Archive for the ‘Binance’ Category

Binance Delists Two XRP Leveraged Tokens: Details – The Crypto Basic

Binance disclosed its plans to discontinue trading for the XRP leveraged tokens earlier, revealing that the development will occur today.

Binance has discontinued trading for XRPUP and XRPDOWN two XRP leveraged tokens today. The leading crypto exchange earlier announced plans to cease trading for the leveraged tokens against USDT, noting that the move will be implemented on May 12.

In accordance with the prior announcement, trading for XRPUP/USDT and XRPDOWN/USDT ceased at 03:00 (UTC) today, upon which all active trade orders initiated by customers were automatically closed by the system. The exchange had implored customers to trade their XRPUP and XRPDOWN tokens for other assets before the delisting.

The tokens are no longer on the Binance platform as of press time. If some customers still hold these tokens after the delisting event, Binance has kept the redemption service for them open, allowing users to redeem the leveraged tokens for USDT through the dedicated Leveraged Tokens page or the wallet function.

Leveraged Tokensare specifically meant to multiply the gains (or losses) made in a trade. For instance, a 2x leveraged token would deliver 2 times the return of the underlying asset. The XRPUP token multiplies investors returns when XRP goes up, and XRPDOWN multiplies investors returns when XRP goes down.

The XRPUP and XRPDOWN tokens are the latest in a long line of leveraged tokens delisted by Binance this year. In January, the exchange announced plans to delist twenty leveraged tokens from Feb. 14 to 18. Last month, Binance also disclosed that it would cease trading for six leveraged tokens from May 9 to 11.

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Binance Delists Two XRP Leveraged Tokens: Details - The Crypto Basic

Binance looks to the UK for regulation amid US crypto crackdown – Cointelegraph

Crypto exchange Binance has acknowledged that a crackdown on cryptocurrencies has made conducting business in the United States challenging. It is now looking to be regulated in the United Kingdom.

During the Financial Times Crypto and Digital Assets Summit, Patrick Hillmann, Binances chief strategy officer, said that the past six months have been quite confusing in the United States. He added that the recent actions taken by the U.S. Securities and Exchange Commission (SEC)against rival exchange Coinbase for allegedly violating securities laws are an indication of how the U.S. right now is in this strange place.

While Hillmann acknowledged the very confusing environment in the U.S., he expressed the companys commitment to doing everything we possibly can to be regulated in the United Kingdom.

This is a change of tone from his earlier statement that the current crackdown on crypto had made it difficult to do business in the United States. Binance has previously clashed withU.K. regulators over its failure to provide essential information about its business activity, which led regulators to suggest the exchange was unregulatable.

In 2021, the Financial Conduct Authority ordered the company to stop all regulated activities in Britain. Other groups have claimed that U.K. officials have been overly wary of fintech and crypto companies.

A representative from Binance stated that the company adheres to regulations concerning money laundering and terrorism financing in the United Kingdom. They explained that Binance has a compliance program, which utilizes Anti-Money Laundering, global sanctions principles, and tools employed by financial institutions to detect and address any suspicious activity.

According to Binance, the crypto exchange can secure approvals and registrationthrough the compliance program in various jurisdictions across the globe, including New Zealand, Dubai, France, Italy and Spain.

Related: Bitcoin priced on Binance.US crypto exchange at $700 premium

Binance has been the target of U.S. regulators clamping down on perceived illicit activity this year. In March, the Commodity Futures Trading Commission (CFTC) brought a lawsuit against Binance, alleging it had been operating illegally in the country and had broken the law by extensively soliciting U.S. customers. At the time, Binance called the CFTC complaint unexpected and disappointing.

Magazine: US and China try to crush Binance, SBFs $40M bribe claim: Asia Express

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Binance looks to the UK for regulation amid US crypto crackdown - Cointelegraph

Bitcoin drops to $26K as the result of Binance whales selloff – CryptoSlate

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Bitcoin drops to $26K as the result of Binance whales selloff - CryptoSlate

Binance to leave Canadathe one-time home of cofounder CZclaiming market conditions are no longer tenable – Fortune

On Friday, Binance, the largest crypto exchange, announced on Twitter that it would be proactively withdrawing from Canada.

We had high hopes for the rest of the Canadian blockchain industry, the company wrote in a tweet. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.

While Canada is a small market for crypto globally, its noteworthy as the one-time home of Changpeng Zhao, commonly known as CZ, the cofounder and CEO of Binance. Zhao moved to Vancouver, British Columbia, with his mother and sister from China in 1989 to join his father, who was enrolled in a doctoral program to study geophysics.

Binance joins a longer list of crypto companies that have chosen to leave Canada due to its regulatory environment, including Paxosthe former issuer of the Binance-branded stablecoin BUSDand the decentralized exchange dYdX.

The decision comes on the heels of February guidance issued by Canadas securities regulator to compel exchanges to register with the agencyfailure to meet preregistration requirements would mean an exchange can no longer operate. It is unclear whether this decree contributed to Binances decision. A spokesperson did not immediately respond to a request for comment.

Not every crypto company has chosen the same strategy. Binances competitor, the U.S. exchange Kraken, signed a pre-registration undertaking with the Ontario Securities Commission on March 30 as a step toward complying with the national guidance.

The Canadian Securities Administrators have laid out clear expectations of the rules they expect crypto trading platforms to follow, said MarkGreenberg, Krakens managing director for Canada, in a statement shared with Fortune. It is for individual companies to make informed decisions on whether they want to play by the stated rules of the game, or leave.

Binance has faced regulatory difficulties globally as it reckons with its heightened status following Novembers collapse of FTX, including investigations by U.S. agencies into money laundering violations. In March, the Commodity Futures Trading Commission sued Binance and Zhao, alleging the exchange was illegally offering services to U.S. customers, along with a raft of other charges.

On Thursday, The Information reported that Binance.USwhich the parent company claims operates independently of its international exchangewas exploring ways to reduce Zhaos stake in order to reduce additional scrutiny. Binance representatives maintain that the company has turned a new leaf from its early days in 2017when it rapidly grew into the worlds largest exchangeand has made efforts to come into compliance, such as hiring the former Department of Justice and Drug Enforcement Agency lawyer Noah Perlman as its chief compliance officer.

In its tweet on Friday, Binance expressed optimism that it would be able to return to Canada when the regulatory environment improves.

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Binance to leave Canadathe one-time home of cofounder CZclaiming market conditions are no longer tenable - Fortune

Binance lifts block on bitcoin withdrawals amid heavy volumes – CNBC

Binance CEO Changpeng Zhao speaking at a press conference during Web Summit 2022.

Ben Mcshane | Sportsfile | Getty Images

Cryptocurrency exchange Binance halted bitcoin withdrawals for several hours on Monday, citing heavy volumes and a surge in processing fees, before clearing them at a higher cost.

Late on Sunday and again early on Monday the world's biggest crypto exchange shut bitcoin withdrawals saying there was a glut of pending transactions because it hadn't offered so-called miners a high enough reward to log the trades on the blockchain.

The halt pushed bitcoin lower though its losses were marginal, with the cryptocurrency last down about 1% to $28,162, its lowest in nearly a week.

"Our set fees did not anticipate the recent surge in (bitcoin) network gas fees," Binance said in a tweet. "We're replacing the pending bictoin withdrawal transactions with a higher fee so that they get picked up by mining pools."

Gas fees refer to payments made to crypto miners whose computing power processes transactions on the blockchain.

"If the withdrawal amount is large, the gas fee required to process the transaction may also be large, especially during times of high network congestion," Joshua Chu, group chief risk officer at blockchain technology group XBE, Coinllectibles and Marvion.

"We need more information as to what has led to the large withdrawals." After an hour-long stoppage late on Sunday and several hours on Monday, Binance said withdrawals resumed.

"To prevent a similar recurrence ... our fees have been adjusted." In a separate tweet Binance denied there had been large outflows from the platform.

In March, Binance hadsuspendeddeposits and withdrawals citing tech issues. Twenty-four hour trading volume on Binance was $6.9 billion according to analytics site CoinMarketCap, more than eight times the next-largest venue, Coinbase.

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Binance lifts block on bitcoin withdrawals amid heavy volumes - CNBC