Binance Financial News

New Delhi: India’s ministry of electronics and information technology (Meity) is yet to find a solution to local cryptocurrency users accessing global crypto exchanges via virtual private networks (VPN). The government had blocked web and app store access to Binance, Kucoin, Huobi and six other exchanges on 12 January.

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Zero-knowledge L2 blockchain Manta Network has been accused of money laundering in South Korea shortly after the blockchain was hit by a DDoS attack.

The ongoing legal battle between the US Securities and Exchange Commission (SEC) and Binance has taken a new turn after the federal judge in the case ordered a court review on the classification of digital assets as securities.

Layer-2 blockchain Manta Network suffered a DDoS attack shortly after successfully listing its Manta token on multiple exchanges.

Small investors in China are using an underground network of brokers and go-betweens to skirt the country’s strict rules on cryptocurrency trading. China is officially one of the world’s toughest jurisdictions for cryptocurrencies. Beijing banned crypto trading in 2021, and authorities have since detained, fined and jailed people working in the sector.

Binance Labs, the investment arm of the renowned cryptocurrency exchange Binance, has recently announced a significant investment in Memecoin (MEME), the native token of the Memeland ecosystem. This move marks a notable foray by Binance Labs into the burgeoning field of SocialFi — a blend of social media and decentralized finance — leveraging the widespread appeal of internet meme culture​​​​.

TrueUSD (TUSD) has clarified that the recent depegging of its value from the US dollar is associated with activities on Binance Launchpool.

Binance customers are seeking approval from a Florida federal court to serve the world renowned soccer player Cristiano Ronaldo with the $1 billion proposed class action through the social media platform X, formerly Twitter.

The combined trading volume of the top 10 crypto exchanges in 2023 reached a staggering $34.26 trillion, a 16% decline from the previous year, cryptocurrency rating and research firm TokenInsight revealed in a report today.

Following the recent ban by India’s Ministry of Finance Financial Intelligence Unit (FIU) on offshore crypto exchanges like Binance, OKX, and others, Indian crypto exchanges are stepping in to offer solutions to affected users.

Binance has unveiled its joint venture crypto exchange Binance Thailand, which comes in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development.

Binance Thailand has opened its cryptocurrency exchange in Thailand for trading, the company said on Tuesday. The exchange, Gulf Binance, is a joint venture between Binance and Thailand's Gulf Innova that will serve as an exchange and brokerage platform allowing users to buy and sell digital assets with local currency pairings, according to a statement.

Mudrex, a leading global crypto investment platform, announced support for over 200+ tokens and introduced free and seamless crypto transfers from Binance, following the Financial Intelligence Unit’s showcase notice to Binance and eight other crypto exchanges for non-compliance with anti-money laundering standards in India. This strategic move aims to empower crypto users on these international exchanges, ensuring their security and the safety of their digital assets. «One of the standout features of this release is the introduction of free and seamless crypto transfers from Binance. Mudrex users can now transfer their crypto assets from Binance without incurring any gas fees, ensuring it doesn’t eat into your profits, on top of being a streamlined process,» Mudrex said in a release. To further enhance user confidence and accessibility, Mudrex has also introduced one-on-one expert support. This personalized assistance is designed to cater to users handling larger amounts or those who may not be entirely comfortable with crypto transfers. The expert support ensures that users have a dedicated resource to guide them through the process, addressing any concerns and providing valuable insights, the crypto platform said.

cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin, OKX, and others, were blocked in India on Friday. This comes after the government sent show-cause notices to these crypto exchanges for not complying with the country's money laundering laws. Earlier, on December 28 last year, show cause notices were sent to Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Houbi, Kraken, gate.io and Bitfinex for operating illegally in India. The notice was issued because these companies failed to comply with registration and local tax rules. As a result, the Finance Ministry directed the Ministry of Information Technology to block their URLs. On the development, Edul Patel, CEO of Mudrex, said, «In response to the FIU’s show cause notices to non-compliant crypto exchanges, we took proactive steps, advising investors to transfer their funds to compliant platforms. We are also providing dedicated support to ensure seamless fund transfers from other exchanges, upholding the highest safety and compliance standards.» «Indian investors should always aim to have their assets in the FIU compliant entities as it gives them a way for legal recourse against any fraudulent activity on their account,» Edul suggested.

The cryptocurrency market witnessed a remarkable recovery in 2023 with a staggering 109% year-over-year (YoY) surge. However, what captured the attention of the Binance Research team was the notable growth of the BRC-20 token standard throughout the year.

Google has removed several prominent global crypto exchanges, including Binance and Kraken, from its Play Store in India. This move comes as a response to allegations of these exchanges operating “illegally”, with the Financial Intelligence Unit (FIU) issuing show cause notices to nine crypto firms.

web platforms of foreign cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin and OKX. The Android versions of these apps are also likely to be taken down as “orders to that effect have been passed already”, a senior government official said. On Wednesday, the ministry of electronics and information technology’s (MeitY) had asked Apple to remove offshore cryptocurrency apps from its store. The action follows inputs from the finance ministry’s Financial Intelligence Unit (FIU), which suggested that these platforms may have been used for money laundering, the official said. Also read | Threat of ban looms over offshore crypto platforms as govt weighs in

web platforms of foreign cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin and OKX. The Android versions of these apps are also likely to be taken down as “orders to that effect have been passed already”, a senior government official said. On Wednesday, the ministry of electronics and information technology’s (MeitY) had asked Apple to remove offshore cryptocurrency apps from its store.

Binance Holdings Ltd. acrimoniously split with its Indian affiliate WazirX in 2022, the world’s largest cryptocurrency exchange looked near-invincible in the local market while WazirX was flailing. A government crackdown on offshore platforms has abruptly reversed the competitive dynamics. Since Indian authorities in late December began restricting access to Binance and other foreign crypto exchanges operating there without local registrations, traders have flocked to domestic rivals like WazirX. Many of them are moving deposits across from Binance, according to the local venues. It’s a welcome reprieve for WazirX and competitors like CoinDCX and CoinSwitch Kuber, which were pummeled by a 2022 taxation regime that drove traders to offshore exchanges. They appear poised for further gains after Apple Inc.’s App Store this week took down the apps of Binance and seven other foreign exchanges after a request from India’s government. Deposit inflows at WazirX jumped about 250% in the four days following India’s Dec. 28 compliance show-cause notice to nine offshore platforms, compared with the four days leading up to it, according to the company. CoinDCX reopened for deposits right after the event and they immediately began pouring in, CEO Sumit Gupta said.