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Tag: Binance

  • Bitcoin’s Market Structure Strengthens Despite Slower Trading Activity — Here’s Why

    Despite a noticeable cooldown in trading volumes, Bitcoin’s underlying market structure has continued to strengthen. The price action has stabilized within a narrow range as long-term holders maintain firm conviction. As more BTC flows into cold storage and supply on exchanges tightens, the market is transitioning from hype-driven swings to steady structural support.

    How The Price Compression Builds Energy For A Larger Move

    CIO and founder of MNFund and MNCapital, CryptoMichNL, emphasized that Bitcoin shares a strong correlation with the Nasdaq. While Nasdaq continues to show steady resilience, BTC has stalled behind. This mismatch creates a mispricing and market divergence, which is why the path toward $100,000 remains wide open and why the 4-year cycle thesis doesn’t hold up.

    Related Reading

    Recently, BTC saw a massive correction, dropping from $115,000 to $80,000 in just two weeks. During that same liquidation period, what LVisserLabs calls the rotation between Pure Vol vs. Pure Profitability or Beta vs. Quality has fallen sharply. Beta here refers to high-volatility, high-beta stocks, which are essentially tech stocks that drive the markets. Meanwhile, Quality means more risk-off assets, including high-quality, profitable, and stable companies. 

    BTC exhibiting momentum for a rally | Source: Chart from CryptoMichNL

    Currently, BTC has stalled after the sell-off, and the Beta assets have recovered substantially, implying that the stocks have inverted their loss with the big drop and are now grinding upwards, signaling that risk-on appetite is clearly back. With this kind of structural divergence, it’s likely that in the coming weeks or months, BTC will grind upward to $110,000 and $115,000 levels, reversing the drop as the entire correction was a little dubious.

    CryptoMichNL advised that instead of relying on a time-based sounding the 4-year cycle assumption, it is better to focus on the charts and macro relationships that directly influence BTC price.

    On-Chain Activity Shows Clear Confidence From Big Money

    The ambassador of StandXOfficial and the KOL of Binance, who is also an advisor at KOLsAgency, Investor Ucan, has highlighted that the evidence of Bitcoin’s latest upward move is already on-chain. The last six hours have revealed a clear surge of institutional demand. On-chain data shows that Binance purchased 7,298 BTC, Coinbase bought 1,362 BTC, Wintermute bought 2,174 BTC, BlacRock bought 1,362 BTC, and an unknown whale bought 6,192 BTC. In total, 20,438 BTC were purchased in just six hours, valued at approximately $1.9 billion.

    Related Reading

    Ucan noted that the timing of this purchase is what stands out. These inflows hit the market hours before the Federal Reserve’s upcoming employment data was released. Institutional is clearly expecting a supportive outcome. A positive print refers to easing expectations and fresh liquidity on the horizon. Retail traders are reacting, and the institutions are anticipating early. If the Fed confirms what these flows imply, today’s buying won’t look like simple momentum, but preparation.

    Bitcoin
    BTC trading at $92,087 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from Pixabay, chart from Tradingview.com

    Godspower Owie

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  • How Criminal Millions Sprinted Through Binance, OKX, and Other Top Crypto Exchanges

    Investigators found drug traffickers, Southeast Asian scam gangs, and North Korean hackers frequently using major crypto platforms to quietly move their funds.

    The International Consortium of Investigative Journalists’ (ICIJ) Coin Laundry investigation found illicit funds were funneled through major cryptocurrency exchanges, including Binance, OKX, Coinbase, Kraken, Bybit, and Kucoin, as part of a global shadow economy benefiting from criminal proceeds.

    The 10-month cross-border project, which was conducted with 37 media partners in 35 countries, gathered hundreds of wallet addresses connected to scams, theft, sanctions violations, and other illicit activity, and traced tens of thousands of transactions across public blockchains.

    Criminal Cash Across World’s Biggest Exchanges

    The investigation found that money launderers working for drug traffickers, Southeast Asian scam networks, and North Korean hacking groups routinely used leading exchanges to move their funds.

    An important finding revealed that Huione Group, a Cambodian financial institution designated by US authorities as a “primary money laundering concern,” sent around $1 million worth of USDT per day to accounts at Binance as recently as July 2025. This contributed to more than $408 million in total transfers from July 2024 to July 2025.

    These flows continued even while Binance operated under two court-appointed monitors as part of its November 2023 plea deal for violating US anti-money laundering laws, which required the company to pay $4.3 billion. The investigation also found that more than $226 million entered customer accounts at OKX from Huione in the five months after OKX pleaded guilty in the US in February 2025 to operating an unlicensed money transmitter and agreed to pay over $504 million in penalties.

    According to ICIJ, these transfers persisted despite Huione’s designation in May as a major laundering concern. Reporters also examined how so-called cash desks and courier services operating in cities such as Hong Kong, Toronto, London, and Istanbul allow users to anonymously cash out large sums of cryptocurrency outside regulatory oversight, forming another channel through which illicit proceeds reach or exit exchanges.

    The report additionally documented how scam victims across 12 countries saw their stolen funds move through these same major platforms. To highlight the scale of criminal activity using crypto infrastructure, the investigation detailed the alleged pyramid and Ponzi scheme led by Vladimir Okhotnikov, who was accused of stealing at least $340 million from investors between 2020 and 2022 via a manipulated cryptocurrency investment platform and continuing to run similar schemes from Dubai.

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    Anonymous Wallets and “Swappers”

    While blockchain records provide transparency, ICIJ reported that criminals use anonymous wallets and tools such as “swappers” to complicate tracing, creating major tracing challenges for exchange compliance teams. More than a dozen former compliance workers at companies including Binance and OKX told ICIJ they struggled to keep up with increasingly sophisticated laundering techniques.

    Regulators globally have imposed at least $5.8 billion in fines and penalties on crypto exchanges, but oversight remains fragmented, even as US authorities estimate $9.3 billion in crypto-related losses in 2024.

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    Chayanika Deka

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  • CZ’s Attorney Slams Media Over ‘Trump Pardon for Crypto Favors’ Narrative

    CZ’s lawyer, asserted his pardon was due to him being improperly prosecuted, dismissing media narratives about “Trump Pardon for Crypto Favors.”

    In a recent appearance on Anthony Pompliano’s podcast, Teresa Goody Guillén, Binance founder Changpeng Zhao’s lawyer, discussed the presidential pardon he recently received.

    The conversation focused on why the pardon was granted, how the process worked, and the many rumors circulating online.

    Guillén Addresses Public Controversy

    The lawyer explained that CZ was accused of failing to implement proper anti-money laundering programs and compliance systems at Binance, but emphasized that this was a regulatory issue, not a criminal offence, and that no illegal activity had taken place. “He was pardoned because he should not have been prosecuted in the first place,” she said, adding that the pardon statement from President Trump proved that he had not committed any crime.

    Guillén described CZ as the only individual ever prosecuted for such regulatory violations, noting that this treatment was inconsistent with how executives at large financial institutions are typically handled. She also believes that the Binance founder became a target in what she described as part of regulators’ “war on crypto,” particularly in the aftermath of the FTX collapse.

    Explaining the pardon process, the legal professional said applications usually undergo extensive review by multiple offices, including the Department of Justice, the Office of the Pardon Attorney, and the White House Counsel, before the president makes the final decision. She rejected claims of a “quid pro quo” or corruption, describing such speculation as based on misinterpretations and unverified sources.

    The attorney also addressed misunderstandings regarding CZ’s business relationships, including links to firms like World Liberty Financial, clarifying that these connections have been widely misread. Guillén added that political statements, such as those made by Senator Elizabeth Warren, were inaccurate and showed how much influence public officials have over perception.

    Zhao’s Return to Binance

    Guillén has also confirmed that Zhao will not return to the company at this time, as Binance continues to operate under restrictions from multiple U.S. agencies, including the Department of JUSTICE (DOJ), the Commodity Futures Trading Commission (CFTC), and the Treasury Department. She explained that these measures remain in place despite the absence of fraud, victims, or a criminal record, limiting Binance’s operations in the U.S. market.

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    The lawyer concluded that while the pardon clarified the accusations against CZ, the broader consequences have affected him and the exchange, while the U.S has lost access to the liquidity and opportunities that come from hosting one of the world’s largest crypto platforms. Meanwhile, she also praised Zhao for remaining calm and positive throughout the ordeal, saying that he handled media scrutiny and public criticism with composure.

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    Wayne Jones

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  • Former DOJ Official: Trump’s Crypto Pardon Is Unprecedented Corruption

    While much of the attention in Washington this week is focused on the House bill regarding the potential release of the Epstein files, there has also been a fervor of activity around crypto exchange Binance, whose co-founder and former CEO Changpeng “CZ” Zhao was previously pardoned by President Trump.

    The business dealings of Trump-affiliated crypto entities that involve Binance have drawn accusations that the pardon was a clear and obvious quid pro quo, where Zhao was able to effectively pay for his release from prison. This is simply one of many potential concerns with Trump affiliates’ crypto profiteering while “The Donald” is in office.

    On Monday, a report from the International Consortium of Investigative Journalists (ICIJ) indicated that Binance is still involved with the processing of illicit money, despite the exchange being previously charged with violating the Bank Secrecy Act (BSA) and paying a record fine of more than $4 billion. Zhao’s involvement in the exchange’s relaxed anti-money laundering standards was why the crypto billionaire had found himself in prison in the first place.

    “Between the guilty pleas and Zhao’s pardon, Binance continued to profit from hundreds of millions of dollars in cryptocurrency transactions linked to some of the world’s most notorious organized crime groups,” says the ICIJ report.

    Yesterday, CZ responded to a question on X regarding a potential refund of the fine payment in light of the pardon, stating, “IF we get any refund, we will be investing that in America anyway, to show our appreciation. Haven’t asked yet, I think.”

    Trump and his affiliates have been heavily involved in the crypto industry during his second term as president. Just yesterday, a new tokenization project involving a Trump-branded hotel development was announced. This is on top of the TRUMP memecoin and World Liberty Financial, which is the crypto business at the heart of the corruption accusations related to the Zhao pardon.

    On top of the new revelations regarding Binance and other crypto exchanges’ alleged continued involvement with illicit funds, Senators Elizabeth Warren and Jack Reed have taken issue with the involvement of allegedly shady actors in World Liberty Financial’s initial token offering. However, as the pseudonymous crypto scam investigator ZachXBT has pointed out on X, these claims are focused on $10,000 from a $550 million deal. Your mileage may vary on whether that’s significant.

    Unprecedented, but Probably Legal, Corruption

    According to a 60 Minutes report, President Trump’s recent decision to pardon Zhao has sparked a wave of concern from former Justice Department officials and ethics experts, who say the move bypassed established standards for clemency. Former DOJ pardon chief Elizabeth Oyer called the pardon “unprecedented,” arguing that Zhao fell far short of meeting the department’s criteria and that the financial ties between Zhao’s company and a Trump family venture created a troubling backdrop. “This is absolutely not justice,” Oyer added. “This is corruption.”

    Critics warn that this case reflects a growing pattern in which the pardon power, traditionally reserved for advancing justice and the public interest, is instead being used to reward allies and benefactors. Of course, this isn’t necessarily a Trump-only issue, as many controversial pardons have been handed down over the years, including former President Joe Biden’s pardoning of his son Hunter.

    While the White House denies any wrongdoing, Binance maintains roughly $2 billion in World Liberty Financial’s stablecoin, USD1, which could yield tens of millions annually for Trump-connected partners. “Any ordinary American would understand why that’s a corrupting relationship.” Harvard Law Professor Lawrence Lessig told 60 Minutes.

    That said, while ethically and morally questionable, there is no smoking gun in terms of a direct quid pro quo that could lead to any sort of legal liability for Trump when it comes to his crypto deals, whether it be the pardon for CZ or the dinner that was put together for the top holders of the TRUMP memecoin.

    Kyle Torpey

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  • WIRED Roundup: Fandom in Politics, Zuckerberg’s Illegal School, and Nepal’s Discord Revolution

    Leah Feiger: Zoë, I am obsessed with this story. Before you continue, I think that it’s really important to say that Caroline, the lovely reporter of this story on your business desk, obtained 1,665 pages of documents about the dispute about Zuckerberg’s house. This story is canon now.

    Zoë Schiffer: Caroline Haskins is a complete star. Our fact-checking team literally cried when I asked them. They were like, “Wait, sorry, how many documents are we looking through?” I was like, “Yes.”

    Leah Feiger: Shout out to the WIRED research team.

    Zoë Schiffer: Absolutely. The school, I think we just have to say, is named after one of the Zuckerberg family chickens. It’s called the Bicken Ben School.

    Leah Feiger: I mean, hearing you say this, it’s, I know you’re being serious, but again.

    Zoë Schiffer: So, the Crescent City neighborhood in Palo Alto, where the Zuckerbergs live, as you can imagine, is some of the best real estate in the entire country. It’s filled with these gorgeous homes, a ton of greenery. Mark Zuckerberg has been expanding his presence throughout the years in this ultra fancy neighborhood. The plot of land that the Zuckerbergs live on has expanded to include 11 previously separate properties. This is so funny and just such a nightmare. If you’re living on the street, you paid whatever, $5 million for your house, and suddenly all of your neighbors are Mark Zuckerberg.

    Leah Feiger: Important to note that not all of them are connecting either. I don’t totally understand what that means. Do they walk through a neighbor’s porch to get to their horse’s pool? What does this entail?

    Zoë Schiffer: We have more questions. We have to Google Earth this. I think there’s some holes in this story that we need to fill in. The expansion first became a concern for Mark Zuckerberg’s neighbors, back in 2016, due to fears that his purchases were driving up the market pretty dramatically. But then, about five years later, neighbors started noticing that a school appeared to be operating out of the Zuckerberg compound. So, this is illegal to do without a permit, at least under the area’s residential zoning code. And so, naturally, the neighbors started to alert the city. Caroline Haskins, the reporter on the story, obtained over a thousand documents, like you said, outlining the resulting fight between the neighbors and the city authorities, basically arguing that, it felt to them like the Zuckerbergs were getting special treatment.

    Zoë Schiffer, Leah Feiger

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  • Bitcoin Plunges to Six Month Low as Crypto Traders Worry We’re Nowhere Near the Bottom

    Bitcoin’s price sank on Friday, dipping below $95,000 before recovering slightly by early afternoon ET. The price currently sits at $95,400, down 3.2% on the day and down 15% from a month ago.

    Bitcoin hit a six-month low Friday as the price of cryptocurrencies seemed to be largely tracking the stock market, which frequently happens. Markets opened lower on Friday before similarly rebounding. The S&P 500 is down 1.2% this month, according to CNN, and the Dow is down 0.6%.

    Crypto traders often think of themselves as being part of a new financial system, independent of whatever is happening on Wall Street. But price fluctuations often mirror the Dow Jones and NASDAQ, and can often seem even more dramatic with wild swings.

    Bitcoin traders often believe they can predict where prices are headed, leading to all kinds of theories that get picked up in the crypto press and applied to Bitcoin. The worrisome chart of the day seems to be the “classic five-phase Wyckoff Distribution,” which CoinTelegraph warns might mean Bitcoin could fall to as low as $86,000. They may as well be reading tea leaves and animal entrails, of course. But gamblers love to have a system.

    Three weeks ago, CoinTelegraph ran an article about how Bitcoin could be on track to hit $200,000 by the end of this year. As in 2025. As in six weeks from now.

    Bitcoin’s price hit an all-time high above $126,000 back on Oct. 6 but has struggled over the past month as investors pull their money out. Bitcoin magazine reports that roughly 815,000 BTC worth almost $79 billion has been sold by long-time holders in the past 30 days.

    The price of other major cryptocurrencies was largely down on Friday, with Ethereum down 1.5% on the day (down 30% over the past three months) and XRP down 2.4% (down 27.4% over the past three months). Binance’s BNB seemed to be the exception to the daily trend, up 0.4% on the day and up 7.62% over the past three months. However, BNB is way down (23.4%) from the highs it reached a month ago, when Bitcoin was also doing well.

    If the history of Bitcoin over recent years is any guide, the price is likely to track whatever the stock market does. If you think the U.S. economy is strong and it will continue to get better, you should probably put your money on Bitcoin going up. If you think the economy is weakening and stocks are likely to plunge in the future, you should probably bet on Bitcoin’s price going down.

    And if you think that the underlying economy struggling could act like a house of cards to crypto and give us a Sam Bankman-Fried scenario, you really should not bank on Bitcoin going up. SBF got in trouble because he was playing with funny money and ran out of the real stuff to gamble with.

    Nobody knows for certain what the future holds. The price of Bitcoin could go up or it could go down.

    Matt Novak

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  • Aster Explodes After CZ Drops Bombshell: He Owns $2.5M Worth

    They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

    Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

    Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

    So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

    Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

    Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

    Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

    Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

    So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

    Christian Encila

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  • Retail Traders Retreat: Binance Sees 80% Drop in Deposits


    Data from CryptoQuant shows daily Bitcoin deposits from wallets under 0.1 BTC fell from 552 BTC to just 92 BTC.

    New data has revealed a steep drop in activity from small-scale Bitcoin (BTC) investors on major trading platforms, with Binance experiencing an 80% collapse in daily deposits from this group since early 2023.

    Some market watchers are seeing the shift as a fundamental change in market structure, where traditional retail participation is being replaced by institutional vehicles and long-term holding strategies.

    The Great Retail Retreat

    According to an analysis shared by CryptoQuant analyst Darkfost, the flow of Bitcoin into Binance from addresses that hold less than 0.1 BTC, often called “shrimps,” has fallen off a cliff.

    The 90-day moving average of daily deposits from these small holders has been cut by more than five times, dropping from roughly 552 BTC at the start of 2023 to just 92 BTC now. This trend gained even more speed after spot ETFs started trading in January 2024. Before their launch, the daily average was around 450 BTC, meaning the drop to 92 BTC represents a steep and continuing decline.

    Darkfost identified three main factors driving this collapse. First, he claimed a portion of retail investors now prefer to get Bitcoin exposure through ETFs, bypassing the need to use an exchange like Binance altogether. Second, small holders of Bitcoin are opting to keep it in their wallets instead of selling it on an exchange.

    Lastly, he suggested that the data no longer include consistent accumulators who have simply grown their holdings beyond the “shrimp” category. The result is a market increasingly powered by new large holders, corporate treasuries, and steadfast accumulators, making this cycle distinctly different from those in the past.

    A Market in Search of Direction

    The changing retail landscape comes even as the broader market is showing signs of fatigue. At the time of this writing, Bitcoin was priced at $107,133, down 3.2% over the last 24 hours and 6.8% in the past week.

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    It follows a difficult October, with CoinGecko data showing the asset fell more than 12% over the past month, and in the process, it helped break a long streak of positive October performances.

    Other data support a cautious mood. A report from CryptoQuant noted that demand for BTC and ETH exposure has softened among U.S. investors, with Bitcoin ETFs seeing net outflows of more than 280 BTC and inflows into their Ethereum counterparts grinding to almost zero. Meanwhile, momentum indicators on Binance, such as the CVD, have pulled back from October highs, pointing to a possible loss of upward strength.

    Traders are now watching key support levels; if selling pressure continues, the $97,000 to $98,000 zone is considered the next major test. And although the long-term foundation is still intact, the market appears to be taking a breather, with retail investors seemingly becoming more careful.

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  • 60 Minutes Edited Out Trump’s Response to Questions About Crypto Corruption

    Last month, President Donald Trump pardoned Binance founder Changpeng Zhao, a move that raised plenty of eyebrows given Binance’s promotion of the Trump family’s crypto ventures. Trump was asked about Zhao’s pardon on Sunday during an appearance on CBS News’s 60 Minutes, where the president gave a bewildering answer. But viewers didn’t even get to see the strangest part, which was edited out.

    There are essentially three versions of the 60 Minutes interview that the public can access. There’s the 28-minute version that aired on TV (and is available on YouTube), there’s the 1-hour and 13-minute video version that was posted to YouTube by 60 Minutes, and there’s the transcript of the interview published online by CBS News.

    Naturally, we expect the two video versions to be different. That’s just editing and a normal part of presenting the news. But the portions that get cut can sometimes matter in the broader scheme of things. And a portion of the interview—where Trump is asked about cryptocurrency and the ways that Trump’s family has profited from it—doesn’t show up in the “extended version” released by 60 Minutes. We only know that because it’s in the transcript, as the Daily Beast was the first to point out.

    The background

    First, a little background on the reason Trump was asked about Changpeng Zhao in the first place.

    Trump’s sons, Don Jr. and Eric, created a company with Steve Witkoff called World Liberty Financial in September 2024, just a couple of months before the presidential election. The company’s crypto coin, $WLFI, didn’t really take off until Trump beat his Democratic challenger Kamala Harris in November 2024. By March 2025, World Liberty launched a stablecoin called USD1. MGX, a state-backed company from the United Arab Emirates, used that stablecoin to invest $2 billion in Binance, according to the New York Times.

    Binance called it the single largest investment in a cryptocurrency company ever, and it obviously raised questions about the ethics of a sitting president’s family profiting from foreign entanglements with the UAE, as well as a private crypto firm where the founder went to prison.

    Zhao pleaded guilty to money laundering violations in 2023 and served four months. Zhao owed $50 million in restitution, and his pardon likely means he won’t have to pay that back, since that’s what has happened with many of Trump’s other pardons.

    Which brings us to Sunday night, when 60 Minutes journalist Norah O’Donnell asked Trump about the pardon of Zhao.

    What TV viewers saw

    TV viewers of 60 Minutes saw Trump questioned about a variety of topics like deportations, inflation, and the prosecution of his political enemies, like former FBI director James Comey. When Trump was asked about Changpeng Zhao (often referred to as CZ) and the pardon he issued, Trump insisted he didn’t even know who the guy was.

    O’DONNELL: Why did you pardon Changpeng Zhao?

    TRUMP: Are you ready? I don’t know who he is

    O’DONNELL: His crypto exchange Binance helped facilitate a $2b purchase of World Liberty Financial’s stablecoin. And they you pardoned him.

    TRUMP: Here’s the thing — I know nothing about it

    [image or embed]

    — Aaron Rupar (@atrupar.com) November 2, 2025 at 4:56 PM

    Below is a transcript of what viewers saw.

    NORAH O’DONNELL: He pled guilty in 2023 to violating anti-money laundering laws.

    PRESIDENT DONALD TRUMP: Right.

    NORAH O’DONNELL: The government at the time said that C.Z. had caused “significant harm to U.S. national security,” essentially by allowing terrorist groups like Hamas to move millions of dollars around. Why did you pardon him?

    PRESIDENT DONALD TRUMP: Okay, are you ready? I don’t know who he is. I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.

    NORAH O’DONNELL: In 2025 his crypto exchange, Binance, helped facilitate a $2 billion purchase of World Liberty Financial’s stablecoin. And then you pardoned C.Z. How do you address the appearance of pay for play?

    PRESIDENT DONALD TRUMP: Well, here’s the thing, I know nothing about it because I’m too busy doing the other—

    NORAH O’DONNELL: But he got a pardon—

    PRESIDENT DONALD TRUMP: I can only tell you that—

    NORAH O’DONNELL: He got a pardon—

    PRESIDENT DONALD TRUMP: Norah, I can only tell you this. My sons are into it. I’m glad they are, because it’s probably a great industry, crypto. I think it’s good. You know, they’re running a business, they’re not in government.

    The claim that Trump didn’t even know who CZ was is indeed interesting, especially since the president has repeatedly claimed that his predecessor, President Joe Biden, didn’t even know what kind of legislation he was signing during his cognitive decline in the Oval Office. But we obviously can’t take everything Trump says at face value.

    The show cut out large portions of the conversation where Trump praises crypto and says it’s necessary to be competitive globally, none of which was particularly newsworthy for viewers at home. Trump also rambled on and on about Biden being the “most corrupt president” America has ever had. And viewers can see all of that in the online “extended” interview. But there was a moment that wasn’t in either video that’s very notable.

    The part that’s only in the transcript

    According to the transcript, Trump was asked about the appearance of corruption with his pardon and financial interest in crypto. And he replied that he didn’t want to answer that question, something that’s not available to see in either video that’s been published by 60 Minutes.

    The transcript:

    NORAH O’DONNELL: So not concerned about the appearance of corruption with this?

    PRESIDENT DONALD TRUMP: I can’t say, because— I can’t say— I’m not concerned. I don’t— I’d rather not have you ask the question. But I let you ask it. You just came to me and you said, “Can I ask another question?” And I said, yeah. This is the question—

    NORAH O’DONNELL: And you answered—

    PRESIDENT DONALD TRUMP: I don’t mind. Did I let you do it? I coulda walked away. I didn’t have to answer this question. I’m proud to answer the question. You know why? We’ve taken crypto—

    NORAH O’DONNELL: But just generally speak—

    PRESIDENT DONALD TRUMP: Excuse me. We’re number one in crypto in the whole world. Other people wanna be. They’re fighting like hell to be. But we’re number one in crypto because I’m the president. Biden wanted to also, at the very end, you know, he totally switched his thing.

    You know, Biden was totally in favor of crypto at the end. Do you know that many people that were indicted under Biden for crypto, at the very end before the election, were let go? You know why? He wanted the vote. We are number one in crypto and that’s the only thing I care about. I don’t want China or anybody else to take it away. It’s a massive industry.

    NORAH O’DONNELL: Mr. President, thank you.

    PRESIDENT DONALD TRUMP: Thank you very much.

    The transcript suggests that this portion was the actual end of the interview as it happened in real-time, though the crypto portion was pushed much earlier in the videos both online and that aired on TV. And it’s not clear why this was the only part that appears to have been in the transcript but doesn’t show up in either video.

    Why it matters

    We can, however, take a guess at why this little section was deleted from the videos. Trump has bragged about how he got CBS News to pay $16 million in a settlement. Trump alleged that 60 Minutes edited a video to make her look better, something that seems ridiculous when you actually watch the videos side by side. But Trump insisted that such editing was a form of election interference, something most experts said wouldn’t have stood up in court.

    CBS News settled with Trump in a move that was widely seen as capitulation in order to allow its parent company, Paramount, to merge with Skydance, something that needed regulatory approval. Stephen Colbert, the late-night host whose show is being cancelled under pressure from Trump, called the settlement a “big fat bribe.” The merger happened without a problem, and more recently, the right-wing founder of The Free Press, Bari Weiss, was hired to oversee all of CBS News.

    As the Daily Beast notes, the transcript shows that CBS also didn’t air the part where Trump bragged that the network had paid him “a lot of money.” That part was in the extended video, however.

    The future of Trump’s war on media

    Trump seems to be chalking up wins in the mainstream media left and right, though he’s been sometimes stifled. Trump’s head of the FCC, Brendan Carr, led a failed campaign to have ABC host Jimmy Kimmel ousted. But Trump hasn’t given up on purging the airwaves of dissenting voices.

    Over the weekend, Trump posted about late-night host Seth Meyers because he made fun of Trump, insisting that being 100% anti-Trump was “probably illegal.” It’s not illegal, obviously.

    Trump’s buddies in Congress seem largely fine with everything Trump does, even if it means pardoning guys like Zhao and stifling speech.

    House Speaker Mike Johnson, who has previously been critical of President Biden’s use of an autopen, was asked Monday about Trump’s claim that he didn’t know who CZ was. Johnson, in typical fashion, said he didn’t see the interview, so the reporter should ask Trump.

     

    Matt Novak

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  • Trump’s CZ Pardon Has the Crypto World Bracing for Impact

    Changpeng Zhao, the multibillionaire founder of crypto exchange Binance, spent four months last year locked in a federal prison. After US president Donald Trump pardoned Zhao in October, the government has recast him as a martyr.

    Zhao, who goes by CZ, pled guilty in November 2023 to failing to maintain an effective anti-money laundering program at Binance. In parallel, Binance admitted to violating US sanctions and settled with financial regulators, which accused the company of failing to report suspicious transactions involving terror groups, child exploitation networks, and cybercriminals, among other violations. In a particularly incriminating exchange detailed in court documents, one Binance employee said to a colleague, “we see the bad, but we close 2 eyes.”

    As part of their respective settlement deals, Zhao agreed to forfeit his role as Binance CEO, and Binance agreed to leave the US, accept supervision by a US-appointed compliance monitor, and pay a record $4.3 billion penalty.

    Less than two years later, the narrative has flipped. On October 23, Trump struck the charges from Zhao’s criminal record. The Binance founder was a victim of the “Biden administration’s war on crypto,” a White House spokesperson declared.

    The decision to pardon Zhao will reverberate throughout the US crypto exchange market, which Binance could seek to reenter, legal experts claim. It may also come with long-term political consequences for the crypto industry after Trump’s presidency ends.

    Whether Zhao’s pardon was justified has been hotly disputed, particularly in light of connections between Binance and World Liberty Financial, a crypto business founded by Trump and his sons. (Through a corporate entity, the Trump family owns a 38 percent stake in World Liberty Financial’s parent company.) In May, Binance agreed to receive a $2 billion investment denominated in USD1, a coin issued by World Liberty Financial, which could earn tens of millions of dollars from the arrangement. In July, Bloomberg reported that Binance had developed the codebase for USD1.

    Remarkably, Trump claims to know very little about Zhao. “Okay, are you ready? I don’t know who he is,” Trump told 60 Minutes in an interview that aired on November 2. “I can only tell you this. My sons are into [crypto],” he said later in the interview.

    Zhao’s legal representatives and industry allies have defended the pardon as a rightful corrective. “CZ is the first and only known first-time offender in US history to receive a prison sentence for this single, non-fraud-related charge,” wrote Teresa Goody Guillén, partner at law firm Baker & Hostetler, which represents Zhao, in an X post.

    Joel Khalili

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  • Binance Data: Rate-Cut Sell-Off Came From Short-Term Traders


    Spent Output Age Bands (SOAB) data confirmed that the recent panic selling came from “hot money,” not diamond hands.

    When the U.S. Federal Reserve cut interest rates on October 29, the price of Bitcoin (BTC) dropped sharply, prompting traders to send more than 10,000 BTC to Binance and raising questions about whether it was a “sell the news” event or the start of a new crypto winter.

    But a CryptoQuant analyst has now released new information that shows that most of the selling was done by one group: traders who had only held their Bitcoin for less than a day.

    The Real Story in the Data

    Bitcoin’s price dropped after the Fed announced it would cut rates by 0.25%, going from about $112,000 to a weekly low of around $106,500 per CoinGecko. This reverberated around the whole crypto market, causing more than $1.1 billion in trading positions to be closed.

    The initial evidence pointed to a bearish turn, a feeling made even more believable when data showed that thousands of BTC went into Binance on October 30, something that usually happens before a sale.

    However, market technician CryptoOnchain shared crucial context coming from a specific on-chain metric known as Spent Output Age Bands (SOAB). This tool sorts Bitcoin transactions based on how long they had been sitting still before they were moved. His research showed that 10,009 BTC of the October 30 Binance inflow came only from units that had been held for less than 24 hours.

    “This is the signature of ‘hot money’—short-term traders and speculators reacting instantly to the news,” the expert stated.

    His report went further to emphasize the clear divide with long-term investors, noting:

    “In stark contrast, the inflow from Long-Term Holders (coins aged 6+ months) was negligible. The market’s ‘diamond hands’ stood firm.”

    This divergence proves that the selling pressure did not come from the foundational investor base that has accumulated Bitcoin over the years. Instead, it was driven entirely by the most reactive participants, those who buy and sell based on hourly headlines.

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    A Pattern of Short-Term Panic

    This behavior fits a pattern noted by another analyst, Amr Taha, who pointed out that short-term traders on Binance sold about $1 billion worth of Bitcoin on October 30. Their activity coincided with huge outflows from spot Bitcoin ETFs the day before, including large withdrawals from funds managed by BlackRock and Fidelity.

    According to Taha, this combination of selling from exchange users and ETF investors has historically been a sign of a local market bottom forming from panic, rather than the start of a prolonged downturn.

    At the time of writing, the flagship cryptocurrency was down 0.9% in the last 24 hours to trade at around $109,725. The price also reflects a drop of about 1% for the week and 4% for the month, even though BTC remains up more than 52% in the past year.

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  • Bitcoin Supply Shock Brewing as Binance Reserves Hit Lows


    Despite bullish scarcity signs, Binance’s Whale Ratio rose to 0.41, hinting large holders may be preparing to sell.

    Bitcoin’s available supply on the world’s largest crypto exchange is shrinking quickly.

    This deepening scarcity, one of the most pronounced readings in months, comes as data suggests large-scale investors are accumulating the asset, setting the stage for a potential supply squeeze.

    Conflicting Signals from Large Holders

    Data from October shared by Arab Chain shows that Binance’s Bitcoin Scarcity Index moved upward through the month, jumping sharply in late October to exceed a reading of 9. This index is a direct measure of the reduction in Bitcoin supply available for immediate trading on the exchange.

    In simple terms, a rising index means the amount of Bitcoin sitting on Binance that is available for purchase is gradually falling. The analytics platform clarified that this typically points to an accumulation phase, where large investors and whales are buying and withdrawing BTC from Binance, effectively taking them off the market.

    “This is generally considered a positive long-term signal that supports the likelihood of continued upside in the medium term, despite short-term price fluctuations, as buyers appear to be racing to acquire Bitcoin in the market,” noted Arab Chain.

    The assessment also pointed out that such supply drops are often linked to positive news or sudden capital inflows. However, it also presented a critical caveat: scarcity alone cannot push prices higher. For a major price increase to occur, this limited supply must be met with genuine new demand from an increasing number of buyers.

    Still, this positive accumulation signal is not the only story. Another metric tells a different tale. The 7-day average of Binance’s Exchange Whale Ratio has also climbed steeply, rising from around 0.33 on October 12 to approximately 0.41 between October 22 and 25.

    This ratio measures large deposits to the exchange, and such a sustained increase has historically indicated that major holders are preparing to sell, creating a wall of supply that can slow or reverse a price rally. It creates a complex picture where one set of data suggests holding, while another points toward potential selling.

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    Broader Market Trends

    The movement of coins off exchanges is not solely about whales holding in private wallets. A growing trend shows that some large BTC holders are shifting their assets into spot Bitcoin ETFs like those from BlackRock.

    These “in-kind” transfers allow whales to swap their Bitcoin for ETF shares without creating a taxable event, a process that could act as another drain on the liquid supply available on crypto exchanges.

    Meanwhile, in the market, BTC was priced at $110,232 at the time of writing, dipping from the $111,400 level it was trading at yesterday, when the U.S. Federal Reserve announced its second consecutive interest rate cut. While it’s up 1.2% over seven days, the 30-day view shows a 3.4% decline, and it remains more than 12% below the new all-time high past $126,000 it attained in early October.

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  • Crypto’s Biggest Wipeout Sends Traders Flocking to Spot Markets


    Bitcoin’s October spot trading hit $300B, the year’s second-highest, as traders fled leverage after $19B in losses.

    Bitcoin’s spot trading volume in October was over $300 billion, making it the second-highest monthly total of the year, pushed by traders getting out of leveraged positions after the record-breaking liquidation on October 10.

    CryptoQuant analyst Darkfost says the switch from high-risk derivatives to spot trading shows that speculation is cooling off and people are focusing on long-term accumulation again.

    A Costly Lesson in Leverage

    According to the market technician, Binance had the most BTC spot trades this month, with $174 billion, in a show of the exchange’s continued dominance. They also pointed out that the increased activity on the spot side was coming from both retail traders and institutional players.

    The retreat follows the biggest single-day liquidation in crypto history on October 10, when more than $19 billion in leveraged positions were lost. During the crash, Bitcoin dropped from $122,000 to as low as $101,000 (on some exchanges), dragging altcoins into double-digit losses and forcing more than 1.6 million traders to sell.

    It started when U.S. President Donald Trump threatened new tariffs on China, which made geopolitical tensions rise and caused mass liquidations on derivatives exchanges. Data from CoinGlass showed that long traders lost the most money, almost $17 billion. One trader is said to have lost $19 million on Hyperliquid, while a few whales made money by shorting the market just before it crashed.

    The market has been trying to stabilize since then. Bitcoin is now worth $110,800, about 2% less than it was 24 hours ago but 1.2% more than its value from seven days ago. This week, the price of the asset has been tight, moving between $108,000 and $116,000, potentially meaning that things are getting calmer after a month of turmoil.

    Navigating a New Market Reality

    Despite the spot trading revival, analysts are warning that the current bounce may be fragile. As reported by on-chain firm Santiment, retail traders are showing heightened optimism, with many rushing to “buy the dip.” It cautioned that such behavior often comes before more declines, as true accumulation usually occurs when sentiment turns pessimistic.

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    Furthermore, market experts like Ali Martinez have also flagged caution signals. He pointed out that the TD Sequential indicator has flashed another potential sell warning, with concerns persisting over tight global liquidity despite the Federal Reserve’s recent 25-basis-point rate cut. That policy move, rather than lifting markets, caused another $700 million in liquidations.

    Even so, October’s historic shift toward spot trading paints a different picture, one where traders, scarred by leverage-induced losses, are opting for direct Bitcoin ownership and more stable participation. If this trend holds, Darkfost says it could mark the start of a healthier market foundation, where genuine demand rather than excessive leverage shapes crypto’s next phase.

    “A market driven more by spot trading rather than derivatives is generally healthier, more stable, as it less vulnerable to extreme volatility driven by excessive open interest expansion,” wrote the analyst. “It also reflects stronger organic demand and greater overall market resilience.”

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    Wayne Jones

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  • These Altcoins Crash by Double Digits Following Delisting From Binance: Details


    Check out which cryptocurrencies will be removed from Binance’s platform on November 12.

    The world’s biggest cryptocurrency exchange periodically reviews each digital asset listed on its platform to ensure it maintains a high level of standards and industry requirements.

    Earlier today (October 29), it announced it will terminate all trading services for three altcoins that no longer meet the criteria. As expected, the announcement triggered massive volatility in the affected coins.

    The Binance Effect

    Based on its most recent reviews, the company decided to delist Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP). Operations involving these coins will no longer be available from November 12.

    “The token’s valuation will no longer be displayed in users’ accounts after delisting. To view their assets after trading ceases, users should ensure they have not selected “Hide Small Balances” in all of their accounts. Deposits of these token(s) will not be credited to users’ accounts after 2025-11-13 03:00 (UTC). Withdrawals of these token(s) from Binance will not be supported after 2026-01-12 03:00 (UTC),” the company clarified.

    Such efforts usually have a negative effect on the prices of the involved cryptocurrencies, as they decrease liquidity, reduce visibility, and cause reputational damage.

    KDA took the biggest blow, with its valuation collapsing by nearly 30% on a daily scale to an all-time low of $0.04 (per CoinGecko’s data). PERP nosedived, too, posting a 15% loss.

    KDA Price, Source: CoinGecko

    FLM’s reaction, though, was rather surprising. The asset’s price exploded to a one-month high of $0.03 before slightly retreating to $0.02, representing a 25% pump for the past 24 hours. Usually, the trajectory of that type occurs when Binance embraces a new cryptocurrency, not when it ceases trading services for a previously-listed one.

    The Previous Cases

    Approximately a month ago, Binance launched the FLUID/USDT perpetual contract with up to 75x leverage. This is a type of product with no expiry date that allows users to speculate on the asset’s price with borrowed money without owning it. FLUID’s valuation skyrocketed by 55% shortly after the disclosure.

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    Prior to that, the exchange introduced the STBL/USDT perpetual contract with up to 50x leverage. The price of the involved cryptocurrency exploded by nearly 500% following the news.

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    Dimitar Dzhondzhorov

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  • Dogecoin Open Interest Crashes 50% From October Highs, Volume Is Worse, What’s Going On?

    Dogecoin (DOGE) is facing a steep market cooldown after weeks of heightened trading activity in early October. Data from CoinGlass shows that both Open Interest (OI) and trading volume for DOGE futures have crashed, indicating a sharp decline in the meme coin’s momentum. The latest figures reveal a significant pullback in derivatives activity and spot market participation, suggesting that traders may be retreating from speculative positions as volatility eases. 

    Dogecoin Open Interest Crashes Over 60%

    Dogecoin’s Open Interest has plunged dramatically from its October highs, reflecting a rapid exodus of leveraged traders from the market. According to CoinGlass, total exchange DOGE futures Open Interest has fallen over 62% from a peak of $5.03 billion on October 7 to $1.88 billion on October 28. This represents a drop to approximately 9.41 billion DOGE, valued at $ 0.20 per token.

    Related Reading

    Despite the decline in Open Interest, Binance, BitMEX, and Bybit continue to lead as the top exchanges with the highest Dogecoin futures activity. Still, the downturn has been widespread across exchanges. Kucoin recorded the largest drop in recent hours at 3.1%, followed closely by Bitget, which saw a 2.27% decline. Over the last 24 hours, Bitunix recorded the steepest drop in Open Interest, down 15.86%, while Crypto.com saw a 7.36% reduction. 

    Source: Chart from Coinglass

    Even Binance, which consistently leads Dogecoin futures trading, has seen a notable pullback. CoinGlass reports that the exchange’s Open Interest peaked at $964.7 million on October 7, marking a monthly high. Since then, it has fallen to $380.29 million (1.9 billion DOGE), representing a staggering 60.6% crash in just over three weeks.

    Dogecoin Sees Even Worse Decline In Volume

    Trading volume for Dogecoin has mirrored the collapse in Open Interest. CoinGlass data shows that Dogecoin’s futures volume heatmap across major crypto exchanges is in the red zone. Total trading volume had spiked to $20.45 billion on October 11, following the devastating crypto flash crash on October 10, but has since plummeted to $5.31 billion as of October 28. This represents a whopping 74% decline.

    Related Reading

    On individual exchanges, Binance’s DOGE trading volume dropped by 9.35% in the past 24 hours, while OKX saw a 13.69% decline. CoinEx recorded the largest volume decrease at 26.1%, followed by Gate.io at 23.94%. Popular exchanges like Bitget, Kucoin, and Bitunix also reported varying declines of 4.96%, 20.37% and 13.16%, respectively, as overall market liquidity thinned. 

    However, a few exchanges bucked the downward trend, recording slight gains. dYdX saw its DOGE volume surge by 167.61%, HTX increased by 49.93%, and Hyperliquid rose by 23.88%. Bybit and MEXC also recorded modest gains of 24.98% and 1.88%, respectively. 

    Alongside its decline in trading volume, CoinGlass notes that Dogecoin’s price performance has slipped. The meme coin is currently trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 hours.

    Dogecoin
    DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Scott Matherson

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  • Fresh Off His Trump Pardon, Changpeng Zhao Helps Launch Stablecoin in Kyrgyzstan

    Congratulations to Kyrgyz President Sadyr Japarov on his newly announced national digital currency. And further congratulations to Changpeng “CZ” Zhao, Japarov’s advisor, who helped facilitate this launch, on his pardon from President Donald Trump two days ago.

    To catch you up on what Kyrgyzstan is, it’s a mountainous, landlocked, former Soviet Republic that borders northwest China. Now that you have your bearings, that country has just announced a national stablecoin in partnership with Binance, the company Zhao co-founded, and where he used to work as CEO.

    According to Zhao’s post on X, the currency—which is pegged to the Russian ruble—is a central bank digital currency (CBDC), a digital version of a national currency, set to be used for government payments. It was launched on the BNB blockchain, the blockchain created by Zhao’s former company Binance.

    Since not long after his release from prison for a conviction related to failing to prevent money laundering, Zhao had been lobbying for Trump to pardon him. A New York Times report found that in addition to pushing for a pardon, Zhao had been publicly praising Trump on podcasts, paying for lobbyists who had cozy relationships with Trump and his allies, and making a deal that resulted in a windfall for World Liberty Financial, the Trump family crypto company.

    Trump, for his part, signed his signature piece of crypto legislation, the GENIUS Act, in July. It establishes a regulatory framework for stablecoins not unlike the new one Kyrgystan just created, and helps to deepen the involvement of cryptocurrencies in the U.S. economy.

    For all we know, there’s nothing wrong with any of this. It might all be just fine.

    Mike Pearl

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  • Binance Stablecoin Outflow On Steady Rise — What This Means For The Market

    Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

    Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

    In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

    In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

    Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

    Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

    Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

    Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

    Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

    He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

    In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

    His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

    Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

    Semilore Faleti

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  • ‘War on Crypto Is Over’: Donald Trump Pardons Binance Founder CZ

    US president Donald Trump has pardoned Changpeng Zhao, founder of the world’s largest crypto exchange, Binance.

    Zhao, widely known as CZ, pled guilty in November 2023 to violating anti-money-laundering laws and US sanctions. The plea formed part of a sweeping deal with the US Department of Justice, under which Binance was required to pay a record-breaking $4.3 billion penalty.

    Zhao ultimately spent four months in federal prison. The DOJ had originally petitioned for a three-year prison sentence.

    After issuing the pardon, the White House has cast Zhao as the victim of a plot to trample the crypto industry carried out by the administration of former president Joe Biden. Regulators brought a volley of lawsuits against high-profile businesses during this era, and the DOJ prosecuted crypto industry figureheads for fraud.

    “In their desire to punish the cryptocurrency industry, the Biden administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims,” says White House press secretary Karoline Leavitt. “The Biden administration’s war on crypto is over.”

    Zhao, who founded Binance in 2017, is something of a legend in cryptoland for his bullish pronouncements and flair for social media. Until his guilty plea, he routinely used his platform on X to dismiss allegations of wrongdoing at Binance.

    Zhao is the latest in a line of crypto figureheads pardoned by Trump. The president has received endorsements and millions of dollars in donations from members of the industry.

    Immediately after returning to office, Trump commuted the prison sentence of Ross Ulbricht, creator of darknet marketplace Silk Road. In late March, Trump pardoned the cofounders of crypto exchange BitMEX, who in 2022 pleaded guilty to charges relating to their failure to maintain an adequate anti-money-laundering program.

    Though Zhao has already served his allotted prison sentence, the pardon will strike the anti-money-laundering and sanctions violations from his criminal record.

    “For him, I think this is really about clearing his name,” claims Patrick Hillmann, who previously worked under Zhao as chief strategy officer at Binance. “I think this is closure for him.”

    The pardon could also clear the way for Binance to return to the US market, which it was forced to exit as a condition of the DOJ settlement. Binance has spent months pursuing a pardon for Zhao, who was released from prison in September 2024, The Wall Street Journal previously reported.

    Joel Khalili

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  • Donald Trump Just Pardoned the Founder of Binance

    Changpeng Zhao, founder of the crypto exchange, had been convicted of federal anti money-laundering violations.

    President Donald Trump has pardoned convicted Binance founder Changpeng Zhao, a White House official said on Thursday.

    In a statement, White House press secretary Karoline Leavitt said Trump had “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”

    Binance did not immediately respond to a request for comment.

    Zhao, one of the most powerful people in the crypto world, had to step down as CEO of Binance when the company agreed to a $4.3 billion settlement with the U.S. government to end a years-long probe into misconduct at the world’s largest crypto exchange.

    Trump’s pardon of Zhao paves the way for the crypto mogul to return to the business he helped found in 2017. He has already served his time in prison after a judge sentenced him to four months.

    Zhao’s pardon is the latest in a series Trump has doled out to executives convicted of white collar crimes.

    Earlier this year, he pardoned the founders of crypto exchange BitMEX in connection with similar anti-money laundering violations and the founder of electric truck company Nikola convicted of fraud. He has also commuted the sentence of the executive of now-defunct start-up Ozy Media.

    —Reporting by Gram Slattery and Chris Prentice; editing by Rami Ayyub and Doina Chiacu

    Reuters

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  • Bitcoin’s Next Bull Phase Could Be Near As BTC-Stablecoin Ratio Plummets

    As Bitcoin (BTC) continues to trade in the high $100,000 range following the October 9 crypto market crash, some bullish signs are starting to emerge. Notably, stablecoin reserves on leading crypto exchanges like Binance are entering all-time high (ATH) territory, hinting at a potential rally for BTC.

    Stablecoin Reserves Rise – Will Bitcoin Benefit?

    According to a CryptoQuant Quicktake post by contributor PelinayPA, Binance stablecoin reserves are approaching ATH levels, indicating that investors are ready to deploy funds to accumulate BTC at current or lower levels.

    Related Reading

    The CryptoQuant analyst highlighted the rapidly falling Bitcoin-Stablecoin Ratio (ESR). For the uninitiated, the ESR measures the proportion of Bitcoin reserves to stablecoin reserves on exchanges like Binance.

    The ratio also gives hints about the market’s potential buying power and selling pressure. Past data shows that whenever the ESR falls sharply during market volatility, BTC’s price tends to surge.

    Essentially, a declining ESR means that stablecoin reserves are growing in comparison to BTC reserves on exchanges. This shows an increase in available “dry powder” on exchanges, which can quickly be used to buy more BTC and initiate another bull rally.

    Conversely, when the ESR rises, it means that stablecoin reserves are falling while BTC supply on exchanges is increasing. This points toward an increase in short-term selling pressure as traders deposit BTC to exchanges to sell.

    Currently, the ESR has fallen to historically low levels, implying that Binance holds relatively large stablecoin reserves compared to BTC reserves. According to PelinayPA, such a setup can have two interpretations:

    In a positive scenario, the abundance of stablecoins suggests significant latent buying power. If market confidence returns, this could trigger a strong wave of buying pressure and mark the start of a new bullish phase.

    Meanwhile, the negative scenario assumes that this liquidity would remain inactive, reflecting investor hesitation and a market in standby mode after the recent bloodbath that resulted in liquidations worth $19 billion.

    Source: CryptoQuant

    Will The Gold Rotation Help BTC?

    Following the crypto market crash earlier this month, which sent BTC from an ATH of more than $126,000 all the way down to $102,000, several whales faced liquidations. Despite the crash, some analysts are confident that the BTC top is not in yet.

    Related Reading

    One of the factors that can significantly benefit BTC in the near term is the capital rotation from gold to the digital asset. In a new report, Bitwise predicted that capital rotation from gold into BTC could propel it to $242,000.

    That said, veteran trader Peter Brandt recently forecasted that BTC could crash 50% from current price levels. At press time, BTC trades at $108,268, down 0.3% in the past 24 hours.

    bitcoin
    Bitcoin trades at $108,268 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, charts from CryptoQuant and TradingView.com

    Ash Tiwari

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