Binance founder and former CEO Changpeng Zhao entered a California prison on June 1 to serve his sentence for violating U.S. anti-money laundering regulations. With the soaring price of Binance Coin (BNB), his net worth jumped by $4.1 billion. U.S. media revealed that he has become the wealthiest incarcerated individual in the country.

U.S. Judge Richard Jones sentenced Changpeng Zhao to four months in prison. The sentence was significantly lighter than the prosecution's request due to his voluntary surrender, willingness to take responsibility, lack of criminal history, and numerous support letters from industry figures, the crypto community, and family and friends.

Once the richest Chinese person, Changpeng Zhao’s wealth has continued to increase despite his imprisonment. According to Fortune, his net worth increased by $4.1 billion within a few months.

U.S. media reported that during his first week in prison, Binance Coin surged past $720 to a historic high, cementing his status as the wealthiest incarcerated individual in the U.S. This increase added $4.1 billion to his 2023 year-end valuation of $43 billion.

On Tuesday, June 11, during Asian trading hours, Binance Coin fell back to $624.30, but the bulls still controlled the market.

According to the 2023 Forbes billionaire rankings, Changpeng Zhao's current wealth places him between the 45th and 50th positions globally.

Although Changpeng Zhao has never publicly disclosed his Binance Coin holdings, the 2017 Binance Coin whitepaper states that 80 million Binance Coins were allocated to the founding team. At current market prices, this is equivalent to about $51.2 billion.

Last Saturday, Binance announced that its global registered users had reached 200 million. Binance CEO Richard Teng stated that within just two years and two months, the number of users grew from 100 million to 200 million, marking not only Binance's victory but also the robust growth and maturity of the broader crypto industry.

“This reflects the transition of crypto assets from ‘early adopters’ to ‘early majority,’ indicating that more people worldwide are beginning to embrace crypto assets and the limitless possibilities they bring,” he mentioned.

Richard added, “We are very honored and humbled to welcome 200 million registered users who trust Binance. This achievement highlights the continued trust in the Binance ecosystem by the crypto community and industry participants.”

“We cherish this trust. As a user-centric platform, we are always committed to meeting the growing needs of our users and prioritizing them.”

Looking ahead, he pointed out that Binance remains focused on promoting inclusive finance and innovation. As the industry moves towards the collective goal of attracting 1 billion users, Binance’s determination to foster sustainable growth in the crypto asset field has become even stronger.

“This industry’s evolution is an exciting journey, and Binance is thrilled to be at the forefront,” he concluded.

According to CoinTelegraph, Binance’s user growth has been rapid. By the end of 2022, Binance had about 130 million registered users, and in 2023, it added 40 million users, bringing the total to 170 million. If the trend continues, Binance is expected to reach 300 million total users by 2026.

Based on Triple-A research, the number of global cryptocurrency holders will reach 562 million in 2024, an increase of 142 million from 420 million in 2023. This data shows that Binance users account for approximately 36% of the global crypto user base.

BNB coin hit an all-time high the previous week and the price dipped to $616.

RSI was marked at 47.31, amid facing selling pressure.

Binance Coin (BNB), the native token of the world’s largest crypto exchange, soared to a record high of $720 on June 6th. However, within a week, its value tumbled to $616, leading to a 7.13% decline over the past 24 hours.

Moreover, BNB’s market capitalization surged to over $109 billion before settling at $91 billion currently, according to data from CoinGecko. Despite the recent dip, the token’s trading volume saw an impressive 98.99% increase, reaching $3.61 billion. 

Adding to Binance’s momentum, Richard Teng, CEO of Binance, disclosed that the platform’s user base has now surpassed 200 million. This milestone further solidifies Binance’s status as the leading crypto exchange by trading volume. However, these come against the backdrop of the exchange’s founder, Changpeng Zhao, receiving a four-month prison sentence in the U.S. for failing to prevent money laundering on the platform. Zhao’s guilty plea and agreement to pay a $50 million fine underscore the regulatory challenges facing major crypto exchanges.

Will the Bears Pull Back the Price?

The daily Relative Strength Index (RSI) of BNB stands at 47.31, indicating that traders are selling rather than buying and are driving the price down. 

If the price of BNB remains above $600 and continues to increase, the first major resistance could be at the $669 level, and by following this, the next key resistance can occur in the $780 range. Further gains will drive the price towards the $898 level.

In contrast, if the price fails to move above the $670 resistance zone, it could dip, with immediate support in the $565 range. Then, key support occurs in the range of $479. A further drop might take the price towards the $349 level. 

The post Binance Ex-CEO Changpeng Zhao Becomes Richest US Inmate After BNB Price Surge appeared first on Coinpedia Fintech News

The Binance (BNB) ecosystem has continued to grow against all odds fueled by heightened regulatory scrutiny in major jurisdictions led by the United States. After re-entering the Indian market following improved regulatory reforms, the Binance cryptocurrency exchange announced that it has reached 200 million globally registered users.

Consequently, the Binance ecosystem continues to stamp its web3 dominance, more so outside Western countries.

BNB Bulls Summoned Amid Bearish Sentiments 

As Bitcoin price continues to struggle to rally above $72k, on-chain data shows heightened crypto cash rotation to the altcoin industry. Furthermore, the approval of spot Ether ETFs in Hong Kong and the United States is a clear indication of heightened demand from institutional investors. 

Binance native coin, BNB, price pumped over 200 percent since the beginning of the year to retest its all-time high (ATH) of around $700. However, the large cap-altcoin, with a fully diluted valuation of about $99 billion and a daily average traded volume of around $1.4 billion, has dropped 8 percent to hover around $643 on Monday.

CZ Clinches New Titles in Prison

The recent BNB price pump to a new ATH of around $717 coincided with the beginning of four months of imprisonment for the former Binance CEO Changepeng Zhao. Notably, Zhao is serving a short-term sentence in the United States for ignoring US money laundering rules on Binance since its inception. Already, Zhao and Binance were forced to pay a fine of about $4.3 billion to the United States government, in addition to other settlement deals. 

However, the US fight against Binance only made it shine more as the company is valued at more than $100 billion. With Binance executives receiving 80 million BNB at the initial coin offering, experts believe CZ is worth around $38.5 billion.

The post Binance Eyes Global Expansion: Targeting Korea, UAE, and Beyond appeared first on Coinpedia Fintech News

Binance is currently busy looking for new places to expand its operations. Reports state that the largest crypto exchange in the world has been strategizing its expansion options.

According to Vishal Sacheendran, Binance’s Regional Market Manager, the company plans to establish branches worldwide, from Asia to Europe and even Africa. 

Binance is particularly keen to enter the Korean market. Last year, the exchange acquired Gopax, a virtual asset exchange in Korea. However, due to the demands of financial authorities, Binance has been reducing its stake in Gopax. Despite these challenges, Sacheendran reiterated that Korea remains a very important market for Binance.

The Middle East, especially UAE, has been a key region for Binance’s expansion. These places do not restrict investment areas and support blockchain technology. Sacheendran highlighted that the UAE government has quickly taken major steps to establish crypto-support policies.

From a decentralization standpoint, operating as a branch organization makes sense. However, Sacheendran assured that this doesn’t mean Binance will never have a central headquarters. He stated that Binance is committed to revealing its headquarters’ location but emphasized that they are not in a rush to do so. 

The Asia-Pacific region, in general, also holds significant weight in the crypto market, so Binance is working on establishing branches in key countries in this region, too. However, the process involves multiple stakeholders, and according to the Regional Market Manager, it will take time to see how communications progress.

He ​​also indicated that Binance’s global expansion might not be through an exchange alone. Binance is more than just a company that runs an exchange. It is building an ecosystem in various regions, which includes educational projects and charity organizations.

Meanwhile, Binance’s founder and former CEO, Changpeng “CZ” Zhao, started his four-month prison term in California last week just as Binance Coin (BNB) broke its all-time high and the exchange hit a 200 million active user milestone.

BNB token, which is linked to Binance and its incarcerated founder Changpeng ‘CZ’ Zhao, experienced a significant surge to a record high in the first week of CZ’s four-month jail sentence in the United States. The token price rally is somewhat linked to the jail term, underscoring CZ as the richest person to serve a jail term in a U.S. federal prison.

BNB Token See Sideways Action 

The former Binance founder kickstarted his four months sentence on Tuesday as he reported to a California prison. Only two days after, BNB token saw a jump to $717.48. According to CoinGecko data, this caused the market capitalization of the token to reach as high as $109 billion. The token is currently priced at $676.50 with a 0.91% decrease within the last 24 hours. 

Even with this recent decrease, it is worth noting that the token has doubled in price since the beginning of this year. This trajectory is a reflection of Binance’s fortune. Between January and this time, the total value of assets on the renowned trading platform has seen a sizable jump from around $80 billion to $125 billion. 

Multiple Use Cases For BNB Token 

For an exchange that is faced with regulatory debacle, this rise further establishes its dominance in the crypto space. The BNB token is utilized for different purposes including as a token used for settlement fees on BNB Smart Chain. Binance offers trading-fee discounts to investors who hold BNB. 

Kaiko analyst Dessislava Aubert claims that a glimpse of the BNB price rally was seen a while ago in the derivative market trading patterns from late May, with spot demand starting to pick up in June and buying consistently outpacing selling between June 2-5.

Binance Founder and the Four-month Jail Sentence 

Meanwhile, CZ is being incarcerated for violating U.S. money laundering laws. Zhao resigned as Binance CEO a few months ago and pleaded guilty to the felony charge as part of a settlement with the U.S. Department of Justice (DOJ).

According to Kevin Mosley for the prosecution, “Incarceration is necessary to reflect the seriousness of the offense.” He later said, 

“A probationary sentence here will incentivize others to break the law and to do it in the largest scale possible.”

 

The post BNB Token Surge Enriches Binance Founder – CZ In US Jail appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Binance Reaches 200 Million Users, Aims for a Billion

Binance, the world’s leading cryptocurrency exchange by daily trading volume, announced a significant milestone on June 8th, boasting 200 million users worldwide. This achievement solidifies Binance’s position as the industry leader in terms of user base. It’s important to note that these figures are self-reported by Binance.

Celebrating a Milestone and Looking Ahead

Binance commemorated the occasion with a celebratory message across its social media platforms. Highlighting the 200 million user mark, Binance framed it as a stepping stone on their ambitious journey to onboard a billion users – a target that represents one in eight people on the planet.

A post on the Binance X.com account stated, “Today, we celebrate 200 million – and it’s all because of YOU! Your support is the heartbeat of our journey to 1 billion users. Here’s to the stars of our story – you!”

Today, we celebrate 200 million – and it's all because of YOU!Your support is the heartbeat of our journey to 1 billion users.Here's to the stars of our story – you!#Binance200M #Binancian #Binance pic.twitter.com/3cWTEHxg7j

— Binance (@binance) June 8, 2024

Just two years ago, in 2022, Binance had roughly 130 million users. The exchange experienced significant growth in 2023, adding 40 million users and reaching a total of 170 million. So far in 2024, Binance has already surpassed that figure by adding at least 30 million more users within the first six months. This rapid growth suggests Binance could reach 300 million users by 2026, assuming current industry and company trends hold steady.

Binance Dominates Growing Crypto User Base

According to research by Triple-A, the global cryptocurrency user base reached 562 million people in 2024. This represents a substantial increase of 142 million users compared to 2023’s figure of 420 million. Notably, Binance users now account for approximately 36% of the total cryptocurrency user base worldwide.

Binance’s achievement of 200 million users comes shortly after another company record. As reported by Cointelegraph in March, Binance reached a total of $100 billion in user assets under its custody. This translates to an average of roughly $500 worth of crypto assets held per user on the platform.

Binance appears to be emerging relatively unscathed from its recent legal troubles. The company’s founder and former CEO, Changpeng “CZ” Zhao, is currently serving a four-month sentence in California on fraud charges. Reports indicate that CZ is remorseful for his actions and is dutifully serving his time in a minimum-security facility.

Binance, the world’s biggest crypto exchange, said in a post on X that it had reached 200 million global users, despite a leadership change, paying a record fine to US regulators, and other more recent issues.

At the end of 2023, the exchange said it had added 40 million users to bring its total to 170 million, which means that it has gained about 30 million in the first half of this year. “Your support is the heartbeat of our journey to 1 billion users,” the celebratory post said.

“In 2023, reaching settlements with U.S. regulators, we took responsibility for our past conduct and opened a new chapter in Binance’s history. ... The scrutiny has helped create the comprehensive compliance program we have today,” the company said in a year-end blog post.

In November, Binance pleaded guilty to anti-money laundering violations, unlicensed money transmitting, and sanctions violations and paid $4.3 billion in fines and restitution. It was one of the largest payments the Justice Department had ever received from a corporation, Attorney General Merrick Garland said at the time.

DL News reported that founder Changpeng Zhao struck a deal with prosecutors. He agreed to step down from his position as CEO, plead guilty to violating the Bank Secrecy Act, and pay a $50 million fine. He is now serving a four-month sentence at a low-security prison in California.

Zhao’s successor, CEO Richard Teng, pledged a new era of compliance was dawning for the exchange, but he has had to deal with lingering problems.

In March, officials in the Philippines blocked Binance after the exchange failed to obtain a licence following months of warnings.

Then Nigeria’s anti-corruption agency charged Binance with money laundering and tax evasion, charging two Binance executives with the same allegations and even imprisoning one.

Still, the value of funds that Binance holds on behalf of its users exceeded $100 billion in March, according to a company blog post.

Crypto market movers

Bitcoin is down 0.26% today at $67,331.87.

Ethereum is down 0.42% today at $3,688.62.

What we are reading

Iggy Azalea is cashing in on crypto, as her ‘memecoin’ makes $194 million in one week — Fortune

I signed up for Binance, Coinbase, and Kraken in Hong Kong — why this shouldn’t have happened — DL News

Robinhood crypto head says Bitstamp will help lure wealthy investors — DL News

Key Points:

Binance active users achieved growth of more than 30 million in early 2024 despite legal challenges.

The exchange secured regulatory approvals and lifted a 10-month Mastercard restriction.

Binance, the leading cryptocurrency exchange globally, has demonstrated substantial growth in 2024 despite facing significant legal challenges and government scrutiny.

Binance Active Users Achieve Major Growth in 2024

Binance active users increased by over 30 million in the first half of the year, highlighting the platform’s resilience and continued user trust amid ongoing turbulence in the cryptocurrency market.

The increase in users from 100 million to 200 million on Binance took two years and two months. According to Binance CEO Richard Teng, the company is dedicated to putting the demands of its expanding user base first because it is a user-centric platform.

Throughout 2023, Binance faces numerous difficulties, including lawsuits from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Despite these challenges, the exchange has made considerable strides in compliance and regulation. In 2024, Binance secured regulatory approvals from several countries, marking a significant step towards bolstering its global operations.

Mastercard Restriction Lifted And Founder Changpeng Zhao Sentenced

As Coincu reported, Binance lifted a 10-month restriction on purchasing cryptocurrency with Mastercard. This decision reinstates the ability for Mastercard users to buy digital assets after the card giant deactivated the option in August 2023. Mastercard's initial restriction was due to the legal and regulatory issues Binance faced in the United States, including scrutiny from the SEC and the CFTC.

For comparison, the largest American crypto exchange, Coinbase, currently has around 98 million users, which indicates how strong the growth rate of Binance's active users is.

In a related development, Changpeng Zhao, the billionaire founder of Binance, has surrendered to a low-security federal prison in Lompoc, California. This follows Zhao's guilty plea to facilitate money laundering on the platform, resulting in his judgment in April. His case draws parallels to another high-profile incident in the crypto world involving Sam Bankman-Fried, the founder and former CEO of FTX.

Overall, despite legal hurdles and regulatory pressures, Binance active user base continues to expand, underscoring the platform's robust market presence and ongoing efforts to navigate the complex landscape of digital asset regulation.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

BNB Soars, But Can It Maintain Altitude Without Its Leader?

BNB, the token powering the BNB Chain, recently reached a new peak of $723 before settling at around $705. This impressive 19% gain in the first week of June significantly outperforms the overall crypto market’s 4.2% rise during the same period. However, this rally raises questions about its sustainability, especially considering the recent incarceration of Binance founder Changpeng Zhao (CZ).

The timing of the surge is unexpected. On June 1st, CZ began serving a four-month sentence in California on money laundering charges. While this outcome was anticipated following his April sentencing, his imprisonment significantly limits his influence on Binance’s strategy and operations.

Valuation Comparison: BNB vs. Solana

Despite the recent turmoil, BNB boasts a market cap of $108 billion, a 37% premium over its competitor, Solana (SOL), which sits at $79 billion. This begs the question: do their ecosystems justify this valuation gap? Part of BNB’s advantage stems from discounts offered on Binance services and exclusive offerings through Binance Launchpad.

DApps Activity

Comparing BNB Chain’s activity with Ethereum, the leader in decentralized applications (DApps), offers another clue to BNB’s price sustainability. However, contrasting activity across different chains is challenging. BNB Chain’s low fees, facilitated by its partially centralized nature, make data manipulation a possibility.

Some analysts initially attributed the rally to excessive leverage from derivative-fueled buying. Evidence suggests otherwise. While BNB futures open interest surpassed $1 billion for the first time on June 6th, this metric only reflects the total number of outstanding contracts, not the leverage direction (long vs. short).

To gauge trader sentiment, perpetual futures, or inverse swaps, are more insightful. These contracts use built-in rates recalculated every eight hours to address leverage demand imbalances. Positive rates indicate a preference for leverage by buyers.

The funding rate for BNB futures remained below 0.03% over the past six days, translating to a weekly rate of 0.6%, a price point considered reasonable by most traders. This rate aligns with Bitcoin’s (BTC) and is lower than Solana’s (SOL) current 0.5%. Therefore, excessive leverage in BNB futures does not appear to be the driving force behind the recent price surge.

BNB Chain remains a top contender in terms of DApps volume, significantly outperforming its direct competitor, Solana. At first glance, this data appears positive for BNB. However, a closer look reveals a relatively stable number of active addresses interacting with DApps, raising questions about genuine user growth. Furthermore, BNB Chain’s $6 billion in seven-day volume pales in comparison to Ethereum’s $40.5 billion during the same period.

While BNB’s on-chain and derivatives data doesn’t raise red flags, it doesn’t necessarily support further price hikes, especially considering the cloud of uncertainty surrounding Binance’s leadership with CZ’s imprisonment.

Binance Coin (BNB), which recently shattered expectations by surpassing the historic $100 billion market cap milestone. However, this surge isn’t just about numbers; it’s a narrative interwoven with legal turmoil surrounding Binance’s CEO, Changpeng ‘CZ’ Zhao, and broader market dynamics. Let’s delve deep into the intricacies of BNB’s historic surge and its implications for the cryptocurrency market.&middot

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

Binance, the leading cryptocurrency exchange globally, has announced the reactivation of its facility to purchase cryptocurrencies via Mastercard. This move comes as part of the platform’s strategy to simplify the transaction process and expand payment options. 

As of June 6, Binance customers can again buy digital currencies using both Mastercard debit and credit cards. The reinstated service allows a single transaction limit of up to 5,000 euros, approximately $5,440 for transactions denominated in euros, and a maximum of $20,000 for those in United States dollars.

New Limits and Compliance Focus

The decision to restore Mastercard as a payment option follows an extensive evaluation of Binance’s compliance measures and operational controls, which Mastercard reviewed. A Binance spokesperson, in a statement, highlighted the company’s ongoing commitment to adhere to stringent compliance standards. 

This development is part of Binance’s broader plan to integrate more regulated fiat payment providers to facilitate more intuitive and compliant cryptocurrency transactions.

However, the journey to this point has not been without challenges. Binance previously faced significant regulatory scrutiny. For instance, the service was interrupted when Binance had to discontinue its Visa debit card services in the European Economic Area on December 20, 2023.

Binance Homepage with Mastercard

 The Binance Visa debit card, which converted cryptocurrencies from user accounts into local currencies for retail purchases, was halted a day after the exchange resumed euro deposits and withdrawals. These services had been suspended for a month following the withdrawal of support by the payments processor Paysafe.

Additionally, in September, Mastercard terminated its association with Binance in several countries including Argentina, Brazil, Colombia, and Bahrain. This followed a series of legal challenges for Binance, including a lawsuit by the United States Securities and Exchange Commission (SEC) in June 2023. 

The SEC filed 13 charges against Binance, accusing it of misappropriating customer funds and engaging in unregistered securities offerings. Shortly before that, the Commodity Futures Trading Commission had also sued the exchange for not registering with it and violating numerous regulations.

Potential Resolution and Continued Leadership Transition

Despite these legal hurdles, the recent reenabling of Mastercard-based purchases might indicate a potential resolution to Binance’s regulatory issues, especially in light of its recent settlement in the United States.

Although Binance faced allegations of violating Anti-Money Laundering laws, there was no evidence found of user fund misappropriation. As part of the settlement, the exchange agreed to pay one of the largest criminal fines in history, amounting to $4.3 billion.

Furthermore, as a consequence of the legal proceedings, Binance founder Changpeng Zhao, commonly known as “CZ,” stepped down from his CEO position. 

In April, a U.S. District Court sentenced Zhao to four months in prison and imposed a $50 million fine on charges related to money laundering activities at the exchange. Zhao began his sentence in June at a low-security federal prison in Lompoc, California. He plans to resume his activities in the cryptocurrency sphere following his release.

The post Buy Crypto with Mastercard Again: Binance Resumes Service appeared first on Coinfomania.

The price of the native token of the BNB Chain, $BNB , has recently seen its price soar to surpass the $700 mark for the first time ever, rising over 7% in a day amid a wider cryptocurrency market rally. A popular crypto analyst has now suggested BNB could top $1,000.

BNB is at the time of writing trading at $697 after enduring a slight correction from a new all-time high above the $712 mark, and popular cryptocurrency analyst Sheldon The Sniper has said that BNB’s price chart is “looking extremely bullish,” and pointed to $1,000 as its next price target.

$BNB looking extremely bullish , soon to break all time high's . Then $1000 next targetAnother coin to lead altcoin run pic.twitter.com/nXKaSnTrpI

— Sheldon The Sniper (@Sheldon_Sniper) June 4, 2024

Another popular cryptocurrency analyst, Kaleo, has said that while the market is paying attention to Bitcoin, Ethereum, and Solana, Binance’s BNB is “entering price discovery,” and pointed out the cryptocurrency “was an early leader of the last bull market as well.”

Per his words, history “doesn’t always repeat itself, but it often rhymes.” BNB’s price rally comes shortly after Changpeng Zhao, the founder and former CEO of leading cryptocurrency exchange Binance – which is itself behind BNB – started serving a four-month prison sentence in California after pleading guilty in November to violating the Bank Secrecy Act for failing to implement adequate safeguards against money laundering at Binance.

Ted Zhang, an associate portfolio manager at Revere Asset Management, also pointed to BNB’s chart on social media and said that it “doesn’t get better than this,” and added “these are the setups that you want to find yourself in. They are SCREAMING at you and JUMPING off the page.”

Also read: How to Transfer Crypto From Binance to Coinbase: A Step-by-Step Guide

BNB’s upward movement also comes shortly after the leading cryptocurrency exchange Binance announced its “largest ever rewards pool” in the Binance World Championship, an event in which its users will be competing in skills-based tournaments.

Featured image via Unsplash.