Binance will adjust the leverage and margin level of DODOBUSD perpetual contract at 19:30 today
On August 8th, according to an official announcement, Binance's contract trading platform will adjust the leverage and margin levels of the DODOBUSD perpetual contract at 19:30. Positions opened before the update will be affected. It is strongly recommended that users adjust their positions and leverage before the adjustment to avoid any potential liquidation risks.
Binance's Proof-of-Reserves Reveals Healthy Financial Situation, but USDC Reserve Movements Draw Attention
Binance, a cryptocurrency exchange, has released its latest proof-of-reserves (PoR) report, which shows that it holds enough crypto and cash to cover user funds. However, the movement of its USDC reserves during Silvergate's collapse has raised questions. Binance's PoR reveals that its USDC balance decreased from $3.4 billion on March 1st to $23.9 million by May 1st, and on-chain data suggests that Binance started converting its USDC reserves into Bitcoin and Ether after Silvergate's collapse. The PoR has become a popular way for crypto exchanges to attest their holdings and share the same with the public as a way of transparency.
Binance Adds ASR/TRY, ATM/TRY, ACM/TRY, BAR/TRY, JUV/TRY & PSG/TRY Trading Pairs
Binance will open trading for the ASR/TRY, ATM/TRY, ACM/TRY, BAR/TRY, JUV/TRY and PSG/TRY trading pairs at 2023-08-10 08:00 (UTC).
Binance Moves Funds from USDC to Another Stablecoin
During Coinbase's second-quarter earnings call, CEO Brian Armstrong mentioned that Binance had moved some of its funds from USDC to another stablecoin, but despite this, the market cap of USDC has remained steady. USDC is the preferred stablecoin on Coinbase, and Binance once held a significant amount of USDC reserves, but it seems they have converted some of their holdings to other stablecoins. Binance has been redeeming USDC for USD recently, with many believing it is going towards their new stablecoin of choice, FDUSD. USDC's market cap has shrunk by nearly half in the past year, falling from $44.5 billion to $26 billion.
Coinbase CEO Brian Armstrong Reveals Binance Sold Its USDC Holdings in Earnings Call
During Coinbase's Q2 earnings call, CEO Brian Armstrong unexpectedly disclosed that Binance had sold all its holdings of the stablecoin USDC, causing its market cap to increase. Armstrong's statement implied that USDC is now safer without Binance's involvement. However, USDC's market cap has been declining rapidly, dropping from $44.5 billion to $26 billion.
Binance Announcement: USDⓈ-M YGGUSDT perpetual contract leverage and margin level update
Binance has issued a recent announcement stating that on August 5, 2023, at 18:00 (UTC), the leverage and margin levels of the USDⓈ-M YGGUSDT perpetual contract on the Binance futures trading platform will be adjusted. Existing open positions before the update will be affected. It is highly recommended to adjust your positions and leverage prior to the update to avoid potential liquidation risks.
Judge Denies Eeon's Motion to Intervene in SEC's Lawsuit Against Binance
A federal judge has denied a motion by third-party Eeon to intervene in the US SEC enforcement action against Binance, citing the law that prohibits the consolidation of a private action with one brought by the SEC without its consent. The judge also referred to previous cases, including US SEC v. Ripple Labs, which prevented private cross-claims, counter-claims, and third-party claims to SEC enforcement actions. Binance and Changpeng "CZ" Zhao opposed Eeon's request to intervene, giving three reasons to the court to deny the motion.
Binance Adds Shiba Inu as Collateral Asset, Sparks Potential BONE Token Listing
Binance, the world's largest cryptocurrency exchange, has announced the addition of 22 new loanable assets and collateral assets to its Flexible Loan and VIP Loan services. Among the new collateral assets are Shiba Inu (SHIB), Compound (COMP), and Theta Network (THETA).
Binance CEO CZ Flags Old Tweet from Elon Musk About Semafor Amid Reports of Potential Fraud Charges by US DOJ
Binance CEO CZ has dismissed reports of potential fraud charges from the US Department of Justice as an attempt to create fear, uncertainty and doubt (FUD) in the crypto market. He pointed to an old tweet from Elon Musk highlighting a conflict of interest in the reporting of Semafor, the publication that broke the news. It remains to be seen if the DOJ will make an official communication about the alleged charges.
South Korean Exchange Upbit Overtakes Coinbase and OKX in Spot Trading Volume
According to data from CCData, South Korean cryptocurrency exchange Upbit surpassed Coinbase and OKX in spot trading volume for the first time in July, with a 42.3% increase to $29.8 billion. This places Upbit as the second-largest exchange by trading volume after Binance, which still holds the largest market share despite a fifth consecutive month of decline. The report also notes that centralized exchanges (CEX) recorded the second-lowest trade volumes since 2021, with users turning to decentralized exchanges (DEX) due to major lawsuits involving popular CEXs like Binance and Coinbase.
Binance Appoints Kristen Hecht as Deputy Chief Compliance and Global Money Laundering Reporting Officer Amid Regulatory Scrutiny
Kristen Hecht has been appointed as Binance's new deputy chief compliance and global money laundering reporting officer. This new role will oversee both areas as the exchange faces potential fraud charges from U.S. regulators. Hecht was previously the global head of corporate compliance at Binance and will primarily work on the company's compliance program while engaging with regulators, intergovernmental organizations, and industry bodies. Binance has been facing multiple investigations into its practices, but denies that several top legal and compliance executives have left the exchange due to the strain of dealing with these investigations.
US DoJ Concerned About Potential Bank Run if Fraud Charges Brought Against Binance
The US Department of Justice is considering bringing fraud charges against Binance, but is concerned about the potential impact on the exchange's customers and the wider crypto market. Prosecutors are exploring alternative measures, such as deferred agreements and fines, to hold Binance accountable for alleged violations without risking consumer funds. This comes after the SEC accused Binance of violating various laws, including mishandling customer funds and faking trading volume. Binance has denied the allegations and accused regulators of issuing false and misleading statements.
Binance Adds BTC/FDUSD & ETH/FDUSD Trading Pairs and Updates the Zero-Fee Bitcoin Trading Program
Binance will open trading for the BTC/FDUSD and ETH/FDUSD trading pairs at 2023-08-04 08:00 (UTC).Binance will also update the zero-fee Bitcoin trading program to include the BTC/FDUSD trading pair, effective from 2023-08-04 08:00 (UTC). Users will enjoy zero maker fees on the ETH/FDUSD trading pair until further notice.
Binance CEO Denies Ever Attempting to Shut Down Binance. US
Binance CEO Changpeng Zhao (CZ) has criticized recent news reports claiming that former Binance.US CEO Brian Brooks was voted out by the Binance board. CZ called the quality of research, validation, and logical thinking in the reports "appalling," stating that a single vote holding out of three would not be enough to stop anything if it was a board vote.
Bitcoin briefly dips below $29,000
After the media released news of the federal prosecutor's fraud allegations against Binance, Bitcoin briefly dropped below $29,000.
Binance CEO Warns of New Crypto Scam Strategy Attempted on Experienced Trader
Binance CEO Changpeng Zhao has warned the public about a new crypto scam strategy that was recently attempted on an experienced trader. The scammer was stopped before they could steal up to $20m from the exchange. The new method involves generating wallet addresses with the same starting and ending letters, which is what most people check when verifying an address. The scammers then send "dust transactions" to make the address appear in the victim's wallet, making it easier for them to copy the wrong address when making a transfer. This type of scam is becoming more common in the crypto ecosystem.
The U.S. Department of Justice (DOJ) ponders fraud charges against Binance, the world's biggest cryptocurrency exchange
The US Department of Justice (DOJ) is considering fraud charges against Binance, the world's largest cryptocurrency exchange. There are concerns about potential consumer fallout and market instability if an indictment is made, similar to what happened with platform FTX. The DOJ is exploring alternatives such as fines or non-prosecution agreements. This situation highlights the complex nature of crypto enforcement and regulation in the US, which currently exists in a legal gray area. Binance and its founder have already faced charges from the SEC and CFTC for operating an unregistered exchange and manipulating trades.
Binance Burns 1.4 Billion LUNC in Latest Token Burn Event
Binance has burned 1.4 billion LUNC tokens in its 12th batch of burns, reducing Terra Classic's total supply to less than 6.84 trillion. The burn event represented 50% of Binance's trading fees on LUNC spot and margin trading pairs accrued between June 30 and July 30. The next LUNC burn event is scheduled for Sept. 2, and the Terra Classic community hopes that these frequent burns and the planned USTC repeg will aid LUNC's price in the long run. LUNC is currently trading at about $0.00008, up from less than $0.00005 following its May collapse but still far below its all-time high of roughly $0.000018 earlier this year.
Binance Users in China Traded $90 Billion of Cryptocurrency Assets in a Single Month, Despite Trading Ban
According to the Wall Street Journal, Binance users in China traded $90 billion worth of cryptocurrency assets in a single month, despite cryptocurrency trading being illegal in the country since 2021. These transactions made China Binance's largest market, accounting for 20% of volume worldwide, excluding trades made by a subset of very large traders.
Binance to Remove Several Trading Pairs Effective August 4th
Binance, one of the world's largest cryptocurrency exchanges, has announced the removal of several spot trading pairs effective August 4th, 2023 at 03:00 (UTC). The affected trading pairs include ATA/BUSD, BNT/BUSD, COS/BUSD, DF/BUSD, DOCK/BUSD, OSMO/BUSD, STRAX/BUSD, and XNO/BUSD.
