New Binance CEO Richard Teng Strikes Optimistic Tone in First Company Statement After Settlement
Binance's newly appointed CEO, Richard Teng, has released his first official statement following the company's settlement with the US Department of Justice. Teng expressed optimism, stating that Binance is stronger than ever and has worked to address past compliance issues. Founder and former CEO Changpeng Zhao has stepped down from his role and is forbidden from serving as an executive for the company for three years, while Binance will pay $4.3 billion in fines and settlements and withdraw from the United States. Teng has committed to leading the team into the future while respecting and learning from the past.
Binance’s new CEO: will adopt a traditional corporate structure, and the relevant letter disclosed a “robust timetable”
According to Fortune magazine on November 27, Richard Teng, the new CEO of Binance, stated in an interview that Binance is shifting from a non-compliant tech startup to a traditional financial company. Teng said that one of his main goals is to help the cryptocurrency industry adopt unified global rules, just like the rules that the banking industry has enjoyed for a long time.<br>When asked if Binance will adopt a traditional corporate structure under his leadership, Teng gave a positive response. Teng said, "Once the corporate structure is thoroughly reformed, financial data will be made public. As an organization, we are committed to transparency." When asked when Binance will be able to disclose its board of directors and financial statements like its competitor Coinbase, Teng refused to provide specific details but said he has a "robust timeline."
Binance Labs announces $3.15 million investment in Open Campus
According to an official announcement on November 27th, Binance Labs has invested $3.15 million in Open Campus, a community-led Web3 education platform that tokenizes educational content by allowing creators to monetize their published content. This investment aims to attract new users to Web3 and encourage more local users to participate in education through the introduction of innovative Publisher NFTs, enhance the profit potential of content creators, and provide revenue sharing for co-owners.
Binance is about to launch USTC 1-50 times U-based perpetual contract
According to an official announcement by Jinse Finance, Binance will launch USTC1-50x perpetual contracts on November 27, 2023 at 20:30 (GMT+8).
Binance will delist BTS, PERL, TORN and WTC
According to an official announcement, Binance has decided to halt trading and delist the following currencies on December 7th at 11:00 (GMT+8): BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), Waltonchain (WTC).
Andrei Jikh: If SEC investigation into Binance reveals fraud, it could delay approval of spot Bitcoin ETF
Andrei Jikh, a financial influencer, has warned that if the US Securities and Exchange Commission (SEC) investigation into Binance reveals widespread fraudulent activity, it could delay the approval of a Bitcoin ETF. This could make the SEC more cautious, concerned about market risk and instability.
The U.S. Department of Justice responds to CZ’s travel restriction complaint: CZ’s family and wealth are in the UAE and he has motives to evade U.S. law
Court documents from the Western District of Washington federal court in the United States show that Changpeng Zhao may face a sentence of up to 18 months to ten years for his involvement in criminal activities. Despite being a billionaire and living in the United Arab Emirates, which does not extradite its citizens, he voluntarily went to the United States to stand trial. The government recommended bail before sentencing, but believed he still posed a flight risk and needed to be restricted during his stay in the United States to prevent him from returning to the United Arab Emirates. The government pointed out that Changpeng Zhao had no connection to the United States, and that his family and wealth were in the United Arab Emirates, so he had a motive to evade US law. The government requested that the court require Changpeng Zhao to stay in the United States during the period between his guilty plea and sentencing.
U.S. prosecutors: seeking a statutory maximum sentence of 10 years in prison for former Binance CEO CZ
In documents submitted on November 24th, US prosecutors indicated that they may seek a statutory maximum sentence of 10 years in prison for former Binance CEO Zhao Changpeng (CZ), which could exceed the sentencing guidelines. The documents were submitted in response to CZ's motion to oppose the US government's detention of him. The prosecutors stated that the upper limit of the sentencing guidelines could be as high as 18 months, and the US could freely assert any statutory maximum sentence of up to 10 years. Former head of the SEC Enforcement Division, John Reed Stark, stated that this is the first time that prosecutors have explicitly and clearly stated that they may seek a maximum sentence of 10 years. A DOJ lawyer supporting the detention of CZ stated that the punishment he faces in sentencing is undoubtedly significant to him, which "helps to reasonably restrict" him.
Binance onboarded millions into finance but forgot the paperwork — Columbia professor
Binance settlement highlights banks’ and crypto firms’ ambiguous treatment, says Columbia Business School adjunct professor Omid Malekan.
The address marked Spark Digital Capital transferred 1.93 million SUPER to Binance, equivalent to approximately US$784,000.
On November 26th, Lookonchain monitoring shows that in the past three days, two wallets labeled as Spark Digital Capital have deposited a total of 1.93 million SUPER tokens (worth $784,000) into Binance.<br>It is reported that Spark Digital Capital had previously withdrawn 999,874 SUPER tokens (worth $181,000) from Binance on August 13, 2022, at an average price of $0.18 per token.
Adjunct professor at Columbia Business School: If traditional companies receive the same treatment as Binance, many people on Wall Street will be imprisoned
Omid Malekan, a part-time professor at Columbia Business School, said that the settlement of Binance highlights the ambiguous treatment of banks and cryptocurrency companies, and the Department of Justice's approach in this case is completely different from that in the traditional financial sector. Some people do not understand how other parts of the financial system work, and companies that follow best practices for anti-money laundering are still dealing with a large amount of illegal funds. But this is considered acceptable because someone did the paperwork. If traditional companies were treated the same way as Binance in similar cases, many people on Wall Street would be sent to jail. If they were required to meet the standards of Binance, hundreds of CEOs would be imprisoned, and funds used for share buybacks (or lobbying) would be reduced. But bankers are smart enough never to question this game. Binance has done a pretty good job in helping tens of millions of poor people, people of color, and other vulnerable groups enter the financial system, something compliant financial companies have failed to do for a long time.
BNB Chain: DappBay’s “Red Alert” identifies over 100 risky dApps this week
BNB Chain stated on social media that DappBay's "Red Alarm" identified over 100 risky dApps this week, including Genesis Universe, AIRDROP HUNTER DeXe DAO Studio, Web3 Pilot, Quick Pay, Silo, and Crystal.
CZ’s lawyers file motion asking that CZ be allowed to return to UAE
The lawyer of former CEO of Binance, Zhao Changpeng (CZ), has filed a motion to allow Zhao to return to the United Arab Emirates to counter the motion by the US Department of Justice to review his current bail conditions.
Justin Sun deposits over $28 million worth of stablecoins on Binance
Scopescan monitoring shows that Justin Sun has removed the liquidity of multiple trading pairs on the Tron ecosystem stablecoin trading platform SUN.IO in the past 30 minutes, and deposited stablecoins (22.32 million USDT, 3.03 million USDC, and 3.16 million TUSD) into Binance.
A certain whale withdrew 1,498 ETH from Binance, equivalent to approximately US$3.13 million
According to The Data Nerd's monitoring, whale 0xfc4 withdrew 1498 ETH (approximately $3.13 million) from Binance at a price of $2089.In the past two days, this whale has accumulated a total of 4770 ETH (approximately $9.92 million) at an average price of $2079.
Binance Labs and BNB Chain Open New Founder-Focused Track To Incubate 100 Early-Stage Projects
Binance Labs, in partnership with BNB Chain and CMC Labs, has launched a new "founder track" as part of its MVB accelerator program. The MVB program, now in its seventh season, aims to support builders and grow the BNB Chain ecosystem. The newly added founder track will function as a venture studio dedicated to incubating 100 innovative ideas that address real-world needs, with projects receiving backing from Binance Labs and support in deploying their ventures on BNB Chain. The program's startup track will continue to provide tailored support to early-stage startups, with both tracks running concurrently. Applications for MVB Seven are open until January 15, 2024.
Binance will list Blur (BLUR) and add a seed tag to it
According to an official announcement, Binance will list Blur (BLUR) on November 24, 2023 at 17:00 (GMT+8) and open the following spot trading pairs:
CommEX, the acquirer of Binance’s Russian business, has a daily trading volume of 90 million rubles
According to data released by the Russian cryptocurrency exchange CommEX, its P2P daily trading volume has reached 90 million rubles since its launch, with over 200,000 users, and P2P trading volume has increased by 460% in the past month. (Forklog)
Elizabeth Wong: I don’t understand Binance’s method and structure of entering the Hong Kong market, and I am not sure whether Binance can obtain a license in Hong Kong.
On November 24th, Elizabeth Wong, the Director of Licensing and Head of Fintech at the Hong Kong Securities and Futures Commission, was asked on the Web3 Harbor podcast if Binance could obtain a license in Hong Kong after pleading guilty in the United States. She stated that without understanding how Binance would enter the market and its structure, it is currently uncertain. Wong was also asked if Binance would seek a license in Hong Kong under the leadership of new CEO Richard Teng, to which she replied that they are currently not on the list of virtual asset trading platforms applying for a license.
SAI token on BNB Chain is suspected of having a Rug Pull, and the price has dropped 99%
According to the SharkTeam blockchain analysis platform ChainAegis security monitoring, the SAI token on the BNB Chain is suspected of experiencing a Rug Pull, and the price of the token has dropped by 99%.
