Hedera, to expand its Google for Startups Cloud Program. As part of the program, pre-seed Web3 startups can receive up to $2,000 in Google Cloud credits valid for two years, while seeded startups can access $200,000 over two years for Google Cloud and Firebase usage. Additionally, blockchain partners are offering grants of up to $3 million to seeded companies in the program. Nansen, a blockchain analytics company, has also partnered with Google Cloud to provide real-time blockchain data for startups.

Meanwhile, the UK government has launched an AI task force to accelerate the country’s readiness for AI. The task force will focus on promoting sovereign capabilities, such as public services, and fostering the adoption of safe and reliable AI foundation models. The task force aims to launch its first pilots of AI usage and integration targeting public services in the next six months. The UK is committed to becoming a science and technology superpower by 2030 and is pushing for “safe AI” that regulates technology to “keep people safe” without limiting innovation.

In terms of cryptocurrency exchanges, FTX has agreed to sell its LedgerX futures and options exchange and clearinghouse to M7 Holdings for $50 million. The deal is subject to approval from the US Bankruptcy Court for the District of Delaware, which is scheduled to hear the case on May 4. FTX purchased LedgerX in August 2021 to expand its spot trading services, and the sale is part of FTX’s efforts to monetize assets and deliver recoveries to stakeholders.

On the other hand, Binance.US has backed out of its agreement to purchase bankrupt cryptocurrency brokerage Voyager Digital’s assets for $1 billion, citing the “hostile and uncertain regulatory climate in the United States.” The Voyager Official Committee of Unsecured Creditors expressed its disappointment at the news and said it was investigating potential claims against Binance.US. Voyager and the creditors’ committee will now work on distributing cash and crypto to customers directly via the Voyager platform.

In conclusion, the crypto world has seen significant developments this week, from Google expanding its Web3 program to the UK government allocating funding for an AI task force. FTX is set to sell LedgerX, and Binance.US backs out of the Voyager asset purchase. The industry remains dynamic and unpredictable, with companies and governments adapting to the ever-changing regulatory environment.

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Binance set to reenter Japanese crypto market

by Blockchain News

Binance, one of the most prominent cryptocurrency exchanges in the world, is planning to make a comeback to the Japanese cryptocurrency market after its recent acquisition of the licensed cryptocurrency trading platform Sakura trading Bitcoin (SEBC). Binance’s purchase of SEBC was finalized in November 2022, and the company plans to rebrand the SEBC platform as the Japanese version of Binance in June 2023.

A story that was published in a regional daily said that SEBC would stop providing its existing cryptocurrency exchange and trading services on May 31, 2023. The message did not include an announcement about a date for the formal debut of Binance Japan. Users of the SEBC exchange have until the deadline of May 28, 2023 to remove their cash from the exchange. By the 5th of June, any funds that are still present in these accounts will be automatically converted into Japanese yen and transferred to the users’ respective bank accounts. Users of the Japanese version of the cryptocurrency exchange Binance will soon be required to go through updated identity verification and Know Your Customer checks.

Nearly five years have passed since Binance’s initial attempt to obtain an independent license in Japan was unsuccessful. The company has now reentered the Japanese market through an acquired entity. In 2018, Binance was forced to halt its operations in Japan after receiving warnings from banking officials that it was doing business without proper regulatory permission. However, the exchange platform has been successful in mending its relations with regulators and returning to other markets through the acquisition of stakes in regulated entities.

Binance was able to successfully rejoin the Malaysian cryptocurrency market by obtaining a share in a regulated exchange platform. This occurred prior to Binance’s comeback into the Japanese market. The stock exchange also reentered the market in Singapore by purchasing an 18% interest in a stock exchange that is regulated. In a similar manner, the cryptocurrency platform was able to get access to the sterling payment network in the United Kingdom via a collaboration with Paysafe, despite the fact that authorities had denied the platform access to the same network.

Japan was one of the first countries to implement cryptocurrency rules, and its regulatory standards have always been seen as being particularly stringent. Nonetheless, the country has since loosened some of the regulatory requirements that must be met by cryptocurrency platforms, making it simpler to list new cryptocurrency tokens. Binance’s reintroduction into the Japanese market is a major milestone in the cryptocurrency industry of that nation, and it emphasizes the need of regulatory compliance for enterprises that operate in this area.

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Binance CEO Denies Bloomberg’s Net Worth Report

by Blockchain News

Changpeng “CZ” Zhao, the CEO of Binance, one of the world’s biggest cryptocurrency exchanges, has refuted the net worth stated by Bloomberg in its financial rich list. Bloomberg included Zhao on its list of the world’s richest people in finance. With an estimated wealth of $28.2 billion, CZ is positioned among the top three financial billionaires in the world, as shown by the ranking. On the other hand, CZ said on Twitter on April 27 that the statistics are all incorrect and that he does not have anywhere near as much money as what is supposed to have been the case for him, notwithstanding what was previously stated.

CZ began his tweet with the number 4, meaning that his worth should fall somewhere between Dan Gilbert’s $19.4 billion and Uday Kotak’s $13 billion. Uday Kotak is the richest person in India. It should not come as a surprise that CZ would take the initiative to call attention to the falsehoods that have been reported, given that he has been critical of the way that the cryptocurrency business is portrayed by mainstream media sites. He has made a number of denials about the information that was provided by authoritative sources such as Bloomberg and Forbes, often labeling such stories as FUD, which stands for fear, uncertainty, and doubt.

CZ’s critical position on the industry’s depiction in mainstream media was clear in his reaction to a story published by Forbes, which said that Binance had proceeded with a “backroom maneuver” involving a $1.8 billion transaction in 2022. The article claimed that Binance had done this in order to circumvent regulatory oversight. It was his contention that Forbes “don’t know how an exchange works.” In a similar manner, he disproved a story from Bloomberg that said Binance was contemplating severing connections with its US-based business partners.

In addition to correcting certain errors that had been made in the article, CZ said in his tweet that he does not consider the defunct FTX bitcoin exchange to be a competitor of his company’s. He emphasized the need of better-run exchanges in the cryptocurrency market and expressed his satisfaction with the increasing number of well-run exchanges in the sector.

The cryptocurrency market is receiving a growing amount of attention from the mainstream media as a result of stories detailing its enormous growth potential and adoption by institutional investors. Nevertheless, CZ’s criticism of the mainstream media draws attention to the need of truthful reporting on the innovations and evolution of the business.

CZ’s rejection of Bloomberg’s net worth report and his critical attitude on the depiction of the cryptocurrency sector in mainstream media both underscore the need of factual reporting. In conclusion, CZ’s position on the representation of the cryptocurrency industry in mainstream media is crucial. Reporting that is well-informed and provides a fair picture of the innovations and progress of the industry is required because of the growth potential of the sector and the rising usage of its products.

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Binance Executive Accuses Former FTX CEO of Spreading Fake Rumors

by Blockchain News

Binance executive Patrick Hillmann recently took to Twitter to accuse former FTX CEO Sam Bankman-Fried, also known as SBF, of spreading “fake rumors” about Binance CEO Changpeng “CZ” Zhao. Hillmann claimed that Bankman-Fried used his influence to label Zhao as an “evil Chinese” in an attempt to perpetuate his alleged scams at FTX.

The public relationship between SBF and CZ had been often antagonistic, with the two exchanges having financial ties. However, Hillmann’s recent comments suggest that Bankman-Fried had taken things further than what was publicly visible. Hillmann also claimed that the denigration of CZ was the norm at FTX and had nothing to do with the decision to sell the worthless FTT on the company’s books.

The rivalry between FTX and Binance came to a head when CZ announced plans for Binance to liquidate its position in FTX Token (FTT) prior to FTX’s bankruptcy, hinting that Binance would consider purchasing the competitor. However, when the deal fell apart, and FTX filed for Chapter 11, the two industry heads traded barbs through social media. CZ called SBF a “fraudster,” and the former FTX CEO suggested that Zhao lied about the buyout discussions.

Despite the animosity between the two leaders, Zhao continues to lead Binance as CEO and regularly posts messages on social media. In contrast, Bankman-Fried faces 13 federal charges, including those related to bribery and wire fraud. As part of his bail conditions, he has only limited internet access.

Bankman-Fried’s alleged actions to denigrate CZ raise concerns about the role of social media in perpetuating rivalries and conflicts within the crypto industry. As crypto exchanges continue to grow in size and importance, it is crucial for their leaders to maintain a professional and respectful public image. Failure to do so could lead to reputational damage and undermine investor trust in the entire industry.

The rivalry between FTX and Binance is not unique in the crypto industry. The space is known for its intense competition, with companies vying for dominance in an emerging market with vast potential. However, the leaders of these companies must remember that they have a responsibility to act with integrity and professionalism in their public statements and behavior.

In conclusion, Hillmann’s accusations against Bankman-Fried highlight the need for greater scrutiny of the conduct of crypto industry leaders. As the industry continues to grow and evolve, it is important for regulators and investors to demand transparency and accountability from these companies and their leaders. Only by doing so can we ensure that the promise of crypto technology is fulfilled in a way that benefits everyone.

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