Tag: coinbase

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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SEC lawsuits against cryptocurrency companies raise questions about industry’s future
11Jun By adminNo Comments
Technology

SEC lawsuits against cryptocurrency companies raise questions about industry’s future

[ad_1] First came the crypto winter, then the alleged fraud wrought by FTX founder Sam Bankman-Fried, and now the lawsuits.The U.S. Securities and Exchange Commission filed lawsuits last week against the world's biggest cryptocurrency exchanges, Binance and Coinbase, deepening tensions between the government and a volatile industry that has been marred by scandals and market meltdowns. Binance and Coinbase are both alleged to have violated the law by operating as securities exchanges without registering their businesses with the SEC. Binance faces additional charges, along with its CEO, of diverting customer funds to a separate business, among other accusations. Most recently, the SEC asked a federal judge to freeze the assets of Binance's U.S. platform. The lawsuits are the latest in a...
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Crypto weekend slump compounds jitters of investors already on edge
10Jun By adminNo Comments
Technology

Crypto weekend slump compounds jitters of investors already on edge

[ad_1] A sharp weekend crypto selloff led by a slump in smaller digital tokens set off a fresh wave of anxiety among investors, following a week in which a crackdown by the US Securities and Exchange Commission on the sector gained significant pace.Altcoins including Cardano's ADA tumbled as much as 25% on Saturday before paring a sliver of the decline, while tokens including Solana's SOL, Polygon's MATIC and Avalanche's AVAX posted double-digit percentage drops. Bitcoin, the largest digital asset, slid about 3% as of 11 a.m. in New York. Second-ranked Ether earlier shed 5.6% to hit its lowest level since late March. The crypto market is notorious for big swings during weekends, when activity is typically thinner and even small trades can make an impact. This time around, investors were...
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Coinbase Says AI Represents ‘Important Opportunity’ for Crypto
3Jun By adminNo Comments
Technology

Coinbase Says AI Represents ‘Important Opportunity’ for Crypto

[ad_1] The largest US digital asset exchange Coinbase Global Inc. said the intersection of artificial intelligence and crypto represents an important opportunity for entrepreneurs, including helping to prevent some of the excesses cited by critics of the technology.“As applications within AI and blockchain mature, the disruptions these technologies represent may lead to areas of collaboration and the emergence of new use cases for crypto to help address specific societal challenges posed by AI,” David Duong, head of research at Coinbase, said in a June 1 research report. However, crypto projects that are directly developing AI models on blockchain, applying AI to decentralized applications or solving for AI-related issues are still low. The total market cap of crypto projects that are d...
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A Closer Look at Bitcoin’s Rally Suggests the Depth of Demand Is Deceptive
22Apr By adminNo Comments
Technology

A Closer Look at Bitcoin’s Rally Suggests the Depth of Demand Is Deceptive

[ad_1] Crypto trading volumes seem to have surged last quarter as token prices spiked higher. But looking at the data more closely paints a different picture.When looking at overall trends, Bitcoin trade volumes seem to have spiked, with two trading pairs standing out during that stretch — Bitcoin-Tether and Bitcoin-BUSD, a relatively little-known stablecoin trading on the Binance platform that has since halted issuance, according to crypto market data provider Kaiko. Those two were the top-traded duos on that exchange in the first three months of the year. But isolating just the Bitcoin-dollar trade pair — which trades on exchanges like Coinbase and Gemini — shows volume was the lowest since 2020, the researcher said. During that time, regulators cracked down on the industry with a num...
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Billions Worth of Crypto Trades at Risk as Bank Shutdowns Take Toll
13Mar By adminNo Comments
Technology

Billions Worth of Crypto Trades at Risk as Bank Shutdowns Take Toll

[ad_1] The digital-asset market is coming off of a turbulent year featuring a number of high-profile blowups. Now, two shutdowns in the banking industry — SVB Financial Group's Silicon Valley Bank and Silvergate Capital Corp. — have set off a fresh set of stresses. SVB's failure triggered a knock-on effect in the crucial market for stablecoins after digital-asset giant Circle Internet Financial Corp., one of the biggest issuers of the widely used tokens known for their perceived safety, revealed it had $3.3 billion of reserves with the bank. The news caused Circle's token, USD Coin, to slip below its intended 1-for-1 peg with the dollar, sending a shock through the market. As concerning as USD Coin's de-peg was, it is the shutdown of crypto-friendly bank Silvergate...
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Coinbase Tells User Missing $96,000 After Security Breach Is His Problem, Suit Claims
8Mar By adminNo Comments
Technology

Coinbase Tells User Missing $96,000 After Security Breach Is His Problem, Suit Claims

[ad_1] Coinbase Global Inc. says it's not responsible for losses stemming from a security breach, according to an account holder who sued in an attempt to recover $96,000 that he says was stolen from him. Jared Ferguson of Staten Island, New York, claims he received a text from his mobile carrier in May describing a SIM card change request that he hadn't made. When he restored service to his iPhone the next day with a new card, Ferguson said he learned that almost his entire life savings was gone from his Coinbase account. Ferguson argues that under state and federal laws, Coinbase, the largest US cryptocurrency exchange, bears responsibility for unauthorized withdrawals. But the company has refused to reimburse him, saying in an email that security of passwords and two-factor aut...
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A $92 Billion Crypto Profit Maker Is in Line for a Shake-Up
13Feb By adminNo Comments
Technology

A $92 Billion Crypto Profit Maker Is in Line for a Shake-Up

[ad_1] A lucrative corner of crypto that's fast becoming the lifeblood of the way many networks operate got a shock to the system this week. The US Securities and Exchange Commission on Thursday signaled a crackdown on platforms offering rewards to their customers via a process called staking, as it reached a settlement with trading platform Kraken for $30 million and won agreement from the exchange to shut down those offerings domestically. It's possible other providers such as larger rival exchange Coinbase Global Inc. may feel the heat and follow suit in discontinuing their own staking services, experts said — or move them offshore. Staking allows users to lock up their coins on blockchains and help order the transactions that keep the protocols running, earnin...
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Google Cuts Add to Tech Wipeout That’s Claimed Over 100,000 Jobs
22Jan By adminNo Comments
Technology

Google Cuts Add to Tech Wipeout That’s Claimed Over 100,000 Jobs

[ad_1] Alphabet Inc.'s plan to reduce headcount by more than 6% — about 12,000 roles — is adding to mass job cuts that are accelerating at technology companies around the world.The tech sector announced 97,171 job cuts in 2022, up 649% compared to the previous year, according to consulting firm Challenger, Gray & Christmas Inc. Disclosures about cuts at Google's parent company, Microsoft Corp., and Amazon.com Inc. have added another 30,000 positions in January.Big tech companies like these benefitted from a boom in e-commerce spending and remote work that kicked off during the Covid-19 pandemic lockdowns in 2020. Now, many of these businesses are reporting disappointing growth rates and dealing with sagging share prices as customer behavior returns to normal. Their leaders are sayi...
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Crypto Crisis Shrinks ETF Assets in Market That Embraced Them
26Nov By adminNo Comments
Technology

Crypto Crisis Shrinks ETF Assets in Market That Embraced Them

[ad_1] Retail investors in Canada were quick to put money into cryptocurrency ETF after regulators allowed a proliferation of products that track Bitcoin, Ether and other digital assets. Retail investors in Canada were quick to put money into cryptocurrency exchange-traded funds after regulators allowed a proliferation of products that track Bitcoin, Ether and other digital assets. They've lost most of it in a year. Canadian-traded crypto ETFs had just C$1.64 billion ($1.22 billion) in assets under management as of Nov. 18, according to calculations from National Bank of Canada analyst Daniel Straus. That's down more than three-quarters from the C$7.3 billion value in those funds on Nov. 30 last year. The collapse of Sam Bankman-Fried's FTX, on the heels of other bankruptcies in ...
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