Binance Financial News

$SPONGE is an explosive meme coin that delivered a 100x return for early investors when it launched in May 2023. Now, $SPONGE is back with a new V2 token that promises to deliver even bigger gains and absorb more damp.

More than $460 million in longs liquidated across the crypto market over the past hour alone after the price of Bitcoin dropped by 8% on rumors that the SEC might delay spot ETF approval.

The monthly spot trading volume on crypto exchanges exceeded $1 trillion in December 2023, marking the first time this significant volume level has been surpassed in over a year.

Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news.

crypto landscape in India, the Financial Intelligence Unit (FIU) India has issued a critical notice to offshore entities, signalling a significant stride in regulatory measures within the sector. Particularly directed at major exchanges like Binance, KuCoin, Kraken and others, this notice has garnered attention prompting discussions on compliance and potential repercussions. Edul Patel, the Founder and CEO of Mudrex, in an exclusive conversation with the EconomicTimes.com offered detailed insights into the implications of FIU’s directive of issuing show cause notice to offshore entities operating within India's rapidly expanding cryptocurrency sector. He emphasised the ramifications of this move on the industry's regulatory landscape and its potential impact on offshore exchanges and the Indian crypto users. Here are some key takeaways and insights shared by him during the conversation. To watch the full conversation, click here.

In 2023, Bitcoin, the most popular crypto, rallied 155% in US dollar terms. The Bloomberg Galaxy Crypto Index—a broader representation of crypto as an investment asset class—gave a return of around 140% during the year, telling us that crypto as an asset class did very well in 2023. Now, when it comes to retail investors investing in a particular asset class, there is always a bit of a recency effect involved, as investors tend to favour assets which have done well in the short-term.

It was a comeback year for the world’s wealthiest.

Mint digs deeper into the issue. Virtual digital assets or cryptocurrencies are based on blockchain technologies, exist on decentralised networks, and are anonymous at the point of creation. This allows them to be outside the control of governments and centralised authorities.

In 2023, the Department of Justice (DOJ) emerged as a leading force in defining the boundaries of the cryptocurrency industry through high-profile criminal prosecutions. 

Pig butchering scams, a rapidly growing criminal activity involving online romance, fake crypto investments, and human trafficking, have been plaguing US citizens, resulting in significant financial losses. 

2023 was perhaps a good year for crypto prices as they recouped the previous year’s losses considerably with bitcoin spiking by 165 percent. When it comes to a set of regulations, digital currencies still fall short of explicit legitimacy, albeit they are not illegal either. However, when the government introduced a detailed tax regime for virtual digital currencies (VDAs) in 2022 including 1 percent TDS on crypto transactions, some saw it as an implicit approval.

The founder of Binance, the world’s largest cryptocurrency exchange, pleaded guilty on Tuesday to a felony charge that he failed to take steps to prevent money laundering as the company agreed to pay more than $4 billion (€3.6 billion) following an investigation by the US government.

Former Binance CEO Changpeng Zhao, commonly known as CZ, has been blocked from traveling again as his sentencing for criminal charges approaches in late February.

Binance, the largest cryptocurrency exchange in the world, and Changpeng Zhao (CZ), the company's former chief executive officer, have been ordered to pay a hefty financial penalty according to the United States District Court for the Northern District of Illinois. A significant enforcement action that was begun by the Commodity Futures Trading Commission (CFTC) has been brought to a successful conclusion by this ruling.

BNB Chain have caught the attention of users and investors alike. BNB Chain, a prominent blockchain network, experienced a noticeable lag in its BscScan and opBNB mainnet browsers. This issue was initially announced on social media platforms by the BNB Chain team, highlighting the challenges faced by the blockchain infrastructure.

Binance, the world’s largest cryptocurrency trading platform, has reported substantial growth in its user base, experiencing a 30% increase in users in 2023 while emphasizing its compliance with various regulations.

The Indian finance ministry has issued compliance show-cause notices to nine offshore cryptocurrency exchanges, including major players like Binance, Kucoin, Huobi, and others, accusing them of operating illegally in India without adhering to local money laundering laws.

The digital tenge, which represents Kazakhstan's pioneering venture into central bank digital currencies (CBDCs), has completed its pilot project, which lasted for a month. This groundbreaking endeavor into digitizing the national currency, which represents a huge shift in the landscape of Kazakhstan's financial technology systems, is an important milestone. The accomplishment of the project serves as a guiding light leading to the possibility of future developments in applications using digital money.

WASHINGTON—It is the Securities and Exchange Commission’s forever war. The SEC in 2024 will mark the seventh year of its campaign to regulate cryptocurrencies through enforcement, with no end in sight. The regulator is waging several major court battles that could determine whether rules written for Wall Street apply to digital assets.

Former Binance CEO Changpeng Zhao has seen his estimated wealth jump by almost $25 billion in 2023 despite his guilty plea to US criminal charges in November, which may  result in his imprisonment  next year. 

Cryptocurrency exchange, Binance is set to list new USDC trading pairs on its spot market on Dec 28 to drive trade and widen user market options.