Lưu trữ cho từ khóa: Binance

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Binance to boost compliance efforts with 1,000 new hires in 2024

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Binance will reportedly increase its workforce by at least 1,000 new employees by the end of 2024, with 20% going to compliance roles.

Richard Teng, who took over the running of Binance in late 2023 as the exchange’s new chief executive, shared those plans in an Aug. 22 interview with Bloomberg. He revealed that the exchange plans to expand its workforce by 1,000, with the compliance department getting an extra 200 people.

At the moment, Binance’s compliance workforce is made up of 500 employees, and the company has reportedly spent more than $200 million to meet regulatory requirements, particularly in the United States.

Teng stated that since the beginning of 2024, Binance had fielded more than 63,000 requests from law enforcement authorities, beating the 58,000 it dealt with in all of 2023.

Binance boosts compliance efforts under U.S. supervision

Binance’s compliance push stems from a recent plea deal with the U.S. Department of Justice, the Financial Crimes Enforcement Network, and several other U.S. authorities, that resulted in a $4.3 billion penalty for the exchange.

The authorities had accused Binance of violating the Bank Secrecy Act, operating as an unlicensed money transmitting business, and failing to maintain an effective anti-money laundering program.

As part of the deal, the DoJ and FinCEN will monitor Binance’s compliance efforts for the next five years. Additionally, Binance founder Changpeng Zhao resigned from his role as Binance’s CEO.

The monitoring agencies have already appointed agents to assess Binance’s financial statements and transaction tracking. However, Teng admitted that Binance’s crypto compliance journey was still in its infancy.

Despite its push for compliance, Binance still faces charges by the U.S Securities and Exchange Commission for allegedly breaking securities laws, misleading investors, and mishandling clients’ funds. However, the crypto exchange has vowed to fight the charges.

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Bitcoin

Cardano sees highest positive sentiment in 2024 despite 47% slump in five months

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Cardano records a resurgence of bullish sentiments despite persistently underperforming in comparison to the broader market.

This uptick in sentiment is particularly notable given the broader market context. The crypto market is showing signs of recovery, with Bitcoin (BTC) reclaiming the $61,000 price mark, which has bolstered optimism across major cryptocurrencies. 

Despite recently dropping out of the top 10 list of largest assets, Cardano (ADA) is one of the biggest beneficiaries of this optimism. Per Santiment, Cardano’s weighted sentiment score is at an impressive 1.69, surpassing other major assets like BTC and Ethereum (ETH).

Data confirms that Cardano’s current bullish sentiments represent the highest level in 2024. The increased sentiments come at a time when ADA is shouldering a significant 47% slump over the past five months. 

The rise in positive sentiment around Cardano despite its continued price struggles represents a contrast in market trends. However, the optimism could be linked to the upcoming Chang hard fork, which would introduce Voltaire, Cardano’s last era, and a shift in governance.

Nonetheless, it appears the market has yet to translate this optimism into significant price recovery, leaving ADA still hovering at one of its lowest points in recent months.

In contrast, other assets like Bitcoin and Binance Coin (BNB) have shown more direct correlations between sentiment and price movement. Bitcoin, with a sentiment score of 0.54, has managed to sustain its recovery above $61,000, while BNB, with a sentiment of 0.77, is up 9% over the past week.

ADA 1D chart – Aug. 20 | Source: crypto.news

Meanwhile, Cardano is trading at $0.3438, up 2.1% this morning. The asset currently faces stiff resistance at $0.3872. Above this level, further roadblocks lie at $0.4409 and $0.4741. On the downside, Cardano has strong support at $0.3336 and $0.3004, which could act as a cushion if the price retraces.

The Aroon indicator, which tracks the strength of the trend, shows that Aroon Up is at 35.71%, indicating a moderate uptrend. However, Aroon Down is at 0.00%, suggesting that there is little downward momentum at present.

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DeFi

Aave price rallies 12% amid surging whale activity

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Aave’s price saw a surge of over 12% amid heightened whale activity and a broader jump in the global crypto market.

At the time of writing, Aave (AAVE) has become the 47th largest cryptocurrency, with its market cap exceeding $1.89 trillion as its price soared 12.4% on Aug. 20, trading at $126.9, according to data from crypto.news.

AAVE 24-hour price chart – Aug. 20 | Source: crypto.news

Despite this rise, the cryptocurrency remains down 80.8% from its all-time high of $661.6, while its daily trading volume is staying at $392 million.

Meanwhile, blockchain analytics firm Lookonchain revealed that whales had significantly increased their holdings of Aave within just a three-hour window. According to their data, these large-scale investors acquired a total of 31,407 AAVE, valued at approximately $3.92 million.

In one instance, the whale address 0x3737 spent 813 ETH, equivalent to $2.18 million, to purchase 17,690 AAVE at a price of $123 per token. Another whale, identified by the address 0x1D15, withdrew 13,717 AAVE worth about $1.73 million from Binance. As of press time, that whale holds a total of 19,373 AAVE, valued at $2.45 million.

Whale activity around Aave surges as DeFi shows signs of maturation

The latest surge in whale activity coincides with a broader recovery in the DeFi sector, as indicated by Edward Wilson, Head of Marketing at Nansen Analytics.

In a statement to crypto.news, Wilson outlined a pivotal shift in the crypto market from the frenzy of speculative meme coins towards more fundamentally strong DeFi projects. This trend, Wilson suggests, signifies a maturation within the market that favors sustainable growth over fleeting excitement.

Moreover, Nansen Analytics has tracked a substantial increase in Aave holdings by seasoned investors, amounting to around $5 million since early August, with this growing confidence seemingly supported by technical patterns on Aave’s price chart.

“The developing Adam & Eve bottom pattern suggests a strong potential for further upward momentum, which aligns with the market’s renewed focus on strong fundamentals.”

Edward Wilson

Earlier in July, Aave’s price had already seen an 8% boost following a proposal by founder Marc Zeller to implement a token buyback program, further fueling optimism about the token’s future.

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Binance to pay $1.7m to Brazilian regulator for violating derivatives laws

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Binance, through its Brazilian subsidiary B Fintech Serviços de Tecnologia Ltda, has agreed to pay $1.7 million to the authorities.

The settlement involved a case with Brazilian regulator Comissão de Valores Mobiliários on the back of alleged violations of local derivatives laws. The CVM’s scrutiny of Binance in Brazil dates back to 2020, when the exchange was first ordered to halt the offering of derivatives in the country. 

According to Brazilian law, derivative contracts are classified as securities, requiring specific regulatory approval. However, Binance, operating through B Fintech, did not hold this authorization, prompting the CVM to take action.

Despite Binance’s initial compliance by removing the Binance Futures service from its Brazilian website, it reportedly continued offering the product through workarounds, such as allowing access to clients who changed the website language to Portuguese.

Following Binance’s partial compliance, the CVM closed the first case. However, the regulatory agency launched a second administrative process into Binance in December 2022 on the back of the workaround it provided to clients. As part of the settlement terms for the second case, Binance proposed a $370,000 fine in August 2023, which the CVM rejected. 

The agency deemed the initial proposal insufficient given the seriousness of the allegations. Notably, the regulator found that the initial terms did not adequately address the legal violations.

After further negotiations, Binance submitted a revised proposal in February this year, which included a payment of $1.7 million. The CVM, after reviewing this new proposal, found it satisfactory and legally sound, leading to the acceptance of the settlement. 

Binance’s global regulatory issues

Globally, Binance has faced increasing regulatory pressures. In the United States, the Commodity Futures Trading Commission accused Binance of not properly registering its derivatives products, echoing the issues it faced in Brazil. 

Nigerian authorities have also held Binance executives in the country, accusing the exchange of violating anti-money laundering provisions and contributing to currency devaluations. In addition, Binance has come under scrutiny from European regulators, leading to the exchange’s exit from some markets such as the Netherlands.

In Brazil, Binance has been trying to solidify its operations by acquiring local entities that are fully compliant with Brazilian regulations. This includes the acquisition of Sim;paul Investimentos, a brokerage firm licensed by the CVM and the Central Bank of Brazil.

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Binance completes registration with India’s financial intel

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Crypto exchange Binance has registered with India’s Financial Intelligence Unit to comply with AML standards in the country.

Binance has completed its registration with India‘s intelligence as a reporting entity, marking its 19th regulatory milestone globally, the exchange said on Thursday, Aug. 15, in a blog announcement.

The trading platform said the registration underscores its commitment to adhering to anti-money laundering standards as well as fostering a “transparent and efficient ecosystem.” With the latest developments, Binance is nearing its 20th registration around the globe, which its chief executive Richard Teng has labeled as an “important milestone in Binance’s journey.”

“Recognizing the vitality and potential of the Indian VDA [virtual digital asset] market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users.”

Richard Teng

Following the registration, Binance has resumed operations in India after a seven-month ban by local authorities for operating without proper registration. The ban also affected other crypto exchanges like KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC, among others, which were similarly required to register locally to adhere to India’s AML and counter-terrorism financing regulations.

In early August, Binance received a show-cause letter from India’s tax enforcement agency to pay around $86 million as goods and services tax. Per reports, the DGGI, an agency operating under India’s Ministry of Finance to combat tax evasion, alleges that Binance is liable to pay GST as it had collected fees from Indian nationals using its platform. The crypto exchange also reportedly failed to register under the GST framework.

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Bitcoin

Crypto trading volume jumps 19% for first time in four months: CCData

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Crypto trading volume surged 19% in July, hitting $4.94 trillion, marking its first increase in four months, according to CCData.

In July, global crypto trading volumes on centralized exchanges rose 19% to $4.94 trillion, marking the first increase in four months, per CCData latest research report. The firm attributes the surge in volume to the launch of spot Ethereum exchange-traded funds in the U.S. and positive sentiment expressed by U.S. political figures at the Bitcoin conference in Nashville, Texas.

Aggregate monthly spot volumes | Source: CCData

The report indicates that both spot and derivatives trading volumes on centralized exchanges saw significant growth, with spot trading volumes rising 14.3% to $1.44 trillion and derivatives trading volumes increasing by 21% to $3.50 trillion. The share of the derivatives market climbed to 70.9%, the highest level since December 2023.

Monthly AA-A spot exchanges volumes | Source: CCData

CCData says Bybit emerged as a top performer in July, with its spot trading volume increasing by nearly 23% to $132 billion, the third-highest monthly volume in the exchange’s history. This boost in trading activity helped Bybit achieve a record market share of 9.18%, cementing its position as the second-largest spot exchange.

Despite this, Binance retained its position as the largest spot exchange with a market share of 28.1%, though this represents a decline of 4.9% from the previous month, the report reads.

In the derivatives market, Binance also maintained its dominance with a 43.5% market share, followed by OKX at 19% and Bybit at 15.1%. The report also highlights a significant spike in volatility in early August, which led to the second-highest daily spot trading volume since May 2021, a time when China’s ban on Bitcoin (BTC) mining disrupted global markets.

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Bitcoin

Binance logged $1.2b inflows as crypto markets bounces back

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Binance, crypto’s largest centralized exchange, saw $1.2 billion in net inflows as digital asset investors capitalized on a massive market drop caused by an unwinding yen carry trade.

Bitcoin’s (BTC) rebound and a bounce in the broader cryptocurrency market spiked trading activity on CEX platforms like Binance in the last 24 hours. Binance CEO Richard Teng, citing DefiLlama data, said the crypto exchange recorded its highest single-day trading volume since the beginning of the year.

Bitcoin recovered to $55,000 and was up over 5% at press time, following a global market downturn on Aug. 5. Double-digit gains buoyed the total crypto market cap above $2 trillion again.

Market leaders Ethereum (ETH) and Solana (SOL) also retraced losses, delivering profits for “buy-the-dip” investors. Memecoins emerged with one of the largest upticks as tokens like Brett (BRETT), Pepe (PEPE), and Bonk (BONK) posted 10%+ increases.

Unwinding carry trade kneecapped crypto markets, not recession

Despite speculations of a U.S. recession, the macro-driven impulse flush stemmed from circa $20 trillion Japanese yen-carry trades, according to Goldman Sachs. In this case, a carry trade involves borrowing the yen and selling it into other currencies like the U.S. dollar, then investing that fiat into higher yield-bearing assets.

JPMorgan reportedly estimated that the unwind is only halfway done, and more market shakeouts may be inbound. 

M2 CEO Stefan Kimmel echoed analysis from both traditional finance titans. “While markets are recovering, and the worst appears to be behind, investors should be prepared for continued volatility,” Kimmel said via email. 

As crypto.news reported, Bitfinex analysts and on-chain data suggest that Bitcoin may revisit its recent lows around $48,900. A drop to these levels could trigger another market flush-out before markets resume progressive price patterns.

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Bitcoin

Stablecoin USDT more popular than Bitcoin in Latin America, Kaiko says

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Over 40% of all crypto trades in Latin America involve the USDT stablecoin, signaling a waning interest in Bitcoin, which is even trailing XRP in the region’s top trading pairs.

Stablecoins are more popular in Latin America (LATAM) than Bitcoin as stablecoin-to-fiat trading pairs accounted for more than 60% of the top 10 trade volume in the region, according to data compiled by Kaiko, a blockchain analytics firm.

The data reveals that USDT, issued by Tether, is significantly more popular than Bitcoin among Latin American traders, accounting for over 40% of all trades. Kaiko notes that this growing dominance of stablecoins has prompted local central banks to “increasingly consider” issuing central bank digital currencies (CBDCs), though it “remains uncertain if they can compete effectively.”

Leading markets in LATAM in 2024 | Source: Kaiko

In a surprising development, in LATAM Bitcoin even lags behind XRP, a token developed by Ripple. Data indicates that the XRP/MXN trading pair has surpassed BTC/BRL by at least a billion dollars in turnover. However, Kaiko notes that XRP’s popularity in the region is mainly due to its partnership with the Bitso crypto exchange.

Despite these shifts, Binance continues to dominate the market in terms of turnover, particularly in stablecoin trades, according to Kaiko. The firm also highlighted the rapid growth of the Brazilian crypto market, with monthly BRL trade volumes averaging .3 billion, up from .7 billion in 2023. However, Kaiko says Binance’s dominance appears to be waning in the region, as trade volumes on Mercado Bitcoin, Brazil’s largest crypto exchange, more than doubled in 2024, driven by activity in both Bitcoin and altcoins.

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India’s financial regulator hits crypto exchange Binance with $2.25m fine

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Binance has been hit with a .25 million fine in India for operating in the country in violation of local anti-money laundering rules.

India’s Financial Intelligence Unit (FIU) imposed a multi-million fine on Binance as the cryptocurrency exchange failed to register with the FIU to comply with its anti-money laundering (AML) rules.

In an official Jun. 19 statement, the regulator said it imposed a total penalty of 188.2 million rupees (around .25 million) for violating multiple AML rules as well as directives focused on combating the financing of terrorism. As of press time, Binance made no public statements on the matter.

According to a Chainalysis report, India is one of the fastest-growing crypto economies, with the highest adoption rate as of 2023. In mid-April, crypto.news reported that Binance agreed to pay another million penalty following a four-month ban placed on the exchange by the FIU.

Before the January ban, Binance reportedly dominated over 90% of the Indian crypto trading volume. The exchange’s popularity surged as traders sought to bypass tax implications imposed by the Indian government.

In March, India’s Ministry of Finance mandated that all crypto businesses register with the FIU and comply with PMLA provisions. By December 2023, 28 cryptocurrency firms had already registered with the national AML agency, as reported by crypto.news.

Crypto remains a contentious issue in India, with regulators divided on how to approach the emerging industry. India’s Minister of Finance, Nirmala Sitharaman, called on international collaboration toward building a comprehensive crypto framework and urged governments to consider blockchain’s merits. However, the Reserve Bank of India hasn’t changed its stance on crypto and argued for a blanket ban on digital assets.

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