Category: Exchanges

Binance Replaces BUSD with TUSD and USDT in SAFU Fund

Luisa Crawford

Binance, one of the world’s largest cryptocurrency exchanges, announced on March 17 that it has replaced the Binance USD (BUSD) holdings in its Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos’ recent move to stop minting new BUSD, which has led to the asset’s market capitalization falling. SAFU is an emergency insurance fund established by Binance in July 2018 to protect users’ funds in case of security breaches or other unforeseen events. Binance committed a percentage of trading fees…

Binance Launches Joint Anti-Scam Campaign

Luisa Crawford

 Binance, one of the world’s largest cryptocurrency exchanges, has launched a new campaign aimed at preventing scams in cooperation with local law enforcement agencies. The initiative, called the “Joint Anti-Scam Campaign,” was first rolled out in Hong Kong and aims to help potential victims of scams avoid falling prey to fraudulent activity. As part of the campaign, Binance collaborated with the Hong Kong Police Force’s Cyber Security and Technology Crime Bureau to create an “alert and crime prevention message” for Hong Kong residents. When users attempted to make withdrawals, they…

Voyager Digital Sells Assets via Coinbase Amid Bankruptcy

Zach Anderson

Voyager Digital, the New York-based centralized finance (CeFi) platform, filed for Chapter 11 bankruptcy in July 2022 after it failed to secure a new line of credit. The company, which provides cryptocurrency trading services for retail and institutional investors, had been struggling with mounting debt and declining user growth. Since then, Voyager has been seeking ways to raise capital and pay off its creditors. According to recent reports, the company has turned to Coinbase, one of the largest cryptocurrency exchanges in the world, to sell off some of its assets…

Binance Informs Customers of Upcoming Service Disruption

Zach Anderson

It has been brought to the attention of the retail customer base of the cryptocurrency exchange Binance that there is a possibility that they may be unable to access their accounts at some point in the not-too-distant future due to the fact that the exchange may go out of business. In the event that anything comparable occurs, there is a possibility that on-ramp and off-ramp bank money transfers will no longer be possible. Users who wish to buy or sell cryptocurrencies for an amount that is less than one hundred…

Coinbase Study Reveals Global Law Enforcement Inquiries Skyrocket

Terrill Dicki

  The cryptocurrency exchange has claimed that the total number of queries has increased by 66 percent, with the United States contributing to the rise of inquiries by a significant margin; the United States, along with three European nations, made up 80% of all requests. The most recent transparency report that was published by Coinbase discloses that the company has seen an increase in the number of information requests from law enforcement agencies over the course of the prior year. The United States of America was the country that submitted…

Binance employs Trump audit company to check crypto reserves

Rebeca Moen

  The United States branch of Mazars served as the corporation of former United States President Donald Trump’s accounting firm for a significant amount of time. In order to carry out the proof-of-reserve (PoR) audits that were prompted by the decline of FTX, the cryptocurrency exchange Binance is collaborating with the accounting firm Mazars. According to a report published by the Wall Street Journal on November 30, Mazars, an accounting firm that previously worked for the company of the former President of the United States Donald Trump, has been appointed…

Binance CEO Estimates that the Firm May Spend Over $1B on Deals by the End of 2022

Godfrey Benjamin

Changpeng Zhao, the CEO of global leading digital-asset platform Binance has announced that the firm may spend more than $1 billion on investment by the end of 2022.  Zhao, also known as ‘CZ’ made this revelation in an interview with Blomberg and claimed that Binance could spend more than $1 billion on investments and asset purchases, despite what appears to be a volatile crypto market.    Recall that Binance has also invested $325 million in 67 additional projects in recent times. Meanwhile, the VC division of Binance has made several…

Coinbase Partners with Chainlink Labs to Launch NFT Floor Price Service

Annie Li

Blockchain infrastructure protocol Coinbase Cloud and decentralized oracle network Chainlink Labs have teamed up to launch an NFT floor price feed service. The partnership will introduce the NFT lowest pricing source in the Coinbase cloud service, allowing developers to access real-time NFT prices to build applications such as NFT lending marketplaces, such as NFT indices. The floor price of NFT represents the lowest purchase price of NFTs in a collection. Its feed service utilizes Coinbase Cloud’s NFT pricing algorithm to scan every NFT transaction in major market collections, estimate the current…

Binance Assists in Recouping Fund for Vicitims of Contra Tech Fraud

Godfrey Benjamin

Binance exchange has announced it is heavily involved in helping the victims of Contract Tech fraud from back in 2017/18 to recoup their lost funds. For the past couple of years, the digital currency ecosystem has been experiencing quite a lot of cybercrime activities, with most victims left to count their losses despite government intervention in some cases. In the case of Contra Tech, the United States government has helped recoup as many as 100,000 ETH tokens belonging to as many as 170,000 victims.  As planned by the government, the…

In response to the Wall Street Journal | by Coinbase | Sep, 2022

Coinbase

Tl:dr Earlier today, the Wall Street Journal published an article highlighting client-driven activities, which they seem to confuse with proprietary trading. Unlike many of our competitors, Coinbase does not operate a proprietary trading business or act as a market maker. In fact, one of the competitive strengths of our Institutional Prime platform is our agency only trading model, where we act only on behalf of our clients. As a result, our incentives and our clients’ incentives are aligned by design. Coinbase does, from time to time, purchase cryptocurrency as principal,…