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Binance Unmasks $277 Million Crypto Scam in Thailand - Crypto Briefing

COLOMBO, Sri Lanka, Oct. 6, 2023 /PRNewswire/ -- Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, has kicked off the Binance Blockchain Bowl, giving users a chance to earn up to 54,000 worth of rewards in USDT and tickets to the ICC Cricket World Cup 2023 finals.

Eligible users stand a chance to win prizes from three concurrent events during the promotion period: Trading Tournament, Referral Competition and a Community Contest.

During the promotion period, users may qualify for up to three types of rewards in the Trading Tournament, with participants' rankings determined by their total trading volume on eligible Binance Futures contracts. The top 100 participants will share a prize pool of 25,000 USDT in token vouchers. An additional 15,000 USDT in token vouchers will be shared amongst the first 1,150 users who are eligible to participate in the promotion. New users also stand a chance to secure a ticket to the Cricket World Cup 2023 finals if they achieve the top overall trading volume on qualified Binance Futures contracts.

The Referral Competition rewards users who have successfully invited their friends to sign up with Binance and complete at least one trade on Binance Futures, Binance Options or Binance Margin. Qualified participants will share 10,000 USDT in token vouchers, with a higher reward opportunity depending on their band of successful referrals. Those who have obtained at least 50 eligible referrals stand an additional chance to receive the 500 USDT or 100 USDT token voucher rewards.

Users can also participate in The Community Contest on Telegram. By completing daily challenges, participants have the opportunity to earn a share of the 4,000 USDT prize pool in token vouchers.

Rachel Conlan, Chief Marketing Officer at Binance, said: "We are thrilled to announce the launch of our Binance Blockchain Bowl, to commemorate the spirit of this cricket season. As a user-focused organization, Binance is dedicated to providing a secure and convenient platform for all users. Our unwavering focus is on fostering a resilient community and ensuring active engagement with our users. Through this campaign, we hope to make trading more enjoyable and less daunting for new users while expressing our gratitude to those who continue to support us."

The Binance Blockchain Bowl started on 5 October 2023, and is set to run till 9 November 2023. The campaign is only open to users who currently reside in selected South Asia, Middle East and North Africa jurisdictions, and have completed their Know Your Customer (KYC) verification. To find out more about the promotional campaign in detail, users can visit this page.

SOURCE Binance

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Binance to Give Away up to USD 54000 Worth of Rewards in ... - PR Newswire

Ledger has announced that it will be reducing its existing staff members by 22% going forward. The hardware crypto wallet manufacturer Ledger, is currently home to more than 734 employees. The new development affirms that an estimated 98 staff members have been relieved of their duties.

In a letter sent to employees, and reposted in a blog post for the sake of transparency, the CEO and Chairman at Ledger, Pascal Gauthier, said the following;

Macroeconomic headwinds are limiting our ability to generate revenue, and in response to the current market conditions and business realities, we must reduce roles across the global business. Sadly, this means we are making the difficult decision to reduce 12% of the roles at Ledger.

The CEO highlighted the bearish events of the previous years, noting the impact that these events have had on Ledger as a company. While these incidents can disrupt progress, Gauthier acknowledges that it can provide an opportunity for strengthening businesses.

Notably, Gauthier also revealed that the company will continue to focus on developing its piston in the market with new rollouts, with the subscription service Ledger Recover being at the forefront of this movement. He asserts.

We will soon launch our subscription service Ledger Recover, which will enable millions to securely back up their Secret Recovery Phrase. This is a necessary service for the next wave of new users to join self-custody and Ledger.

Ledger is the latest crypto-based blockchain to cut down on its staff. Before the new development, leading cryptocurrency platforms like Coinbase and Binance had left the market in shock, after announcing multiple layoffs.

Back in January, the U.S.-based cryptocurrency exchange Coinbase disclosed its plans to lay off as much as 20% of its staff. The move was carried out in a bid to cut costs as the cryptocurrency market continued to record a decline.

Coinbase layers off more than 900 employees, as stated in a memo sent to its staff. Before this, the exchange had laid off 1,100 employees in the previous year.

Similarly, Binance cryptocurrency exchange slashed its employees and laid off more than 1,000 people. Although the exchange was battling a series of legal setbacks at the time, it didnt stop the largest crypto exchange from reducing its employees by a significant fraction.

The event led market players to believe that the exchange was either crumbling, or the cryptocurrency market was heading towards collapse. However, Binance clarified that the decision was made as Binance recommitted to increasing talent diversity. Changpeng Zhao, the CEO of Binance went on to state that the exchange was still open to hiring new talent.

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Bitcoin, Litecoin, and Binance Coin Hardware Wallet Maker Ledger ... - Crypto News Flash

PRESS RELEASE

Published October 6, 2023

DUBAI, UAE / ACCESSWIRE / October 6, 2023 / Cryptocurrencies are here to stay, according to Bader Kalooti, Regional Director of Growth and Operations at Binance, the largest cryptocurrency in the world. "Web3 and blockchain have proven a powerful solution to drive efficiency, transfer value more effectively, and add a layer of trust, transparency, and immutability to any sector, not just finance. I am very bullish personally."

Kalooti was a guest on the MENA Surge Podcast hosted by Steven Besse on September 23, the ultimate source for all things Web3 and fintech related in the MENA region. The podcast is powered by Future Blockchain Summit taking place in Dubai Harbor from October 15 to 18, alongside Expand North Star and Fintech Surge and in association with GITEX GLOBAL.

"It has been very exciting to be part of that story and bring Web3 into MENA. And it is not just an element of copy and paste' anymore. It is a new paradigm whereby we are actually innovating a new technological trend from this region," said Kalooti.

A challenge in the cryptocurrency and Web3 space remains a lack of awareness and knowledge, which translates into skepticism and uncertainty on the part of many potential users. "With the emergence of any new technology, there is a tendency for it to be quite esoteric, meaning that a very small percentage of the population will relate to that new technology. Therefore, education plays an instrumental role to drive mass adoption," said Kalooti.

Binance recently launched a curated crash course called Blockchain for Everyone', translated into Arabic, that presents the fundamentals of Web3 in an easily digestible manner. Attendees who complete the course are presented with an NFT certificate.

Kalooti stressed it is important to distinguish between novice versus expert cryptocurrency users. Catering to both ends of the spectrum, Binance Light allows new users to be onboarded and navigate the product offering, while Binance Pro is a feature-rich platform catering for more sophisticated investors.

Looking at Dubai in particular and what has established it as the global crypto hub', Kalooti points to the global liquidity cycle as an important short-term driver. "That is highly volatile," he acknowledged. However, over the long term, it is driven by network adoption and regulations. An entrepreneur will come up with a new idea but have to establish a product market fit in an ambiguous environment where the rules are unclear, a typical Wild West' scenario. After a certain level of scale, the regulator steps in to play catch up and establish the rules of the game.

Far from replacing Web2, Kalooti emphasized that Web3 wields the benefits of blockchain to improve efficiency and productivity. "That is an area where we see a lot of opportunity for use cases. It is important to understand that young talent is flocking towards the space. And there is a lot of capital flowing back to those entrepreneurs. Eventually you will get those killer apps that come on chain and bring a wave of a billion plus users, very similar to what Instagram, Facebook, and YouTube did for Web2 in the mid-2000s."

Cryptocurrency adoption is currently at the same developmental phase as the internet was in 1999. The total market capitalisation of the cryptocurrency industry is around US$1 trillion, a third of the market capitalisation of Apple alone. "We are relatively still quite early in the journey. Just sit back and relax. I know it has been a turbulent ride. Fasten your seat belts because we will ultimately arrive at our intended destination," concluded Kalooti.

Future Blockchain Summit continues to cement its position as a leading platform for showcasing cutting-edge blockchain solutions. For more information about the upcoming event, visit: https://www.futureblockchainsummit.com/.

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SOURCE: Future Blockchain Summit

View source version on accesswire.com: https://www.accesswire.com/790731/cryptocurrencies-are-here-to-stay-says-binance-measa-regional-director

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Cryptocurrencies Are Here To Stay, Says Binance Measa Regional ... - Digital Journal

Photographer: Yuki Iwamura/Bloomberg via Getty Images

Its hard to imagine cryptocurrencys reputation sinking much further. Every day seems to bring a new reputational low.

In much-anticipated news, the trial of Sam Bankman-Fried, founder of onetime second largest crypto exchange FTX, starts today. Not coincidentally, that is also the date on which the new Michael Lewis book, Going Infinite, comes out. Weve been promised Going Infinite will explain the precipitous rise and perhaps even steeper fall of this characteristically slovenly tech founder.

The trial is going to be another whole matter.

Prosecutors and defense attorneys are expected to robustly exchange evidence well in advance of any major trial: There shouldnt be any real surprises for litigators when it comes to tangible evidence (although sometimes what comes out of a given witnesss mouth on the stand can be a shock compared to what theyve said previously).

The members of the public do not have such advance warning, however, and for us the trial is sure to be full of new revelations. (I understand Michael Lewis is also doing a podcast to supplement his book as the latest comes out during the trial.)

Many of these revelations will be entertaining, many of them will be deliciously salacious, but many of them will also substantively further batter the already ragged reputation of the cryptocurrency industry. It just doesnt seem there are very many people who are equipped to immediately notice or meaningfully disrupt it when a powerful person in this industry decides to start playing loose with vast sums of money.

Now word is breaking that onetime FTX rival Binance might also be in serious trouble. Binance is an even bigger crypto exchange than FTX was before it crumbled into bankruptcy. Last week, The Wall Street Journal published an article claiming that Binance was melting down, detailing reports of severe turmoil within the organization.

Among the major concerns at Binance are legal risks related to Russian sanctions and entanglements with financial regulators, according to the Journal. The company has been bleeding top executives and conducting large-scale layoffs, but one of the potentially insurmountable issues is what is to become of the most powerful Binance executive of them all.

Changpeng Zhao, or CZ to industry insiders, is the co-founder and CEO of Binance. He has often been described as bombastic. Binance and Zhao have been sued by the Securities and Exchange Commission and Commodity Futures Trading Commission for alleged wrongdoing that runs the gamut from lying to investors to ignoring financial regulations.

Calls have been arising from within Binance for CZ to step down, according to the Journal. (The company told the publication that customer money is safe and it is committed to compliance.)

Even if Binance can weather this latest storm, the chaos enveloping its CEO has shaken the entire cryptocurrency industry (again). Very similar things happened when FTX entered its final days as a going concern.

At this moment, the global cryptocurrency market cap is $1.12 trillion. That means there is way too much value (or perceived value) sitting around out there in the form of cryptocurrency for the idea of blockchain-based currencies to simply fade away overnight, irrespective of the scale of any single cryptocurrency catastrophe.

Yet, these latest problems are far from new in the crypto industry more like the continuation (or escalation) of a trend. Only time will tell how long investors will continue to put up with repeated thefts and problematic concentrations of power within the world of cryptocurrency. Apparently the well of cryptocurrency investor tolerance runs deep.

For now, I suppose we have a courtroom drama, and a different kind of drama over at Binance, to hold our attention for at least one more news cycle. Those who regularly follow the cryptocurrency industry will even have the rare privilege of seeing the notoriously rumpled Sam Bankman-Fried in a suit and tie, despite the fact that he will still be spending his evenings in jail during the trial.

My advice, though, would be to keep any serious money out of the market volcano that is these swirling cryptocurrency scandals. Instead, go ahead, indulge yourself, and enjoy the entertainment value of the drama for free.

Jonathan Wolf is a civil litigator and author ofYour Debt-Free JD(affiliate link). He has taught legal writing, written for a wide variety of publications, and made it both his business and his pleasure to be financially and scientifically literate. Any views he expresses are probably pure gold, but are nonetheless solely his own and should not be attributed to any organization with which he is affiliated. He wouldnt want to share the credit anyway. He can be reached atjon_wolf@hotmail.com.

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FTX Trial And Binance Turmoil Are Just The Latest Trouble For Crypto - Above the Law