Tag: Binance Coin

What is Binance, why did the world’s largest cryptocurrency exchange plead guilty?
22Nov By adminNo Comments
Technology

What is Binance, why did the world’s largest cryptocurrency exchange plead guilty?

[ad_1] The world's largest cryptocurrency exchange by trade volume, Binance, came under regulatory scrutiny earlier this year when the US Department of Justice (DOJ), along with the Commodity Futures Trading Commission (CFTC) cracked down on the company's lack of regulatory and legal mechanisms to prevent transactions made to fund terrorism, drug deals, and other illegal activities, as per the agencies. On Tuesday, the CEO of the company, Changpeng Zhao, pleaded guilty and agreed on a settlement worth 4.3 billion dollars.But if you are unfamiliar with the world of crypto and want to know what is Binance, the reasons for it to plead guilty, and how this decision may impact the crypto industry in the future, then here is a quick guide. Let us take a look. What is Binance?Binance, a crypto...
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Changpeng Zhao, Brawling Titan of Binance, Meets a Sudden Defeat
22Nov By adminNo Comments
Technology

Changpeng Zhao, Brawling Titan of Binance, Meets a Sudden Defeat

[ad_1] Changpeng Zhao had long cultivated the image of the rugged pugilist of the cryptocurrencies world. When his rival Sam Bankman-Fried's crypto empire collapsed a year ago, Zhao, or “CZ” as his fans call him, was in the middle of it all, yanking his money in a very public way and helping trigger the ultimately fatal run on the firms. Years earlier he claimed the company's headquarters was wherever he happened to be, a thinly veiled salvo against regulators trying to nail down jurisdiction. And this March, when US regulators charged Zhao and his firm, Binance Holdings, with violating US securities laws, his on-line response was “4,” which is Zhao code for dismissing something as unworthy of his attention. On Tuesday, though, Zhao cut a very different image in a Seattle courtroom. Dre...
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Crypto’s Most Powerful Woman Speaks Out as Crisis Rocks Binance
29Jun By adminNo Comments
Technology

Crypto’s Most Powerful Woman Speaks Out as Crisis Rocks Binance

[ad_1] One senior Binance executive has managed to stay out of the global spotlight over the past six years and counting — even now as governments everywhere intensify their crypto clampdown: Yi He.As a co-founder of the besieged digital-currency empire, she's one of the most powerful players in the $1.2 trillion industry. She also has much to lose as the regulatory onslaught deepens and causes an existential crisis for crypto's largest exchange. After successfully marketing Binance in its early days across media platforms, Yi He — a former host on Chinese television — proved instrumental to its meteoric rise. Now she's confronting the most dangerous moment in the history of the firm, a dominant force in everything from token trading and venture capital to digital art. US financial watc...
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$100 million of Binance Coin stolen
7Oct By adminNo Comments
Technology

$100 million of Binance Coin stolen

[ad_1] An already bad year for cryptocurrencies took another turn for the worse after roughly $100 million of Binance Coin was stolen in what appears to be the latest hack to hit digital assets. An exploit occurred on a bridge between blockchains and the issue is “contained now,” Changpeng “CZ” Zhao, billionaire co-founder of Binance, the world's biggest crypto exchange, said on Twitter on Friday. A spokesperson for Binance-backed blockchain BNB Chain estimated the incident involved $100 million to $110 million of digital tokens. At least $7 million of stolen funds has already been frozen, the spokesperson added. The bridge, BSC Token Hub, has been suspended. About $2 billion has been lost in crypto hacks this year, many perpetrated by North Korea-linked groups. Cross-chain brid...
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