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The last day of the week has started bullish for the cryptocurrency market.

The rate of Binance Coin (BNB) has increased by 0.39% since yesterday. Over the last week, the price has fallen by 3.13%.

On the hourly chart, the rate of BNB is bearish as it is near the local support level of $305.1.

If the situation does not change by the end of the day, one can expect a breakout to the $300 zone.

On the bigger time frame, BNB remains under bears' pressure. At the moment, one should pay attention to $300. If bulls lose this vital mark, the fall is likely to continue to the $290 range next week.

From the midterm point of view, neither buyers nor sellers are dominating. If the bar closes around the current prices, there is a high chance of ongoing sideways trading between the $300 and $320 areas.

BNB is trading at $307 at press time.

About the author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

Excerpt from:

Binance Coin (BNB) Price Analysis for January 7 - U.Today

Source: AdobeStock / piter2121

Binance.US, the American subsidiary of global cryptocurrency behemothBinance, has announced the appointment of Lesley ONeill as its new Chief Compliance Officer.

According to arecent announcement, ONeill brings a wealth of experience to the role, having previously worked at digital identity fintech Prove Identity for five years, where she served as Chief Compliance Officer for two years.

Prior to her tenure at Prove, she also had experience in the traditional finance sector.

As the Chief Compliance Officer at Binance.US, ONeill will be responsible for overseeing the firms know-your-customer (KYC), anti-money laundering (AML), and sanctions programs.

She takes over from Tammy Weinrib, who left the company in November after nearly two years.

Interim CEO Norman Reed expressed his confidence in ONeill, highlighting her expertise in fraud and identity, and her successful track record in developing and managing compliance and legal functions.

It is incredibly exciting to join Binance.US at this important time for the company and digital asset industry, ONeill said in a comment.

I look forward to earning and maintaining the trust of our customers and regulators by building upon the companys strong foundation of compliance and deepening its commitment to accountability and transparency.

Binance.US and its global parent company, Binance, have faced regulatory scrutiny in recent months.

In June, the Securities and Exchange Commission (SEC)initiated an enforcement actionagainst them, alleging the sale of unregistered securities.

The SEC lawsuit named Binance founder Changpeng Zhao as one of the defendants, accusing him of controlling Binance.US despite claiming it operated independently.

In November, Zhao stepped down as CEO and pleaded guilty to an anti-money laundering violation, agreeing to pay a $50 million fine.

Binance, as a company, also settled with the Justice Department, the Treasury Department, the Commodity Futures Trading Commission, and the Office of Foreign Assets Control, paying a hefty $4.3 billion in penalties.

Amidst these regulatory challenges, Binance.US has experienced executive departures.

Former CEO Brian Shroder left the crypto exchange in September, coinciding with a reduction in staff.

Interim CEO Norman Reed, a former regulator with the SEC and the former Chief Legal Officer and General Counsel of Binance.US, has been leading the company since then.

Additionally, the firms Chief Risk Officer, Sidney Majalya, and Head of Legal, Krishna Juvvadi, also departed in November.

Binance isexpected to maintain its positionas the dominant global exchange, even after reaching a settlement with the U.S. Department of Justice (DOJ).

According to a research report by broker Bernstein, Binanceexperienced minor outflows of less than $1 billionfollowing the news of the settlement, but there was no significant panic among customers.

Analysts at Bernstein, led by Gautam Chhugani, highlighted that Binances reputation with retail non-U.S. customers has remained strong throughout the crisis.

Despite the settlement, Binance is expected to remain a material entity in non-U.S. markets.

However, the report also anticipates increased competition from rivals such as Coinbase and new exchanges in regulated markets like Hong Kong and Singapore.

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Excerpt from:

Binance.US Taps Lesley O'Neill as its New Chief Compliance Officer - Cryptonews

Fiat-crypto payment gateway Alchemy Pay has officially debuted its Crypto Card Mini app on a new marketplace, according to an announcement made by the company on Friday.

The launch follows Alchemy Pays integration with Worldpays Visa and Mastercard payment rails in December to provide enhanced payment experiences on its fiat-crypto payment solutions available in 173 countries.

According to a press release dated January 5, Alchemy Pay has collaborated with Binance Pay in launching its Crypto Card Mini app on Binance Marketplace, a platform the exchange says has hundreds of thousands of daily users.

Following the launch, Alchemy Pay announced that it was giving away 1,000,000 vouchers, allowing users to acquire the card at a discounted rate of $0.01. The offer lasts until February 28, when the promotional period ends.

Per the statement, other rewards set for the period include 2,595,000 ACH for new users recharging and spending activities and up to 25,000 $ACH rewards through crypto card spending.

While the rewards aim to incentivize users to acquire the card, Binance earlier clarified that the promotion is not available in certain jurisdictions, including the U.S., Canada, Singapore, Japan, UK, UAE, and Australia.

Read how Alchemy Pay supports Burger Kings crypto payments:Burger King Delivers on Crypto Payments Through Binance

Stay updated on McDonalds support for crypto payments:McDonalds Will Receive Payments in Bitcoin (BTC) and Tether (USDT) in Lugano

View post:

Alchemy Pays Crypto Card App Debuts on Binance Marketplace - DailyCoin

Binance, one of the largest global crypto exchanges, is inching closer to discontinuing its BUSD stablecoin.

This follows the recent completion of the conversion of BUSD token balances to FDUSD for eligible users, marking a pivotal shift in the exchanges stablecoin strategy.

Binance announced that users can now confirm the receipt of FDUSD tokens by checking their Distribution or Conversion History pages.

Notably, all eligible BUSD balances in users Spot and Funding Wallets underwent conversion to FDUSD at a 1:1 rate. The FDUSD tokens, encompassing ERC20, BEP20, and opBNB smart contract addresses, represent Binances latest foray into stablecoin offerings.

Despite these changes, deposits for BUSD tokens have resumed, providing users with continued flexibility. These deposits will be converted to FDUSD at a 1:1 ratio for eligible users on weekdays, with the possibility of pauses without prior notice. Additionally, users can manually swap BUSD for FDUSD using Binance Convert.

However, its important to note that withdrawals for BUSD tokens are no longer supported.

The screenshot below shows that FDUSD has a market share of just 1.39%, whereas BUSD still has a market share of 0.75%. Tethers USDT remains a dominating player, with a market share of over 70%.

Read more: What Is a Stablecoin? A Beginners Guide

This move comes after Binance announced in August 2023 its plan to gradually phase out BUSD, following a directive from the New York Department of Financial Services (NYDFS) to Paxos, the issuer of BUSD, to cease minting the coin in February 2023.

At the time. Binance also faced a lawsuit from the Commodity Futures Trading Commission (CFTC) for allegedly offering unregistered crypto derivative products in the US and violating federal laws. The exchanges new CEO, Richard Teng, succeeding founder Changpeng Zhao, has expressed commitment to regulatory compliance, especially in the US market.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

In light of these developments, Binance has set deadlines for discontinuing BUSD support. The exchange ended support for BUSD on December 15, 2023, with users able to redeem their BUSD until February 2024.

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

Here is the original post:

Binance Converts Users' BUSD Balance to FDUSD - BeInCrypto

Crypto exchange Binances market share experienced a significant decline last year to 44.5%, according to data from Paris-based crypto intelligence platform Kaiko.

This decline follows a three-year upward trend, where Binances market share surged from 22% in 2020 to peak at 60% in 2022. However, the subsequent regulatory hurdles across several jurisdictions contributed to the downturn of its market share during the past year.

Due to regulatory non-compliance issues in 2023, Binance withdrew from Canada, the United Kingdom, and various European countries, including Austria, Cyprus, the Netherlands, and others.

However, the primary catalyst for its market share decline stems from the regulatory problems it encountered in the United States, where federal agencies like the Commodities Futures Trading Commission (CFTC), the Department of the Treasurys Financial Crimes Enforcement Network (FinCEN), and the Office of Foreign Assets Control (OFAC), brought legal actions against it.

The Justice Department said Binance, the worlds largest crypto exchange, prioritized growth and profits over compliance with U.S. law and was charged accordingly.

The regulatory actions resulted in its CEO and co-founder Changpeng Zhaosresignation and the agreement of a record $4.3 billion settlement with the authorities. Zhao is currently in the U.S., awaiting sentencing for his role at the crypto trading platform.

Despite this development, the U.S. Securities and Exchange Commission (SEC) remains a formidable challenge for Binance, with pending charges against the exchange and its U.S. affiliate. The regulator alleges that the firm was involved in listing unregistered securities, asset commingling, and market manipulation.

Additionally, the SEC classified Binance-related cryptocurrencies like BNB and the BUSD stablecoin as securities.

Notwithstanding the market share decline and regulatory battles, Binance attracted 40 million new users in 2023, increasing its user base to 170 million worldwide. The company also stated that it spent over $200 million to bolster its regulatory compliance efforts last year.

See original here:

Binance dominance fell to 44% last year amid mounting regulatory and legal woes - CryptoSlate