Tag: Binance

Binance.US, the American arm of the leading crypto exchange Binance, has announced plans to resume USD services for its users by early 2025, according to the platform’s interim CEO, Norman Reed.

Binance.US Plans to Restore USD Service

According to a blog post, Reed noted that Binance.US is making significant progress toward reinstating USD services and aims to accomplish this by early next year. He said it is an essential step toward rebuilding user trust and stabilizing the platform’s operations in the United States.

“With 2025 approaching, our number one priority remains providing our community with the best experience and resources in crypto. To that end, we are focused on restoring USD services, so that users easily move money into and out of Binance. US. It is, without a doubt, the top-requested and most anticipated request from our customers,” Norman said.

The executive made several commitments concerning the return of USD service in the US, fueling optimism among its users. Additionally, the interim CEO said that Binance.US is committed to cementing its reputation as the “best crypto platform for low fees and high rewards.”

“Alongside the return of USD, we are committed to cementing our reputation as the best crypto platform for low fees and high rewards. We continue to offer unbeatable features such as 0% fee Bitcoin trading on BTC/USDC,” he added.

The interim CEO further noted that the crypto exchange supports trading 160 cryptocurrencies and 20 different crypto assets, more than any other major on-chain staking platform in the US.

As the firm plans to restore USD to the US, Reed stated users should expect new releases in the coming months as the platform continues to expand its product suite with features designed to help users do more with crypto. Also, it is leveraging new and impactful collaborations to improve the exchange’s infrastructure with expanded custody offerings, new wallet solutions, and other attractive benefits.

Binance & SEC Battles

Binance.US, launched in 2019, was created to offer regulated crypto trading services to US residents. However, in June 2023, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance, alleging that it had not properly registered Binance.US as an exchange. 

Following the lawsuit, the exchange halted USD deposits but later implemented a temporary solution to facilitate such transactions. In October 2023, Binance.US revised its terms of service, announcing the discontinuation of USD support. In June 2023, the exchange had expressed its plan to transition into a “crypto-only exchange.” 

In November 2023, Binance reached a $4.3 million settlement with the US government over allegations of sanctions violations, money laundering, and operating without a license as a money transmitter.

Famous crypto exchange Binance is set to debut Binance Alpha, a new platform within its wallet App that’ll help empower and spotlight new and early-stage crypto tokens that have shown evidence of a promising future in the crypto space. The Binance Alpha platform will serve as a token selection pool that will enhance transparency in choosing tokens listed on Binance by allowing users to be carried along with the decision-making through their feedback and engagements.

Notably, the new platform will increase user awareness. Users will gain background information or more insight into some tokens that will make lasting impacts on the ecosystem.

How it Works

According to the renowned crypto firm, the Binance Alpha platform will be live on December 18, 2024, with about fifteen already researched and approved tokens released to the spotlight within the first three days of launch. Further, It’ll gradually examine and determine which coins to showcase in subsequent days and weeks.

Some factors to be examined via Binance expert analysis and data-driven insights include token community support, growing popularity, and relevance to current crypto trends.

Remarkably, tokens spotlighted on Binance Alpha will be considered for listing on the Binance exchange in the future.

Pros of Binance Alpha

With the launch of the Binance alpha platform, users will easily purchase tokens through the Quick Buy feature on the Binance Wallet. This feature is designed to boost swap functionality and help users swap between tokens at higher rates and better prices. It also has an anti-MEV (Miner Extractable Value) mechanism that protects users from the effects of MEV on large transactions.

Notably, the Alpha platform would attract many crypto investors looking to diversify their positions to include some low market cap crypto tokens to using the Binance wallet.

Binance coin, BNB, has not been left behind as the crypto market continues to trend green. Although it hesitated to join the uptrend initially, it soared to a new all-time high of $794 per token earlier this month, indicating that investors have rekindled their interest in the coin.

Meanwhile, BNB has maintained its position as the fifth largest crypto by market capitalization, with USDT and XRP battling with the third and fourth positions.

In a stunning tweet, Changpeng Zhao (CZ), the influential founder of Binance and former CEO of the leading cryptocurrency exchange, voiced his unanticipated reluctance to reclaim his position as CEO despite a recent suggestion that he be pardoned and cleared to lead the company once again.

“No wish to be CEO again. But definitely wouldn’t mind a pardon,” the tweet read.

CZ Welcomes Potential Pardon

CZ’s shocking tweet came as a reply to an earlier tweet made by John Lilic, a member of The Telos Foundation, a few days ago.

Lilic proposed that newly elected United States President Donald Trump consider pardoning CZ and allowing him to return to his position as CEO of Binance. His influence will help the crypto industry grow and reach its full potential. Additionally, it’s implied that the legal system has unfairly targeted CZ.

However, in response to the suggestion, CZ stated that he would not mind being pardoned while he was unwilling to return to the CEO role.

Binance Bans CZ from Future CEO Role

Binance’s board of directors permanently banned CZ from managing the platform in September as part of its agreement with US authorities.

Although CZ stepped down from his position as the exchange’s CEO, his status as Binance’s largest shareholder still affords him significant sway over the company’s operations and direction. He retains significant authority to propose changes to the management team, appoint new board members, and steer the company’s overall strategy.

After stepping down from Binance, CZ announced that he would invest in emerging industries like blockchain, AI, and biotechnology as his next career chapter.

The news of CZ’s ban as Binance CEO came from his issue with the authorities. Earlier this year, Changpeng Zhao (CZ) pleaded guilty and was sentenced to four months in prison for violating US money laundering laws.

US authorities claim that Binance’s deficient anti-money laundering program exposed the financial system to risk by allowing illegal transactions. CZ settled with the US government in November, which included his resignation as Binance CEO and a substantial fine of $4.3 billion.

After completing his term, CZ was finally released two days ahead of schedule due to a policy allowing early release over weekends.

A former Binance executive, Amrita Srivastava, has sued the crypto exchange’s United Kingdom office, alleging unfair dismissal due to whistleblowing. She claims that a colleague asked for a bribe from a customer in exchange for preferential treatment “under the guise of providing consultative services” to speed up the customer’s integration into the exchange.

Whistleblowing refers to reporting information about corruption or unethical behavior within an organization, government, or institution. It usually promotes accountability and transparency while encouraging integrity. Whistleblowers often face challenges, including job loss; hence, to counter this, many countries have set up laws to protect such ones.

Binance Faces Lawsuit

Srivastava was a senior employee based in London who worked remotely on Binance’s Link platform, which connects external brokers and customers to the exchange. She reported the alleged bribery to management in April 2023 but was dismissed a month later. The ex-executive is now suing Binance for unfair dismissal over whistleblowing.

On the other hand, Binance denied the allegations, stating that the staff was dismissed due to poor performance. According to the exchange, the bribery incident was already known and under investigation by Binance’s internal audit team. It further claims that Srivastava’s dismissal was unrelated to her reporting of the alleged bribery.

Srivastava is seeking compensation for unfair dismissal and damage to her career reputation. Notably, the case outcome may have implications for Binance’s operations in the U.K. and its handling of employee whistleblowing claims.

The case is ongoing at a U.K. employment tribunal, which has different compensation limits for whistleblowing and unfair dismissal claims. For whistleblowing claims, tribunals can award unlimited compensation, allowing them to provide as much money as they deem fair and reasonable. In contrast, unfair dismissal claims have a capped award of approximately $133,914.

Not the First Lawsuit

Binance and its former CEO, Changpeng Zhao, faced an antiterrorism complaint in the Southern District of New York. The complaint, filed by 270 victims, alleged that Binance knowingly facilitated the transfer of crypto to and from terrorist groups, including Hamas.

The plaintiffs argued that the $4.3 billion penalty paid by Binance is insufficient and that they should be held accountable to the victims of terrorist attacks they allegedly aided.

Changpeng Zhao (CZ), the co-founder of the world’s largest exchange, Binance, is finally walking free today after serving his four-month sentence for failing to implement anti-money laundering controls at Binance.

His release comes two days ahead of schedule due to a policy that allows inmates to leave custody early if a discharge date falls on a weekend.

He voluntarily returned to the United States in April to face the music, showing his willingness to take responsibility for his actions. CZ’s sentence was relatively short, considering prosecutors were pushing for three years, but his cooperation and guilty plea helped reduce the term.

CZ’s Prison Life

CZ’s time in federal custody was divided into two phases. Initially, he spent approximately two months at a minimum-security prison located in the California desert. This facility, designed for non-violent offenders, provided a relatively relaxed environment for Zhao to serve his sentence.

Zhao was later transferred to a halfway house in Long Beach, California, with fewer restrictions and more freedom. He was allowed to participate in supervised excursions and leisure activities, including watching movies.

According to prison officials, these outings were carefully monitored to ensure compliance with the terms of his release. The halfway house likely provided a stepping stone for Zhao to gradually readjust to life outside prison, preparing him for his eventual release.

What’s Next for CZ?

According to a statement made by Zhao during his hearing, he plans to dedicate his time and resources to providing free, quality education to underprivileged children worldwide via a platform he calls Giggle Academy.

In what appeared to be a goodbye tweet to his executive office at Binance, CZ clarified that he may invest in blockchain startups. As one of the most influential figures in the crypto market, Zhao’s next moves will likely significantly impact the industry.

Notably, with about $60 billion in his portfolio and experience and influence, the exchange’s co-founder has many opportunities ahead of him. Many are eager to see how he will leverage his resources and expertise.

At press time, Binance coin (BNB), the native token of the Binance-tied BNB Chain, had experienced a 0.57%  increase within the last 24 hours.

In a long-awaited development, the Federal Bureau of Prisons (FBP) has revealed that Changpeng Zhao (CZ), the founder and former CEO of the crypto exchange Binance, will be released on September 29, 2024. The release notice came amid a bearish crypto market, during which Binance’s native token (BNB) has not seen any significant price increase. It traded below $540, marking a 4.2% price drop.

CZ to be Freed on September 29

The FBP has revealed CZ’s release via its official website, where the renowned crypto investor appeared in a list of inmates to be released on September 29 with the Bureau of Prison (BoP) registration number 88087-510.

The exchange’s founder was arrested and imprisoned in May 2024 for violating U.S. money laundering laws. Although prosecutors suggested that CZ be detained for three years, U.S. District Judge Richard Jones decided on a four-month prison sentence.

Before his imprisonment, CZ stepped down as CEO of Binance and appointed Richard Teng to handle the company in his place. He also agreed to pay the U.S. government a $4.3 billion fine for supporting money laundering via his crypto exchange, Binance.

CZ has been a significant figure in the crypto industry, fostering crypto adoption and Binance’s growth while he oversaw the exchange’s activities. Therefore, the crypto community looks forward to his release, as it may be just the push needed to awaken BNB and boost investor confidence in centralized exchanges.

Other Countries React to CZ’s Arrest

Following CZ’s case in the United States, the governments of other countries have intensified their investigations of Binance and other crypto exchanges, tightening their laws to monitor crypto transactions closely within their region.

Nigeria followed the flow, banning Binance peer-to-peer transactions and detaining the exchange’s representatives. Additionally, it has closely monitored crypto trading in the country, approving only two exchanges, Quidax and Busha, while others await a response from the country’s Securities and Exchange Commission (SEC).