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Gamza Khanzadaev

Largest crypto exchange delists Bitcoin (BTC), Cardano (ADA) and XRP pairs linked to GBP

In a recent development,Binance, the world's largest crypto exchange, announced the delisting of several spot trading pairs linked to the British Pound (GBP). The affected pairs, includingCardano (ADA),Bitcoin (BTC),Dogecoin (DOGE) andXRP, will cease trading on Dec. 29.

This decision comes amid Binance's ongoing efforts to streamline its operations and navigate increased regulatory scrutiny, particularly from the U.S. Department of Justice and the SEC. Throughout the year, Binance has been the focus of multiple investigations, creating an air of uncertainty around its operations.

A recent development involves a settlement agreement between Binance and the Commodity Futures Trading Commission (CFTC). A judge has given approval for the settlement, which includes a $150 million fine for Binance's founder, CZ. Additionally, Binance is obligated to pay a $1.35 million fine and return $1.35 billion in trading commissions deemed unlawfully obtained.

As the crypto community digests another round of delisting news, traders are left wondering about the broader implications for the market. WithBinance at the epicenter of regulatory turbulence, the effects on crypto enthusiasts and the overall market landscape remain uncertain.

The delisting of these trading pairs signals a milestone in Binance's evolution, prompting interested parties to closely monitor the unfolding developments in the wake of this significant decision.

About the author

Gamza Khanzadaev

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

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Binance Cuts Ties With ADA, BTC, DOGE, XRP Pairs Linked to British Pound - U.Today

Cryptocurrency exchange Binance has reached a settlement deal worth $2.7 billion with the Commodity Futures Trading Commission (CFTC). The settlement is over allegations that the company allowed illegal cryptocurrency trades and failed to properly implement anti-money laundering measures.

The settlement was approved by a federal judge in December and requires Binance to pay a $1.35 billion civil penalty along with disbursing $1.35 billion in allegedly ill-gotten trading fees earned from U.S. customers.

Changpeng Zhao, Binances founder and former CEO, will also personally pay $150 million as part of the agreement.

Also read: Dogecoin Founder Had Another Crypto Project Before 2014; What Happened to It?

The settlement follows an investigation that found that Binance had actively solicited business from U.S.-based traders despite being aware that its cryptocurrency offerings violated regulations enforced by the CFTC.

Binance, at Zhaos direction, actively solicited customers in the United States, including quantitative trading firms, who entered into digital asset derivative transactions directly on the Binance platform, the agency said in a statement.

As part of the consent order, Binance has committed to making substantial changes to its corporate governance policies, including establishing an independent board of directors.

Also read: Trader Turns $226K into $1.69M in 5 Days with This Solana Meme Coin Heres How

Last month, federal agencies, including the Department of Justice, announced they had collectively reached a $4.3 billion settlement over criminal charges against Binance related to anti-money laundering and sanctions violations.

Following the investigation, Zhao stepped down from his role as CEO of Binance and resigned last week as chairman of Binance.US, the companys U.S.-based trading platform.

While Zhao retains a financial stake in Binance, he no longer has any leadership or governance role at Binance.US which operates independently from the global exchange.

Read more:

Binance To Settle with CFTC for $2.7 Billion - Watcher Guru

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The Commodity Futures Trading Commission (CFTC) announced that the US District Court for the Northern District of Illinois has formally approved and entered its previously disclosed settlement with the largest crypto exchange in the world, Binance, and its former CEO and founder, Changpeng Zhao.

The consent order requires Zhao to pay $150 million, while Binance must pay $1.35 billion of transaction fees obtained through illegal activity, plus an additional $1.35 billion penalty.

The Northern District of Illinois found that Binance and Zhao violated commodity trading laws by knowingly soliciting American customers without proper controls. The court said:

Binance, at Zhaos direction, actively solicited customers in the United States, including quantitative trading firms, who entered into digital asset derivative transactions directly on the Binance platform. In violation of its own Terms of Use, Binance also allowed at least two prime brokers to open sub-accounts that were not subject to Binances know your customer (KYC) procedures and enabled U.S. customers to directly trade on the platform.

Binance and Zhao committed to improving compliance procedures to identify prohibited US customers part of the settlement. They have already delisted American trading firms called out in the original CFTC complaint for failing to meet the upgraded requirements.

The exchange also consented to enact enhanced corporate governance with independent board directors, an audit committee, and a compliance team. A separate order charged Binances former chief compliance officer $1.5 million for assisting the evasion attempt.

This settlement comes on the heels of mounting regulatory pressure faced by Binance and other major crypto exchanges operating in the United States. It follows Binance US, the US company of Binance, settling with FinCEN for a $3.4 billion civil penalty and a $968 million fine from OFAC to resolve sanctions violations earlier this month 3.4 billion.

The Securities and Exchange Commission is also continuing an investigation into Binance, launched in late 2022, regarding securities dealings.

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Binance settles on CFTC charges, agrees to pay $2.7 billion in fines - Crypto Briefing

A United States court has formalized a settlement between digital asset exchange Binance and the Commodity Futures Trading Commission (CFTC), nearly a month after former CEO Changpeng CZ Zhao pleaded guilty to charges related to anti-money laundering violations. This marks the end of a case that has reverberated throughout the cryptoverse.

A federal judge has approved the previously announced multi-billion-dollar settlement between Binance and the CFTC.

According to a Dec.18 press release from the CFTC, the U.S. District Court for the Northern District of Illinois approved the settlement, which requires Binance to pay a $1.35 billion fine to the CFTC, as well as disgorge a further $1.35 billion in ill-gotten transaction fees. Zhao will have to pay $150 million, with a third of that to be handed over in the next 30 days.

CFTZ stated that Binance, under CZs direction, actively solicited U.S.-based customers and helped them dodge compliance controls by concealing their presence on the trading platform.

As part of the settlement, both CZ and Binance have agreed to take additional steps to ensure Know Your Customer procedures are followed on the exchange, as well as requiring the worlds largest crypto exchange by trading volumes to put in place a formal corporate governance structure that includes a board of directors with independent members, a compliance committee and an audit committee.

Binances settlement with the CFTC marks the conclusion of a months-long case against CZ and Binance. Zhao and his exchange were taken to court by the CFTC earlier this year for knowingly evading U.S. federal law and operating an unregistered derivatives exchange.

On Nov.21, Zhao pleaded guilty to Anti-Money Laundering violations. CZ also agreed to resign from his role as the head of Binance as part of a broader settlement with the U.S. Department of Justice, the Treasury Department, and the CFTC. Nonetheless, the exchange still has a pending lawsuit with the U.S. Securities and Exchange Commission, which charged Binance, Binance.US, and CZ for securities law violations back in June.

Zhao is currently residing in the U.S. as he awaits his sentencing ruling in February 2024 after District Judge Richard Jones ordered him to remain in the country as he was a flight risk. The crypto billionaire faces an 18-month jail sentence.

Read more:

Judge Approves CFTCs Record $2.7 Billion Settlement With Binance; Zhao To Pay $150 Million Fine - ZyCrypto

The worlds largestcrypto exchange Binance on Tuesday said it is further expanding BONK trading on the platform by adding it to the Binance Margin. The moves after the crypto exchange announced BONK listing with three new pairs amid massive demand for the meme coin. Will the move bring a recovery in Solana-based meme coin BONK price?

According to an officialannouncementon December 19, Binance will add Bonk (BONK) to its Binance Margin. With the latest move, Binance has expanded its offerings for users looking to capitalize on the BONK price rally.

Bonk (BONK) is now available as new borrowable assets on the cross margin in BONK/USDT pair and isolated margin in BONK/USDT pair.

Binance has also added ACE/USDT, ALPACA/USDT, DATA/USDT, and FUN/USDT cross-margin pairs. Also, ACE/USDT and XNO/USDT in isolated margin pair.

Binance Margin strives to enhance user trading experience by continuously reviewing and expanding the list of trading choices offered on the platform, allowing for greater diversification of user portfolios and flexibility with trading strategies, said Binance.

Also Read: BONK Price Notes Monthly Surge Of 750% Outshining DOGE & SHIB

Last week, Binance launched new spot trading pairs for Bonk such as BONK/USDT, BONK/FDUSD, and BONK/TRY amid amid massive demand from its users. Crypto exchanges including Coinbase and Crypto.com also listed Bonk, causing BONK price to rally over 1000% in a month.

Binance also added Bonk (BONK) to its Binance Convert service, which offers users to trade BONK with zero fees.

BONK price jumped more than 1% in the past 24 hours, with the price currently trading at $0.0000202. The 24-hour low and high are $0.0000188 and $0.0000229, respectively. Furthermore, the trading volume has decreased by nearly 40% in the last 24 hours, indicating a decline in interest among traders.

Also Read:

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Excerpt from:

BONK Price: Binance Launches Margin Trading For Bonk Among Others, BONK Price To Rally? - CoinGape