Category Archives: Binance
Is Binance Coin (BNB) Price About to Surge? Eye’s Target of $775+ – Blockonomi
Binance Coin (BNB), the native cryptocurrency of the Binance ecosystem, is on the verge of a significant price breakout as the token consolidates within an ascending triangle pattern.
The recent surge in BNBs price, coupled with growing on-chain activity and the commencement of ex-CEO Changpeng Zhaos (CZ) jail term, has created a bullish sentiment among investors.
Technical analysis of BNBs price action reveals that the token has been trading within an ascending triangle formation since May 16.
This pattern, characterized by four higher lows and four roughly equal highs, has a bullish bias and suggests a potential breakout towards a new all-time high above $692.
The target for this breakout is obtained by measuring the distance between the first swing high and swing low to the breakout point, which indicates a possible price target of $775.
The bullish outlook for BNB is further supported by on-chain data, which shows an increase in network activity and demand.
The number of BEP-20 tokens transferred daily has increased by 56% from May 19 to June 3, indicating growing traction and usage of the BNB network. The BNB Smart Chain unique addresses metric has consistently increased by an average of 150,000 daily, signaling greater usage and an influx of new capital into the network.
The recent commencement of ex-CEO Changpeng Zhaos four-month jail term has also contributed to the bullish sentiment surrounding BNB. CZ reported to Lompoc II, a federal prison in California, on Monday after being sentenced for failing to establish robust anti-money laundering policies while serving as head of Binance.
Despite stepping down from his role as CEO, CZ remains the largest shareholder in the company, with a net worth of $36.5 billion.
Following the news of CZs jail term, BNBs price rallied nearly 6%, accompanied by a 24% spike in open interest. This increase in open interest, which represents the total number of outstanding derivative contracts yet to be settled, indicates heightened investor attention and potential for further price growth.
BNBs recent breakout from a symmetrical triangle pattern also suggests a potential rally to $760. The coin price, currently trading at $624 with a market cap of $92.1 billion, could reach new highs if it sustains above key resistance levels.
The breakout from the triangle pattern signals the end of the ongoing correction trend, and the potential recovery in BNB could witness dynamic support from the midline of Bollinger Band indicators.
Investors should remain cautious, as a daily candlestick close below $500 would invalidate the bullish thesis and potentially lead to a 9% crash to the 50% Fibonacci retracement support level at $454.
If the price fails to sustain above the breached trendline, the bullish thesis will be invalidated, and BNB could prolong its consolidation for several more weeks or months.
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Is Binance Coin (BNB) Price About to Surge? Eye's Target of $775+ - Blockonomi
Binance Implements MiCA Stablecoin Regulations – The Crypto Basic
MiCA rules prompt Binances proactive Unauthorized Stablecoin restrictions. Binance aligns with forthcoming MiCA regulations. EEA users face transitional changes amid stablecoin regulation.
Binance, a leading crypto exchange, has shared substantial updates on services for users within the European Economic Area (EEA) in response to the changes in new rules on stablecoins regulations by the EUs Markets in Crypto-assets (MiCA) set to come into force on June 30, 2024. These changes are intended to allow compliance with the new regulatory requirements and users transition.
From June 30, 2024, EEA users of Binance products will have limited access to Unauthorized Stablecoins as per the update. Unauthorized Stablecoins relate to the classification of stablecoins not included in the Regulated Stablecoins according to the new MiCA regulations.
To ease this change, Binance will gradually adjust the working status of Unauthorized Stablecoins. The changes include:
Binance Convert: While Binance users are allowed to trade Unauthorized Stablecoins with other assets, such as other digital currencies, Regulated Stablecoins, or fiat money, they are barred from purchasing Unauthorized Stablecoins.
Spot Trading: Trading pairs containing Unauthorized Stablecoins will remain allowed for now, while trading pairs containing Regulated Stablecoins will be affected.
Wallet: The custody and wallet services of unauthorized stablecoins will remain open, and users can cash out or top up their stablecoins to their Binance wallets.
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Besides all specific product changes, Binance will also have general product limitations per its entire catalog. This entails modifications to rewards, such as spot copy trading, margin trading, launch pad, simple earn, and loans. These restrictions limit consumers ability to engage in new products or services that come with Unauthorized Stablecoins.
The changes follow the rules outlined by the MiCA stablecoin, which states that stablecoin issuers are subject to regulation under electronic money institutions ((EMIs), meaning they must adhere to the current laws regarding the EMD.
MiCA became law in May 2023, further cementing the previously existing rules for fiat stablecoins. These rules indicate that only EMIs and credit institutions are allowed to launch fiat stablecoins in the EEA.
Lack of the necessary license to issue e-money will likely attract the law to help prevent negative consequences resulting from non-transparency, ensure the financial stability of organizations, and protect consumers rights.
A few European firms, including Monerium, Membrane, and Quantoz Payments, have already started issuing fiat stablecoins under the EMD; such firms have embarked on the regulation-first strategy. Some of them, for instance, Circle, are still in the process of obtaining EMI licenses to legalize it.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Binance Implements MiCA Stablecoin Regulations - The Crypto Basic
Binance Offers 1 BNB Reward for $100 Trades in Convert, Spot, and Futures – Blockchain.News
Binance Launches New Trading Promotion
Binance, the world's leading cryptocurrency exchange, has launched a new promotion inviting users to participate in the Binance World Championship. According to Binance, traders who make transactions worth at least 100 USDT on Binance Convert, Spot, and Futures platforms are eligible to win a 1 BNB token voucher.
The activity period for this promotion runs from June 4, 2024, 00:00 (UTC) to June 30, 2024, 23:59 (UTC). To qualify, users must ensure they meet the trading criteria across the specified platforms during this period. Additionally, participants need to register and complete the necessary KYC (Know Your Customer) processes by the end of the promotion period.
To participate, users need to:
Participants will be ranked based on the most number of consecutive numerical digits in their Binance UIDs (BUIDs) that match the last BNB Beacon Chain's block hash value on June 30, 2024, at 23:59 (UTC).
Qualified participants will receive their rewards in the form of token vouchers within two weeks after the promotion ends. Users can redeem these vouchers via their Binance profile under the Rewards Hub. The vouchers will be valid for 14 days from the date of distribution.
For more details, please refer to the official Binance announcement.
The Binance World Championship has seen a surge in participation, highlighting the growing interest in cryptocurrency trading competitions. This promotion is part of Binance's broader strategy to engage its user base and attract new traders to its platform. The exchange continues to innovate and introduce new features and promotions to stay ahead in the competitive crypto industry.
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Binance Offers 1 BNB Reward for $100 Trades in Convert, Spot, and Futures - Blockchain.News
Binance Coin Breaks 11-Week Consolidation, Eyes Rally to $765 – Crypto News Flash
Risk warning and disclaimer: The contents of this website are intended solely for the entertainment and information of readers and do not provide investment advice or a recommendation within the context of the Securities Trading Act. The content of this website solely reflects the subjective and personal opinion of the authors. Readers are requested to form their own opinions on the contents of this website and to seek professional and independent advice before making concrete investment decisions. The information found on this site does not contain any information or messages, but is intended solely for information and personal use. None of the information shown constitutes an offer to buy or sell futures contracts, securities, options, CFDs, other derivatives or cryptocurrencies. Any opinions provided, including e-mails, live chat, SMS or other forms of communication across social media networks do not constitute a suitable basis for an investment decision. You alone bear the risk for your investment decisions.
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Binance Coin Breaks 11-Week Consolidation, Eyes Rally to $765 - Crypto News Flash
How a money launderer allegedly used Deltec, Binance, and Tether – Protos
Daren Li was recently indicted in the Central District of California on a charge of conspiracy to commit money laundering. Li is allegedly the mastermind behind a money-laundering syndicate that was moving funds for pig-butchering scams.
The scammers allegedly used fake versions of CoinZoom and Crypto.Com to convince victims to transfer funds.
Often, the victims were induced to send funds to bank accounts of shell corporations set up by the scammers; these corporations include entities like CMD Export and Import.
The indictment describes two accounts held at a bank in the Bahamas. One of these accounts was opened by Lis co-conspirators in Los Angeles, with Li providing funds to help open it.
The other received approximately $35.4 million from victims of the scam. After victims funds were transferred to this bank, they were converted to USDT and moved to Lis account at Binance.
Besides those in the Bahamas, the syndicate relied on other banks, including Evolve Bank and Trust. This Evolve account was controlled by another shell corporation, Jingshun International Corporation, and funds at Evolve were subsequently transferred to Wise.
The indictment also references the fact that co-conspirators were indicted at the end of last year. It details a case covering the Sea Dragon entities and discusses funds the alleged money launderers had in a Deltec Bank account at Mitsubishi UFJ (MUFJ) Trust and Banking Corporation. The funds were transferred from a Bank of America account to this MUFJ account.
The affidavit in support of the seizure suggests that Deltec Bank misrepresented the purpose of this account to MUFJ.
The indictment describes how funds tracked in this scheme were withdrawn from a Binance account in Lis name to an address described in the indictment as the TRteo Address.
A review of Tron blockchain data reveals that the only address that meets the description in the indictment is TRteottJGH5caJyy9qFuM8EJJGGCpDaxx6. According to the affidavit, Li and/or his co-conspirators are most likely in control of this address.
A closer review of this address gives us greater insight into the counterparties for this syndicate, including Binance, FTX, and Kraken.
The Li address received slightly less than $29 million in USDT from TTd9qHyjqiUkfTxe3gotbuTMpjU8LEbpkN, an address that both Breadcrumbs and Tronscan have labeled as Kraken. The last transaction with this Kraken address occurred approximately a year ago, in June of 2023.
The Li address also received slightly over $6 million in USDT from TYDzsYUEpvnYmQk4zGP9sWWcTEd2MiAtW6, an address that Breadcrumbs and Tronscan have labeled as FTX. The last transaction was a couple of weeks before FTX declared bankruptcy.
Binance was probably the most important identifiable exchange that the Li address interacted with. It received funds from six addresses that Breadcrumbs labeled as Binance and a total of approximately $28 million in USDT. Additionally, the Li address received approximately 100k TRX from Binance addresses.
These various transactions show how money launderers in the ecosystem rely on transferring funds between a variety of different financial institutions and crypto institutions to try to obscure the flows of criminal activities.
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How a money launderer allegedly used Deltec, Binance, and Tether - Protos
Binance may ban Tether and other stablecoins in Europe – FinanceFeeds
Binance plans to impose restrictions on the availability of stablecoins in the European Union (EU) that are deemed unregulated under the EUs new Markets in Crypto-Assets Regulation (MiCA).
The decision precedes the European Unions (EU) adoption of the Markets in Crypto-Assets (MiCA) regulation, set to fully come into effect on December 30, 2024. MiCA will introduce tighter controls on the usage of certain stablecoins within the region.
In a statement, Binance noted that the MiCA rules for stablecoins will take effect at the end of June. This will be a first step entering the new regulatory framework and it will have a significant impact on the stablecoin market in the European Economic Area, the statement read.
As stablecoins become regulated in Europe, only tokens issued by regulated companies will be available to the public, Binance said. The company added, Several existing stablecoins may not fall into this category and will therefore be subject to certain restrictions.
Nevertheless, Binance did not clarify which stablecoins fall into the unregulated category.
To comply with the new regulations, Binance has outlined a phased approach in its statement. This includes allowing users to convert holdings in unauthorized stablecoins to other digital assets like bitcoin and ether, regulated stablecoins, or fiat currency. As of June 30, purchasing unauthorized stablecoins in Europe will no longer be possible.
Since the sentencing of former Binance CEO Changpeng Zhao to four months in prison in April, the companys new leader, Richard Teng, has been making efforts to show that Binance is committed to collaborating with regulators.
Rival exchange Kraken also announced in May that it is actively reviewing whether to delist the stablecoin Tether (USDT) from its European platform.
Marcus Hughes, Krakens Global Head of Regulatory Strategy, told Bloomberg that the exchange is preparing for various scenarios, including discontinuing support for certain tokens such asUSDT. Its something were actively reviewing, Hughes said, noting that a final decision will be made once the regulatory position becomes clearer.
Krakens consideration follows the actions of another major crypto exchange, OKX, which removed Tether trading pairs in Europe in March due to impending stablecoin regulations. AnOKX spokespersonexplained that the delisting will enable the exchange to introduce euro on-ramps for EEA-based customers. He added that this adjustment impacts only a minor portion of the exchanges user base.
MiCA mandates that stablecoins issued in Europe must meet heightened regulatory requirements. The implementation of MiCA will occur in phases, with certain applications set for mid-2024 and additional rules to be enforced by December 2024.
Tether holds a major portion of the market, with $116.76 billion worth, representing 69.6% of the total $167.78 billionUSD-pegged stablecoin supply.
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Binance may ban Tether and other stablecoins in Europe - FinanceFeeds
Binance Referral Code 2024: QH6V74V5 (100 USDT Signup Bonus) – NFTevening.com
Thinking about buying Bitcoin, Ethereum, or other cryptocurrencies? Binance is a popular exchange to do just that. But did you know you can save money on trading fees? Heres where the Binance referral code comes in.
These codes are like coupons for your crypto trades. By using one when you sign up, you can unlock discounts on fees and extra signup bonuses. In this guide, well explain what the Binance referral code is, its benefits, and how to use it.
Key Takeaways:
Binance referral code is a unique promo code used to invite others to join the Binance crypto exchange platform. When someone signs up using your referral code, both you and the person who signs up receive rewards.
If you use Binance referral code QH6V74V5 while signing up, you will receive a signup bonus of $100 USDT. Additionally, you will enjoy a 20% discount on trading fees for all your transactions on Binance.
Exchange
Binance
Referral Code
QH6V74V5
Sign up Bonus
$100 worth of USDT
Extra Rewards
Exclusive events and trading competitions
Trading Fees Rebate
Up to 20% discount
KYC Mandatory
Yes
Signing up for a Binance account with a referral code QH6V74V5 unlocks a treasure trove of benefits that can significantly enhance your cryptocurrency trading experience. Lets delve into the key advantages you gain by using a Binance referral ID QH6V74V5:
Go to theBinancewebsite. Once the homepage loads, locate and click on the Sign Up button, usually found in the upper right corner of the screen. Youll be directed to the registration page. Youll see fields prompting you to enter your email address and create a password. Input your email address and choose a strong password that youll remember easily.
Here comes the crucial step! Youll find a box labeled Referral ID (Optional). This is where you should enter the referral code QH6V74V5 to ensure you receive signup bonuses. You can also use ourreferral linkto automatically fill out the code.
After entering the referral code, review the Binance Terms of Service and Privacy Policy, then check the box to confirm your agreement.
After successfully creating your account, its time to complete the Know Your Customer (KYC) verification process. KYC helps ensure the security and legitimacy of your account by confirming your identity.
To start the KYC process, go to your profile section and click Account and choose Verification. Binance will guide you through the steps required to verify your identity, which typically include providing personal information and uploading documents such as a government-issued ID (e.g., passport or drivers license) and proof of address.
Once youve submitted all the required information and documents, Binance will review your application. Verification times may vary depending on the volume of requests, but youll receive a notification once your account has been successfully verified.
After completing this step, you will receive 20 USDT as a signup bonus.
With your account created and verified, youre now ready to deposit funds into your Binance account. In the wallet section, youll see different options for depositing funds, including cryptocurrencies and fiat currencies. Alternatively, you can also use the Buy Crypto section in the menu bar.
Generally, you have 3 options to deposit fiat currency:
Once youve initiated the deposit, it may take some time for the funds to be credited to your Binance wallet, depending on the payment method and processing times.
Now, you will also become eligible for an extra 30 USDT bonus.
Navigate to the Markets section of the Binance website, where youll find various trading pairs and markets.
Choose the cryptocurrency you want to trade and select the trading pair you wish to trade it against. For example, if you want to trade Bitcoin for Ethereum, you would select the BTC/ETH trading pair. Or you can use a stablecoin pair like BTC/USDT.
Once youve selected the trading pair, youll be taken to the trading interface, where you can place buy and sell orders. When placing a trade, you can choose between market orders, limit orders, and other advanced order types. Enter the desired amount and price for your trade, then review and confirm your order.
Thats all! Now you are eligible for another 50 USDT sign-up bonus.
If youre trying to use a Binance referral code but its not working, there could be a few reasons behind it.
You can invite friends with the Binance referral program and earn a commission. You just need to create your own referral code and share it with friends and followers.
The key benefit of the program is earning commissions on the trades your referrals make. Binance offers commissions on various trading activities on its platform, including spot trading, futures trading, and even participation in Binance Pool (their crypto staking service). This means you can potentially earn a steady stream of income as long as your referrals continue to trade on Binance.
Note: Currently, you can earn up to 40% commission as a standard referral and 50% commission as an affiliate member.
Here are some conditions and extra benefits you will receive as an affiliate partner:
Minimum Requirements
5000+ followers on social media or 500+ members in a trading community
Spot Commission
Up to 50%
Futures Commission
30%
Binance Pool Commission
30%
Bonus Package
Share up to a $600 new user sign-up bonus package with your community
The Binance referral and affiliate program goes beyond just commissions. Binance provides its affiliates with a range of resources to help them promote the platform. This includes marketing materials, tutorials, and even access to a dedicated account manager who can offer guidance and support.
For content creators who actively promote Binance through high-quality content like videos or articles, theres an exclusive content program. This program allows creators to earn additional bonuses of up to 3,000 BUSD per month. You can also earn up to an extra $72,000 bonus based on your referrals futures trading fees and volume.
Founded in 2017,Binanceis the worlds largest cryptocurrency exchange bytrading volume. It has a huge selection of over 380 coins and tokens, including popular ones like BTC, ETH, and SOL, and many lesser-known ones. This gives users a lot of choices when it comes to investing in digital assets. Here are the services offered by Binance:
And many more!
Related Article:OKX Review: Is this crypto exchange safe?
Binance charges fees for various trading activities. For spot trading, it charges 0.1% maker/taker fees. The higher your trading volume (total amount bought/sold within a 30-day period), the lower your fees become.
Binance rewards active users with VIP statuses. VIPs enjoy progressively lower trading fees compared to regular users. There are different ways to qualify for VIP status, such as high trading volume or holding a certain amount of Binance Coin (BNB).
User Level
30-Day Volume
BNB Holdings
Maker/Taker
Regular User
0.1%/0.1%
VIP 1
10,00,000 USD
25 BNB
0.09%/0.1%
VIP 2
50,00,000 USD
100 BNB
0.08%/0.1%
VIP 3
2,00,00,000 USD
250 BNB
0.042%/0.06%
Binance also offers a 25% discount on trading fees if you choose to pay them using BNB. You can also get a 20% discount if you use our referral code QH6V74V5.
For futures trading, Binance charges 0.02% maker and 0.06% maker fees. Check thefull fee structure here.
Binance is a generally well-regarded cryptocurrency exchange with a strong reputation for security. They implement a number of measures to safeguard user assets, including storing the vast majority of funds in offline cold storage wallets. This significantly reduces the risk of theft from hackers.
Additionally, Binance has aSecure Asset Fund for Users (SAFU), an insurance fund that could potentially reimburse users in the event of a major security breach. The exchange also acquires majorlicenses:
And many more licenses across the world. Check thefull licenses list.
In conclusion, using the Binance referral code QH6V74V5 brings a world of benefits to your cryptocurrency journey. With this code, you unlock exciting rewards like a $100 USDT signup bonus, up to 20% discount on trading fees, and access to exclusive events.
By following simple steps, you can maximize your gains and enjoy seamless trading on one of the worlds largest cryptocurrency exchanges. So why wait? Join Binance today with code QH6V74V5 and begin your cryptocurrency journey with an advantage.
Yes, using a Binance invite code during signing up is 100% safe. However, they can be lying to you about bonuses and fee rebates. So, only use referral codes obtained from trusted sources.
A Binance futures referral code is a code that gives you a discount on trading fees and other benefits when you sign up for a Binance Futures account. If you use a code QH6V74V5 during signup, you can get up to a 20% discount on futures fees, plus extra futures trading coupons, although these cant be withdrawn, but profits can be.
There are a few ways to get a Binance referral code. If you know someone like a friend or family who already uses Binance, they can easily share their invite code with you. You can also find referral codes shared by existing users on various platforms, including Google search, social media, forums, and community groups.
The Binance website also offers a dedicated referral program section. Here, you can generate your own unique referral code to share with others. Binance also occasionally offers new referral codes as part of promotions or through partnerships. Keep an eye on their official channels for these opportunities.
No, you cannot use multiple referral codes during your Binance account registration. The system will only recognize the first code used during signup. However, there are ways to maximize your benefits. When presented with multiple codes, select the one offering the benefits most relevant to your trading style. This could be a code with the highest discount on trading fees or the one with the most attractive sign-up bonus.
The 20% fee discount referral code for Binance is QH6V74V5. This discount applies to the standard trading fees associated with buying and selling cryptocurrencies on the Binance platform.
However, if you use different code other than ours QH6V74V5. Its important to note that not all referral codes offer a 20% discount. The specific percentage may vary depending on the code itself. Binance has a tiered fee structure based on your 30-day trading volume. The referral code discount applies on top of this existing structure. Some referral codes with a 20% discount may have a limited validity period also.
No, referral codes offer discounts on standard spot trading fees, they typically do not apply to margin trading fees. Margin trading carries variable interest rates and has a separate fee structure.
The validity of a Binance referral code may vary depending on the promotion or campaign associated with it. Some referral codes may have a specific expiration date (like lite referral code), after which they can no longer be used to claim rewards or benefits. Others may have indefinite validity (like standard referral code QH6V74V5), allowing users to use them at any time to receive associated bonuses or discounts.
Binance often offers sign-up bonuses in stages. Completing KYC verification grants you 20 USDT, while making a first deposit could unlock another 30 USDT. Finally, completing your first trade could result in a 50 USDT bonus. Combining these stages can reach the 100 USDT mark.
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Binance Referral Code 2024: QH6V74V5 (100 USDT Signup Bonus) - NFTevening.com
Binance to Restrict Unauthorized Stablecoins in EU | News – ihodl.com
Crypto exchange Binance has announced plans to limit the availability of certain stablecoins in the European Union that are not considered regulated under the bloc's rules, Cointelegraph has reported.
The announcement comes before the stablecoin rules of the EU's Markets in Cryptoassets Regulation (MiCA) come into force at the end of June.
Binance has stated this will be the first step in complying with the new regulatory framework and will have a significant impact on the stablecoins market in the European Economic Area.
As stablecoins become regulated in Europe, only tokens issued by regulated companies will be made available to the public, as mentioned in the company's statement.
According to Binance, some existing stablecoins may not meet the criteria and will therefore face restrictions.
As of June 30, it will no longer be possible to buy "unauthorized" stablecoins in Europe, according to Binance's statement.
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Binance to Restrict Unauthorized Stablecoins in EU | News - ihodl.com
Hackers exploit Chrome plugin to steal millions from Binance accounts – TradingView
A Chinese trader lost $1 million to a hacking scam using a promotional Google Chrome plugin called Aggr. The promotional plugin steals cookies from users, which hackers use to bypass password and two-factor authentication (2FA) verification and log into the victims Binance account.
A trader took to X to recount the ordeal of losing their life savings to an unexpected scam.The trader, who goes by the X username CryptoNakamao, said that on May 24, their Binance account started trading randomly, and they only realized this after opening the Binance app to check the Bitcoin BTCUSD price.
By the time he sought assistance from Binance, the hacker had already withdrawn all funds.
Hacker stole cookie data to cross-trade on Binance
The trader claimed that the hackers had gained access to his web browser cookie data, which they had stolen via a Chrome plugin called Aggr. The trader installed the plugin to access prominent trader data only to realize malicious software was created to steal users web browsing data and cookies.
The hacker then used the collected cookies to hijack active user sessions without a password or authentication and carried out multiple leveraged trades to spike the price of low liquidity pairs and profit from them.
The trader explained that even though the hacker couldnt withdraw funds directly due to 2FA, they used the cookies and active login sessions to make profits through cross-trading.
The trader claimed that the hacker bought several tokens in the Tether USDTUSD trading pair with abundant liquidity and placed limit sell orders exceeding the market price in the Bitcoin, USD Coin USDCUSD and other trading pairs with scarce liquidity.
Finally, the hacker opened leveraged positions, bought a large amount in excess, and completed the cross-trading. A cross trade is a practice where buy and sell orders for the same asset are offset without recording the trade on the exchange.
Trader blames Binance
The trader claims that Binance did not implement essential security measures despite unusually high trading activity. Furthermore, even after receiving timely complaints, the exchange failed to take action to stop it, they added.
In their investigation, the trader discovered that Binance had been aware of the fraudulent plugin for quite some time and was already conducting an internal investigation. Despite knowing the hackers address and the nature of the plugin scam, the trader claimed Binance failed to inform the traders or take any actions to prevent the fraud. The trader wrote:
Binance did nothing even though it knew of the theft and frequent cross-trading. Hackers manipulated accounts for over an hour, causing extremely abnormal transactions in multiple currency pairs without any risk control; Binance failed to freeze the funds of the obvious hackers single account in the platform on time.
Cointelegraph reached out to Binance for comment but did not receive a response by publication time.
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Hackers exploit Chrome plugin to steal millions from Binance accounts - TradingView
Binance’s Zhao and FTX’s Bankman-Fried Commence Their Prison Sentences – Coinfomania
Changpeng Zhao, founder of Binance, has begun a four-month sentence at Lompoc II, a low-security federal prison in California.
This facility, located in Santa Barbara County, includes an adjacent satellite camp where inmates work on horse farms and spend time outdoors. Zhao, now designated inmate 88087-510, was initially expected to serve his sentence at the Seatac Federal Detention Center in Seattle. However, his status as a non-US citizen made him eligible for the less restrictive environment at Lompoc.
Zhao, also known as CZ, is a prominent figure in the cryptocurrency industry. Since its inception in 2017, he has transformed Binance into a leading global crypto exchange. With an estimated net worth of $36.5 billion, Zhao is recognized as the wealthiest person to serve time in a US federal prison.
Moreover, his sentence, shorter than the three years prosecutors had requested, stems from his failure to implement an adequate anti-money laundering (AML) program at Binance. This lapse allowed illicit actors, including terrorist groups such as al-Qaeda and ISIS, to trade Bitcoin on the platform.
In a plea agreement with the US government, Zhao admitted to the shortcomings of the AML program and voluntarily traveled from his residence in Dubai to Washington state to surrender. In addition to Zhaos plea, Binance admitted to banking law and sanctions violations. The company agreed to pay $4.3 billion to settle the multi-agency investigation.
Sam Mangel, a prison consultant with clients at Lompoc, commented on Zhaos placement, noting that his experience and knowledge in the crypto sector would likely make him a subject of interest among fellow inmates. Mangel expressed confidence that Zhao would adjust well to life at Lompoc.
Meanwhile, Sam Bankman-Fried, co-founder of the now-defunct FTX exchange, has been returned to the Metropolitan Detention Center (MDC) in Brooklyn, New York. This move follows his transportation to facilities in Oklahoma and Pennsylvania over the past month.
Furthermore, the Bureau of Prisons website confirms Bankman-Frieds current location, following Judge Lewis Kaplans request. The judge specified that Bankman-Fried should remain in New York until his appeal process is fully briefed to facilitate access to his appellate counsel.
Bankman-Fried was sentenced to 25 years in prison after being convicted on multiple counts of fraud related to FTXs collapse. The exchanges downfall had significant repercussions in the cryptocurrency market, leading to substantial financial losses for investors. Alongside Bankman-Fried, another FTX executive, Ryan Salame, received a sentence of 7.5 years for his involvement.
On May 23, Bankman-Fried was initially transferred to a facility in Oklahoma, appearing en route to a California prison near his parents residence. However, he was later moved to a prison in Pennsylvania before finally being returned to Brooklyn. Mark Botnick, a spokesperson for Bankman-Fried, acknowledged the Bureau of Prisons prompt handling of the situation.
The contrasting sentences and prison placements of Zhao and Bankman-Fried underscore the varying legal consequences faced by cryptocurrency leaders in the wake of regulatory scrutiny and legal actions. Zhaos relatively brief sentence and placement in a minimum-security facility contrast sharply with Bankman-Frieds lengthy sentence and the more challenging conditions at the MDC in Brooklyn.
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Binance's Zhao and FTX's Bankman-Fried Commence Their Prison Sentences - Coinfomania