Binance develops a “proof of reserve” system in response to the FTX crisis; this innovation is aimed at using the Merkle tree to enable the verification of assets by their users. However, some financial experts have tagged this innovation as aimless since it doesn’t include liabilities. Moreso, according to the accounting and financial experts, in […]
Binance has announced the creation of what it refers to as an “industry recovery fund” in response to the meltdown of the cryptocurrency exchange FTX and its sister firm, Alameda Research. This fund is intended to save crypto companies that are having liquidity problems. According to CZ, the CEO of Binance: “To reduce further cascading […]
The crypto market had a significant crash, but some assets are now showing signs of recovery. In the most recent bullish movement, Ethereum (ETH) rocketed up by 14% while Bitcoin (BTC) increased by 5% to retake the $20K region. In the most recent bullish movement, Ethereum rocketed up to 14% while Bitcoin (BTC) increased 5% […]
Binance Coin (BNB) suffered a sharp decline on Friday after reports of a cross-chain bridge attack had occurred on October 6 on the BNB Smart Chain, which saw about 2,000,000 BNB ($562 million using the current exchange rate) get stolen. Reports also showed that “Tether blacklisted the account,” which pushed Binance to pause the entire […]
Binance Smart Chain witnessed a security breach that caused approximately 2 million BNB to be stolen, which was estimated to be around $600 million. The hack prompted the BSC (Binance Smart Chain) to be paused temporarily on October 6th. This means the deposits and withdrawals were not allowed to function. Earlier today, the BNB chain […]
Behemoth exchange Binance plans to cease support for some Stablecoins, after a recent announcement via a blog post revealed that it was introducing a “BUSD Auto- Conversion” mechanism for users with existing balances or deposits of USDC, USDP, and TUSD, at a 1:1 ratio. Users will be able to see their converted balances on their […]
As more regulatory scrutiny piles up for behemoth cryptocurrency exchange Binance, CEO Changpeng Zhao (CZ) has clapped back at critics alleging the company could be a tool of the Chinese government. The Binance chief noted in a blog post that the executive team of his company is dominated by Europeans and Americans, adding that the […]
Behemoth cryptocurrency exchange Binance has secured the highly-coveted certification of the Bank of Spain to operate as a fully licensed Virtual Asset Service Provider (VASP) in the European nation. Essentially, Spanish authorities, through the Spanish subsidiary Moon Tech Spain, S.L., deem Binance compliant with all the AML/KYC requirements set by the Bank of Spain. The […]
Binance has come under regulatory scrutiny again, this time with the SEC. The United States Securities and Exchange Commission (SEC) recently launched an investigation on the behemoth cryptocurrency exchange to ascertain whether it violated securities laws with its BNB token initial coin offering (ICO) five years ago. The latest regulatory report was published by Bloomberg […]
