Binance Financial News

In March 2020, Simon Harman and the team at Oxen (formerly known as LOKI) found themselves in a tight spot. It was the start of the global pandemic, and they were running out of funding, having worked to build products for three years during a bear market. To top it all off, Bitcoin’s value had just dropped to a historic low of $3,000. “We were staring down the barrel of death, basically,” Harman recalls. It was clear that to survive the team needed to develop new products—ideally, ones that operated in a different market than the privacy space. Oxen’s encrypted messaging app, Session, had just been released; that platform would ultimately gain a great deal of popularity, boasting some 700,000 monthly users. However, in early 2020, Session had not yet become profitable, and Oxen was finding the privacy space particularly difficult to operate in. They needed something new, and fast.

Crypto firms used to talk about disrupting the financial system. Now some of them are struggling to find traditional banks that will take their money. That is so even in Hong Kong, where government officials and regulators have launched a charm offensive to win crypto business.

 

Crypto exchange giant Binance has completed the integration of the Bitcoin Lightning Network, enabling its users to deposit and withdraw the world's number one crypto through this popular Layer 2 (L2).

Another major bank in Australia has said it will block certain cryptocurrency platforms, citing high levels of scam risk in the industry.

Cryptocurrency exchange Binance has announced it has successfully integrated Bitcoin (BTC) on the Lightning Network, enabling the use of the layer-2 scaling solution for Bitcoin withdrawals and deposits.

National Australia Bank will block payments to high-risk cryptocurrency exchanges, which is understood to include Binance, from Monday in an effort to reduce the instances of fraud and scams at the financial institution.

Terra Luna Classic (LUNC) has emerged as the top-performing coin of the day, exhibiting a bullish trend with a nearly 4% increase in the last 24 hours and an impressive 8% surge over the past seven days. 

Despite facing regulatory scrutiny in the United States, crypto firms continue to innovate, with nearly half of all capital investments flowing toward U.S. crypto businesses, according to a recent report.

A third-party entity named "Eeon" has stepped forward to intervene in the case, representing the interests of Binance's customers regarding the lawsuit filed by the United States Securities and Exchange Commission (SEC) against Binance.

Crypto exchange Binance is laying off employees in response to an ongoing Justice Department probe that is likely to end with a consent decree or settlement, according to a current employee who is familiar with the company's plans.

A hint of caution has returned to the cryptocurrency market on Friday in wake of the emergence of reports that Binance has laid off roughly 1,000 workers in recent weeks, and that layoffs could continue.

Binance is celebrating its sixth anniversary, with over 1,000 people reportedly laid off in recent weeks, The Wall Street Journal reported.

The price of Bitcoin SV (BSV) has dropped by 1% in the past 24 hours, with its fall to $39.29 coming as the cryptocurrency market as a whole enjoys a 5.5% gain today.

The BNB Beacon Chain, the Binance blockchain ecosystem, is expected to undergo a scheduled hard fork upgrade on 19th July at 6:00 UTC, with enhanced security features for users.

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

Binance CEO Changpeng Zhao wrote a letter addressing the exchange’s users, reflecting on past crypto winters and laying out key trends shaping up within the industry as the company celebrates its sixth anniversary. 

In a surprising development, a ruling by US District Judge Analisa Torres may significantly impact the regulatory landscape for cryptocurrencies. In a lawsuit filed by the Securities and Exchange Commission (SEC) against Ripple Labs, Judge Torres concluded that a substantial portion of Ripple’s digital tokens, known as XRP, were not subject to securities registration requirements.

Ripple Labs’ split-decision victory against the United States securities regulator is being seen as a significant blow to the regulator’s “war on crypto,” however, crypto lawyers warn it isn't a definitive victory for the industry or the firm y

Coinbase's legal team argued in a recent legal filing that a recent U.S. Supreme Court judgment on student debt cancellation supports their fight against SEC charges of operating an unregistered securities venue. 

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