A recent report from Bloomberg has shed light on Binance’s latest efforts to refine its client base. It enhanced the screening process for prime brokerage clients to exclude US-based investors from its platform. This move comes amidst increasing regulatory demands and the exchange’s endeavors to fortify its compliance framework. Related Reading: Binance Investigates 300M BOME […]
HKVAEX, allegedly backed by Binance, will cease all crypto services in May, following its license application withdrawal in Hong Kong.
The two Binance executives held in Nigeria after being invited for consultations filed suit against two government agencies for allegedly violating their human rights.
Popular crypto analyst Xremlin, known on social platforms as @0x_gremlin, told his 104,000 followers that the altcoin season in 2024 could eclipse the monumental gains seen in 2021. Reflecting on the historical significance of major exchange listings, Xremlin emphasized, “Altseason 2024 > Altseason 2021. Your bags are headed to Valhalla.” During the 2021 altseason, altcoins such as Polygon (MATIC) and Solana (SOL) saw a staggering 300x increase, largely attributed to listings on Tier-1 centralized exchanges (CEXs) like Binance and Coinbase, according to him. “MATIC and SOL’s 300x was fueled by Tier-1 CEX listings. Binance/Coinbase listings = Billions in retail liquidity,” the crypto analyst remarked. The core of Xremlin’s analysis hinges on the demonstrable impact that listings on premier exchanges such as Binance and Coinbase have on the valuation of cryptocurrencies. According to the analyst, “These 8 altcoins [are] likely to be tradable there next → Pump by 10-50x,” highlighting the potential for immediate and substantial price increases. Related Reading: Why BlackRock Could Bet On This RWA Token: Crypto Analyst Listings often trigger price surges ranging from 3 to 10 times the pre-listing value, primarily due to the vast user bases of these platforms engaging with the newly available tokens. Xremlin further elucidated the critical role of liquidity for the long-term success of a cryptocurrency project, stating, “In the long run, having access to billions in liquidity is crucial for a project’s success.” This perspective underlines the strategic advantage gained from being listed on Tier 1 centralized exchanges (CEXs). Xremlin has identified eight altcoins that not only show promise of being listed on such exchanges but also possess the potential for dramatic value appreciation. Here’s a detailed look at the altcoins spotlighted by Xremlin: Top 8 Altcoins Not Listed On Tier-1 Crypto Exchanges NGL (ENTANGLE): Operating as an omnichain infrastructure, Entanglefi aims to revolutionize data provision to smart contracts across any blockchain. With a current market cap of $232 million and trading at $1.96, its position as a Layer 1 (L1) protocol underscores its foundational potential in the blockchain ecosystem. ALPH (ALEPHIUM): Priced at $2.75 with a market cap of $203 million, Alephium stands out as a Layer 1 blockchain solution tackling the critical issues of accessibility, scalability, and security faced by decentralized applications (dApps), according to the crypto analyst. NORMIE: As a memecoin designed for mainstream appeal, Normie carries a market valuation of $120 million, with its price at $0.1237. Notably, Normie is based on Coinase’s Base protocol, which is speculated to be ready to replicate the success of the Solana memcoin craze. Related Reading: Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally CPOOL (CLEARPOOL): Clearpool distinguishes itself as a decentralized credit marketplace in the real-world-asset (RWA) sector focused on providing single borrower liquidity pools for institutional borrowers. It is currently valued at $140 million, with its tokens trading at $0.30. BALLZ (WOLFWIFBALLZ): Inspired by a daring wolf, this memecoin is trading at $0.045 with a market cap of $45 million. BALLZ is trying to ride the wave of success of Solana memcoins, especially Dogwifhat (WIF). IXS (IX SWAP): Ix Swap offers a secure platform for the trading of real-world assets and security tokens, supported by licensed custodians and broker-dealers. With a market cap of $140 million and a current price of $0.8425. DEGEN: Another meme-centric token, Degen also operates on the Base chain and is currently priced at $0.01696, boasting a market cap of $211 million. Its appeal lies in the vibrant culture of crypto enthusiasts who identify with the “degen” lifestyle. NMT (NETMIND): Netmind leverages blockchain technology to decentralize computing power for AI models globally. With a price of $6.96 and a market cap of $240 million, it aims to embody the cutting-edge intersection of artificial intelligence and blockchain. At press time, @0x_gremlin’s top pick NGL traded at $1.87. Featured image created with DALL·E, chart from TradingView.com
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Cryptocurrency exchanges like Binance, Coinbase, Kraken, and Kucoin are in hot water due to legal issues. Binance faces a vast $4.3 billion fine for money laundering, while the SEC sued Coinbase for running an unregistered exchange. Kraken settled for $30 million with the SEC, and now Kucoin is facing criminal charges. These problems show how …
Two mid-levels executives were detained without charge for more than a month, one escaped. Here’s what we know so far about Nigeria's legal battle with Binance.
The U.S. Securities and Exchange Commission wants an extra $158 million to address the “Wild West of the crypto markets.”
The post The Philippines SEC Obtains Approval to Ban Binance Access Due to Lack of Necessary Operating License appeared first on Coinpedia Fintech News
After months of seeking to block access to the Binance cryptocurrency exchange, The Philippines Securities and Exchange Commission (SEC) has now obtained the necessary approval to ensure an inevitable ban. According to reports from local media, The Philippines SEC received the necessary approval from the National Telecommunications Commission (NTC) to ban Binance’s local access. The …
CommEx previously remained silent about its founders or key executives, but admitted having some former Binance Russia veterans in the team.
The ban will take effect within three months, offering investors the opportunity to exit their crypto positions held through Binance exchange.
Binance confirmed to CryptoSlate that Nadeem Anjarwalla, one of its executives detained by the Nigerian authorities, has escaped custody. A Binance spokesperson said: “We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly […]
The post Detained Binance executive escapes from Nigerian custody amid tax evasion charges appeared first on CryptoSlate.
On March 19, Bitcoin prices fell to as low as $61,500. However, even as fear reigned, Kaiko, a blockchain analytics platform, observed that the coin’s liquidity across major crypto exchanges, including Binance and Coinbase, has been recovering steadily. When writing, the Bitcoin market liquidity is above the “Alameda Gap,” a massive boost for traders, including those looking […]
After the scandals and regulatory headaches of the last market cycle, crypto is growing and embracing the needs of institutions entering the digital assets space.
The presence of U.S. nationals on the platform has been a contentious issue for authorities as, officially, they are banned but continue to pop up.
Over the past five days, Bitcoin (BTC), the leading cryptocurrency, has experienced a period of heightened volatility, triggering significant liquidations of leveraged positions as its price fluctuated wildly in hours. After reaching an all-time high of $73,750 on Thursday, BTC experienced a sharp decline to $64,600 on Sunday. On Monday, at the start of the […]
"In the past few weeks, there has been no shortage of records, all-time-highs, and crypto industry firsts," Binance staff wrote.
Bitcoin has historically dipped in the weeks before the halving and might repeat such a move within the next week.
Nigeria’s Securities and Exchange Commission has proposed to raise the registration fees for virtual asset service providers (VASP) seeking an operational license. This development is accompanied by other changes in the regulations governing the key aspects of the crypto industry in the West African country. Related Reading: Binance Continues Meme Coin Promotion For Shiba Inu, […]
The hackers illegally accessed funds on NFPrompt, including a portion of the NFP treasury and ecosystem fund.
The dominance war is on. CoinMarketCap data shows that Solana and BNB Chain, two popular smart contracts platforms after Ethereum, are emerging as strong contenders. In a post on X, one crypto analyst notes that SOL and BNB, the native currencies of Solana and BNB Chain, respectively, have been growing, subsequently expanding the market caps of their respective platforms. However, even with this price uptick, it has yet to attain the 5% level, a target for proponents of the two platforms. Will Solana Flip BNB To Fourth? When the analyst shared the screenshot on March 14, BNB Chain, powered by Binance Coin (BNB), held a slight lead with a 3.34% dominance, while Solana trailed behind at 2.72%. Related Reading: Solana Smashes Major Resistance Levels, New All-Time High Imminent? However, Solana has been on a tear. Not only is the coin outperforming Bitcoin and Ethereum, but it has been expanding rapidly, faster than BNB in the past few trading weeks. When writing, CoinMarketCap data shows that SOL is trading above $170, a multi-month high. Moreover, it is up 11% on the last trading day and 20% in the previous trading week. At this valuation, SOL’s market cap is up 12% to over $75 billion, cementing its position at fifth, trailing BNB. On the other hand, BNB remains at fourth, behind USDT–the most liquid stablecoin whose market cap stands at over $103 billion. BNB is up 2% the previous day but double digits in the past week of trading. Overall, the lack of inactivity, especially on the last trading day, means its total market cap, at over $90 billion, is stable, only adding 2% on the last day. When comparing the performances of Solana and BNB, the former has the upper hand. For example, from September 2023, SOL gained over 200% versus BNB. BNB pared losses from January, but the revival in Solana, considering the success of meme coins, means SOL might extend gains in the future. Solana Rally On FTX’s Bankruptcy Case Proceedings, BNB Shakes Off Regulatory Woes As the competition intensifies, the future remains uncertain. It’s unclear whether SOL will overtake BNB to claim the second most dominant smart contract spot after Ethereum. However, at the time of writing, what’s certain is that the spike in on-chain activity on Solana and the unfolding events around the FTX bankruptcy case could bolster SOL prices. Therefore, it’s highly probable that Solana’s dominance might catch up with BNB as the race to the 5% level intensifies. Related Reading: Brace For Impact: MicroStrategy Is Planning Another $500 Million Bitcoin Purchase In November 2023, Binance settled with United States regulators, including the Securities and Exchange Commission (SEC), agreeing to pay a $4.3 billion fine. As part of the deal, their co-founder, Changpeng Zhao, also had to resign as CEO. While BNB prices initially plunged, the token recovered steadily from the $300 level. Feature image from Shutterstock, charts from TradingView
Binance said Nigeria is not one of its top markets amid recent issues with authorities in the African country. In a March 13 statement, the exchange revealed its extensive cooperation with local law enforcement agencies to promote the responsible growth of crypto in Nigeria. Over the past weeks, Binance and the Nigerian authorities have been […]
The post Binance says Nigeria ‘not yet one of its top markets,’ despite high crypto adoption in African country appeared first on CryptoSlate.
Crypto.com has incurred a €2.85 million ($3.1 million) fine from the Netherlands Central Bank for operating within the European country without registration for two years. The penalty specifically targets Forix DAX Mt, the Dutch trading entity of Crypto.com. In a March 13 statement, it was revealed that the Apex Bank imposed this fine on the […]
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Binance Smart Chain (BSC), commonly known as BNB Chain, has announced the “BEP 336 upgrade”, inspired by Ethereum’s Dencun upgrade (EIP 4844), which aims to optimize data storage and processing on the blockchain. The upgrade is expected to significantly reduce transaction costs, improve network performance, and drive the price of Binance Coin (BNB) towards its previous all-time high (ATH) of $686, reached in May 2021. BNB Smart Chain Cost-Effective Data Solution According to the protocol’s announcement, BEP 336 introduces an innovative concept called “Blob-Carrying Transactions” (BlobTx) that will change how large data blocks are handled. These temporary and cost-effective memory segments, known as blobs, can capture data blocks as large as 128 KB. By streamlining the transaction verification process, the network only needs to verify that the attached blob contains the correct data rather than verifying each transaction within a block. Related Reading: Zooming NEAR: Solid 75% Growth Sparks Crypto Frenzy The introduction of blob transactions within the BSC, which is particularly beneficial for opBNB – the layer 2 network of the BNB ecosystem – offers several advantages. Blobs reduce network space consumption, resulting in lower storage costs and more affordable gas fees for users, similar to Etherem’s Dencun upgrade. This storage strategy allows for efficient data handling while managing blockchain bloat, ensuring data integrity and availability throughout its lifetime on the chain. BEP 336 also includes two additional components. The Blob Market establishes a fee market for blobs, ensuring regulated storage and transmission costs based on network demand. The Precompile Contract adds a layer of security by verifying that the data in a blob matches the reference in the blob-bearing transaction. While BEP 336 draws inspiration from Ethereum’s EIP 4844, it is tailored to meet BSC’s unique requirements. Notably, BSC’s design mandates that blobs be managed exclusively by the BSC client, distinguishing it from Ethereum’s approach. Moreover, BSC implements a dynamic gas pricing mechanism for blobs, ensuring reasonable transaction costs with minimum and maximum thresholds. BEP 336 Integration With Phased Roadmap BSC has outlined a phased roadmap for the integration of BEP 336. Beginning with the Testnet launch in April, developers can test and interact with the upgrade in a “controlled environment” to address potential issues. The subsequent Magnet phase in May will focus on further testing and optimization to ensure the “robustness” and “scalability” of BEP 336. Finally, in June, the mainnet hard fork will mark the official deployment of BEP 336 on the BSC mainnet, ushering in a new era of efficiency and cost-effectiveness for the network. Related Reading: Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target According to the announcement, the benefits of BEP 336 are expected to impact developers and users within the BSC ecosystem significantly. Gas fees will be reduced considerably as certain data types no longer require permanent storage, making transactions more affordable. The temporary storage mechanism will keep the blockchain lean and bloat-free, enhancing overall network performance. With lower costs and improved efficiency, BEP 336 aims to make the BSC ecosystem more accessible to a wider audience, including developers and newcomers to blockchain technology. The announcement has boosted Binance Coin’s (BNB) price by over 8%, resulting in a current trading price of $588, just 15% below its all-time high of $686. In case of further price gains, the next resistance walls for the BNB price are placed at the $600 level and the $608 mark, which could prevent the token from further price appreciation in its mission to reach its current ATH. Featured image from Shutterstock, chart from TradingView.com
The two men were arrested on Feb. 26 after arriving in Abuja to meet with Nigerian leaders who accused the crypto exchange of crashing the country’s currency, the naira.
The relationship between Binance and the Nigerian government has drastically changed in recent months, according to a recent blog post from the crypto exchange.
Binance will delist the COMP/TUSD, EDU/TUSD and PENDLE/TUSD trading pairs on March 15 at 03:00 UTC.
Nigeria may seek a $10 billion fine from Binance as retribution as the country believes they “really messed up” the local economy.
10x Research attributed the large liquidations to some traders anticipating a price correction, while others have fear of missing out (FOMO) that Bitcoin will keep rallying.
According to local crypto stakeholder Nathaniel Luz, Nigeria’s crypto ecosystem will see the rise of new crypto exchanges that will fill the vacuum created by Binance’s exit.
ETH price set a new multiyear high at $4,000 right as Bitcoin price hit a new all-time high.