Binance to Remove Liquidity Pools: ADA, APE, AVAX, DOT and More

Binance, one of the world’s premier cryptocurrency exchanges, has announced the removal of a significant number of liquidity pools from its Liquid Swap platform. This decision stems from Binance’s periodic review aimed at refining the trading experience for its users by concentrating liquidity. Traders should closely monitor these tokens, as the removal of token trading pairs may influence their prices.


Users with positions in these liquidity pools will automatically have their deposited assets returned to their Spot wallets at the aforementioned date and time.

It’s crucial for users to understand that the removal of these liquidity pools won’t affect the trading of the corresponding pairs on Binance Spot. Starting from August 28, 2023, at 06:00 (UTC), the platform will cease accepting liquidity additions to these pools. However, users have the option to redeem their assets from these pools before the removal date. After September 1, deposits in these liquidity pools will be determined based on the prevailing composition ratios of each pool and will be automatically redeemed to users’ Spot wallets.

Binance has also emphasized that Liquid Swap positions might undergo changes in composition ratios due to the inherent nature of liquidity pools. For a deeper understanding, users are directed to the platform’s FAQ section.

The announcement was officially made on August 28, 2023, by the Binance Team.

Image source: Shutterstock


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SEC Lawsuits Target Multiple Tokens: DCG Founder Points Out Absence of PoW Cryptos

In an unfolding legal battle against two major cryptocurrency exchanges, Coinbase and Binance, the United States Securities and Exchange Commission (SEC) has declared various tokens as securities. These tokens include SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO in the case against Coinbase. For Binance, the list features SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

This declaration by the SEC highlights its ongoing effort to regulate the cryptocurrency market and could have substantial implications for these tokens and their holders. If the SEC succeeds in classifying these tokens as securities, it would subject them to more stringent regulatory rules and obligations.

Barry Silbert, the founder of Digital Currency Group (DCG), commented on the situation via Twitter, noting, “No Proof of Work tokens in any of the lawsuits, I believe (BTC, LTC, XMR, ETC, ZEC, etc.).” Silbert’s tweet refers to the SEC’s decision to not include tokens that use Proof of Work (PoW) consensus mechanism in their lawsuits. This includes Bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC), among others.

The implication of Silbert’s statement suggests that the SEC might be differentiating between PoW tokens and other tokens. This differentiation could lead to different regulatory standards and implications for tokens depending on their underlying consensus mechanism.

This ongoing case and the SEC’s decisions could set a precedent for future regulations and classifications in the crypto market. As such, all eyes within the crypto community are keenly focused on the developments. It is yet to be seen how these decisions will shape the regulatory landscape of digital assets.


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Binance US Faces SEC Accusations Over Alleged Securities Trading Violations

The Securities and Exchange Commission (SEC) has leveled a series of accusations against the US operations of cryptocurrency exchange Binance, casting a significant cloud over the future of the platform in the United States.

In a formal complaint, the SEC claimed that Binance US facilitated trading in a range of tokens identified as securities without the requisite permissions. The assets in question include Binance Coin (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity Shards (AXS), and Coti (COTI).

The SEC’s allegations also extend to investment schemes run by the platform. Binance’s BNB Vault and Simple Earn programs, as well as a staking investment plan, are accused of having operated outside of US regulatory oversight.

The accusations seem to point to a fundamental charge of intentional evasion of US supervision by Binance, a claim that could carry significant implications for the cryptocurrency exchange’s operations within the country.

However, it is important to clarify the nature of these charges. The allegations brought forth by the SEC, as well as those by the Commodity Futures Trading Commission (CFTC), against Binance are civil, not criminal in nature. This marks a distinction from the money laundering charges faced by other exchanges such as BitMEX in previous cases.

The fallout from the accusations is yet to be fully realized, but this could mark a pivotal moment in the ongoing tug-of-war between cryptocurrency exchanges and regulatory bodies. As Binance contends with these accusations, the crypto industry will no doubt be watching closely, aware that the outcome could have far-reaching implications for the future of digital asset trading in the United States.


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SEC Considers Filecoin a Security, Grayscale Disagrees

In a recent press release, Grayscale Investments, the world’s largest digital currency asset manager, announced it has received a comment letter from the U.S. Securities and Exchange Commission (SEC). According to the SEC, Grayscale’s Filecoin Trust’s underlying asset, Filecoin (FIL), should be classified as a security under federal securities laws. The regulatory body’s viewpoint has sparked a dispute, as Grayscale holds a differing opinion on the matter.

The SEC’s contention is that if Filecoin is considered a security, Grayscale’s Filecoin Trust would correspondingly qualify as an investment company under the Investment Company Act of 1940. Consequently, the SEC has requested that Grayscale promptly withdraws the registration statement it filed on April 14, 2023, for the Grayscale Filecoin Trust under Section 12(g) of the Securities Exchange Act of 1934.

Contrarily, Grayscale Investments believes that Filecoin does not meet the definition of security under federal securities laws. The company plans to respond expeditiously to the SEC, defending its position with a detailed legal explanation.

The outcome of this disagreement is uncertain, and much depends on whether Grayscale’s arguments can persuade the SEC. If the SEC stands firm in its belief that Filecoin is a security, Grayscale may be forced to seek alternative accommodations allowing the Trust to register under the Investment Company Act of 1940. Another potential, albeit drastic, alternative could involve dissolving the Trust altogether.

The stakes are high for both Grayscale and the broader cryptocurrency market. The SEC’s final decision may significantly impact the regulatory framework governing digital assets. 


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These Five Altcoins Are Ready for Explosive Moves in November, Says Crypto Trader Aaron Arnold

Crypto trader Aaron Arnold is naming his top altcoin picks for the month of November.

In a new YouTube video, the Altcoin Daily host says he anticipates Polygon (MATIC) to surge as companies like Twitter work on projects that require Ethereum layer-2 scaling solutions.



“Polygon is breaking out, targeting new record highs. MATIC looks ready to set new all-time highs, and this matches what we see going on on-chain.

Polygon just crossed one billion transactions that have all been processed on the Polygon proof-of-stake chain. An amazing milestone, an amazing achievement.

Ethereum layer-2 scaling solutions could not have come at a better time. There’s demand for this, especially with all the adoption that we see.”

The trader is also optimistic about the smart contract platform Avalanche (AVAX) after one of the original rebasing tokens, Ampleforth (AMPL), launched on the network.

“Avalanche is providing a lot of incentives for different DeFi [decentralized finance] protocols to come on the Avalanche blockchain and it’s working.”

He points to Avalanche’s growing numbers in terms of addresses and transactions, adding that the network’s daily active addresses just hit a new high of nearly 70,000, representing a weekly increase of over 100%.

Arnold says that he is also bullish on the decentralized oracle network Chainlink (LINK) and decentralized peer-to-peer file storage protocol Filecoin (FIL).

“I’m adding them just because they are interoperating with a lot of the leaders in this space. I think the future is multi-chain, the future is interoperable.”

Arnold says that the decentralized cross-chain liquidity protocol THORchain (RUNE), which recently broke volume and liquidity all-time highs, is also on his list.

He says the platform is now being viewed as a favored venue for KYC-less (know your customer) and borderless trading of Bitcoin (BTC) for Ethereum (ETH) and ERC-20 tokens. Arnold cites a forecast that the network will have more real Bitcoin than Wrapped Bitcoin (WBTC) on the Uniswap exchange by the end of next January.

“THORchain is doing some impressive metrics.”

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Bulls target $100 Filecoin (FIL) after data points to improving fundamentals

Some traders have said that Filecoin (FIL) has lost its momentum because its current price at $64 is more than 70% below its all-time high at $238. However, this decentralized data-sharing platform is showing signs of increasing adoption and this could cause the FIL token price to accelerate its current uptrend.

The FIL token is used to purchase storage space and retrieve data from the Filecoin Network. At the same time, its users gain rewards for selling their excess storage using this open-source platform. To compete with existing centralized cloud storage services, Filecoin has economic incentives to ensure files are reliably stored over time.

Filecoin (FIL) price at Coinbase in USD. Source: TradingView

Notice how the past three weeks showed a potential reversion to the previous downtrend movement. That upward channel points to a $90 support by mid-November and resistance near $107, which would be a 55% gain from the current pricing.

Related: Bitcoin-related altcoins surge as BTC ETF rumors spread across the sector

Partnerships and adoption could pave the way to $100

On Sept. 14, Filecoin announced a referral program for users who bring members carrying datasets larger than 90 Terabytes. The network reached 9,000,000 Terabytes in August, and according to their website, there are over 3,000 systems and storage providers serving capacity to 400+ applications.

On Oct. 13, Filecoin announced a storage collaboration with Flow Blockchain, which is backed by Dapper Labs. The service will establish decentralized data storage for nonfungible tokens (NFTs), along with the media assets associated with them. Flow’s platforms include Eternal, Starly, Versus and the upcoming multiplayer online game Chainmonsters.

More importantly, on Oct. 15, the daily release of Filecoin tokens will decrease by 23.8% to mark a year since the mainnet launched. Specifically, that affects the 7.5% stake held by early investors, equivalent to 150 million FIL tokens after the three-year issuing period.

Filecoin future gregate open interest. Source: Bybt

Since Sep. 30, Filecoin futures open interest has increased by 45%, signaling that investors’ interest is finally starting to pick up. This metric represents the total number of contracts in play, regardless of whether they have actually been traded on a specific date.

Glass half full: The funding rate has room for buyers’ leverage

To assess whether the market is leaning bullish, one should analyze the perpetual contracts funding rate. Even though buyers and sellers’ open interest is matched at all times, leverage can vary. When buyers (longs) are demanding more leverage, the funding rate turns positive. Thus, they are the ones paying the fees to the sellers (shorts).

However, the opposite situation occurs when shorts require additional leverage, and this causes the funding rate to turn negative.

Filecoin perpetual futures 8-hour funding rate. Source:

The above chart shows a brief period of excessive buyers (longs) leverage building in early September as the funding rate reached 0.10% or 2.1% per week. More recently, Filecoin’s funding rate surpassed 0.06% per 8-hour as FIL token struggled with the $80 resistance on Oct. 8 but failed to break through.

Currently, derivatives metrics show few signs that investors have abandoned Filecoin despite its price hanging 70% below the $238 all-time high. The recent partnership with Flow Blockchain, increasing network use and capacity, and the reduced token emission point to a possible continuation of the previous three-week uptrend. Nothing seems to be holding back FIL from reaching the $90 to $107 range in November.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.