Archive for the ‘Binance’ Category

Australia forces Binance to pay users after law-breaking – Protos

The Australian Securities and Investments Commission (ASIC) has issued a press release detailing $13.1 million in payments to users of Binance Australia Derivatives (also known as Oztures Trading Pty Ltd) for rule-breaking related to the misclassification of users as wholesale instead of retail.

Binance Australia Derivatives failed to provide retail clients with legally required protections and, as such, has had to compensate users for net trading losses and fees.

Binance Australia Derivatives canceled its Australian Financial Services License in April of this year. This cancellation came after ASIC started a targeted review of Binances financial services business in Australia and after ASIC issued a notice of hearing.

Read more: FTX Australia license revoked nine months after implosion

After it chose to cancel this license, there were subsequent raids on the companys offices in Australia.

Binance has also been cut off from many of its previous banking partners in Australia with the likes of Cuscal and large Australian banks like Westpac shutting off transfers to Binance entities.

ASICs press release also made sure to detail how regulatory agencies around the world have issued warnings and suits against Binance and specifically draws attention to the Commodities Futures Trading Commission lawsuit. It also includes warnings from the UK, Japan, Italy, Singapore, the Netherlands, Canada, and Thailand.

ASIC has pursued other cryptocurrency companies, including Finder for its Finder Earn crypto lending product, and it was investigating FTX at the time of its collapse.

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Australia forces Binance to pay users after law-breaking - Protos

Binance saw almost half of the $114M liquidations in the past 24 hours – CryptoSlate

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Binance saw almost half of the $114M liquidations in the past 24 hours - CryptoSlate

Binance records huge $194m Tron (TRX) withdrawal – crypto.news

An unknown whale transferred 1,999,000,000 Tron tokens (TRX) worth $194 million.

According to on-chain analytics, the whale transferred a large amount from the Binance cryptocurrency exchange to an unknown wallet.

At the time of publication, the price of TRX remained virtually unchanged. When writing, the token trades at $0.09753, down 0.94%.

Last week, three wallets the same owner could own moved 6,500 BTC for the first time in six years. Bitcoins arrived at these three addresses on Nov. 5, 2017.

Some BTC came from an address marked on bitinfocharts asF2Pool, which may belong to early miners.

Meanwhile, Binance continues to experience billions of dollars in outflows that began last year. Since November, several billion dollars worth of cryptocurrency assets have been withdrawn from the crypto exchange, according to Dune data.

The latest large-scale wave of withdrawal of crypto assets occurred after a lawsuit by the US Securities and Exchange Commission (SEC).

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Binance records huge $194m Tron (TRX) withdrawal - crypto.news

What Is Binance’s New Web3 Wallet & Is It Worth Using? – MUO – MakeUseOf

Key Takeaways

On November 8, 2023, Binance released its Web3 Wallet, providing secure and streamlined access to the decentralized blockchain world, keeping the management of your Web3 assets directly within Binance.

Binance users have long requested better Web3 management, so now it's here, let's dive into Binance's Web3 wallet and see whether it is worth using.

Binance's Web3 Wallet is a non-custodial (aka self-custodial) cryptocurrency wallet that enables you to store, send, receive, and swap tokens across multiple blockchains. It integrates Web3 capabilities into the Binance app, making decentralized finance (DeFi) more accessible to its users.

Some key features and benefits of Binance's Web3 Wallet include:

Overall, Binance's Web3 Wallet furthers the adoption of DeFi and Web3 services by bringing you an easy-to-use self-custody wallet experience.

If you already use Binance regularly, I'd say it's worth checking out its Web3 Wallet. The integration with the Binance app (you can't access the Web3 wallet in the Binance web version) makes transferring funds between your exchange account and wallet quite easy. I like how I can access my Web3 wallet directly in the Binance app without downloading a separate app or extension.

The setup process was quick and painless. Backing up Binance's Web3 Wallet to iCloud or Google Drive gives some extra security (though you should only do this if you're sure your cloud accounts are equally secure!). The wallet's Emergency Export feature, which lets you regain access to assets independently if you can no longer access your Binance account, is also worth a specific shout. It's not a feature I've seen on any other Web3 wallet.

Of course, security is always a concern when dealing with crypto wallets. Binance's Web3 Wallet uses multi-party computation (MPC) to split the private key into shares across your device, cloud storage, and Binance's servers. With two of the three in your control, that should give you peace of mind.

Binance's Web3 Wallet supports various coins and tokens across blockchains like Ethereum, BNB Chain, Polygon, etc. You can use it to hold and transact with various cryptocurrencieseven beyond what is listed on Binance. The intuitive interface also makes sending, receiving, and swapping tokens a breeze.

One of my favorite features is the built-in swap service. It finds the best rates by aggregating prices across multiple DEXs and CEXs. From the look of things, you probably will get way better swap rates than using individual decentralized exchanges directly. The swap should also be instant and seamless since it uses Binance Bridge under the hood.

That said, I do wish the Web3 Wallet was more platform-agnostic rather than being tied to Binance. It would be nice if I could use Binance's Web3 Wallet independently without a Binance account. But for Binance users, it's a no-brainer choice for a cryptocurrency wallet.

Overall, Binance's new Web3 Wallet is neat and worth checking out. The convenience, great features, and tight integration make it a compelling crypto wallet.

Binance's new Web3 Wallet brings some sweet benefits to the table. So, if you're already on team Binance, you can also give its new Web3 Wallet a test drive. It may become your go-to for all things crypto and decentralized finance.

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What Is Binance's New Web3 Wallet & Is It Worth Using? - MUO - MakeUseOf

Binance: A Key Player in the Evolving Crypto Landscape – The Fintech Times

In a recent interview, during World Blockchain Summit in Dubai, Alex Chehade, executive director and general manager of Binance, shared insights about the companys journey, its role in the cryptocurrency market, and the significance of regulation in the crypto landscape.

Binance, which operates as a VARA regulated exchange, has quickly made its mark in the cryptocurrency world. Established just over six years ago, Binance is celebrated for being one of the pioneering crypto exchanges, quickly becoming the most successful in the second wave of crypto exchanges.

With permissions for exchange and brokerage for qualified retail and institutional investors, Binance is poised to expand its offerings even further. By the end of the year, they hope to obtain an FFP (Financial Facility Provider) licence, making their platform accessible to retail users as well.

The company has played a pivotal role in shaping the crypto market, accounting for approximately 50 per cent of swap transactions. This significant market presence has made them a household name for crypto enthusiasts and investors alike. Binances ambition, however, goes beyond dominating the crypto space. It aims to become a regulated entity in multiple markets, with the United Arab Emirates, specifically Dubai, being a key focus.

One of the central themes in Chehades interview is the importance of regulation in the crypto world. He emphasised that institutions require regulatory governance to facilitate their participation in the crypto market.

While some sophisticated hedge funds and proprietary trading firms have entered the crypto arena, mainstream adoption is contingent on regulatory assurance. Financial institutions, with their compliance and risk teams, need a level of governance and transparency that aligns with their expectations.

Regulatory compliance and audits of the system are paramount in establishing trust, and Dubais progressive regulatory environment is poised to facilitate this shift.

Dubai, according to Chehade, is on the cusp of becoming a major trading hub. The citys regulations are poised to attract institutions, making it a favourable jurisdiction for the establishment of crypto-related businesses. Furthermore, Dubai is positioning itself as an infrastructure hub, a web three hub, and a strategic time zone bridging Asia, Europe, and Africa. These factors are all contributing to Dubais emergence as a central player in the crypto landscape.

The conversation shifted to the current saturation of crypto and blockchain events. With a proliferation of events happening daily, it can be challenging to discern which are truly valuable. He acknowledges this saturation but notes that the established players are continuously improving to remain competitive. Events with a legacy and a track record of improvement stand out from the crowd. As the crypto space matures, its expected that events will become more refined and targeted, catering to the evolving needs of the industry.

Regarding Binances expansion, Chehade reveals that the company is already operating in the Middle East with licences in Abu Dhabi, Dubai, and Bahrain. It considers these licences sufficient for the region, with the capability to serve other countries effectively. Binances global strategy revolves around establishing a presence in key jurisdictions that can cater to multiple markets, emphasising efficiency and scalability in their approach.

In conclusion, Binance, with fast growth and strong presence in the crypto market, is a testament to the rapid evolution of the cryptocurrency landscape. The companys commitment to regulatory compliance and its strategic focus on Dubai reflect its ambition to lead the way in bridging the gap between the traditional financial industry and the crypto world.

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Binance: A Key Player in the Evolving Crypto Landscape - The Fintech Times