SEC and Binance exchange arguments about digital assets in court

On January 22, a hearing was held in the SEC case against the Binance crypto exchange. Both sides answered questions from the judge about the nature of digital assets.

The regulator filed a lawsuit against the trading platform and its ex-CEO Changpeng Zhao on June 5, 2023, bringing 13 charges, including the sale of unregistered securities. The department classified 12 tokens into this asset class, including BNB and the BUSD stablecoin.

#SEC #secNews #Binance​​

$BNB

✅ While the S&P 500 is treading near an all-time high, BTC decided to play hardball and peeked below $40k 🙃

Monday's news:

🔸 Uzbekistan passed (https://lex.uz/ru/pdfs/6763724) a law criminalizing illegal cryptocurrency mining and trading operations
🔸 WSJ: China's cryptocurrency market thrives (https://www.wsj.com/world/china/laundromats-and-vpns-how-chinas-crypto-traders-are-evading-the-rules-8511ebe8) despite government bans 😇
🔸 SPONGE staking has already added (https://spongetoken.vip/ru?pid=503239&tsid=75) 5.6 billion tokens worth $5.4 million, current yield +280%
🔸 Last week saw the first crypto fund outflow of $21 million this year
🔸 LUNA and UST developer Terraform Labs filed for bankruptcy
🔸 Study: Cryptocurrency users grow 34% to (https://twitter.com/cryptocom/status/1749384443683319983) 580 million in 2023
🔸 Online church pastor Eli Regalado of Colorado created (https://community.indxcoin.com/c/indxcoin-updates/lawsuit-response) and promoted a scam token, explaining it was "God's will" 😂
🔸 Hackers stole (https://twitter.com/Trezor/status/1748724846861705494) the data of 66,000 Trezor hardware wallet users
🔸 Scammers created (https://twitter.com/blockfence_io/status/1745861887101993301) an automated token scam scheme and stole $32 million from 42,000 cryptocurrency users

#Bitcoin-BTC #crypto2024catch #BinanceChallenge #Binance​​

Binance burned $636 million worth of BNB

Bitcoin exchange Binance conducted 26 BNB token burns. The platform removed 2.1 million coins (1.41% of the issue) worth about $636 million from circulation.

In 2017, the company launched a burn program with the goal of removing 100 million BNB from circulation—half of its total supply. From 2021, the number of coins removed is automatically calculated using the Auto-Burn formula.

As part of the previous round in October 2023, Binance burned 2.14 million BNB worth over $453 million. In July, the cryptocurrency exchange withdrew 1.99 million BNB worth $484 million from circulation.

Let us remind you that Binance analysts called 2023 “a more favorable turnaround for the crypto industry.”

#BNB/BTC #BNBChain⚡️ #BNBUSD #BNBUSDT #Binance​​
$BNB

Binance: Phone scammers act on our behalf - and we are powerless

Victims were informed by unknown persons that the offer would expire on the same day and were advised to urgently pick up their winnings by clicking on a link in the SMS message. After clicking on the malicious link, the context menu prompted the victim to log into their Binance account and provide the necessary passwords.

Binance admitted that the scheme is a typical attempt at a spoofing attack via SMS, when the attacker replaces the sender of the message in such a way that the message on the recipient’s phone appears as if it came from a trusted source. The goal is to trick the victim into following instructions, stealing sensitive data.

The company is powerless in the fight against such fraud because the GSM communication system technology in which SMS messages operate allows the sender to randomly fill out the “sender name” field, Binance said. Mobile operators do not check whether the sender of the SMS has the legal right to use a particular name.
#Binance​​ #binanceawards

Binance called 2023 “favorable” for the Bitcoin industry

With a 109% increase in total market capitalization, 2023 was a “largely favorable turnaround” for the crypto industry. Binance specialists came to this conclusion in their report.

In the first and fourth quarters of the year, the digital asset market showed remarkable growth. In the last quarter, optimism was largely due to the expected approval of spot Bitcoin ETFs in the US.

More broadly, macroeconomic factors favoring cryptocurrencies have included robust global GDP growth and easing inflation rates. This has fueled investor interest in high-risk assets, Binance experts say.

#Binance​​ #binanceawards

Binance launched a public cryptocurrency exchange service in Thailand

According to the statement, Gulf Binance has successfully completed licensing procedures with the Ministry of Finance of Thailand and has begun full operations of its cryptocurrency exchange and brokerage platform called Binance TH.

The platform has created a dedicated order book for Thai Baht (THB) trading pairs and will provide seamless integration with national banking systems for depositing and withdrawing assets.

According to experts, the launch of Binance TH in Thailand could lead to a redistribution of the country’s crypto market and pose serious competition to the Bitkub exchange, the dominant player owning about 77% of the market share of digital assets with a daily trading volume of $30 million.

Let us recall that earlier the Thai energy company Gulf Energy invested in the American division of the Binance cryptocurrency exchange as part of its efforts to enter the US digital currency market.
#Binance​​ #binanceawards #binancetrading

DefiLlama: Binance raised a record $4.6 billion in customer funds in two months

According to the DefiLlama service, the net inflow of funds to Binance amounted to $4.6 billion since the agreement was concluded with the US authorities in November. This amount is much higher than the influx of assets over the same time to the sites of its largest competitors OKX and Bybit.

In January alone, the crypto exchange raised $3.5 billion: this is more than in any full month since November 2022.

Binance's share of cryptocurrency spot trading stabilized in December after nine straight months of decline, and the Binance Coin token has risen 30% since November 21. Binance directly benefited from the market recovery and the price of Bitcoin rising by almost 160%.

The new head of the crypto exchange, Richard Teng (Richard Teng), is trying to fulfill all the requirements of American financial regulators. It is required to establish a global headquarters, appoint a board of directors and an independent observer for a period of three years. Binance also does not have full licenses in major cryptocurrency hubs such as Singapore, Dubai and Hong Kong. And the firm is still fighting a lawsuit from the US Securities and Exchange Commission (SEC).
#binancetrading #BinanceEarnings #BinanceChallenge #BinanceTaurnament #Binance​​
$BTC $ETH $BNB

Trading volume on the largest crypto exchanges fell by 16% over the year.

Trading volume on the 10 largest centralized exchanges (CEX), whose combined market share exceeds 95%, fell by 16% to $34.26 trillion by the end of 2023, experts from research firm TokenInsight write in a new report. Binance's share has dropped from 54.2% to 48.7% and the exchange still maintains a dominant position. On the contrary, the OKX and Bybit platforms showed the most significant growth, increasing their market shares by 4.3% and 2.2%, respectively.

TokenInsight Report

#CEX #Binance​​ #OKX #Bybit

Binance Announces 'Significant' Multiple Token Burn

On January 22, Binance will burn a “significant amount” of exchange-related cryptocurrencies on various blockchains.

Binance did not disclose the names of digital assets and the exact time of their burning.

When asked by one of the users whether the announced initiative will increase the total supply of BNB, representatives of the exchange responded:

“BNB was originally released as an ERC-20 token (on the Ethereum platform), but has since been migrated to the BNB Chain mainnet. The initial total supply was determined to be 200,000,000 coins, but due to regular burning, the supply is gradually decreasing."

#ERC-20 #BNB🔥 #ETH2024 #Binance​​
$BTC $ETH