Tag: binance

Binance Operations Declared Illegal by Nigerian Market Regulator, Asked to Discontinue

Nigeria’s markets regulator has ordered the world’s largest cryptocurrency exchange Binance to halt its operations in the country, saying a local unit that courted Nigerian investors through a website was illegal.

“Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” the Securities and Exchange Commission (SEC) said in a statement dated June 9. It said the company was not registered or regulated, making it illegal.

Binance could not be immediately reached for comment.

The US Securities and Exchange Commission this week sued Binance and Coinbase for allegedly breaching its rules.

Last year, Nigeria’s SEC published a set of regulations for digital assets, signalling Africa’s most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use.

That was after Nigeria’s central bank in 2021 banned banks and financial institutions from dealing in or facilitating transactions in digital currencies.

Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, for example using peer-to-peer trading offered by crypto exchanges to avoid the financial sector ban.

Meanwhile, the US affiliate of Binance said it was halting dollar deposits and gave customers until Tuesday to withdraw their dollar funds, after the US securities regulator asked a court to freeze its assets.

Binance.US, the purportedly independent partner of Binance, said in a tweet on Thursday that its banking partners were preparing to stop dollar withdrawal channels as early as June 13.

The SEC sued Binance, its CEO and founder Changpeng Zhao, and Binance.US’s operator on Monday, in a dramatic escalation of a crackdown on the industry by US regulators. The SEC sued major US exchange Coinbase a day later.

Binance.US said in the tweeted customer notice that it would no longer accept dollar deposits as part of plans to change to a “crypto-only exchange”. It called the SEC’s civil charges “unjustified” and said it would “vigorously defend” itself.

© Thomson Reuters 2023

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Bitcoin Coders Deliberate Over Future of $1 Billion Memecoins Such as Pepe

The coders who maintain Bitcoin’s blockchain are clashing over whether to stamp out the meme tokens swarming the network.

A torrent of speculative coins led to a record number of transactions and an 11-fold spike in processing fees on the blockchain in May, creating a logjam and forcing the Binance exchange to temporarily halt Bitcoin withdrawals.

The tumult has since eased, but some crypto purists fret that future frenzied trading of memecoins like the frog-themed Pepe will again snarl the network and disrupt Bitcoin’s use for payments and as a store of value. They advocate deploying software to block the transactions — a kind of spam filter.

“I do think the system is being abused,” said Bitcoin developer Ali Sherief. “Bitcoin was never intended to serve as a base layer for meme tokens.”

In an earlier email to the largest digital asset’s developer group, Sherief wrote that “worthless tokens threaten the smooth and normal use of the Bitcoin network as a peer-to-peer digital currency.”

Others defend the software innovation, called Ordinals, that allows Bitcoin’s blockchain to host large numbers of memecoins and nonfungible tokens — digital collectibles — for the first time, arguing it can have wider applications.

Developer Casey Rodarmor created Ordinals to enable users to inscribe digital content like videos, images and text on satoshis, the smallest unit of Bitcoin. There are 100 million satoshis in one Bitcoin.

Rodarmor’s innovation took off this year and was seized on by pseudonymous blockchain analyst Domo to develop the Bitcoin Request for Comment — or BRC-20 — standard, which led to the explosion of memecoins.

There are now about 25,000 meme tokens on the Bitcoin blockchain with a market value of roughly $475 million (roughly Rs. 388 crore), according to website brc-20.io. The figure had soared past $1 billion (roughly Rs. 8,300 crore) in early May.

Jameson Lopp, co-founder of crypto storage solutions provider Casa, said the Bitcoin network is meant to be an “auction market for the block space” — the place where data is stored — and Ordinals merely stoked demand for it.

As a result, viewing the memecoins as a denial-of-service attack is “like saying any form of auction is a denial of service, and whoever wins is denying all of the losers of the auction,” Lopp said.

At one point last month meme tokens and NFTs accounted for 65 percent of the transactions on the Bitcoin blockchain. The proportion has dropped back but remains elevated. The average fee per transaction began April at $2.80 (roughly Rs. 200), hit $30 (roughly Rs. 2,500) in early May and cooled to $4 (roughly Rs. 300) by the end of the month, Coinmetrics data show.

The jump in fees has been a boon for miners, the operators of the computer rigs underpinning Bitcoin, who have raked in $45 million (roughly Rs. 370 crore) from Ordinals-related activity, according to figures from Dune Analytics.

Bitcoin itself fell almost 8 percent in May amid the turbulence on its blockchain. The token, which has rebounded more than 60 percent in 2023, was little changed at $27,160 (roughly Rs. 22,43,500) as of 7:41 am in Singapore on Monday.

For veteran Bitcoin developer Luke Dashjr, Ordinals transactions are like spam and should be kept off Bitcoin’s blockchain. He’s even created a program, Ordisrespector, to enable computer nodes on the network to do that.

“Action should have been taken months ago,” Dashjr wrote in a developer group. “Spam filtration has been a standard part of Bitcoin Core since day 1.”

Given that no single person or entity controls the Bitcoin network, nobody knows if sustained action against memecoins and NFTs will emerge over time. Another possibility is that some people could decide to create a version of Bitcoin — called a hard fork — that won’t support Ordinals.

“I don’t see a critical mass of people coming together on a single alternative to Bitcoin which is incompatible with BRC-20 tokens,” said Andrew Poelstra, director of research at Blockstream.

Amid the controversy, the key takeaways from the Ordinals phenomenon include the ability to use the Bitcoin network in novel ways and the need to scale up its transaction capacity to avoid future traffic jams.

The true value of Ordinals is the capacity to store arbitrary data on the Bitcoin network, according to Sami Kassab, a research analyst at Messari.

“Whether it’s artists, activists or even governments that end up leveraging this storage space, it’s clear that the demand and cost for it will likely rise in the future,” Kassab said.

© 2023 Bloomberg LP

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Binance to Launch Japan-Centric Crypto Exchange Soon, Vouches Regulatory Compliance

Japan, which in recent months has emerged as a top global contender to become a Web3 hotspot, is attracting industry players to go the extra mile and set up operations in the Asian nation. One of world’s biggest crypto exchanges, Binance, is now inching closer to launching a new exchange tailored to the Japanese investor community. The firm plans to launch the upcoming crypto exchange in the world’s third biggest economy within the duration of the ongoing summer season of 2023.

Binance, under its founder and CEO Changpeng Zhao, aims to become the most licenced crypto exchange in the world. With this new exchange in Japan, the company has vouched total compliance with the laws of the land.

At first, Binance Japan will only list only thirty cryptocurrencies for spot trading. The company plans to verify that all listed tokens on its exchange in the country are in accordance with local regulations. In the later stages of growing this exchange, Binance will add more digital assets that could be traded or bought in Japan, a report by Bitcoin.com said Monday.

Binance was previously operating in Japan, but had to withdraw due to lack of relevant licences in 2018. At the time, Japan’s Financial Services Agency (FSA) had insisted Binance to provide compliance proofs before resuming services in Japan.

Starting November 30, Binance global platform will stop functioning in Japan. Before that, the exchange will migrate its Japanese clientele onto its new platform.

Binance Japan will have a detailed KYC identification process, that users will have to go through in order to use the platform for the trading of digital assets.

The crypto exchange is expected to start shifting users from its global platform to the Japan-centric exchange around August 1.

The stir around the crypto exchange planning a re-entry into the Japanese market had begun back in September last year.

Japan’s new prime minister Fumio Kashida has been on a hunt to find ‘new capitalism’ solutions to boost the country’s economy. In May last year, Kishida had said that Japan would develop and foster a promotional environment for Web3, blockchain, NFTs, and the metaverse.

By the end of 2021, the number of crypto asset accounts set up in Japan reached around 5.48 million, data by Statista claimed.

The Bank of Japan (BoJ), meanwhile, has decided to take careful and thorough analytical approach towards the introduction of its central bank digital currency (CBDC), currently known as the ‘Digital Yen’. Japan is expected to reach a decision on the rollout of Digital Yen by 2026.

Weighing in on the ongoing deliberations around international crypto rules, the financial regulators of Japan have urged global regulatory bodies to finalise that the crypto sector should be treated just as traditional banks are, across the globe.

As per the Japanese authorities, the crypto technology in itself is not to be blamed for risking the financial stability of crypto investors. Rather, it’s the lack of rules governing the sector that has not been able to make the sector safe to engage with.

Meanwhile, Coinbase and Kraken are among crypto exchanges that have wrapped up operations in Japan for the time being as part of internal reorganisations.

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Binance Pulls Out of Canada Amid Tightened Crypto Regulations

Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.

Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission.

“Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” crypto exchange Binance said in a tweet.

Binance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country.

“We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets,” said the crypto exchange, founded by Canadian national Changpeng Zhao.

The digital assets industry has been in the crosshairs of regulators around the world, especially since the collapse of Binance-rival FTX in November, which triggered a market rout in the prices of the biggest digital coins.

Following the onset of the crypto winter of 2022, which wiped out more than a trillion dollars from the industry’s market value, lawmakers and securities regulators demanded tighter guidelines for disclosures on how the crypto companies operate and hold customer funds.

In March, Binance and its CEO Zhao were sued by the US Commodity Futures Trading Commission for operating what the regulator alleged was an “illegal” exchange and a “sham” compliance program.

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Brazil Reportedly Probing Binance for Offering Cryptocurrency Derivatives, Company Refutes Allegations

Binance reportedly faces a probe in Brazil for allegedly allowing its users in the country to dodge a law that prevents them from investing in cryptocurrency derivatives. The company is currently under the scanner of Brazil’s Federal Prosecutor’s Office and the Federal Police, a local newspaper has reported. While the company refuted the allegations, the latest investigation will add to Binance’s legal issues in international markets. Founded in 2017, Binance has emerged as one of the largest crypto companies in the world.

Brazil enforced a stop order on citizens investing in crypto derivatives in 2020 aimed at protecting them from financial losses. Crypto derivatives allow investors bet on the projected price changes of cryptocurrencies without having to own the underlying asset.

Binance is now being investigated for letting users continue to invest in crypto derivatives, violating orders from the Brazilian Securities and Exchange Commission (SEC), according to a report (via Coin Telegraph) in Brazilian newspaper Valor Econômico.

The Brazilian SEC has shown the probing official evidence of Binance instructing its users there to change their language settings to access its Binance Futures services, that offers crypto derivative investments, as per the report.

Refuting the charges being levied against its operations in the Latin American nation, Binance has said that is ensures compliance with the laws of every nation it operates in.

“Binance reiterates that it does not offer derivatives in Brazil, that it operates in compliance with the local regulatory scenario and maintains a permanent dialogue with the authorities for the development of the crypto and blockchain segment in Brazil and in the world,” the company told Valor Econômico in a statement.

This is not the first time that the crypto exchange has faced an investigation into its business practices. In March, the US Commodity Futures Trading Commission sued Binance over alleged trading violations. Binance aims to become the most licenced crypto exchange in the world, is rapidly expanding international markets. It has already secured relevant licences in France, Bahrain, Abu Dhabi, and Dubai among other nations.

Last year in May, Binance had begun hiring more people on its legal teams in Israel, Canada, UK, Portugal, Spain, Italy, Hong Kong, Singapore, and other regions of Europe, Middle East, Africa, Latin America, and the Asia-Pacific region.

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Binance’s BNB Chain Reveals ‘Red Alarm’ List of 191 Risky dApps Running on Its Network: Details

Binance’s BNB Chain has alerted the global crypto community against engaging with several suspicious dApps operating on its network. The BNB Chain, that currently plays host to a plethora of decentralised apps (dApps), has updated its ‘Red Alarm’ list with the names of 191 dApps that may pose financial risks to users. These flagged dApps include Cineru, Sezams, Shorter Finance, The Bandit Project, The Cake Monster, and OnlyBrain. BNB Chain’s list of potentially risky dApps also reflects the reason why they have caught its attention and the reasons range from their Twitter handles being dormant to a lack of a functional website.

“Often, these risky dApps’ contracts don’t align with their advertised functions, putting users at risk of losing funds,” the BNB Chain posted on its official blog page. Many of the dApps listed on the Red Alarm index have raised suspicions about offering fake tokens or high tax fees, raising the number of ways unsuspecting investors could lose their hard-earned funds.

Some dApps like Piston Token, CycGo, and Shorter Finance made it to the list due to their association with crypto mixer Tornado Cash, that is facing heavy scrutiny in the US for helping cybercriminals distribute illegal tokens to anonymous wallets. As per the analysis conducted by the BNB Chain, these apps are suspected to be funded by assets emerging out of Tornado Cash, a CoinTelegraph report states.

Riding on the success of ChatGPT, scammers have also launched a bunch of dApps sounding like ChatGPT to take advantage of crypto investors. As per the blockchain’s blog, the Red Alarm list is updated every Friday to warn the crypto community of risks on the network.

“The Red Alarm list showcases high-risk dApps on BNB Chain, which may involve rugpulls or scams and are assigned significant risk levels. DappBay updates the Red Alarm list every Friday to include new high-risk projects and decentralized applications. To better navigate the growing list, users can sort dApps by category, date added to Red Alarm, or user count,” the official blog adds.

An element of the Web3 world, dApps are software programs that run on a blockchain rather than on a single computer or server, that keeps them away from the control of a single authority making them free of censorship. Developers are releasing dApps across verticals including gaming, social media, and finance among others.

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Crypto Lender Silvergate’s Shares Slumps 29 Percent as Firm Delays Annual Report in Wake of FTX Fallout

Shares of Silvergate Capital Corp slumped 29 percent in premarket trading on Thursday, after the cryptocurrency-focused lender warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern.

Silvergate (SI.N) reported a $1 billion (roughly Rs. 8,21,300 crore) loss for the fourth quarter as investors raced to withdraw deposits in the wake of crypto exchange FTX’s bankruptcy, and the firm’s troubles highlight the fragility of confidence in digital assets.

The company said it would be unable to meet an extended March 16 deadline for submitting its annual report. It also said, in a filing to the Securities and Exchange Commission, that it had sold additional debt securities to repay debts this year and that further loss mean the bank could be “less than well capitalized”.

Silvergate “is evaluating the impact that these subsequent events have on its ability to continue as a going concern,” it said. “The Company is currently in the process of re-evaluating its businesses and strategies in light of the business and regulatory challenges it currently faces.”

JP Morgan downgraded its rating on Silvergate’s stock to “underweight” from “neutral” and withdrew its price target, saying the sale of additional securities suggests that the firm is facing continued liquidity challenges.

“We now see elevated risk of further downside in SI shares given the outstanding risk that the bank is unable to remain a going concern,” JP Morgan analysts said in a research note.

Silvergate’s shares were trading at $9.57 (roughly Rs. 785) before the opening bell – on track to open at their lowest in nearly three years if losses continued. The stock has plummeted about 96 percent from its record-high close in November 2021.

Federal prosecutors in Washington are probing the La Jolla, California-based company and its dealings with FTX and trading firm Alameda Research. In January, three U.S. senators asked Silvergate for details about its risk management and FTX.

Wayne Huang, co-founder and CEO of XREX, a global USD-crypto exchange headquartered in Taipei, said the issues highlighted how interconnected and vulnerable crypto banking had become.

“This accentuates the importance of having a robust banking network for crypto firms, instead of the over-reliance on just several banks,” he said. Wider digital asset markets were relatively calm, though Bitcoin made little advance despite a drop in the U.S. dollar, last buying $23,457 (roughly Rs. 1926523).

“From what we gather, most crypto companies have had to already find banking elsewhere, hence we believe the damage is likely already done in terms of implications to the wider crypto market,” said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.

Global cryptocurrency exchange Binance had secret access to an account at Silvergate belonging to its purportedly independent U.S. partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao, Reuters reported last month.

© Thomson Reuters 2023

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Binance USD Stablecoin to Be Delisted From Coinbase, Trading to Halt Starting March 13: All Details

Coinbase, one of the world’s largest crypto exchanges, has decided to delist the Binance USD (BUSD) stablecoin starting March 13. The decision comes in the backdrop of the BUSD token facing legal challenges in the US. Paxos, the stablecoin issuer that wholly owned and managed the Binance USD stablecoin is facing a lawsuit from the Securities and Exchange Commission in the US. Paxos has been accused of issuing the BUSD token as an unregistered security, Paxos meanwhile, has denied the allegation.

“We’ve determined that BUSD does not currently meet our standards for trading support,” a Coinbase spokesperson reportedly said, not elaborating on the details.

Launched in 2019, the BUSD stablecoin built on the Ethereum blockchain, currently has a market valuation of over $10 billion (roughly Rs. 87,987 crore). As per CoinMarketCap, the market cap for BUSD dropped by three percent in the last 24 hours.

At the time of writing, each BUSD was trading at $1 (roughly Rs. 82), showed the crypto price tracker by Gadgets 360.

Coinbase claims on its website that its digital asset listings group has a vote to get any cryptocurrency listed or delisted.

Assets are regularly analysed on the basis of their legal status, technical security quotient as well as compliance with the laws, violations of which could get assets delisted from Coinbase.

The decision will be executed across Coinbase’s suite of services including Coinbase.com, Coinbase Pro, Coinbase Prime, as well as Coinbase Exchange.

Meanwhile, Coinbase will continue to allow its users to access and withdraw their BUSD funds despite its decision to delist the token. Users, however, will not be able to trade the token on Coinbase after March 13.

BUSD issuer Paxos was served a notice by the New York State Department of Financial Services earlier in February. The financial authority has instructed Paxos to stop issuing BUSD tokens.

Soon after the news broke, Coinbase had noted that stablecoins are not considered as securities in the US.

Pegged against a fiat currency like the US dollar or reserved assets like gold, stablecoins are crypto assets that latch their values to their underlaying assets.

This prevents stablecoins against fluctuations in the volatile crypto industry as compared to other assets.

Tether, USD Coin, and Ripple are among other popular stablecoins pegged against the US dollar just like the BUSD.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Binance’s Stablecoin Company Paxos in Discussions With US SEC Over Security Token

The firm behind Binance’s stablecoin, Paxos Trust Company, is in discussions with the U.S. Securities and Exchange Commission after the regulator told the company it should have registered the token as a security, according to an internal email from Paxos’ chief executive officer.

“We are engaged in constructive discussions with the SEC, and we look forward to continuing that dialogue in private,” said Paxos CEO Charles Cascarilla in an email sent on Saturday to Paxos employees which was seen by Reuters.

He added that if necessary, Paxos would defend its position that Binance USD is not a security through litigation.

An SEC spokesperson declined to comment. Paxos declined to comment beyond the email.

The New York Department of Financial Services (NYDFS) said in a consumer alert on February 13 that it had ordered Paxos to stop minting Binance USD, the third biggest stablecoin with about $16 billion (nearly Rs. 1,32,570 crore) in circulation.

In turn, Paxos said it would stop issuing new Binance USD from February 21, but would continue to support and redeem the tokens until at least February 2024.

Cascarilla said the company’s decision to end its relationship with Binance was separate from the NYDFS directive and the communication it has had with the SEC over Binance USD.

“The market has evolved and the Binance relationship no longer aligns with our current strategic priorities,” he said.

Binance did not immediately respond to a request for comment, but has said it would continue to support Binance USD for the foreseeable future.

Cascarilla said that Paxos was still working with the SEC towards the publication of its application to obtain a clearing agency license, and with the US Office of the Comptroller of the Currency (OCC) to get final approval for its national trust bank charter.

The OCC declined to comment.

Stablecoins, digital tokens typically backed by traditional assets designed to hold a steady value, have emerged as one of the key cogs in the crypto economy. They are used for trading between volatile tokens like bitcoin and, in some emerging economies, as a means to protect savings against inflation.

© Thomson Reuters 2023

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Binance Adds Self-Trade Prevention Feature to Stop Market Manipulation: All Details

The global crypto market that is currently rising out of a months-long slump, is expected to see more engagement from traders and investors in the coming days. With trading expected to swell, crypto exchange Binance has decided to take steps to prevent nefarious actors from manipulating the market and misleading other users. The firm has introduced a new function called ‘Self Trade Prevention’ (STP) to make sure market manipulators from exposing others to financial risks.

The feature has been launched for the users of Binance’s API. This service from the exchange allows algorithmic traders to automate trading using programming language.

Enabling the STP feature would restrict the implementation of self-trading orders where traders trade amongst themselves to give others the impression that trading activities around a particular crypto are more than they really are.

By doing this, the said crypto assets could attract and deceive other unsuspecting traders or investors, who are engaging in manual trading and could incur losses.

“This optional API Order feature will allow users to set an STP parameter for each spot order to determine the consequences of a potential self-trade. There will be no impact to users who do not use this feature,” Binance said in a blog post.

The exchange also posted the official announcement regarding the feature on Twitter, revealing that the STP function would go live starting January 26.

“Please note that this function is only available via API. Users on Binance Web, Binance app and the Binance desktop app will not be affected,” the blog post added.

Binance has decided to step into 2023 with a Web3 scholarship and training programme that would onboard 30,000 people.

The University of Western Australia, the University of Nicosia in Cyprus, the Frankfurt School of Finance & Management in Germany, and the Utiva Technology Hub in Nigeria have agreed to participate as educational partners in Binance’s initiative.

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