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When Binance agreed to a $4.3 billion settlement with the US Department of Justice (DoJ), the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), and the Office of Foreign Assets Control (OFAC), it agreed to allow two government agencies to appoint compliance monitors within the company. As a result, Binance agreed to let the DoJ monitor its operations for three years and FinCEN for five. After a lengthy bidding process, the DoJ picked Forensic Risk Alliance (FRA) to operate its monitorship while, according to Bloomberg, law firm Sullivan & Cromwell will likely fulfill FinCEN’s. Never before in the history of Binance has such an expansive surveillance apparatus existed. Indeed, as the world’s largest crypto exchange and hub for tens of millions of crypto traders around the world, these DoJ and FinCEN monitorships are arguably the most powerful and comprehensive government surveillance operations in the history of crypto. US crypto su...

Binance says it’s working with Nigerian authorities to bring home two of its execs who were detained against their will in the country two weeks ago. Inflation is running hot in Africa’s most populous country and when it banned several crypto exchanges in February as inflation hit a worrying 30%, Tigran Gambaryan and Nadeem Anjarwalla thought it would be a good idea to fly into Nigeria and deal with the situation. However, as reported by The Financial Times, upon landing, government officials seized their passports and escorted them into detention. Binance quickly responded by halting naira-denominated trading pairs for bitcoin and USDT. Still, two weeks later, the government has not released the two men . The central bank governor subsequently appeared on TV to blame crypto exchanges, including Binance by name, for facilitating flows of criminal funds. Wired reached out to the two men’s families for comment and was told that the government has not yet filed any criminal c...

Binance Coin (BNB) is following the crypto market upswing. The asset is up 1.9% in the daily charts, 5.9% in the weekly charts, and more than 7% over the previous month. However, BNB is down by 0.4% since January 2023. Source: CoinGecko Moreover, Binance Coin’s ( BNB ) latest rally may continue over this month. According to Changelly, BNB could surge to $374.40 on Valentine’s Day, Feb. 14, 2024. Reaching $374.40 from current levels would translate to a growth of over 16%. However, it doesn’t end there. Changelly anticipates Binance’s BNB to breach the $400 level by the last week of February. The platform predicts BNB to hit $414.77 on Feb. 24, 2024, a rise of almost 29% from current price levels. Also Read: Binance Optimistic as Saudi Arabia Eyes Crypto Regulation in 2024 CoinCodex also anticipates Binance Coin ( BNB ) to continue its rally throughout February. The platform predicts BNB to hit $351.15 on Feb. 14, 2024, a rise of around 9.3%...

CZ’s travel to UAE was denied by a US judge despite a $4.5B Binance equity offer. Concerns over flight risk were cited due to Zhao’s substantial wealth and ties abroad. Sentencing for CZ, facing 10-18 months in prison, is set for February. Binance founder Changpeng ‘CZ’ Zhao faces a legal hurdle as a US federal judge rejects his request to travel to the UAE, despite offer ing $4.5 billion in Binance equity as security. The denial comes amid Zhao’s guilty plea to anti-money laundering charges and impending sentencing, adding complexity to his legal saga. Changpeng ‘CZ’ Zhao was pleading to travel to the United Arab Emirates for a family emergency and had $4.5 billion in Binance US equity as security. CZ’s flight risk concerns and sentencing The rejection of Zhao’s travel request underscores concerns about potential flight risks. A federal judge in Seattle had previously ruled that Zhao must remain in...

Binance Research highlights potential 2024 crypto trends, including Bitcoin halving, AI integration, and institutional adoption. In their 2024 Analysis , Binance Research outlines several trends that may influence Bitcoin (BTC) and the broader crypto currency market. One key focus is the upcoming Bitcoin halving event, historically associated with significant market movements, although it’s emphasized that this is not a guaranteed cause-and-effect scenario. #Binance Research is delighted to announce the release of our comprehensive industry year-in-review report. We uncover the top crypto industry dynamics of 2023 and discuss key trends as we head further into 2024. Check it out https://t.co/okLKsocwjx — Binance Research (@BinanceResearch) January 15, 2024 You might also like: Hillary Clinton: Bitcoin could replace the dollar as the reserve currency The report also notes a potential increase in institutional crypto adoption, citing the involvement of major ...

A senior commissioner at the Commodity Futures Trading Commission (CFTC) stated that it’s unlikely we’ll see a penalty brought against a crypto firm that can exceed the $4.3 billion in fines that Binance agreed to pay. CFTC commissioner Kristin Johnson told the audience at a recent crypto summit that she hopes the landmark case against Binance “will really be a bit of a cautionary tale.” The commissioner added that Binance ’s penalties established “guardrails” to bring “order and structure” to the market, Reuters reports. “My hope would be that we have seen a spike, and what we will see going forward is that these early cases will really be a bit of a cautionary tale for those firms that really do want to successfully operate in this ecosystem,” Johnson said. At the same summit, Johnson added that Binance’s penalties were “heightened” because the crypto exchange had been warned plenty of times befo...

Changpeng Zhao has reportedly resigned from the Binance.US Board of Directors. The former Binance CEO has also relinquished his voting rights in the US affiliate and will not participate in any governance decisions. Binance .US has announced that Changpeng Zhao, who recently resigned as the CEO of the global crypto exchange Binance , has stepped down as Chairman of the Board of Directors. CZ has also transferred his voting rights and will no longer be involved in the US-based crypto platform’s governance, according to a statement posted on X on Tuesday. “As CZ transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement, whereby his interest in the company is purely economic and he will no longer be involved in our governance,” the company said in the post. The update by the Binance .US team also pointed out that while it may ...

U.S. prosecutors are trying to prevent Changpeng Zhao from returning to the United Arab Emirates before his sentencing . The Department of Justice (DOJ) has pressed a Seattle federal judge on Nov. 22 to require Binance founder Changpeng Zhao to stay in the U.S. before his sentencing , Reuters has reported, citing a court filing. According to prosecutors, Zhao poses a “serious risk of flight” as he has “minimal ties to the U.S.” and, therefore, should remain in the country ahead of his sentencing hearing scheduled on Feb. 23, 2024. Under the current terms of agreement, Zhao can leave the U.S., after singing a $175 million personal recognizance bond. He also locked $15 million in a trust account as part of the agreement. You might also like: Changpeng Zhao’s journey: from McDonald’s to crypto magnate However, prosecutors emphasized in a Wednesday filing that the $175 million bond is outside the jurisdiction of the U.S. legal system, making it extrem...

Analysts at Matrixport do not rule out there will be pressure to ‘right-size’ Binance. With Changpeng Zhao leaving Binance as its Chief Executive Officer (CEO), the crypto exchange will likely have from two to three years before competition in the market starts affecting the company’s position, according to a new report. Analysts at Matrixport, a Singapore based crypto management platform founded by Jihan Wu, wrote that there “will likely be pressure to ‘right-size’ the company.” As of July 2023, Binance had almost 8,000 employees and even planned to hire more, while other crypto exchange s reduced their headcounts in a bid to optimize operating expenses. “With Changpeng Zhao stepping down and the fine less than the $10 billion feared, Binance will likely remain a top-three exchange over the next two-three years.” Matrixport You might also like: Coingecko: Coinbase tops crypto lobbying spenders in 2023 Analysts al...

BNB hit its highest price since June after Bloomberg reported the Justice Department wanted $4 billion from Binance to end its probe into the exchange. BNB (BNB) has gained over 7% in the last day after Bloomberg report ed that the United States Department of Justice is contemplating a $4 billion settlement with Binance to resolve its investigation into the company. Cointelegraph Markets Pro shows BNB spiked 6% to $262 in around 30 minutes after Bloomberg’s Nov. 20 report , which said Binance was negotiating an agreement to resolve a DOJ probe into alleged sanctions violations, money laundering and fraud. BNB dropped to $252 around four hours later but notched a second spike to $266 — its highest price since June 7 — two days after the Securities and Exchange Commission sued Binance and CEO Changpeng “CZ” Zhao alleging they violated various securities laws. BNB has seen an over 7% gain in the last 24 hours. Source: Cointelegraph Markets Pro The Binance-issued token has the highest 24...

Bitcoin options and futures data suggests the current BTC price movement could have longevity. Bitcoin’s (BTC) price action is the talk of the town this week and based on the current sentiment expressed by market participants on social media, one could almost assume that the long-awaited bull market has started.  As Bitcoin's price rallied by 16.1% between Oct. 22 and Oct. 24, bearish traders using futures contracts found themselves liquidated to the tune of $230 million. One data point that stands out is the change in Bitcoin's open interest, a metric reflecting the total number of futures contracts in play. The evidence suggests that Bitcoin shorts were taken by surprise on Oct. 22 but they were not employing excessive leverage. Bitcoin futures aggregate open interest, USD. Source: Coinglass During the rally, BTC futures open interest increased from $13.1 billion to $14 billion. This differs from August 17, when Bitcoin's price dropped by 9.2% in just 36 hours. That s...

The trading volume on Binance.US has massively declined over the past few months. A recent report from Kaiko revealed that the weekly volume on the exchange had registered a 99.2% fall from its yearly high. Specifically, from $5 billion, the number was down to $40 million. Binance US's weekly trade volume has fallen from a yearly high of nearly $5bn to just $40mn. pic.twitter.com/1imacBf9cA — Kaiko (@KaikoData) September 18, 2023 As pointed out in the graph, when the market rallied in Q1, the volume settled on the exchange was fairly high. However, when the correction phase set in, things started going downhill for Binance.US. In fact, as pointed out in the graphic, the SEC’s lawsuit filing made things worse for the exchange. In Q2 2023, the SEC alleged that Binance CEO Changpeng Zhao [a.k.a. CZ] and Guangying ‘Helina’ Chen redirected billions of customer funds to firms controlled by Zhao via intermediary companies. Instead of outrightly ru...

This week, The Market Report discusses why $22,000 is the next logical step for Bitcoin and why BitMEX co-founder Arthur Hayes claims the bull market started back in March. In the latest episode of Cointelegraph’s The Market Report , analyst Marcel Pechman explores the drivers that point to Bitcoin heading to $22,000, with investor sentiment worsening after Grayscale Investment’s much-hyped legal victory against the United States Securities and Exchange Commission (SEC) on Aug. 29 and its postponement of multiple spot Bitcoin (BTC) exchange-traded fund applications. According to Pechman, on the side of the bears are multiple lawsuits from the SEC against Binance and Coinbase, including a potential indictment from the U.S. Department of Justice regarding money laundering and facilitating trades from Russian entities. But, more importantly, U.S. inflation has come down to 3.2%, and the U.S. Federal Reserve is draining liquidity from the markets. Pechman also analyzes BitMEX founder Arth...

Bybit launching a $100 million fund and Binance’s proof of reserves might have marked the cycle low at $15,500. Bitcoin (BTC) has been trading near $16,500 since Nov. 23, recovering from a dip to $15,500 as investors feared the imminent insolvency of Genesis Global, a cryptocurrency lending and trending company. Genesis stated on Nov. 16 that it would “temporarily suspend redemptions and new loan originations in the lending business.”  After causing initial mayhem in the markets, the firm refuted speculation of “imminent” bankruptcy on Nov. 22, although it confirmed difficulties in raising money. More importantly, Genesis’ parent company Digital Currency Group (DCG) owns Grayscale — the asset manager behind Grayscale Bitcoin Trust, which holds some 633,360 BTC. Contagion risks from the FTX-Alameda Research implosion continue to exert negative pressure on the markets, but the industry is working to improve transparency and insolvency risks. For example, on Nov. 24, crypto derivatives e...

BTC trading volume at CME recently eclipsed Bybit, but what does this mean for Bitcoin's price? The Chicago Mercantile Exchange (CME) introduced its Bitcoin futures contract in December 2017. This was around the same time that Bitcoin (BTC) had reached an all-time high of $19,800, but by late 2018, the price had dropped to $3,100. Investors in cryptocurrencies quickly learned that CME derivative contracts allowed them to make bullish bets with leverage but also enabled them to bet against the price , a practice known as shorting. Historically, the Securities and Exchange Commission has rejected Bitcoin exchange-traded fund (ETF) proposals due to concerns about manipulation on unregulated exchanges. The growing significance of CME’s Bitcoin futures market might address this issue, and recently, Hashdex has even requested a Bitcoin ETF that relies on Bitcoin's physical trades within the CME market. Professional traders often use BTC derivatives to hedge risks. For instance, on...

The collapse of Silvergate, Signature, and Silicon Valley Banks left the crypto industry reeling with countless Twitter Spaces framing the event as a deliberate “Operation Chokepoint 2.0.” For Binance, the world’s biggest crypto exchange, it turned out to be a particularly tight situation, despite CEO Changpeng Zhao’s (CZ) cryptic assurance that “Binance do [sic] not have asset losses at Silvergate.” Binance has spent much of its lifespan as a sort of pirate radio operation, never touching dry land — or at least a scrupulous jurisdiction. This, understandably, has taken something of a toll on its ability to exchange between fiat and crypto. The Securities and Exchange Commission’s (SEC) case against Binance examined the corporate entities that CZ had used to manage its money in those now-failed banks, particularly Key Vision, Merit Peak, and Sigma Vision . Indeed, the SEC’s case clearly depended on revelations of those chains of ownership that only the banks’ failures would re...