Category Archives: Binance
Binance Adds New Margin Trading Pairs Involving FLOKI, BONK, WIF, Others – Coinfomania
Binance, the largest cryptocurrency exchange by trade volume, has announced an expansion to its Margin trading by introducing new FDUSD, USDC, and USDT trading pairs on both Cross and Isolated Margin. The latest update affects eleven tokens including Floki (FLOKI), Bonk (BONK), DogWifHat (WIF), ZKsync (ZK), and more.
This comes shortly after the exchange giant commenced the listing and token distribution program for ZKsync (ZK). Despite its ongoing challenges, Binance continues to strive to deliver the best trading experience for its users, introducing new products and expanding its offering.
In an announcement dated June 18, the leading exchange platform informed its users that they can now conduct Cross and Isolated Margin trading on new pairs involving stablecoins FDUSD, USDC, and USDT.
The new Cross Margin trading pairs include 1000SATS/FDUSD, BB/FDUSD, BONK/FDUSD, ETHFI/USDC, FIRO/USDT, FLOKI/FDUSD, NOT/FDUSD, PEOPLE/FDUSD, W/FDUSD, WIF/FDUSD, and ZK/FDUSD.
For the new Isolated Margin trading pair, 1000SATS/FDUSD, BB/FDUSD, BONK/FDUSD, ETHFI/USDC, FLOKI/FDUSD, NOT/FDUSD, PEOPLE/FDUSD, W/FDUSD, WIF/FDUSD, ZK/USDT has been added. Binance informs that users can start trading on the new pairs effective immediately.
Meanwhile, the new update is part of Binances broader strategy to enhance user trading experience by constantly reviewing and expanding its offerings on the platform. Consequently, this will help users to properly diversify their portfolios and create flexibility with their trading strategies.
While significant updates from prominent crypto exchanges such as Binance can positively affect the price movement of affected tokens, the case of the FLOKI, BONK, WIF, and ZK tells a different story.
According to a recent update from CoinMarketCap, the prices of the aforementioned tokens have taken a nosedive, dropping significantly over the last 24 hours. The price of FLOKI, a memecoin birthed by fans and members of the Shiba Inu (SHIB) community, has dropped by 12.85% to trade at $0.0001627.
The price of BONK, the first dog-themed memecoin onSolana has declined by 12.43% to $0.00002043. DogWifHat (WIF) has plummeted by a massive 15.11%, changing hands at $2.02, while zkSync (ZK), a Layer-2 protocol that scales Ethereum with cutting-edge ZK tech, has lost 16% of its value, crashing to $0.2011.
Investors are closely watching their favorite tokens, hoping for a potential price rally against the backdrop of the recent listing on the Binance exchange.
Link:
Binance Adds New Margin Trading Pairs Involving FLOKI, BONK, WIF, Others - Coinfomania
Justin Sun Deposits Discounted CRV on Binance After Almost a Year – Bankless Times
Tron founder Justin Sun moved a sizeable $35 million in cryptocurrency, split among 12 distinct tokens, to Binance over the course of last week. The fact that most of these tokens were DeFi assets suggests Sun intended to give the Curve Finance liquidity.
According to blockchain data, Sun deposited $3.45 million of ETHFI ($12.05 million) to Binance, purportedly in an airdrop. Furthermore, a $6.22 million CRV transfer occurred ($1.96 million left). Five million of them originated via an Over-The-Counter (OTC) transaction that took place in August of last year. They were bought straight from a wallet connected to Curv Finance's founder, Egorov, for a reduced price of $0.4 per token.
Sun's transfer of CRV comes as the token has just started stabilizing its trading after multiple sessions in the red. Though the token is still trading in negative territory, at $0.2986, down 7.3% at press time, the losses have recovered slightly.
CRV's founder, Michael Egorov, progressively liquidated debt positions last week. Based on data from Arkham, all of Michael's loan holdings in five agreements totaling $140 million were liquidated in less than 30 minutes. The news landed as a potential blow to the token, which made it the leading loser last Thursday.
As of July 18, 2024, the price of Curve DAO Token is expected to increase by 225.73% to reach $0.98255, based on the current price estimate. Most technical indicators indicate that the current mood is bearish, and the Fear & Greed Index is 74 (Greed). Over the previous 30 days, Curve DAO Token has 13/30 (43%) green days and 15.34% price volatility.
Data from June 18 indicates an overall bearish feeling about the Curve DAO Token price prediction, with seven technical analysis indicators indicating bullish signs and 21 indicating bearish signals.
Additionally, many analysts have predicted that the 200-day SMA of Curve DAO Token will decline over the next month, reaching $0.544758 by July 18, 2024. Simultaneously, the token's short-term 50-day SMA is predicted to reach $0.518041. The momentum oscillator, known as the Relative Strength Index (RSI), is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30).
Currently, The RSI reading is 34.89 for CRV, indicating a neutral posture for the CRV market.
Visit link:
Justin Sun Deposits Discounted CRV on Binance After Almost a Year - Bankless Times
Binance tries to mollify ZKsync users left out of airdrop with $2.4m distribution – DLNews
Binance, the worlds largest crypto exchange, will distribute crypto worth $2 million among 52,500 people to appease users frustrated with the launch of a new token, ZKsync Eras ZK.
On social media, accounts that allegedly belong to longtime users of ZKsync Era have slammed the blockchains parent company, Matter Labs, for leaving them off a list of users who can claim some of the newly issued tokens.
The company has insisted the ZK airdrop was unconventional, but prioritised real users.
There is a massive, coordinated, Sybil misinformation campaign against ZKsync on X, Matter Labs said Wednesday via an affiliated social-media account. Run by thousands of bots.
Nevertheless, Binance said on Sunday it would give certain users who had been excluded from the ZK airdrop a total of 10.5 million ZK tokens beginning June 25. ZK was trading at $0.23 almost 12 hours after its Monday morning launch.
Those users had to meet certain criteria, which include initiating 50 transactions or more on ZKsync Era and between February 2023 and March 2024.
Binance said it would distribute the tokens in light of the ongoing concerns from the community around ZK token distribution.
ZKsync Era is one of the largest Ethereum-based blockchains known as layer 2s. Users have transferred more than $770 million in crypto to the blockchain, according to L2BEAT, and deposited about $128 million in its DeFi ecosystem, according to DefiLlama data.
Join the community to get our latest stories and updates
ZKsync isnt the first project to get burned by an airdrop.
From the get-go, many crypto-based companies promise to eventually cede control of their product to its users. Tokens like ZK grant membership and voting power in these digital cooperatives.
But the distribution of these tokens can be fraught. Companies have been criticised for giving employees and investors an outsize tranche of tokens, leaving little for longtime users who expect a reward for having taken a gamble by putting their crypto into untested applications.
Moreover, companies can unintentionally exclude real users in their attempt to filter out the bots that mimic user behaviour in order to nab a slice of newly issued tokens.
When Matter Labs detailed the airdrop, the company boasted it had set aside 17.5% of ZK tokens for about 695,000 longtime users, the largest distribution of tokens to users amongst major rollups.
But it was quickly forced to defend itself after a flurry of complaints from alleged users who were irate that they werent eligible for the airdrop or that they received a paltry number of ZK tokens when other, seemingly less committed users got more.
While acknowledging the unconventional design of its airdrop, Matter Labs said it was proud of the reasonable tradeoffs it had made to ensure that tokens went to real users.
In 2024, airdrops are extremely challenging, the company wrote on X. Sophisticated industrial farms operate millions of bots indistinguishable from real people in behavioural patterns. This renders traditional activity-based airdrops completely useless for building resilient and sustainable communities.
There are 21 billion ZK tokens, with one-third reserved for investors and employees of Matter Labs and the ZKsync Foundation.
Meanwhile, 19.9% of the tokens will go to the ZKsync Foundation and 29.3% have been set aside for the treasury of the ZKsync Token Assembly, the digital cooperative that will control ZKsync Era. The remaining 17.5% had been set aside for Mondays airdrop.
As of Monday afternoon, almost three-fourths of the tokens in the airdrop had been claimed.
Aleks Gilbert is a DeFi Correspondent at DL News. Got a tip? Email him at aleks@dlnews.com.
The rest is here:
Binance tries to mollify ZKsync users left out of airdrop with $2.4m distribution - DLNews
Binance Announces $2M+ ZKSync Airdrop After ZK Listing – The Crypto Basic
Following the listing of ZKsync, Binance has launched a reward program to distribute 10.5 million ZK tokens to over 52,000 eligible users.
Binance has listed ZKsync under multiple spot trading pairs. The exchange opened trading and deposits for ZK today at 08:00 (UTC), according to a blog post.However, withdrawal service will be available tomorrow, June 18, at 08:00 (UTC).
In addition to the ZK listing, Binance announced a reward program, with the exchange offering 10.5 million tokens to 52,500 eligible users. At press time, the 10.5M ZK tokens are worth $2.69 million. The one-month reward program will run from June 17 at 02:00 (UTC) to July 16 at 23:59 (UTC).
Binance noted that it will distribute the tokens based on four criteria. The first criterion includes eligible users who initiated a minimum of 50 transactions on ZKSync Era between February 2023 and March 2024.
Second, these transactions must occur within the timeframe stated above for seven months, with the exclusion of self-transfer.
For the third criterion, the Binance airdrop is for addresses that did not receive ZK tokens from the official ZK Nation airdrop. Lastly, this requires that the claim address is not a contract, bridged, or linked to a centralized exchange.
For those who meet the eligibility criteria, the process to claim the ZK tokens is straightforward. Users are required to deposit at least 0.02 ETH ($69.84) from the ZKsync whitelisted address. Once this is done, the exchange will distribute 200 ZK tokens to eligible users on a first-come, first-served basis. The first ZK airdrop is scheduled to commence on June 25.
The announcement comes a few minutes after ZK officially went live. Besides Binance, other major exchanges have also listed and opened trading for the token, including KuCoin, Bybit, and Gate.io.
ZK is currently trading at $0.2566. With a total supply of 21 billion tokens, and only 3.675 billion in circulation, the tokens market cap stands at an impressive $ 933.72 million. In just a few hours after its launch, ZK has already secured the 76th position on CoinMarketCap, with a 24-hour trading volume of $544.7 million.
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.
-Advertisement-
Visit link:
Binance Announces $2M+ ZKSync Airdrop After ZK Listing - The Crypto Basic
ZKSync Price Analysis: ZKSync Airdrop Comes Under Heavy Fire As Binance Steal Spotlight With Rival ZK Launch … – 99Bitcoins
ZKSync airdrop is criticized for not implementing the anti-Sybil program in their ZK airdrop. Now, in a hit-back move, Binance will reward its users.
Airdrops are meant to incentivize participation. Thanks to smart contracts, there have been thousands, if not tens of thousands, of airdrops since the beginning of crypto, which was popularized on Ethereum.
All you have to do is engage.
For example, if you actively traded on Uniswap before they launched their governance token, you were eligible for 1,500 UNI.
The problem with airdrops is the proliferation of bots and the risk of dust attacks through Sybil on the issuing platform.
This is what ZkSync token issuers are facing and getting heat from.
The airdrop was highly anticipated; however, questions of fairness and distribution arose when the selection criteria were raised.
Currently, ZK is available for trading.
But looking at ZKSync price, market reaction has been muted to disappointment, with the highly anticipated open falling down -25% from all-time highs amid wholesale community moaning.
(ZKUSDT)
At the heart of the controversy is the issue of bots.
Critics now claim ZKSync knew that bots existed but didnt implement adequate measures to prevent Sybil attacks.
In a Sybil attack, a single user can initiate multiple dust transactions from many wallets to intentionally manipulate airdrop distribution.
The more they attack, the more they could farm ZK tokens, cutting out real users who actively and genuinely transact on the layer-2 platform.
Meanwhile, zkSync employs a unique airdrop design combined with explicit Sybil detection to reward genuine users.
Even so, they acknowledge that some Sybil wallets slipped through the cracks. These wallets, they explained, increasingly used sophisticated methods that mimic real user behavior.
In its defense, the platform added that if it had used overly aggressive Sybil filtering techniques, more legitimate users would have been excluded.
They continued by saying that their approach focused more on rewarding addresses with a high likelihood of being genuine.
Of note, their system assigned fewer points to underfunded walletsused to filter out Sybil walletsbut concurrently increased points for on-chain activity indicative of human behavior.
To reward ZK Sync users and Binance clients, the exchange is airdropping its share of 10.5 million ZK to over 52,000 eligible users who missed the official one.
To qualify, addresses must have initiated at least 50 transactions on zkSync Era between February 2023 and March 2024.
At the same time, they should have conducted transactions within at least seven months and not belong to any centralized exchange, bridge, or contract address.
At the same time, they should not have been eligible for the official airdrop.
Binance listed ZK on June 17.
EXPLORE: RPL Price Adds +50% In 4 Days Heres Why Rocket Pool Is Pumping After Houston Upgrade
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
See the original post:
Why Furrever Token is Set to Benefit from Litecoin’s Bullish Trends, Polygon’s Market Obstacles, and Binance Coin’s … – Times Tabloid
In the dynamic world of cryptocurrency, understanding the market trends and how they influence emerging tokens is crucial for investors. Furrever Token (FURR), a new and innovative player in the crypto space, is uniquely positioned to benefit from the current trends affecting Litecoin (LTC), Polygon (MATIC), and Binance Coin (BNB). This article explores how Litecoins bullish trends, Polygons market obstacles, and Binance Coins potential surge can positively impact Furrever Token.
Litecoin, often referred to as the silver to Bitcoins gold, has been showing significant bullish momentum. According to recent analyses, Litecoins fundamentals indicate a strong upward trend. This positive momentum is driven by increased adoption, technological upgrades, and a robust community supporting its growth. The networks improved transaction speed and reduced fees make it an attractive option for users looking for efficient and cost-effective cryptocurrency transactions.
For Furrever Token, Litecoins bullish trends can create a favorable market environment. As confidence in Litecoin grows, the overall sentiment in the cryptocurrency market becomes more positive. Investors looking for new opportunities may be more willing to explore emerging tokens like Furrever Token. Additionally, the influx of capital into the crypto market driven by Litecoins success can increase liquidity, benefiting newer tokens and projects.
Polygon, a popular layer-2 scaling solution for Ethereum, is currently facing significant market obstacles. The token is struggling to overcome a major hurdle at $0.75 amid a prevailing bearish market. Despite its innovative technology and wide adoption in the decentralized finance (DeFi) space, Polygons price action has been hindered by broader market conditions and selling pressure.
While this might seem like a negative factor, it presents an opportunity for Furrever Token. As Polygon struggles to break through its resistance level, investors may look for alternative investments that offer higher growth potential and less immediate market resistance. Furrever Token, with its unique value proposition centered around adorable cat imagery and community engagement, can attract investors seeking diversification and new opportunities in the crypto space.
Binance Coin, the native token of the Binance exchange, is also poised for significant movement. After experiencing a recent 10% drop, analysts are predicting a potential surge, with price targets set at $710 and $603. This expected recovery is driven by Binances continued expansion, strategic partnerships, and the overall strength of its ecosystem.
For Furrever Token, Binance Coins potential surge can be highly beneficial. Binance Coins success often translates to increased activity and interest in the Binance Smart Chain (BSC), where Furrever Token operates. As more users and developers flock to BSC, Furrever Token can leverage this influx to grow its user base and community. Additionally, the positive sentiment surrounding Binance Coin can spill over into other projects within the Binance ecosystem, further boosting Furrever Tokens visibility and appeal.
Furrever Token is designed to revolutionize the cryptocurrency market with an irresistible dose of cuteness. Its mission is to provide a unique and enjoyable experience centered around adorable cat imagery, creating a whimsical and heartwarming ecosystem. The tokenomics of Furrever Token are structured to ensure broad distribution and community involvement, with 65% available during the presale, 25% allocated for decentralized exchanges, and 10% reserved for the team, locked for a year.
The project has already raised over $1.3 million in nearly three months and is currently in stage 9 of its presale, aiming for a total of $1.9 million. With the presale price at $0.000732 and the promise of up to 15X returns, Furrever Token presents a compelling opportunity for investors.
The interplay between Litecoins bullish trends, Polygons market obstacles, and Binance Coins potential surge creates a synergistic environment that can propel Furrever Token to new heights. As Litecoin boosts overall market sentiment, investors become more willing to explore new opportunities like Furrever Token. Polygons challenges redirect investor attention to alternative investments, and Binance Coins expected recovery brings additional activity and interest to the Binance Smart Chain, benefiting Furrever Token directly.
Furrever Token is strategically positioned to capitalize on the current trends affecting major cryptocurrencies like Litecoin, Polygon, and Binance Coin. By understanding and leveraging these market dynamics, Furrever Token can attract a diverse range of investors, increase its visibility, and achieve significant growth. As the cryptocurrency market continues to evolve, Furrever Token stands out as a unique and promising project with the potential to thrive amidst the ever-changing landscape.
Join Furrever Token Presale Now:
Furrever Token Official Website Visit Furrever Token Presale Join Official Telegram Group Follow Official X Account
Disclaimer: This is a sponsored press release for informational purposes only. It does not reflect the views of Times Tabloid, nor is it intended to be used as legal, tax, investment, or financial advice.
View original post here:
As a Binance CZ, holds alone 64% of the BNB supply, a true crypto scandal – Cointribune EN
Sun 16 Jun 2024 3 min of reading by Fenelon L.
According to the latest estimates from Forbes, Changpeng Zhao, co-founder of Binance, the worlds number one crypto exchange platform, sees his personal fortune peak at 61 billion dollars, a large part of which comes from his massive holdings in BNB.
Changpeng Zhao, the co-founder and former CEO of Binance, the largest crypto exchange platform in the world, has just conquered the throne of the great fortunes of the crypto sphere.
In its latest report published on June 14, 2024, Forbes magazine estimates that CZs total assets now amount to 61 billion dollars, propelling him to the 24th place among the richest people on the planet.
But what catches the eye is that according to Forbes detailed calculations, CZ holds about 94 million BNB, representing 64% of the entire circulating supply of this cryptocurrency. A concentration of power and wealth that calls into question the very foundations of decentralization, a key principle of the crypto universe.
Beyond his massive reserves in BNB, Forbes notes that the majority of the rest of CZs colossal fortune, estimated at 33 billion dollars, comes from his overwhelming 90% stake in Binance, the exchange platform valued at about 37 billion dollars.
Moreover, CZ is believed to hold nearly 52 million additional BNB tokens distributed in various affiliated wallets, further strengthening his grip on the Binance ecosystem.
The impressive fortune of Changpeng Zhao reflects the spectacular rise of Binance, which in a few years has become the main crypto exchange platform in the world.
However, CZs journey has not been without legal hurdles. In November 2023, he reached an amicable settlement with the US Department of Justice, which resulted in a 4-month prison sentence.
But far from discouraging him, this setback only strengthened the unwavering determination of the entrepreneur. Deploying astute strategies, he masterfully kept the reins of the Binance empire despite regulatory headwinds.
His direct and indirect holdings in BNB and the company itself have seen spectacular growth, making him one of the wealthiest figures in the crypto world. However, this revelation by Forbes puts the platform under the spotlight, making it subject to controversy due to CZs grip on BNBs supply.
This situation raises legitimate questions about the effective decentralization of the Binance ecosystem and could spark debates within the crypto community.
Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
Passionn par le Bitcoin, j'aime explorer les mandres de la blockchain et des cryptos et je partage mes dcouvertes avec la communaut. Mon rve est de vivre dans un monde o la vie prive et la libert financire sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Link:
As a Binance CZ, holds alone 64% of the BNB supply, a true crypto scandal - Cointribune EN
Changpeng Zhao World’s 24th Richest Man: Estimated $61 Billion Net Worth as Release Date Imminent – CCN.com
Key Takeaways
Changpeng (CZ) Zhao, the co-founder and former CEO of Binance, the largest cryptocurrency exchange platform in the world, has ascended to the pinnacle of wealth in the crypto sphere.
In its latest report, published on June 14, 2024, Forbes magazine estimates that CZs total assets have reached $61 billion.
The newest valuation catapults CZ as the 24th richest individual globally, just behind Julia Koch and her family. The next wealthiest figure in the crypto world is Coinbase founder Brian Armstrong, with a net worth of $11 billion.
The analysis furthermore reveals that CZ holds approximately 94 million BNB, accounting for 64% of the total circulating supply of this cryptocurrency. This concentration of power and wealth raises questions about the principles of decentralization, a cornerstone of the crypto universe.
In addition to his massive BNB reserves, the report highlights that the bulk of CZs enormous fortune, estimated at $33 billion, stems from his commanding 90% ownership of Binance, which is valued at about $37 billion.
Furthermore, it is believed that CZ controls nearly 52 million additional BNB tokens spread across various affiliated wallets, further consolidating his influence within the Binance ecosystem.
According to the report, CZs recent increase in net worth is attributed to two main factors:
Firstly, his 90% equity stake in Binance, the large cryptocurrency exchange, is currently valued at $33 billion. This valuation persists despite CZ stepping down as CEO in November 2023 as part of a settlement with the US Department of Justice, where he pled guilty to charges of anti-money laundering and sanctions violations.
Although Binance was fined $4.3 billion by the government, the impact on Zhaos personal wealth was comparatively mild, as he was required to pay only a $50 million fine.
In the six months following his plea, Binance not only maintained but actually increased its dominance in the global market for crypto exchanges in terms of trading volume.
Data from The Block indicates that its share of the total spot market across exchanges rose to 42% from an average of 38% in the two months prior to his settlement. Notably, this growth occurred even though Binance was excluded from Forbes list of the most trustworthy crypto exchanges.
The second component of CZs wealth is less transparent. An investigation carried out by Forbes in collaboration with Gray Wolf in October 2023 revealed that Binances initial coin offering (ICO) was undersubscribed, leading CZ and his company to divert the unsold shares to wallets under his control.
In 2017, Binance reported selling 100 million BNB tokens at $0.15 each, thereby raising a total of $15 million. However, the investigation from last fall indicated that no more than 10.8 million BNB were actually sold, generating less than $5 million. This discrepancy highlights significant opacity in the allocation of Binances initial token distribution.
Binance Coin (BNB) serves as the native cryptocurrency of Binance, which ranks among the worlds largest cryptocurrency exchanges. Originally, BNB was designed to streamline the trading process on the platform.
Initially, BNB was launched as an ERC-20 token on the Ethereum blockchain but later transitioned to its own blockchain, known as Binance Chain. The initial total supply of BNB was set at 200 million coins. To help maintain the coins value stability, Binance conducts regular coin burn events, which involve the permanent destruction of coins to reduce the overall supply.
The utility token, BNB, has a capped supply of 200 million, with more than 153 million tokens currently circulating in the market.
With a current price of $595 per token, BNBs market capitalization exceeds $87,7 billion. The token has experienced a significant bull run, with its price more than doubling from January 2024 lows of around $290 to a peak of $724 in June.
Binance Coin (BNB) is a cryptocurrency that leverages smart contracts to manage the issuance, trading, and movement of tokens, thus enhancing the security and transparency of transactions. It operates on Binance Chain, a proprietary blockchain developed by Binance specifically for fast and efficient trading. The platform utilizes a Delegated Proof of Stake (DPoS) consensus algorithm, which ensures it operates swiftly and efficiently, typically with minimal issues.
In November, Zhao reached a settlement with the US government to conclude a multiyear investigation into Binance. The settlement involved Binance paying $4.3 billion to the US Department of Justice. As part of the agreement, Zhao resigned as CEO of the company, and Binance committed to establishing a board of directors comprised of independent members along with compliance and audit committees.
On April 30, US federal judge Richard Jones sentenced Zhao to four months in prison, significantly less than the three years U.S. prosecutors had recommended. Zhao faced allegations of circumventing sanctions violations and facilitating money laundering.
A four-month prison sentence, coupled with billions of dollars in fines, may seem lenient to US authorities, considering they have been investigating the former executive and his cryptocurrency empire for six years. From 2018 to 2024, Binance was the focus of multiple investigations by several agencies, including the Department of Justice, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
Since 2018, US authorities, starting with the Department of Justice, have scrutinized Binance for possible breaches of Anti-Money Laundering laws and sanctions, examining issues such as unlicensed money transmission and money laundering. In March 2021, the Commodity Futures Trading Commission further investigated whether Binance illegally offered crypto derivatives to U.S. customers without proper registration.
The US SEC has been actively investigating Binance, starting with Binance.US and its connections to trading firms Sigma Chain AG and Merit Peak, focusing on how these relationships were disclosed to users. In June 2022, the SEC launched another probe into Binance Holdings concerning its 2017 initial coin offering (ICO), examining whether there were sales of unregistered securities.
The Commodity Futures Trading Commission filed a lawsuit against Binance CEO Changpeng CZ Zhao, compliance chief Samuel Lim, and the exchange itself, citing seven counts of trading irregularities and market manipulation. At the time of these charges, Binance was handling daily trading volumes exceeding $8.5 billion. Zhao refuted the allegations, maintaining that the crypto exchange never engaged in profit-driven trading or market manipulation under any circumstances.
In May, the Department of Justice initiated another investigation into Binance, focusing on potential violations of US sanctions by allowing Russian users to access the cryptocurrency exchange. This investigation, led by the DOJs national security division, was part of a wider effort. Although Binance had limited its services in Russia following sanctions imposed in April 2022, the exchange continued its operations in the country until September.
The SEC filed charges against Binance and CZ for securities law violations, focusing on issues such as inadequate market oversight and potential wash trading. The allegations include claims that Binance failed to prevent US investors from using Binance.com and that Binance.US engaged in wash trading through its primary undisclosed market-making firm, Sigma Chain, owned by CZ.
Additionally, the suit alleged that funds from Binance and Binance.US were commingled into an account controlled by CZ-associated Merit Peak Limited. Following these charges, Binance.USs activities in the U.S. were significantly reduced after the SEC obtained an emergency restraining order against the exchange.
As investigations into the crypto exchange intensified, senior executives at Binance.US began to leave the company, triggering a wave of departures that spread across Binances global operations. Over the ensuing months, at least 10 key executives exited the company.
As the DOJ considered fraud charges against Binance, authorities were concerned about the potential for a bank run impacting consumers. To mitigate harm to customers, the DOJ was reportedly exploring alternatives to criminal charges, such as fines or non-prosecution agreements.
Binance.US laid off approximately a third of its workforce, around 100 employees, and CEO Brian Shroder also departed last September.
Furthermore, the SEC raised complaints in court about Binances lack of cooperation during the discovery process. The regulator reported that Binance.USs parent company provided unintelligible screenshots and unsigned, undated documents.
CZs resignation as CEO marked a pivotal moment following a $4.3 billion settlement with U.S. authorities, encompassing fines related to failures in maintaining an effective Anti-Money Laundering program. Richard Teng assumed the CEO role at Binance.
As part of the settlement addressing criminal and civil charges, Zhao admitted guilt to one felony charge, stating, I acknowledge my mistakes and take full responsibility. This is in the best interest of our community, Binance, and myself.
Was this Article helpful? Yes No
See original here:
Binance to List ZKsync (ZK) and Launch Token Distribution Program – Blockchain News
Binance, the world's largest cryptocurrency exchange by trading volume, has announced the listing of ZKsync (ZK) and the launch of a ZK token distribution program. According to Binance, trading for the new spot trading pairs will commence on June 17, 2024, at 08:00 UTC.
The new spot trading pairs available for ZKsync (ZK) will include ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY. Users can begin depositing ZK in preparation for trading, with withdrawals set to open on June 18, 2024, at 08:00 UTC. Binance has confirmed that there will be no listing fee for ZK.
The exchange also noted that the seed tag, which indicates high volatility and risk, will be applied to ZK. This tag is part of Binance's initiative to help users identify tokens that may exhibit higher price fluctuations.
ZKSync is an Ethereum Layer 2 scaling solution that utilizes EVM-compatible ZK-SNARK roll-up technology. This technology aims to enhance the scalability and efficiency of Ethereum transactions while maintaining security.
Alongside the listing, Binance is launching a ZK token distribution program that will run from June 17, 2024, to July 16, 2024. A total of 10,500,000 ZK tokens will be distributed to up to 52,500 Binance users who meet specific criteria:
Eligible users must deposit a minimum of 0.02 ETH from whitelisted addresses on the ZKSync ERA network to Binance.com. The ETH deposit amount does not affect the number of ZK tokens distributed. ZK tokens will be distributed on a first-come, first-served basis, with each eligible Binance User ID (UID) receiving 200 ZK tokens. The first token airdrop is scheduled to begin on June 25, 2024.
Binance has highlighted that ZK is a relatively new token with higher-than-usual risks and potential for significant price volatility. Users are advised to conduct thorough research and exercise proper risk management before trading ZK tokens. To access tokens marked with a seed tag, users must pass corresponding quizzes every 90 days on the Binance Spot and/or Binance Margin platforms.
Trading eligibility for the new trading pairs is subject to the user's country or region of residence. Users from certain restricted regions, including Canada, Cuba, Iran, and the United States, will not be able to trade the new pairs. The list of restricted countries may change based on legal and regulatory updates.
Binance reserves the right to amend or cancel the announcement at any time without prior notice. Users are encouraged to stay updated through official Binance channels.
Read the original here:
Binance to List ZKsync (ZK) and Launch Token Distribution Program - Blockchain News
Binance lists Zksync (ZK) with token giveaway amid airdrop controversy – crypto.news
Crypto exchange Binance announced the listing of Zksync (ZK) trading pairs and a token distribution program aimed to alleviate community concerns about the token airdrop.
Starting at 10:00 (UTC) on Jun. 17, the ZK token will be available for spot trading on Binance in pairs against Bitcoin (BTC), Tether (USDT), First Digital USD (FDUSD), and the Turkish Lira (TRY).
The exchange encouraged users to deposit ZK for trading, with withdrawals becoming available the following day. Additionally, Binance revealed plans for a token giveaway program, intending to allocate 10.5 million tokens to approximately 52,000 users.
To be eligible for the Binance ZK token distribution scheme, users must have conducted a minimum of 50 ZKsync Era transactions between February 2023 and March 2024, spread over at least seven different months during that period. Binance mentioned that those who obtained ZK tokens via the official ZK Nation airdrop program will also be ineligible.
ZK will be given to eligible addresses on a first-come, first-served basis, with the first token airdrop scheduled for Jun. 25, according to Binance.
The exchange acknowledged in its statement that the community has ongoing concerns over ZK token distribution, which was first revealed by the ZKsync Association last week. The communitys reaction to the ZK listing varied across social media, with some labeling the ZKsync initiative a scam.
The mentioned criticism seems to arise from the airdrop programs lack of safeguards against Sybil attacks, which occur when someone creates a large number of fake accounts to obtain more tokens while farming the airdrop, making it harder to spread tokens evenly.
zkSync airdrop is out.
Most farmable and farmed airdrop ever probably.
Almost no sybil filtering as far as I can see.
Anyone who knew the criteria could've easily farmed the shit out of it.
Makes you appreciate what LayerZero is trying to do with sybil filtering.
Polygons chief information security officer, Mudit Gupta, also criticized the ZKsync airdrop following the ZKsync Associations announcement, describing it in an X post as the most farmable and farmed airdrop ever.
In reaction to the uproar, the ZK team reaffirmed its commitment to the planned approach, addressing queries in a FAQ section to assuage key concerns.
Meanwhile, the Seychelles-based crypto exchange KuCoin also announced the listing of the same Zksync (ZK) trading pairs starting at 8:00 (UTC) on Jun. 17. KuCoin users can deposit ZK in preparation for trading, with withdrawals enabled starting at 10:00 (UTC) on Jun. 18.
World Premiere
New Listing@zksync $ZK Gets Listed on #KuCoin!
Pair: ZK/USDT Deposit: now open (network: ZKS20) Trading: TBA
Excerpt from:
Binance lists Zksync (ZK) with token giveaway amid airdrop controversy - crypto.news