Tag: Binance

Binance doubles down on APAC, plans 5 new licenses this year to expand global footprint

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Binance is looking to deepen its presence in the Asia-Pacific region. SB Seker, the company’s regional head, told Nikkei Asia that they plan to obtain five additional licenses in Asia this year, which would bring its global regulatory footprint to more than 20 jurisdictions. The largest crypto exchange by trading volume currently holds approvals in Australia, India, Indonesia, Japan, New Zealand, and Thailand across the Asia-Pacific region. South Korea is expected to join that list once the firm completes its acquisition of local exchange Gopax. Seker, who joined the firm…

Ether Exchange Supply Falls To 6-Year Low on Binance

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The balance of Ether (ETH) held on exchanges has slid to a multi-year low, with more than 31 million ETH leaving centralized exchanges in February, marking the largest monthly withdrawal since November.  While the ETH price remained near $2,000, derivatives data show a split between small buyers and larger sellers, raising the question of how the price may respond if demand becomes uniform across both retail and whale wallets.  Ether exchange reserves signal supply squeeze Crypto analyst Arab Chain said that more than 31.6 million ETH left major exchanges in…

Judge Blocks Binance Bid to Force US Crypto Claims into Arbitration

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A United States federal judge ruled that Binance cannot force a group of US customers to arbitrate claims over losses on crypto tokens they bought on its global platform before Feb. 20, 2019, keeping a major class action in open court. The decision on Thursday by District Judge Andrew Carter Jr. in the Southern District of New York held that those claims were not bound by Binance.com’s 2019 arbitration clause because users lacked sufficient notice when the company unilaterally shifted its terms of use away from the 2017 version, which…

US Senator Probes Binance Over Alleged Iran, Russia Sanctions Breaches

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A senior US lawmaker launched a congressional inquiry into crypto exchange Binance following reports that the platform processed about $1.7 billion in transactions tied to sanctioned Iranian entities and Russia’s oil “shadow fleet.” On Tuesday, Senator Richard Blumenthal, ranking member of the Senate Permanent Subcommittee on Investigations, sent a letter to Binance CEO Richard Teng requesting documents and internal records related to the exchange’s sanctions controls and compliance practices. Citing reporting from the Wall Street Journal, New York Times and Fortune, Blumenthal said Binance compliance staff had identified two partner…

US senator probes Binance over alleged Iran and Russia sanctions violations

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Richard Blumenthal, the senior Democratic senator from Connecticut, is investigating Binance, the largest crypto exchange by trading volume, over allegations that it enabled Iranian money laundering schemes and sanctions evasion linked to Russian oil trade. In a letter sent Tuesday to Binance CEO Richard Teng, Blumenthal pointed to reports from the Wall Street Journal, the New York Times, and Fortune that Binance partners Hexa Whale and Blessed Trust allegedly acted as intermediaries for illicit transactions tied to Iranian government entities, terrorist groups including the Houthis, and Russia’s shadow oil fleet.…

Binance CEO Hints at Legal Action over Report on Iranian Sanctions

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Binance CEO Richard Teng took to social media on Tuesday to attack what he called “inaccurate reporting” by the Wall Street Journal regarding investigators at the crypto exchange uncovering $1.7 billion in digital assets moving to Iranian entities. In a Tuesday X post, Teng said the report, published on Monday, contained “defamatory claims,” including a letter from Binance’s legal team “demanding immediate corrections and a full retraction of these false statements.”  “Your Article is false, seriously misleading to your readers, and defamatory of our client,” said the letter to WSJ…

Ondo brings tokenized Apple, Alphabet, and Tesla to Binance

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Tokenized US stocks and ETFs from Ondo Finance are now live on Binance, giving hundreds of millions of users access to these assets, the companies announced Tuesday. Jeff Li, Binance’s vice president of product, said in a statement that the listing is part of Binance’s effort to diversify its financial products. “Our users now have even more convenient ways to explore and trade tokenized securities, in line with our mission to offer innovative and accessible trading opportunities,” Li stated. The largest crypto exchange by trading volume wants to make it…

Falling Binance Stablecoin Reserves Signal Liquidity Crunch

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Stablecoin reserves on the world’s largest crypto exchange, Binance, have fallen back to levels not seen since October amid a crypto liquidity drought, according to CryptoQuant. The stablecoin reserves are down 18.6% since November, dropping around $10 billion from $50.9 billion to current levels of $41.4 billion, said CryptoQuant analyst Darkfost on Monday. Stablecoin reserves on exchanges “typically adjust based on investor demand,” and crypto “liquidity dynamics can be proxied through stablecoin flows,” the analyst noted. Despite the decline, Binance still accounts for roughly 64% of total stablecoin reserves across…

Binance Claims 25% of Staff Work in Compliance Roles

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Binance doubled down on its compliance credentials in a blog post after a report published earlier this month accused it of sanction violations. Crypto exchange Binance says it has “significantly reduced exposure” to sanctioned entities and high-risk jurisdictions, including exposure to Iran since January 2024. In a blog post titled “Setting the record straight” on Monday, Binance said its sanctions-related exposure as a percentage of total exchange volume has fallen by about 97% in that time, and now sits at around 0.009%. Exchange volume to sanctions-related entities has declined. Source:…

Bitcoin whale Garrett Jin sends $761 million in BTC to Binance

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A crypto wallet tied to prominent trader Garrett Jin deposited 6,318 Bitcoin, worth roughly $425 million, to Binance in the past few minutes, continuing a series of large transfers that have drawn attention from blockchain analysts, according to data from Arkham Intelligence. Earlier today, the address sent about $336 million worth of Bitcoin to Binance. In total, 11,318 coins valued at $761 million have now been transferred to the crypto exchange. Jin, a pseudonymous trader also known as Garrett Bullish, who previously served as chief executive of the now-defunct BitForex…