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BREAKING: Former Binance CEO CZ Behind Bars: Sentenced To Jail For 4 Months

In a significant development for the crypto industry, Changpeng Zhao, commonly known as CZ, the founder of Binance, the world’s largest cryptocurrency exchange, has been imprisoned for four months. 

The sentencing follows his guilty plea to charges related to enabling money laundering activities within his crypto exchange. The verdict was delivered in Seattle federal court and marks the culmination of US authorities’ multiyear investigation into Binance.

Lighter Sentence For Binance Founder

The sentence handed down to Zhao was notably less severe than the three-year prison term sought by federal prosecutors. In contrast, the defense had requested five months of probation, ultimately given the outcome wanted. 

Under the terms of a settlement reached in November of 2023, Zhao agreed to step down as CEO of Binance, as part of an agreement to resolve the investigation. 

The probe primarily focused on allegations that Binance failed to implement an effective anti-money laundering program, as the Bank Secrecy Act required. 

Regulatory Pressure Mounts 

Zhao was also accused of knowingly allowing Binance to process transactions involving funds derived from unlawful activities, including transactions between US citizens and individuals residing in sanctioned jurisdictions.

As part of the resolution, Binance was ordered to pay an imposing $4.3 billion fines and forfeiture. Additionally, Changpeng Zhao personally agreed to pay a substantial $50 million fine, underscoring the severity of the charges and the commitment to accountability.

The legal challenges for Binance do not end there. The company faces separate lawsuits from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for alleged mishandling of customer assets and operating an illegal, unregistered exchange within the United States. 

Binance

As of this writing, the exchange’s native token, Binance Coin (BNB), is trading at $573, down over 3% in the last 24 hours and 7% in the last seven days. 

Featured image from Bloomberg, chart from TradingView.com 

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BNB Smart Chain Shines In Q1: Triple-Digit Surges In Key Metrics

The Binance Smart Chain (BNB Chain), developed by the world’s largest cryptocurrency exchange by trading volume, Binance, experienced significant growth and performance in the first quarter (Q1) of 2024. 

As highlighted in a recent report by Messari, Binance Smart Chain has surged in market cap, revenue, average daily active addresses, decentralized finance (DeFi), total value locked (TVL), and average daily decentralized exchange (DEX) volume. 

BNB Outperforms Bitcoin In Q1 2024

During Q1 2024, BNB Smart Chain demonstrated notable market cap growth, soaring by 89% quarter-over-quarter (QoQ). It reached a market cap of $92.5 billion, securing the third position among all tokens, excluding stablecoins. Only Ethereum (ETH) and Bitcoin (BTC) surpassed BNB in market cap. 

Interestingly, the report notes that BNB’s performance surpassed that of Bitcoin, which saw a 65% increase in outstanding market capitalization over the same period.

BNB

Revenue generated by the Binance Smart Chain experienced a substantial boost in Q1. The network collected $66.8 million in revenue, marking a 70% QoQ increase. 

According to Messari, this surge in revenue was primarily driven by the appreciation of BNB’s price. Notably, Q1’s revenue exceeded that of any quarter in 2023. DeFi transactions, particularly gas fees, were significant in revenue contributions, accounting for 46% of the total.

Despite a slight decrease in average daily transactions, BNB Smart Chain experienced a 27% year-over-year (YoY) increase, demonstrating sustained growth in network activity. 

Average daily active addresses surged by 26% QoQ, reaching 1.3 million. Several protocols on the BNB Smart Chain witnessed increased transaction volumes and active addresses, with Tether’s USDT and decentralized exchange (DEX) PancakeSwap leading the way.

DEX Trading Volume Explodes

BNB Smart Chain’s DeFi TVL, denominated in USD, experienced a 67% QoQ surge, reaching $7.2 billion. This growth positioned the Binance Smart Chain as the third-highest chain regarding DeFi TVL, denominated in USD. 

However, when denominated in BNB, TVL decreased slightly by 12%. This indicates that the surge in USD value was primarily driven by BNB price appreciation and capital inflows.

BNB

Decentralized exchanges on the Binance Smart Chain witnessed a staggering 193% QoQ increase in average daily trading volume. The total DEX volume for Q1 reached $1.1 billion, with PancakeSwap emerging as the dominant DEX on the platform. 

PancakeSwap’s average daily DEX volume surged by 140% QoQ, surpassing other competitors and solidifying its position as the preferred DEX on the BNB Smart Chain.

Overall, Binance Smart Chain’s performance in the first quarter of 2024 showed significant growth across various parameters, reinforcing its position as an important blockchain platform. 

BNB

The exchange’s native token, Binance Coin, is currently trading at $607, reflecting a 2% price increase over the past 24 hours and a 10% increase over the past 7 days. 

These positive price movements bring the token closer to its all-time high of $686, reached in May 2021.

Featured image from Shutterstock, chart from TradingView.com

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Monero Plummets Following Major Crypto Exchange Delisting, Are More Losses Imminent?

On February 6, Monero (XMR), a privacy and security-focused token, saw its price drop after Binance, one of the largest crypto exchanges, announced its delisting in the following weeks alongside another three tokens.

Monero (XMR) To Be Delisted This Month

Binance recently announced the delisting and cease of all trading activity of Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) starting on February 20, 2024, at 03:00 (UTC). The decision came after Binance’s most recent review, which determined that the platform could no longer support the tokens.

Following the review of digital assets in the exchange, Binance revealed its resolution to delist these tokens, affirming that they no longer met the exchange’s standards. Some of the factors the decision was based on include “evidence of unethical or fraudulent conduct or negligence” and “contribution to a healthy and sustainable crypto ecosystem.”

Binance has announced the removal of Monero’s trading pairs, including XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT, from the platform. All trade orders will be automatically removed once the trading ceases.

Additionally, any XMR deposit done after February 21, 2024, at 03:00 (UTC), won’t be credited to the user’s accounts, and withdrawals of XMR will be supported until May 20, 2024. Binance also informed that XMR tokens may be converted into stablecoins on behalf of users after the withdrawal deadline, although it “is not guaranteed.”

Binance Faces Criticism Upon Delisting News

A plunge in Monero’s price immediately followed the announcement. According to data from CoinGecko, XMR went from trading at $165 before the announcement to $148 in the following 30 minutes. Since then, the token has continued to dive lower, trading at $111,85 at writing time, accounting for a 32.7% drop in the last 24 hours.

The crypto community received the news with concerns. Several users questioned the reasons for Monero’s delisting and expressed disappointment in the exchange’s decision.

The team behind Monero shared on its X account (formerly known as Twitter) that the delisting comes after Binance’s new requirement. The crypto exchange stated that deposits must come from a “publicly transparent address, which Monero doesn’t allow.”

Crypto Trader John Brown shared his thoughts on XMR’s delisting from the exchange on his X account, saying that, although it’s a negative situation for Monero, this is mostly a “negative sign for Binance” due to his belief that the exchange is “so compliant” that they no longer can choose the assets to support.

Last year, Binance and its former CEO Changpeng Zhao, known as CZ, faced regulatory scrutiny after pleading guilty in the United States to the charges of Anti-Money Laundering, Unlicensed Money Transmitting, and Sanctions Violations.

XMR, XMRUSDT, Monero

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Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

According to a recent CoinGecko report, Binance, the world’s largest centralized exchange (CEX) by trading volume, has retained its market leadership position in 2023. 

Despite facing increased regulatory scrutiny and undergoing significant leadership changes, Binance maintained a market share of 43.7% and saw its spot trading volume rise to $427.1 billion in December 2023, representing a 37.5% month-on-month (MoM) increase.

Binance Trading Volume Reached $3.8 Trillion In 2023

According to CoinGecko’s report, Binance started the year with a commanding 63.5% market share but experienced a gradual decline throughout 2023, ending with a 43.7% market share in December. 

While Binance still dominated the market with 52.6% of the total spot trading volume in 2023, the exchange’s relative market share decline was notable. In absolute terms, Binance generated $3.8 trillion in trading volume throughout the year.

Binance

As previously reported, Binance faced significant regulatory pressure throughout 2023, culminating in a settlement agreement in November that required the exchange to pay a $4.3 billion fine to the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CTFC) for alleged financial breaches. 

As part of the settlement, Binance’s CEO, Changpeng Zhao (CZ), also agreed to step down. Richard Teng has assumed the role of the company’s head, while CZ remains restricted from traveling outside the jurisdiction of the United States as the legal battle unfolds. 

Upbit And OKX Follow Closely

Upbit, South Korea’s largest cryptocurrency exchange, managed to maintain its position as the second-largest centralized exchange in 2023, with a 9.5% market share and $687.0 billion in spot trading volume for the year.

According to the report, Upbit benefited from the Kimchi Premium, which resulted in strong local demand and premium prices for crypto assets. 

The exchange’s monthly spot trading volume hit a yearly high of $90.7 billion in December, with a 93.5% quarter-on-quarter (QoQ) increase.

Conversely, OKX secured the third position among centralized exchanges in 2023, with a 6.7% market share and $485.9 billion in trading volume. Throughout the year, OKX experienced a steady increase in market share, starting at 5.1% in January and ending at 8.9% in December. The exchange’s trading volume in Q4 reached $177.9 billion, reflecting a notable 151.6% QoQ gain.

Among the top 10 centralized exchanges, CoinGecko reports that MEXC recorded the highest growth in Q4 2023, with trading volume surging by 203.7% to $90.4 billion. 

Bybit followed closely with a growth rate of 162.1% ($107.5 billion), while KuCoin experienced a growth rate of 161.2% ($49.2 billion). KuCoin regained its spot in the Top 10 in Q4 after briefly losing it in Q3, with a market share of 3.3% at the end of December.

Binance

Binance Coin (BNB) has successfully maintained its position above the $300 threshold, with the current trading price standing at $304. This represents a 1.8% decrease in price over the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com 

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BNB Quarterly Burning: Over 2 Million Tokens Vanish, Valued At $636 Million

In a recent announcement by Binance, the BNB Foundation declared the successful completion of the 26th quarterly Binance Coin token burn through the BNB Chain. The burn, which included Auto-Burn and the Pioneer Burn Program, eliminated a significant amount of the exchange’s native token from circulation. 

BEP95 Initiative Results In 210K BNB Permanently Burned

During this latest burn event, the Auto-Burn process removed 2,141,487.27 BNB from circulation, equivalent to approximately $636 million in USD. 

It is worth noting that the Auto-Burn mechanism operates independently of Binance’s centralized exchange (CEX), providing an auditable and objective process, according to the exchange’s statement. 

Additionally, the Pioneer Burn Program contributed by removing 1542.15 tokens from circulation. This program permanently eliminates an amount of BNB equal to the provable lost funds of eligible users. 

Since the introduction of BEP95, an estimated 210,000 tokens have been permanently burned under this mechanism. As announced, the Pioneer Burn Program helps maintain the integrity of the ecosystem and ensures that lost funds do not influence the circulating supply.

Furthermore, BNB Chain’s Real-Time-Burn mechanism continuously reduces the token supply. This mechanism enables burning a portion of BNB Chain’s gas fees in real-time, further contributing to the ongoing supply reduction efforts.

Completing the 26th quarterly BNB token burn marks another significant milestone for the BNB ecosystem. The independent Auto-Burn mechanism, combined with the Pioneer Burn Program and Real-Time-Burn mechanism, showcases BNB Chain’s approach to reducing token supply and fostering long-term value. 

Robust User Adoption

In addition to its quarterly token burn, BNB has recently displayed notable strength and progress, as revealed by Token Terminal’s on-chain data. 

With a circulating market cap of $47.86 billion, BNB Chain has experienced a 30.45% increase in market capitalization. This surge in value reflects the growing confidence and demand for the token among investors. 

BNB Chain’s financial metrics are equally impressive. The platform has witnessed a revenue growth of 30.47% over the past 30 days, generating $1.72 million in revenue during this period, as seen in the chart below. 

Binance BNB BNBUSDT

Extrapolating this data to an annualized basis, the chain’s revenue is noteworthy at $20.96 million, reflecting solid financial stability and sustainable growth.

The data from Token Terminal also highlights BNB Chain’s increasing user adoption and developer activity. The platform has seen a surge in active daily users, with a 30-day average of 1.42 million, representing a robust 48.6% growth. 

The Binance Coin price performance has been steady, with a 2.14% decrease over the past 24 hours, while showing a positive trend over more extended periods. 

The token recorded a 4.38% increase in the past seven days, and over the past 30 days, it achieved an impressive growth of 30.51%. Furthermore, BNB’s performance over the past 180 days has been significant, with a growth rate of 29.92%.

BNB

Featured image from Shutterstock, chart from TradingView.com

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How To Buy, Sell, And Trade Tokens On The BSC Network

The captivating Binance Smart Chain (BSC) Network has morphed into a powerful force within the blockchain ecosystem, offering various benefits and opportunities for users and developers alike. Introduced by Binance, a top player in the global cryptocurrency exchange realm, BSC provides a robust and efficient infrastructure for decentralized applications (dApps) and digital asset transactions.

The key advantage of the BSC network is its high-speed and low-cost transactions. With its standout consensus mechanism, BSC achieves fast block confirmations, enabling quick and seamless transfers of digital assets. This scalability advantage makes BSC an attractive choice for users who value speed and efficiency in their transactions.

Advantages Of The Binance Smart Chain (BSC) Network

The Binance Smart Chain (BSC) offers several advantages that have contributed to its popularity and growth within the blockchain ecosystem. Here are some key advantages of the BSC network:

High Speed and Low Transaction Fees: BSC is known for its fast block confirmations, which result in quick transaction processing times. This speed is achieved through its unique consensus mechanism. Additionally, BSC’s low transaction fees have made it a preferred platform for developers and users.

Compared to other popular blockchain networks, BSC offers significantly lower transaction costs, making it more accessible for individuals and businesses of all sizes. This cost-effective system has aided the exponential growth of decentralized finance (DeFi) applications on the BSC network by providing a wide range of financial services to users around the world.

Scalability: BSC has been designed to handle high transaction volumes, allowing for the smooth and efficient execution of decentralized applications (dApps). This advantage enables BSC to accommodate the growing demands of users and developers without compromising performance.

Compatibility with Ethereum: The compatibility of BSC with the Ethereum Virtual Machine (EVM) has made it easy for developers to port their existing Ethereum-based projects to BSC, expanding the pool of available applications.

This opens up a world of possibilities, as it expands the range of applications available on BSC, offering users a greater selection of innovative and diverse decentralized applications to choose from. This interoperability has fostered innovation and attracted a diverse range of projects, including decentralized exchanges, yield farming platforms, and NFT marketplaces.

The close integration between BSC and the Binance exchange also creates a host of advantages for users. The seamless connection between these two platforms facilitates effortless token swaps and transfers.

Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops
This integration enhances overall liquidity, ensuring that users have quick and convenient access to a diverse range of digital assets. Whether it’s trading, diversifying portfolios, or exploring new investment opportunities, the close relationship between BSC and Binance empowers users with a seamless and detailed experience in the world of digital assets.

Trading On The BSC Network

Decentralized exchanges (DEXs) on the Binance Smart Chain (BSC) network provide traders with a range of features and opportunities to enhance their trading experience. Here’s an elaboration on the features of DEXs on BSC:

Automated Market Makers (AMM): DEXs on BSC leverage AMM protocols to enable token swaps. AMM algorithms automatically set token prices based on supply and demand dynamics within liquidity pools. This feature eliminates the need for traditional order books and enables continuous liquidity, allowing traders to execute swift and efficient trades.

Yield Farming: Yield farming is a popular practice in the decentralized finance (DeFi) space, and many BSC DEXs offer yield farming opportunities where traders provide liquidity to specific token pairs by depositing their assets into smart contract-based liquidity pools. In return, they receive liquidity provider (LP) tokens, which represent their share of the pool.

Traders can then stake these LP tokens in yield farming programs to earn additional tokens or rewards. Yield farming enables traders to earn passive income by utilizing their idle assets effectively.

Liquidity Pools: These are fundamental components of DEXs on BSC which consist of pairs of tokens that are used for trading. Traders can contribute their assets to these pools and become liquidity providers.

By providing liquidity, traders help ensure that there is sufficient liquidity available for trading. In return for their contribution, liquidity providers earn a portion of the trading fees generated by the DEX. This incentivizes traders to provide liquidity, as they can earn fees from the trading activity in the pool.

Token Trading: DEXs on BSC offer traders the ability to trade a wide range of tokens. These tokens can include native tokens of projects built on the BSC network, as well as tokens that have been bridged from other blockchains, including Ethereum.

Traders have access to various trading pairs, allowing them to buy and sell tokens directly from their wallets. The availability of diverse tokens and trading pairs provides traders with abundant opportunities to explore various markets and investment opportunities.

Additionally, the  Binance Smart Chain (BSC) is a modified Ethereum fork which simply means that it is compatible with the Ethereum network. Both of these blockchain networks have similar infrastructure, which is why they have the same address in your wallet.

This is to ensure that your funds are not permanently lost when you send them via the wrong network. Simply put, if you send a token to your ETH via the BSC network, the funds will still be on the blockchain and you’ll be able to retrieve them.

How To Get Started On The BSC Network

To buy and sell tokens on the Binance Smart Chain (BSC) network, you will first need to get a Metamask wallet and fund it with BNB tokens. MetaMask is a popular browser extension wallet commonly used for interacting with blockchain networks like Ethereum and Binance Smart Chain (BSC). It is available as a browser extension for popular browsers such as Google Chrome.

Ensure your Metamask Wallet has been added to your browser as an extension by clicking on the “Add to Chrome” icon on the top right as shown below:
BSC Network Metamask

Once installed and set up, MetaMask allows users to manage their cryptocurrency wallets, interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks directly from their browsers. (Make sure to write down your seed phrase on a piece of paper and keep it safe. Do not store it online).

Next, add the BSC network to your Metamask wallet by following the instructions provided on the Metemask website here.

Getting BNB Tokens To Trade On The BSC Network

Once that is done, you need to fund your wallet with BNB before you can begin trading on the BSC network. You can buy BNB on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the BNB from Binance to your Metamask wallet. 

You can also purchase BNB directly within the Metamask wallet using traditional payment methods such as credit or debit cards, PayPal, bank transfer, CashApp, etc.

Just click on the “Buy/Sell” button within Metamask which will open up the interface. Here, you can put how much BNB you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

Metamask buy BNB

It’ll only take a couple of minutes at most for your BNB to arrive in your wallet. Once the BNB arrives, you are all set to begin trading tokens on the BSC network. So head over to Pancakeswap to get started on your trading journey.

How To Trade Tokens On The BSC Network Using PancakeSwap

PancakeSwap is the leading decentralized exchange on the BSC network. Here, users are able to buy and sell a large range of tokens, and it is a straightforward process.

Make sure you are on the correct Pancakeswap website to prevent your wallet from being drained. The next step is clicking on the “Connect Wallet” option on Pancakeswap at the top right corner as illustrated below:

Pancakeswap

Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

BSC network

Once connected, switch Metamask to the BSC network. (If you’re already on the BSC network, you do not need to switch):

switch network

With MetaMask connected to the BSC network, go to PancakeSwap, then you can start trading on the BSC network using PancakeSwap. Search for the token you want to purchase using the name or the contract address. 

Set slippage to auto to avoid having to manually set it with each swap. Once done, pick how much BNB (at the top) you want to convert to the new token (at the bottom), click on “Swap,” and confirm the transaction in your Metamask wallet.

Once the transaction is confirmed, the tokens will be sent to your wallet. To convert your tokens back into BNB, repeat this process by putting the new token at the top and picking BNB at the bottom. Click Swap and BNB will be sent to your wallet.

Tokens

Buying And Selling Tokens With The Metamask Wallet

BSC Network users can also buy and sell tokens using the Metamask extension wallet already connected to the BSC network. 

To do this, make sure you’re connected to the BSC network and have BNB to swap and pay for gas fees. Then navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

Metamask wallet

Here, you can also search for tokens using the name or the contract address, just like on Pancakeswap. Input the amount of BNB you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

Tracking Token Prices On The BSC Network

BSC network users can leverage on-chain tools such as Dextools to access detailed market insights about a particular token such as price and contract information to enable them to make informed trading decisions.

Charts

 Dextools offers a range of features that are particularly beneficial for users on the BSC network. One notable feature is the ability to check charts, providing real-time and historical price data for various tokens. These charts enable users to analyze price trends, trading volumes, and other relevant metrics, helping them identify potential entry or exit points for their trades, as shown below:

Dextools BSC network

In addition to charting capabilities, Dextools provides a “Contract Audit” feature that is especially valuable for BSC users. This feature allows users to check the audit score of a smart contract before investing in a token. Audits assess the security and reliability of a contract’s code, highlighting potential vulnerabilities or risks. 

Contract checking

By accessing the audit score through Dextools, users can evaluate the level of trustworthiness and credibility of a token’s underlying smart contract, minimizing the chances of falling victim to scams or vulnerabilities.

Conclusion

The BSC network has become popular within the blockchain ecosystem due to its advantages and has attracted a diverse range of projects and users. BSC’s compatibility with Ethereum facilitates seamless token transfers between the two networks, enhances diversification of development and usage, and promotes collaboration within the broader blockchain ecosystem. 

Additionally, it offers interoperability, allowing developers to easily port existing Ethereum-based applications and assets to BSC. This compatibility grants access to the extensive Ethereum ecosystem, enabling users to leverage the infrastructure and liquidity of Ethereum while benefiting from BSC’s faster transactions and lower fees. 

BSC’s combination of interoperability, accessibility to liquidity, and enhanced transaction efficiency makes the BSC network a compelling choice for both developers and users, solidifying its position as a prominent player in the evolving blockchain landscape.

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Dogecoin, Cardano, And Chainlink Get Special Listing From Binance

Binance is on the move once again with new special listings for Dogecoin, Cardano, and Chainlink, among others. The exchange has announced brand new crypto trading pairs for these cryptocurrencies which would bring advantages to traders.

Binance Adds New Dogecoin, Cardano, And Chainlink Pairs

In a new development that was revealed on Christmas Day, the Binance crypto exchange has expanded its list of pairs available for both Cross Margin and Isolated Margin users. The announcement revealed that it will be adding 11 new pairs across these two products.

The new pairs are mainly denominated in the FDUSD pair, a stablecoin that the exchange adopted after Paxos was ordered to stop issuing BUSD tokens. The new pairs in the Cross Margin feature include “ ADA/FDUSD, AEUR/USDT, AVAX/FDUSD, DIA/USDT, DOGE/FDUSD, IOTX/ETH, LINK/FDUSD, MATIC/FDUSD, OM/USDT, POLS/USDT.” Meanwhile, only a single new pair was added to the Isolated Margin feature which is IOTX/ETH.

Binance’s move to add new trading pairs across these products shows a move toward providing further liquidity for traders. “Binance Margin strives to enhance user trading experience by continuously reviewing and expanding the list of trading choices offered on the platform, allowing for greater diversification of user portfolios and flexibility with trading strategies,” the crypto exchange said in the announcement.

The move comes only two days after the exchange had announced the removal of multiple spot trading pairs which affected the likes of Dogecoin, Cardano, and Solana, among others. There were no specific reasons for the removal, although the exchange explained that trading pairs can be delisted due to multiple factors.

Dogecoin price chart from Tradingview.com (Crypto Binance Cardano Chainlink)

Crypto Exchanges Cleaning Up Shop

In the last week, there have been multiple instances of crypto exchanges delisting cryptocurrency pairs from their platform. The most prominent delistings for the week came from the Uphold exchange which delisted a number of cryptocurrencies in an effort to keep up with Canadian regulations.

As Bitcoinist reported, Uphold emailed its customers in the region to reveal that it will be desolating 10 Tier 3 cryptocurrencies from the exchange. Those mentioned in the email included Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), XDC Network (XDC), Kaspa (KAS), Hedera (HBAR), Stellar (XLM), VeChain (VET), Injective (INJ), and Casper (CSPR). Additionally, the crypto exchange revealed it will be delisting all Tier 4 cryptocurrencies as well.

However, unlike Binance’s delisting which only affected some pairs of different cryptocurrencies, Uphold’s move is a total delisting. “Maintaining a healthy ecosystem of digital assets for our customers is one of our top priorities – occasionally delisting assets forms part of this process,” the exchange said.

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Crypto Analyst Predicts Massive 99% BNB Price Crash To $2

BNB, the native token of the Binance Exchange, has grown to become one of the largest cryptocurrencies in the world. Its current price of $260 puts its market cap above $39 billion, making it the fourth-largest asset in the market. However, despite the notoriety that the cryptocurrency has gained during this time, one crypto analyst still expects a massive price crash, one that could shake the entire crypto market to its very core.

BNB Long-Term Distribution Points To Crash

In the initial analysis that was posted to the TradingView website on Tuesday, December 19, crypto analyst Alan Santana pointed out that the BNB token had been in what “can be considered a long-term distribution phase.” He identifies this distribution phase on the chart shared which looks to have begun after the altcoin hit its $670 all-time high price in 2021.

While this is pointed out to be bearish, the levels at which Santana believes this bearish pressure could take the price back to 2018 lows. In addition to this, the analyst explains that the BNB price is still trading below its 200-day Moving Average (MA). This, in itself, is very bearish for the asset’s price, but cannot send it 99% below its current price. However, he explains that this metric coupled with bad news about the exchange could be devastating.

BNB price chart from Tradingview.com

It is no surprise that the Binance Exchange has endured its fair share of problems when it comes to dealing with regulators. The exchange’s stablecoin which was issued by Paxos halted minting following instructions from regulators. Later, CEO Changpeng Zhao stepped down after the exchange and the founder agreed to pay $4 billion in fines to the US Securities and Exchange Commission (SEC).

The crypto analyst stated that the chart points lower in such a case but pinpointing a particular endpoint is impossible. “It is impossible to say exactly if the final target will be $11, $6, $2 or $0.10, it is very hard to predict an exact target but, the chart is pointing lower,” Santana said.

BNB price chart from Tradingview.com

Waiting For The Best Timing

Coupled with the indicators that the analyst has pointed out, he made follow-up posts to add other factors that could trigger a 99% crash in the BNB price. Pointing to the change in management that happened around a month ago, Santana explains that the next move by the exchange would be called “restructuring.”

He stated:

The company will undergo some “restructuring”, changes and improvements in the corporate network and thus everything most be frozen… Don’t worry though, the funds are SAFU.

However, Santana explains that this will not just happen and that they would wait for the best time to actually carry out this move. According to the analyst, a drawdown from the current rally would be the best time for them.

“So they would let the market correction play out after the SECs announcement late December or early January 2024. Once the market is about to bottom or hits bottom, then the ‘restructuring’ can start,” Santana said. “This would freeze billions of customers funds and allow time for the institutions, the big players, the Spot ETFs to buy Bitcoin low.”

Despite the grim prediction that could crumble the crypto market if it happened, the crypto analyst believes that this is positive in the long term. “Life will continue to evolve, nature will pick who leaves and who stays, and time will decide who was right and who is wrong,” Santana concluded.

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BNB Price Faces Critical Juncture: Head-And-Shoulders Breakout Or Bearish Dip Below $200?

The Binance Coin (BNB) price is crucial as market analysts offer differing viewpoints on the cryptocurrency’s potential direction. While one analyst presents a bullish case, anticipating a breakout and surge beyond $300, another raises concerns about a dip below $200.

BNB Price Analysis

Crypto analyst Ali Martinez suggests that BNB price could be on the verge of breaking out of a head-and-shoulders pattern. 

Martinez emphasizes the significance of a sustained close above $261, which could catalyze BNB’s upward trajectory toward $310. With a 2.9% gain over the past 24 hours and a 12% uptrend in the last fourteen days, the recent price action aligns with Martinez’s breakout thesis.

BNB Price

Martinez analyzes the 1-day chart and identifies the $257 level as a crucial breakout point, signaling a potential shift in trend. 

If the sustained uptrend continues, BNB’s price could see a substantial 19.8% gain shortly, pushing the price toward $310. This projection remains just below BNB’s yearly high of $350 in April.

However, contrasting this bullish outlook, Daan de Rover, a crypto analyst, and YouTuber, highlights BNB’s downtrend structure in the 1-week chart. 

Bearish Outlook For Binance Coin

According to de Rover, the current BNB price action “looks weak,” raising concerns about the currency’s possible continuation of its downward trajectory, which began earlier this year. 

The analyst points to the “green box” on the 1-week chart, as seen in the graphic below, as a critical support level. If breached, it could lead to a deeper decline for BNB, falling below the $200 mark.

BNB Price

De Rover’s cautious view is further emphasized by the fact that dropping below $200 would mark a level not breached since the bear market and crypto winter. 

BNB Chain Records Positive Growth 

According to Token Terminal data, the circulating market cap of BNB stands at $39.83 billion, with a slight decrease of 1.56% observed. However, it is important to note that the fully diluted market cap remains the same at $39.83 billion, indicating a stable valuation for the cryptocurrency. 

BNB has witnessed a positive revenue trend, with a 30.37% increase in annualized revenue, reaching $16.46 million. The 30-day revenue figure also shows growth at $1.35 million, representing a 21.33% increase.

When assessing profitability ratios, the price-to-fully-diluted ratio (P/F) currently stands at 281.75x, indicating the market’s confidence in BNB’s potential. While there has been a slight decline of 18.2% in this ratio, it remains relatively high. 

The price-to-sales ratio (P/S) is also noteworthy, reaching 2,962.98x, although it has experienced a decline of 18.5%.

BNB Chain has seen a positive trend regarding fees generated, with a 30-day increase of 20.92% to $14.22 million. The annualized fees have grown substantially, reaching $173.07 million, a significant 30.15% increase. 

The future trajectory of the BNB price and its underlying blockchain remains uncertain. Whether the cryptocurrency will experience continued growth or succumb to a bearish sentiment is yet to be determined.

BNB Price

Featured image from Shutterstock, chart from TradingView.com

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Binance Compliance Officer Under Scrutiny For FTX, Gemini, And Sex Trafficker Associations

In a recent investigative report by the media outlet Unlimited Hangout, serious allegations were made against Noah Perlman, the chief compliance officer of Binance. 

The report highlights Perlman’s alleged ties to the collapse of FTX, the troubled Gemini exchange owned by the Winklevoss twins, and even convicted and deceased sex trafficker Jeffrey Epstein.

If the allegations made by the media outlet prove true, and Perlman is investigated by US authorities, Binance could find itself embroiled in another executive scandal following the departure of former CEO Changpeng Zhao (CZ).

Associations With Epstein And Alleged Fraud 

Unlimited Hangout alleges that Perlman’s father, Itzhak Perlman, a renowned violinist, had flown on multiple occasions on a plane owned by Jeffrey Epstein. Itzhak Perlman also reportedly accompanied Epstein to Michigan’s Interlochen Center for the Arts, where Epstein later built a lodge for him, which was later described as a “lair to target girls.” 

While Noah Perlman served as a federal prosecutor for the Department of Justice’s Special Coordinator for Crimes against Children, these family connections to Epstein raise questions about his associations.

After leaving the Department of Justice, Perlman joined Gemini, the cryptocurrency exchange owned by the Winklevoss Twins, as the chief compliance officer. Although Perlman had left Gemini months before the New York Attorney General filed a lawsuit against the exchange, he had been allegedly “heavily involved” in Gemini’s Earn program, which became the focus of the alleged $1.1 billion fraud. 

As reported by NewsBTC, the lawsuit alleges that certain individuals knew that the program’s partner, Genesis, was financially unstable and withdrew their funds before its collapse.

Per the report, Perlman held the position of chief operating officer at the time, raising suspicions about his role in the alleged misconduct.

Troubled Bank’s Links To Binance Officer And FTX

Perlman’s involvement with Farmington State Bank, later renamed Moonstone, adds another layer of complexity to the alleged wrongdoing cited by Unlimited Hangout.

According to the report, in 2019, Perlman was listed as a director of FBH Corp., the entity that took over the rural bank. Moonstone Bank later garnered attention when Alameda Research, linked to FTX, acquired an $11.5 million stake. 

Sam Bankman-Fried, the former chief of FTX, also reportedly invested $50 million in the bank. However, Moonstone Bank faced regulatory challenges, with the Federal Reserve initiating an enforcement action against it shortly before the Bank of Eastern Oregon acquired its deposits and assets.

Overall, Perlman is at the center of serious allegations concerning his alleged connections with Jeffrey Epstein, the failed Earn program at Gemini, and Moonstone Bank. 

However, it is important to note that these allegations have not been substantiated by any investigations or official connections made by US authorities or other global agencies. 

The claims and allegations put forth by media news outlets require further response from Binance’s executives and investigation by relevant authorities.

There has been no official statement from Perlman regarding these allegations. It remains to be seen how the exchange and Perlman himself will address these claims and provide clarity on the matter.

Binance

Featured image from Shutterstock, chart from TradingView.com 

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BNB Plummets 10% Amid Binance’s $4.3 Billion Settlement And CEO’s Impending Resignation

Binance Coin (BNB), the native token of the Binance cryptocurrency exchange, has experienced a sharp decline of 10% following reports that Binance is preparing to settle criminal charges with the US Department of Justice (DOJ) through a $4.3 billion fine. 

Binance CEO To Plead Guilty

The Wall Street Journal has disclosed that Binance CEO Changpeng Zhao (CZ), commonly known as CZ, will plead guilty to violating criminal anti-money laundering requirements. 

Concurrently, Binance will also plead guilty to a criminal charge related to anti-money laundering violations, resulting in a significant fine. Furthermore, CZ is expected to step down as CEO, with Richard Teng being considered as a potential successor.

Changpeng Zhao is scheduled to appear before a federal court in Seattle to enter his guilty plea. This crucial legal step can further impact BNB’s price action as investors assess the implications of CZ’s admission of guilt regarding violating anti-money laundering requirements. 

The reported settlement involves Binance pleading guilty to a criminal charge related to anti-money laundering violations, leading to a hefty $4.3 billion fine. This substantial sum encompasses payments to settle civil allegations made by regulators. 

These developments occur in an increasingly stringent regulatory environment in the cryptocurrency industry. The recent charges brought by the SEC against Kraken further highlight the regulatory scrutiny faced by industry players. 

Additionally, market participants anticipate significant enforcement actions by the DOJ, which adds to the atmosphere of uncertainty and apprehension.

Will CZ’s Statement Halt BNB Downtrend? 

Despite the shocking revelation surrounding Binance’s leadership and its impact on the crypto community, there may still be hopes for a potential recovery of Binance Coin and the overall crypto market as the case reaches its conclusion.

With CZ reaching a settlement with the US Department of Justice (DOJ) and pleading guilty to criminal charges, the exchange can breathe a sigh of relief, knowing that regulatory agencies have addressed their concerns and potential legal action.

Furthermore, this settlement could be seen as a victory for regulators, particularly in light of the ongoing legal battles between the US Securities and Exchange Commission (SEC) and Ripple Labs, which involve the cryptocurrency XRP. 

A favorable outcome in these cases could potentially boost confidence in the broader crypto industry and drive prices higher.

BNB

Currently, BNB is trading at $240, showing signs of recovery from its recent drop, which briefly touched $235 but managed to stay above the critical support level of $232. 

In further declines, BNB bulls will need to hold the support levels at $228, $217, and $214 to prevent the token from dropping below the critical level of $200.

However, suppose Changpeng Zhao and the new Binance CEO can provide a statement that reassures the community and instills a sense of calm. In that case, it may bring a renewed positive sentiment and potentially halt the current downtrend for BNB.

The unfolding of the situation, the next steps for the exchange, and CZ’s fate remain to be seen. The community and market participants eagerly await further developments and announcements shaping the future of Binance and its native token, BNB.

Featured image from Shutterstock, chart from TradingView.com 

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Binance Founder CZ’s Fortunes Plummet By $12 Billion Amidst Downturn in Crypto Trading

Changpeng Zhao, widely known as CZ and the founder of Binance, one of the largest cryptocurrency exchanges, has suffered a significant blow to his fortune. According to a recent Bloomberg report, CZ’s wealth plummeted by $12 billion due to the ongoing slump in crypto-trading activities. 

Per the report, this decline was primarily attributed to a sharp drop in trading volumes at Binance throughout the year.

CZ’s Financial Losses

The Bloomberg Billionaires Index revised its revenue estimates for Binance, slashing it by 38% after data revealed a decline in trading volumes at the exchange. As a result, CZ’s net worth now stands at $17.2 billion, marking a significant reduction from his previous valuation.

According to Bloomberg, CZ’s involvement in recent events that led to the bankruptcy filing of FTX further impacted his financial situation. In November, CZ announced the liquidation of a token linked to FTX (FTT) after reports emerged that Alameda Research, the hedge fund owned by Sam Bankman-Fried, the founder of FTX, held a large position in it. 

The announcement triggered a rush among FTX customers to withdraw funds, overwhelming the exchange’s infrastructure. As a consequence, FTX declared bankruptcy within a week, erasing Bankman-Fried’s fortune, which had peaked at $26 billion in March the previous year.

To estimate Binance’s revenue, the Bloomberg Billionaires Index relies on spot and derivatives trading data from crypto-tracking services Coingecko and Coinpaprika. 

Binance had witnessed a significant gain in market share earlier this year, reaching 62% of total on-exchange crypto trades during the first quarter. However, after a promotional zero-fee period for popular trading pairs ended, Binance’s market share slid to 51% by the end of the third quarter, as reported by research firm CCData.

Binance Value Plunges As Lawsuits And Allegations Take A Toll

Binance has also faced increasing regulatory scrutiny, isolating itself from the traditional financial system. The Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June, accusing the exchange of violating regulations. 

Earlier this year, the Commodity Futures Trading Commission (CFTC) also took legal action against Binance for non-compliance with rules that allowed US users to access the platform. 

Allegations against Binance include inadequate money-laundering controls, inflated trading volumes, and mishandling of client assets. Binance has strongly disputed these claims and is currently contesting them in court. 

In June, Bloomberg’s wealth index reduced the value of Binance’s US exchange to zero after it announced the discontinuation of dollar transactions, resulting in a significant decline in trading volumes. 

Binance.US had previously been valued at $4.7 billion during a funding round in March 2022, while CZ’s net worth peaked at $96 billion in January.

The challenges faced by Binance are not unique, as regulatory uncertainties and rising interest rates have made alternative investments more appealing. Coinbase Global, another leading cryptocurrency exchange, experienced a 52% decline in spot trading volume in the third quarter compared to the previous year, according to Bloomberg. 

Binance

Despite the personal wealth challenges CZ faces, Binance Coin (BNB) has capitalized on the overall market recovery, showcasing substantial gains across various time frames. Currently, the token is trading at $225.2, maintaining its upward trend with a 2.2% increase over the past 24 hours.

Furthermore, BNB has demonstrated significant gains of 5.8%, 9.6%, and 6.1% over the seven, fourteen, and thirty-day time frames, respectively. These positive trends highlight the token’s strong performance in recent weeks.

Featured image from Binance, chart from TradingView.com 

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Binance And Tether Accused By Lawmakers: DOJ Investigation Requested For Illicit Finance

In a recent development, US lawmakers have urged the US Department of Justice (DOJ) to initiate a criminal investigation into cryptocurrency exchange Binance (BNB) and stablecoin issuer Tether (USDT). 

The lawmakers, led by Senator Cynthia Lummis, reference a controversial Wall Street Journal (WSJ) report that alleges Hamas and its affiliate raised significant funds through cryptocurrencies. 

Binance And Tether Face Calls For Criminal Charges

In a joint letter signed by Senator Lummis and Representative French Hill, the lawmakers express deep concern over reports indicating that “unregulated crypto intermediaries” outside the United States have allegedly facilitated illicit financial activities, including financing terrorism, such as Hamas’s attacks on Israel.

Lummis and Hill urged the DOJ to promptly reach a charging decision regarding Binance, considering the extent of its involvement, and to conclude the ongoing investigation into Tether’s alleged illicit activities.

The lawmakers refer to the WSJ report of October 10, 2023, which disclosed that Hamas, Palestinian Islamic Jihad, and Hezbollah had received cryptocurrency funding since August 2021. They stress the DOJ’s need to hold any entities facilitating illicit activities accountable. The letter further reads: 

We believe that it’s imperative that the Department of Justice hold bad actors accountable if they are shown to facilitate illicit activity. Binance, notably, is an unregulated crypto asset exchange based in the Seychelles and Cayman Islands. Binance has historically been linked to illicit activity and is purportedly the subject of a current Department of Justice investigation.

On the other hand, Tether faced a fine by the Commodity Futures Trading Commission (CFTC) in 2021 for issues related to backing its stablecoin USDT. 

The lawmakers urged the DOJ to thoroughly assess whether Binance and Tether have provided material support and resources for terrorism by violating applicable sanctions laws and the Bank Secrecy Act. Lummis and Hill emphasize the importance of swift action to cut off funding sources for terrorists targeting Israel.

Tether Counters Allegations

In response to Senator Lummis and Rep. Hill’s claims, Tether issued a statement addressing the “misinformation” surrounding the potential misuse of cryptocurrencies. 

Tether references independent investigations by Chainalysis and Elliptic, which found significant errors and faulty attribution techniques in reports, including the WSJ’s article. 

Tether emphasizes its commitment to regulatory compliance, due diligence, and global collaboration with law enforcement agencies. They highlight their track record of freezing assets tied to illicit activities and assert no evidence of sanctions law or Bank Secrecy Act violations.

Tether further notes the inherent transparency of blockchain technology and the proactive measures taken by virtual asset service providers to monitor and report potentially illicit activities. 

They reaffirm their dedication to transparency, compliance, and collaboration with authorities, inviting constructive dialogue and cooperation.

As the call for a DOJ investigation unfolds, the cryptocurrency community awaits further developments and the potential impact on Binance and Tether’s operations.

Binance

As of this writing, BNB is trading at $221, representing a decrease of 0.9% within the last 24 hours. However, it is worth noting that the token has experienced significant gains over the past seven and thirty days, amounting to 5.3% and 4.9%, respectively.

Featured image from Shutterstock, chart from TradingView.com 

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Binance Faces Scrutiny Over Alleged ICO Missteps And Token Distribution Discrepancies

Binance, the world’s largest cryptocurrency exchange, is currently grappling with challenges that have raised concerns about its credibility and market performance. 

Recent reports by Forbes shed light on Binance’s initial coin offering (ICO) and the subsequent distribution of its native cryptocurrency, Binance Coin (BNB). 

Behind The Curtain

The investigation reveals allegations of undisclosed token retention, discrepancies in the ICO process, and the accumulation of a significant token reserve by Binance. 

Per the report, in June 2017, Binance initiated its ICO, aiming to raise $15 million by selling 100 million BNB tokens. However, the Forbes investigation, conducted with the assistance of crypto forensic firms, suggests that only around 10.78 million BNB tokens were transferred to investors during the ICO. 

An additional 20 million tokens were “quietly” allocated to angel investors, doubling their initial allocation to 40 million tokens. Consequently, according to Forbes, Binance likely raised less than $5 million during the ICO, contrary to the $15 million claimed by founder Changpeng Zhao. 

The Forbes report indicates that Binance’s white paper did not disclose the company’s plans for unsold tokens in the event of an undersold ICO. While it is not illegal for issuers to retain unsold tokens, transparency is crucial in such cases, Forbes alleges. 

Binance founders and insiders reportedly ended up with 145 million BNB tokens instead of the originally planned 80 million. These tokens, initially valued at less than $10 million, are now estimated to be worth approximately $14 billion.

Furthermore, Binance implemented a token buyback and burn program to reduce the total supply of BNB tokens over time. 

According to Binance’s website, approximately 48 million tokens have been burned as of August 31, 2023. However, Forbes suggests that Binance controls nearly 117 million tokens, accounting for 76% of the total outstanding supply. 

The analysis combines disclosed tokens issued to the founding team with a proprietary probabilistic analysis that identifies previously undisclosed wallets holding customer funds and serving other corporate purposes.

Forbes concludes discrepancies and lack of transparency surrounding Binance’s ICO and token distribution raise questions about the integrity of reported trading volumes and the adequacy of consumer protections. 

Binance CEO Maintains Silence Amid Ongoing Forbes Allegations 

Changpeng Zhao (CZ), the Chief Executive Officer of Binance, has remained silent in the face of recent allegations and ongoing investigations brought forth by Forbes. 

The prolonged exchange of statements between the cryptocurrency firm and the renowned news outlet has endured for a significant period. Binance had taken legal action against Forbes in 2020, filing a defamation lawsuit in the US District Court in New Jersey. 

The lawsuit stemmed from Forbes’ publication of “false statements” that Binance allegedly used deceptive practices to deceive regulators and participated in money laundering activities.

Forbes published a series of articles that made damaging claims about Binance’s corporate structure, asserting that it was deliberately designed to deceive regulators and engaged in activities characteristic of money laundering. Binance vehemently denied these allegations, deeming them false and highly defamatory. 

Binance’s attorney, Charles J. Harder, has emphasized the harm caused to Binance’s reputation by Forbes’ misleading story. Binance had requested a retraction or correction from Forbes, which was refused, leading to the necessity of the defamation lawsuit. 

Overall, Binance and Forbes have been embroiled in contentious claims and disputes, with both parties accusing each other of disseminating inaccurate information. 

As the situation unfolds, it remains uncertain how the cryptocurrency exchange will respond to the latest allegations put forth by Forbes.

Binance

Featured image from Shutterstock, chart from TradingView.com

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Bye Bye Birdie: Binance Begins Process Of Axing BUSD Stablecoin

Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin.

Binance Starts Burning Tokens

Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were BUSD tokens across different blockchains.

According to the announcement, the Binance-pegged tokens would be burned on the listed blockchains, and then the exchange would release the equivalent amount of tokens that were initially used as collateral on their native networks.

The BUSD tokens listed across four networks include BUSD on the Polygon (MATIC) network, BUSD on the Tron (TRX) network, BUSD on BSC, and BUSD (BNB). In addition to these, the exchange also revealed that the TUSDOLD on BSC would be burned as well, making it the only token on this list that is not BUSD.

The collateral in this case will be the equivalent of the Binance-pegged tokens that are burned. So if 1,000 BUSD on the MATIC network is burned, then the equivalent on the native blockchain will be released by the exchange.

Fire In The BUSD Camp

The BUSD stablecoin first came under fire in early 2023 when the United States Securities and Exchange Commission (SEC) issued a Wells Notice to issuer Paxos alleging that the stablecoin was an unregistered security. The regulator, through this, made its intention to pursue legal action known.

Following the move by the SEC, the New York State Department of Financial Services (NYDFS) asked the issuer to stop printing new tokens. The NYDFS’s concern mainly bordered on Paxos’ relationship with Binance, and eventually, the BUSD issuer decided to cut ties with the crypto exchange.

Since the initial move by regulators, the stablecoin has suffered in terms of usage and market cap. The stablecoin which was once a top 10 crypto by market cap has since seen its market cap decline to $2.5 billion, making it the 26-largest cryptocurrency as of the time of this writing.

Binance has also announced plans to stop offering support for the stablecoin completely by 2024. Paxos also revealed that it will cease all BUSD redemptions in February 2024, and Binance’s complete withdrawal is expected to come shortly after this.

Nevertheless, the stablecoin continues to maintain its dollar peg quite well. It is still trading at a 1:1 parity with the United States dollar and has rarely dipped below $1 amid the regulatory storm.

Binance BUSD market cap chart from Tradingview.com

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Court Says Yes To Binance Request In Case Against SEC

In a new development in the ongoing case between crypto exchange Binance.US and the Security and Exchange Commission (SEC), the Court has approved Binance’s request for a new attorney. Following approval from Judge Amy Jackson, attorney Andrew Rhys Davies can now appear in court for Binance.US.

Approval From US Judge

According to a previous filing, attorney Andrew Rhys Davies had initially filed to represent Binance pro hac vice in the lawsuit. However, the federal judge had asked Davies to file a notice of appearance. 

In the latest filing details on August 30, Davies filed a notice of appearance for BAM Management US Holdings and BAM Trading Services – the company behind Binance.US. 

Granting the motion would mean Davies can now represent Binance in court pro hac vice, as the attorney is not licensed to practice in the jurisdiction. The pro hac vice is usually applied when an attorney who has not been admitted to practice in a certain jurisdiction can participate in a particular case in the jurisdiction. 

Davies’ addition to Binance’s legal team comes with years of experience in cross-border cases involving securities, banking, and financial regulation. 

“MINUTE ORDER granting 99 Motion for Leave of Andrew Rhys Davies to Appear Pro Hac Vice only upon condition that the lawyer admitted, or at least one member of the lawyer’s firm, undergo CM/ECF training, obtain a CM/ECF username and password, and agree to file papers electronically,” the court approval document read.

Binance Coin (BNB) price chart from Tradingview.com (SEC)

Details Of The SEC – Binance.US Lawsuit

The ongoing lawsuit between crypto exchange Binance and the SEC has dragged on for a while, with both parties filing different motions. In its latest move, the SEC filed a motion for leave to file documents under seal in the ongoing case. 

According to law experts, this could imply that the filing was made to protect details of a criminal investigation into Binance. Additionally, it could have also been filed to protect the safety or identity of a witness or company involved in the case.

Binance also previously filed a protective order motion against the SEC. Details of the court filing show that the exchange wanted relief from the regulators’ “fishing expedition” and requests for communications that have become “overboard.” 

However, Federal Judge Amy Jackson has since passed on the protective order motion to Magistrate Judge Faruqui. 

The crypto industry is closely watching how the SEC vs. Binance case unfolds as the outcome could set a precedent for how the regulator approaches the entire crypto industry.  

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Binance Will Halt These 39 Liquidity Mining Pools This Week

On Sunday, Binance announced that it will halt 39 liquidity mining pools this week following the latest assessment. As a result of a supposed failure to pass this assessment, these 39 liquidity pools are expected to stop operating on September 1, 2023.

Liquidity Pools Stopped By Binance

This decision was made due to the platform’s recent liquidity mining performance. The announcement said Binance Liquid Swap will “periodically review listed liquidity pools to concentrate liquidity for our users and ensure optimized trading experience, price and slippage.”

As a result of the most recent review, the 39 liquidity pools listed below are expected to cease operation on Friday: 

ADA/BNB, ALICE/BTC, APE/BTC, AVA/USDT, AVAX/BNB, BTC/TUSD, CHZ /BNB, CHZ/BTC, CTSI/BNB, DOT/BUSD, ENJ/USDT, FIL/BNB, FRONT/BUSD, GALA/BNB, ICP/BNB, ID /BTC, KDA/USDT, LIT/USDT, MATIC/BNB, NEO/BNB, PAXG/USDT, PEPE/USDT, SANTOS/USDT, SUSHI/BNB, SUSHI/BTC, SXP/BNB, SXP/BTC, THETA/BNB, THETA/BTC, TKO/USDT, TLM/USDT, TRX /BNB, TRX/ETH, WBTC/ETH, XMR/ETH, XMR/USDT, XVS/BTC, XVS/USDT, ZEN/USDT.

For now, users will not be able to add liquidity to these liquidity pools from today. However, the liquidity of the liquidity pools listed above will still remain accessible to ensure that users are provided with a trading experience. 

Users will also still be able to redeem and withdraw their assets from the respective pairs on Binance Spot before the closing date on September 1, 2023. User deposits in the liquidity pool will be calculated following the current composition of the respective pool and then it will be converted to the user’s Spot wallet automatically.

According to the announcement, the removal of the liquidity pools listed above will not hinder other trading respective pairs on Binance Spot and users will still be able to trade on other liquidity pools that are currently available on Binance Liquid Swap.

This marks the second time Binance has eliminated liquidity pools this month. On August 9, 2023, Binance also announced that the exchange would stop about 38 liquidity pools on August 18, 2023.

Binance Coin (BNB) price chart from Tradingview.com

Multiple Charges Hinder Binance’s Business

Amid these developments, the Binance crypto exchange continues to deal with regulatory pressures that seem to be affecting its business. Firstly, Visa and Mastercard are slowly cutting their ties with Balance due to the multiple regulatory actions from the US Securities and Exchange Commission (SEC) against the exchange.

One of the allegations brought against Binance is that the exchange has been operating under an unregistered business and misled investors about the company’s risk.

Also, the US Commodity Futures Trading Commission (CFTC) in May brought multiple charges against the exchange for what it calls a “willful evasion” of US law.

Among the hurdles the exchange is also facing include allegations that the US Department of Justice is looking into the exchange and is considering charging Binance for fraudulent activities.

On August 23, 2023, Binance announced on X (formerly Twitter),  that the exchange’s card known as the Binance Card will no longer be available to users in Latin America and the Middle East.

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MasterCard Axes Partnership With Binance Amid Regulatory Pressures

The crypto space is in pandemonium after MasterCard, a global payment service giant, announced the imminent termination of its services and alliance with the Binance crypto exchange.  

Mastercard To Sever All Ties To Binance

Binance, the world’s largest cryptocurrency exchange by trading volume, is facing new challenges that could impact its reputation and growth rate. According to reports, Mastercard will discontinue its services on Binance, ending a years-old relationship and crypto cards programs starting Friday, September 22. 

The reason for the abrupt termination has not been clarified by Mastercard. Some have attributed the news to the recent regulatory challenges and lawsuits Binance has been up against since this year. 

Binance has refrained from making any comments regarding the reason for the suspension or who initiated the decision first. However, the crypto exchange has reassured users around the globe, stating that their Binance accounts are not affected by the news and they can continue their crypto transactions per usual. 

“Binance accounts around the world are not affected. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless, and secure cryptocurrency payment technology designed by Binance,” Binance stated.

Mastercard and Binance have been working together as partners for about four years. Around August 2022, they both joined hands to initiate debit card programs for four major countries, allowing users in Brazil, Argentina, Colombia, and Bahrain to have access to cryptocurrency assets via their Mastercards linked to a cryptocurrency wallet. 

Binance first partnered with Mastercard to launch crypto card payments in Brazil and Latin America at the beginning of 2023. The crypto exchange then made a similar announcement and launched prepaid crypto cards in Argentina in August 2022. 

Binance Coin (BNB) price chart from Tradingview.com (MasterCard)

Financial Service Companies Break Away Following SEC Lawsuit

Binance has been in a legal battle with the United States Securities and Exchange Commission (SEC) since June when the SEC sued the crypto exchange for allegedly offering unregistered securities. The regulator further attempted to freeze all Binance assets stating that the crypto exchange was operating a “web of deception” and filing 13 charges against Binance. 

Since then, Binance has been facing regulatory hurdles and industry challenges with many companies ending year-long partnerships and the price of BNB declining as a result. 

The cryptocurrency exchange has also ended several projects in the course of a month and carried out massive layoffs following the SEC’s Lawsuits. 

Recently, Binance shut down all cryptocurrency service operations on its official fiat-to-cryptocurrency payments provider, Binance Connect. The cryptocurrency exchange also discontinued its partnership with Checkout.com, a global payment service, after Checkout’s CEO terminated its contract this month.  

Visa, another payment service giant, also cut ties with Binance in July and stopped supplying co-branded cards with Binance in Europe. 

At the moment, it is unsure what the outcome of the SEC and Binance case would be. However, the results will undoubtedly impact the crypto industry and financial sector.

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Is Binance Really Selling Bitcoin To Prop The Price Of BNB?

Crypto exchange Binance has had a tough few months in terms of market news and pressure from regulatory bodies. Just a few days ago, Binance lost another payment processing partner after Checkout.com terminated its contract with the crypto exchange. And now, another rumor that appears to be spreading is that Binance is selling Bitcoin on the spot market to sustain the price of its native token, BNB.

Is Binance Really Selling Its Bitcoin To Buy BNB?

The rumor originated from a post made by @WhaleChart on X (formerly Twitter), claiming that Binance is allegedly selling Bitcoin on the spot market to support the price of its own token, BNB. 

This rumor seems to be gaining ground since the tweet first went live, especially as the price of BNB continues to struggle in the market. This is because as one of the biggest holders of both Bitcoin and BNB, Binance is in a unique position to manipulate the market if it wanted. 

However, this remains only a rumor as there are currently no signs the crypto exchange is manipulating the price for short-term gains in BNB. 

Additionally, data from Coinmarketcap shows that the prices of both cryptocurrencies have been falling together in the past week, with Bitcoin also down by 11.20% in a 7-day timeframe.

This will not be the first time such allegations are being brought against the exchange. Binance has faced similar claims in the past, with crypto analyst JW claiming Binance was selling Bitcoin to prop up the price of BNB in June of this year. 

BNB price chart from Tradingview.com (Binance Bitcoin)

Binance CEO Changpeng Zhao (CZ), however, denied the allegations, dismissing them as an attempt to spread fear, uncertainty, and doubt (FUD). 

Whether or not the theories are true, Binance has surely been under intense scrutiny, but it continues to stand strong as the biggest exchange in the world. 

BNB and other cryptocurrencies that rely on the BEP20 and BEP2 token standards are very dependent on Binance, as news surrounding the exchange has led to price pumps and dumps in the past. But there has been no solid evidence that the exchange has been manipulating the prices of any of these tokens.

The price of BNB has seen a drastic reduction in the past few days as the entire market goes through corrections signaled by BTC falling by more than 8% in a couple of minutes last week. As a result, BNB has seen its price drop to $209.44, a reduction of 12.33% in the past few days. 

To combat a further price drop, the BNB Chain had to manually liquidate a $200 million position on the Venus DEFI protocol, which would have been liquidated after BNB dropped below $220.

At the time of writing, BNB is the fourth biggest crypto with a market cap of $32.2 billion.

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PayPal FOMO Pushes Binance Coin (BNB) To 3-Week High; What’s Next?

PayPal’s latest decision to launch a cryptocurrency checkout service included support for four digital assets: bitcoin, ether, bitcoin cash, and litecoin. Still, Binance exchange’s native cryptocurrency, Binance Coin, benefited the most from the global payment giant’s pro-crypto declaration.

Binance Coin, or BNB, surged more than 8 percent on Tuesday, hitting $304.39, the highest level almost three weeks after PayPal announced that its US customers could use their cryptocurrency holdings to pay at millions of its online merchants globally.

In comparison, bitcoin rallied up to 2.93 percent, and ether, the second-largest crypto after bitcoin, surged 1.89 percent.

Technical Breakout Underway

BNB’s latest upside move took its price out of its previous symmetrical triangle pattern.

In retrospect, Binance Coin entered a consolidation phase following its strong uptrend that saw its prices surged by almost $200. The cryptocurrency traded inside a triangle range later, with its daily volumes declining as the sessions matured. That — technically — raised BNB’s prospect of breaking the Triangle pattern to the upside.

Binance Coin breaks out of the symmetrical triangle channel. Source: BNBUSD on TradingView.com
Binance Coin breaks out of the symmetrical triangle channel. Source: BNBUSD on TradingView.com

BNB promises bullish outcomes because Symmetrical Triangles are continuation patterns — they tend to push an asset in the direction of its previous trend. Technically, the token could surge by as much as the previous uptrend’s height (which is about $200). Therefore, the Binance Coin breakout target is near $470.

Supportive Fundamentals

BNB acts as a de-factor settlement token across the Binance ecosystem, including a cryptocurrency exchange and two blockchains: Binance Chain (BC) and Binance Smart Chain (BSC). Binance’s revenue comes from trading, withdrawal, listing, margin trading, and other fees such as automated algorithm trading orders — all payable via BNB.

Meanwhile, Binance burns a portion of its BNB treasury based on volumes. At the current burn rate over the last 12 months (LTM), there are six more years until Binance burns its maximum 100 million tokens. The next event is on April 15.

BNB Token Distribution. Source: Messari
BNB Token Distribution. Source: Messari

PayPal’s strengthening foothold in the cryptocurrency market expects to boost crypto adoption. Exchanges like Binance Coin could benefit the most from an influx from the mainstream markets, which would mean higher revenue (via BNB), and more volumes (higher burning rate; low BNB supply against the rising demand).

That somewhat provides tailwinds to BNB’s bullish technical outlook.