Binance founder and former CEO Changpeng Zhao (CZ) has publicly apologized for what he described as “poor decisions” and has taken “full responsibility” for his actions.

Meanwhile, Binance co-founder He Yi said that while he acknowledges that CZ may have made mistakes, his biggest one was ignorance.

CZ Issues Apology and Appeals for Second Chance

Following his November 2023 settlement of charges with the U.S. Department of Justice (DOJ), Changpeng Zhao (CZ) is scheduled for sentencing on April 30. The DOJ has requested a 36-month sentence despite CZ previously waiving his right to appeal any sentence up to 18 months.

In a letter addressed to Judge Richard A. Jones of the United States District Court for the Western District of Washington on April 24, Zhao acknowledged his past oversights. He recognized the necessity for implementing compliance changes at Binance sooner and highlighted the subsequent incorporation of stringent controls during his tenure.

CZ further emphasized his voluntary surrender and acceptance of responsibility in the ongoing case, expressing a desire to resolve matters before the court to pursue new opportunities.

The Binance co-founder then appealed for a second chance, recounting his unconventional career path of simplicity and integrity, including the return of investor funds after failed startup ventures. Additionally, he portrayed his involvement in crypto as driven by ideals of inclusivity and equal opportunity, aiming to support small biotech labs and youth-centric initiatives in the future.

Binance Co-founder Says CZ’s Mistake Was Ignorance

He Yi, Binance co-founder and mother of CZ’s three children, has characterized him as the guardian of the cryptocurrency industry, likening it to the Wild West. She stated that as a startup with no illustrious background, the founding team, including herself, lacked legal expertise, and most members, except CZ, could not read English.

Despite their limited experience and legal knowledge, CZ won over users with fairness, integrity, and a strong sense of responsibility for the industry, albeit while making mistakes. Nonetheless, both Binance and CZ have borne the consequences.

Meanwhile, the plea for leniency for Zhao includes mentions of his family members, such as his wife and two children attending U.S. institutions, along with his sister, a former Managing Director at Morgan Stanley.

Jessica Zhao, his sister, acknowledged CZ’s errors while noting his commitment to altruism. She highlighted the dispute with FTX and noted CZ’s dedication to maintaining Binance’s integrity by refraining from misusing customer funds.

Notably, Binance settled charges for U.S. anti-money-laundering and sanctions violations late last year, resulting in penalties amounting to $4.3 billion and the imposition of oversight from authorities.

The post This Was CZ’s Biggest Mistake, According to Binance Co-Founder He Yi appeared first on CryptoPotato.

Check out the top three news stories over the past day presented to you by U.Today.

Binance to delist six trading pairs

According to Binance's recent announcement from April 24, it will remove and cease trading on six spot trading pairs. The delisting decision follows the exchange's periodic review of all listed spot trading pairs; based on its results, Binance may stop supporting some trading pairs due to low liquidity, trading volume or other reasons. The announcement in question concerns the following pairs: ALPINE/BTC, FRONT/TUSD, HARD/BTC, RUNE/TUSD, SSV/TUSD and WIN/BRL; starting from April 26, at 3:00 a.m., they will be removed from the platform. Similarly, Spot Trading Bot services for the aforementioned spot trading pairs will be discontinued on the specified date and time, as applicable. To prevent any losses, Binance customers are highly advised to update and/or terminate their Spot Trading Bots prior to the discontinuation of Spot Trading Bot services.

Shiba Inu team member shares crucial Shibarium update

Lucie, marketing lead at Shiba Inu and renowned SHIB enthusiast, has recently taken to X platform to hint at what is coming for Shibarium, Shiba Inu's layer-2 solution, in 2024-2025. Among the teased developments for Shibarium in upcoming years are: ShibaSwap (version 1.75, followed by 2.0), Shibahub, Treat, ShibaEternity P2E, Shib the Metaverse, K9finance Liquid Staking and layer-3 testnet. "Additionally, fully functional DAOs will be available for all tokens within the Shiba Ecosystem," added Lucie, concluding her update. Although specifics are still undisclosed, the team member's X post has generated buzz and speculation in the SHIB community. Since its launch in August 2023, Shibarium has seen significant growth, reaching 417,309,222 in total transactions, 1,785,549 in wallet addresses and 4,388,404 in total blocks.

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25 billion Cardano (ADA) in 24 hours: What's happening?

Recent on-chain data shows that ADA has experienced a significant rise in activity, with the number of large transactions increasing dramatically. Within a 24-hour period, 25 billion ADA were moved. Such a major increase in the volume of large transactions is frequently indicative of substantial wallet movements by institutional or whale players, potentially indicating preparation for bullish or bearish market developments. The intensity of this activity is further supported by the large transaction volume, which recently peaked at 27.67 billion ADA. Additionally, ADA's price chart demonstrates a tension-filled narrative. Following a downturn, ADA has made some attempts to bounce back, flirting with the 50-day EMA, which is approximately $0.5. However, a clear breakthrough has not occurred. At the time of writing, ADA is trading at $0.4654, down 5.99% over the past 24 hours, per CoinMarketCap.

In a strategic move to maintain a high-quality trading market, Binance, the world's leading cryptocurrency exchange, has announced the delisting of six spot trading pairs. 

To safeguard users and assure a high-quality trading market, Binance reviews all listed spot trading pairs regularly and may delist some spot trading pairs for a variety of reasons, including low liquidity and trading volume.

According to its most recent reviews, Binance will remove and cease trading on six spot trading pairs on April 26 at 3:00 a.m. (UTC): ALPINE/BTC, FRONT/TUSD, HARD/BTC, RUNE/TUSD, SSV/TUSD and WIN/BRL.

Similarly, Spot Trading Bot services for the aforementioned spot trading pairs will be discontinued on the specified date and time, as applicable. Binance users are strongly urged to update and/or terminate their Spot Trading Bots before the discontinuation of Spot Trading Bot services to avoid any losses.

Delisting a spot trading pair does not affect the tokens' availability on Binance Spot. Users can continue to trade the spot trading pair's base and quote assets on Binance's other trading pairs. 

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In similar news, Binance has announced that it would stop processing deposit requests for BEP2 tokens, excluding BEP2 Binance-pegged tokens (B-tokens), on May 15, 2024, at 12:00 a.m. (UTC), as the BNB Chain team prepares to sunset the BNB Beacon Chain (BEP2) by June 2024. 

Users are highly encouraged to deposit BEP2 B-tokens into their Binance accounts before the BEP2 network sunsets in June 2024. B-tokens credited into Binance accounts can then be withdrawn via its native network or other networks that Binance supports.

In positive listing news, Binance Futures will launch the BOMEUSDC, TIAUSDC and MATICUSDC Perpetual Contracts on April 25, with up to 50x leverage and 75x leverage, respectively.

In a startling turn of events that’s sending ripples through the cryptocurrency universe, the former CEO of Binance, Changpeng Zhao, finds himself at the center of a legal storm. US prosecutors are pushing for a 36-month stint behind bars for alleged violations of anti-money laundering laws. This seismic development not only rattles the foundations of Binance but also poses significant implications for the broader crypto landscape.&middot

For the full story, head over to TheCurrencyAnalytics.com.

The Philippines Securities and Exchange Commission (SEC) said it is working with Google and Apple to remove the Binance app from their app marketplaces for Filipino users, according to an April 23 statement.

The regulator said:

“In separate letters addressed to Google and Apple dated April 19, the SEC has requested for the removal of applications controlled by Binance.com from Google Play Store and the Apple App Store, respectively.”

In the letter, Emilio B. Aquino, the SEC chair, emphasized that removing Binance apps from the marketplaces would help thwart the further spread of its illicit activities in the country.

See Also: Philippines SEC Bans Binance, Affects Filipino Crypto Users

According to the regulatory chief, Binance’s “sale or offer of unregistered securities to Filipinos and operating as an unregistered broker constitutes a violation of Republic Act no. 8799, or The Securities Regulation Code.”

Recurrent Warnings

Since November 2023, the SEC has persistently cautioned the public against utilizing Binance for investment, citing its lack of a license to solicit investments or operate a securities exchange.

Last month, the SEC and the National Telecommunications Commission (NTC) jointly blocked access to Binance websites, highlighting the need to “safeguard the public from unregistered investment products.”

Consequently, the regulator urged Google and Meta to cease Binance-related advertisements targeting Filipino users.

Regulatory Issues

Binance is under intense scrutiny across multiple jurisdictions, including the United States, the UK, Nigeria, and various European nations.

Last year, a culmination of investigations by federal agencies in the United States, such as the Department of Justice and the Commodity Futures Trading Commission (CFTC), resulted in a substantial $4 billion settlement with Binance. 

This settlement also prompted the resignation of its co-founder, Changpeng Zhao, from the position of CEO.

More recently, Binance has been entangled in a legal dispute with Nigerian authorities regarding its failure to register and accusations of tax evasion.

Despite these hurdles, Binance has notched notable victories in navigating regulatory landscapes. 

See Also: Philippines SEC Declares Binance A ‘Threat’, Imposed Restrictions On Philippine Users

It has recently secured significant regulatory approvals in India and Dubai, indicating progress in its efforts to comply with legal requirements in key markets.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN

The post Binance Faces App Removal In The Philippines Over Regulatory Issues appeared first on BitcoinWorld.

Binance Foundation removed nearly 2 million BNB tokens from circulation, aiming to decrease total supply.

Despite the burn, BNB’s price remained stable, later surging 110% and showing strong performance.

Technical indicators suggest the token may challenge $635 resistance, but a reversal could test support levels at $569.5 and $506.5.

The Binance Foundation recently completed its 27th quarterly BNB token burn on the BNB Chain, marking another significant milestone in the platform’s ongoing efforts to reduce the total supply of BNB tokens.

During this process, the platform permanently removed 1,944,452.51 BNB tokens, valued at approximately $1.17 billion at the time of the burn, from circulation.

The Binance burn is a quarterly event that is carried out automatically using the Auto-Burn formula. The ultimate goal of this process is to gradually decrease the total supply of BNB tokens until it reaches 100 million. At present, the total supply stands at 149,532,856 BNB tokens, showcasing the significant progress made towards achieving this target.

Binance Burn Impact on BNB Price

Following the token burn, the BNB coin price remained neutral, trading in a narrow band of $278 to $345.5 until mid-February. However, as market volatility escalated, the altcoin surged 110% before being rejected at $635.

Since then, the price has been moving in a tight range of $506.5 to $635. Despite recent consolidation, BNB has performed well across multiple timeframes.

BNB’s value has increased by 11.43% in the last seven days, and 10.12% in the last thirty days. Furthermore, the token’s Year-to-Date (YTD) performance is an incredible 94.58%, implying significant bullish price action for the Binance coin price in the next months.

Technical indicators also reinforce the positive outlook for Binance coin. The Moving Average Convergence Divergence (MACD) indicator displays a rising green histogram, indicating growing purchasing pressure in the cryptocurrency market. Furthermore, the averages show bullish convergence, which reinforces the favorable prognosis for the BNB price in the near future.

Will The Coin Price Rise Back Up?

If the positive momentum continues, the BNB coin price is projected to challenge its resistance at $635 over the weekend. If the market manages to keep the price at that level, the Binance token may try to challenge its previous all-time high (ATH) of $690.9.

However, if a trend reversal occurs, the Binance token may lose momentum and fall to test its support level of $569.5. In the event that the bears continue to dominate the market, the Binance token could potentially plunge further and prepare to test its lower support level of $506.5 in the coming weeks.

In the ever-evolving landscape of cryptocurrencies, Binance, a prominent player in the field, has unveiled a groundbreaking integration that could reshape how users interact with digital assets. Today, Binance announced the successful integration of USD Coin (USDC) into the CELO network, marking a significant milestone in the journey towards seamless cryptocurrency interoperability.&middot

For the full story, head over to TheCurrencyAnalytics.com.