ReportWire

Tag: Binance

  • Bitcoin Enters ‘Disbelief Phase’ – Could Short Sellers Face The Next Squeeze?

    After the massive crash on October 10 – which saw Bitcoin (BTC) touch $102,000 before recovering some losses – some analysts now predict that the top cryptocurrency may be on the verge of another bullish rally as it enters the ‘disbelief phase.’

    Bitcoin In Disbelief Phase – Trouble For Bears?

    According to a CryptoQuant Quicktake post by contributor Darkfost, Bitcoin appears to be entering the disbelief phase, which increases the possibility of a rebound to the upside. The contributor emphasized the slightly negative funding rate to support their analysis.

    Related Reading

    For the uninitiated, the Bitcoin disbelief phase occurs when a new uptrend begins, but most investors remain skeptical after a recent correction, doubting that the recovery is real. During this phase, lingering bearish sentiment and short positions often act as fuel for a stronger rally once confidence returns.

    Darkfost stated that investors’ skepticism toward BTC returning to bullish mode can be gauged through BTC funding rates in the derivatives market. Funding rates remained negative at -0.004% on the exchange for six out of seven days over the past week, indicating traders are still slightly bearish.

    Source: CryptoQuant

    The likely reason behind traders’ short bias is the October 10 crypto market crash that led to a liquidation worth $19 billion. Since then, traders have consistently chosen to short the market instead of getting trapped in another price pullback.

    However, the longer BTC remains in the disbelief phase, the stronger the potential for an explosive upside move becomes. Darkfost added:

    If the current uptrend continues to establish itself, the growing pile of short positions against it could become a powerful fuel for the next leg higher. As these shorts get liquidated, it would drive prices upward, triggering a short squeeze.

    If a short squeeze happens, then BTC could quickly rally to major liquidity zones around $113,000 level, and even as high as $126,000 region, where significant short orders liquidations are clustered.

    The analyst shared two previous instance where such a pattern played out. In September 2024, BTC fell to $54,000 before surging to a new all-time high beyond $100,000.

    Similarly, in April 2025, the flagship digital asset rallied from $85,000 to $111,000, before climbing even higher to $123,000. To conclude, the Bitcoin market may be on the verge of another short squeeze, fueled by investors’ skepticism.

    BTC Investors Need To Be Cautious

    Although BTC is giving hints of a looming short squeeze, investors should still exercise some caution before entering the market in hopes of an instant turnaround in sentiment. For example, Bitcoin activity recently slumped below its 365-day average, raising fears of a loss of momentum.

    Related Reading

    That said, some crypto analysts forecast that BTC is likely done with the price correction and is set to surge in the coming days. At press time, BTC trades at $110,814, up 2.8% in the past 24 hours.

    bitcoin
    Bitcoin trades at $110,814 on the daily chart | Source: BTCUSDT on TradingView.com

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

    Ash Tiwari

    Source link

  • Bitcoin Miners Flood Binance With 51K BTC — Is A Sell-Off Imminent?

    According to on-chain trackers, bitcoin miners have moved a huge amount of coins to a major exchange in recent days, signaling a clear change in behavior that the market will watch closely.

    Reports have disclosed miner transfers totaling 51,000 BTC — worth over $5.7 billion — to Binance since October 9. That is a very large flow of supply into a place where coins can be sold quickly.

    Miners Move Large Amounts To Exchanges

    On October 11, there was a dramatic spike when miners deposited more than 14,000 BTC to Binance, a day after the market plunged and bitcoin briefly fell to $104,000, an event that wiped out nearly $20 billion in leveraged positions.

    Based on data, the outflow on that day was the biggest miner transfer since last July. Market participants often read such moves as a tilt from holding toward selling, and that shift can change short-term sentiment fast.

    CryptoQuant and other analytics firms caution that moving coins to an exchange does not always equal an immediate sale. Some miners may be posting bitcoin as collateral for futures, funding operational needs, or shifting reserves between wallets for bookkeeping.

    Still, the market tends to react quickly to visible supply flows. Traders may act on that visible movement even if the coins are not sold right away, increasing price pressure through trading behavior alone.

    Whales And Funds Buying The Dip

    Reports have shown that large buyers have been active at the same time. One new wallet reportedly purchased $110 million worth of BTC from Binance, while another fresh address bought 465 BTC (about $51 million) from FalconX.

    In addition, US spot Bitcoin ETFs have recorded inflows. Those buyers could soak up some of the miner-supplied coins and limit how far the price falls.


    Market Momentum Remains Fragile

    After a wild week that erased large amounts of market value, bitcoin has struggled to regain clear momentum. Based on Bloomberg data, the coin was trading near $109,000 on Oct. 17 in Singapore.

    Bitcoin had hit an all-time high of $126,250 on October 6, so the pullback has been sharp and fast. For the week to Oct. 12, bitcoin slid as much as 6.5%, the largest weekly fall since early March.

    Analysts put a key support near $107,000. A firm break below that level could invite deeper losses, they warn. On the flip side, steady buying by large holders and continued ETF demand might keep the market from sliding much further. The tug of war is plain: miners adding potential supply versus big buyers taking the other side.

    Featured image from Unsplash, chart from TradingView

    Christian Encila

    Source link

  • Binance Stablecoin Supply Surges To Record $42B: Liquidity Flows Back Into Markets

    The Stablecoin market is once again proving to be one of the most important indicators for crypto recovery after one of the most violent crashes in recent history. On Friday, Bitcoin plunged to $103,000 within minutes, triggering a wave of panic across the market as overleveraged positions were wiped out and Altcoins lost more than 80% of their value in the same period. The sudden correction left investors questioning whether this marked the end of the bull phase or simply a reset before the next leg up.

    Related Reading

    Despite the chaos, key onchain data paints a more optimistic picture. Top analyst Darkfost highlights that the supply of ERC-20 stablecoins continues to grow, especially on Binance, the exchange that remains the undisputed leader in trading volume. This surge in stablecoin reserves suggests that liquidity is quietly rebuilding beneath the surface, as investors prepare for re-entry rather than full-scale retreat.

    In crypto cycles, rising stablecoin balances often act as a precursor to renewed buying pressure, indicating that capital is sitting on the sidelines, waiting for the right moment to return. As volatility cools down, the stablecoin supply could play a decisive role in shaping the market’s next major move.

    Liquidity Surges As Binance Hits Record High Reserves

    Darkfost shared data showing that the ERC-20 stablecoin supply on Binance has seen a massive surge over the past two months, rising by $10 billion since August, from $32 billion to $42 billion. This marks the highest level of ERC-20 stablecoin reserves ever recorded on the exchange, a significant milestone that signals renewed liquidity inflows into the market.

    All Stablecoin (ERC20) Exchange Reserve – Binance | Source: Darkfost

    This sharp increase in stablecoin reserves suggests two major dynamics at play. First, investors continue to deploy capital into the crypto market through stablecoins, a common precursor to renewed accumulation and trading activity. Second, Binance’s dominance in global trading volume remains unchallenged, with increasing user participation demanding more available liquidity on the platform.

    While part of this increase may stem from investors rotating capital back into stablecoins after the recent market crash, this explanation alone doesn’t capture the full picture. Binance typically adjusts its reserves in response to active trading behavior, meaning this spike is more likely linked to rising demand and capital readiness than to risk aversion.

    Despite recent volatility and sharp liquidations, the data show that liquidity is flowing back in, positioning the market for a potential rebound. If this trend continues, stablecoin accumulation on Binance could serve as the foundation for the next major leg up across Bitcoin and the broader crypto ecosystem.

    Related Reading

    Stablecoin Dominance Spikes: Capital Rotates After Market Crash

    The chart shows a sharp rise in stablecoin dominance, which recently spiked above 9% before cooling to around 8.15%. This move reflects a rapid flight to liquidity following last week’s extreme volatility, when Bitcoin plunged below $105K and altcoins saw significant losses. Historically, such spikes in stablecoin dominance indicate that traders are exiting risk assets to hold stablecoins, waiting for market stabilization before redeploying capital.

    Crypto Stablecoin Dominance % | Source: STABLE.C.D
    Crypto Stablecoin Dominance % | Source: STABLE.C.D chart on TradingView

    Interestingly, the pullback from 9% to 8% suggests that the panic phase may already be easing. The market appears to be entering a reaccumulation phase, where stable capital is preparing for the next major move. On a technical level, stablecoin dominance remains well above its 50-day and 200-day moving averages, signaling persistent strength in liquidity reserves.

    Related Reading

    If dominance continues to consolidate near these highs while Bitcoin stabilizes, it could create the foundation for renewed inflows into risk assets. In other words, money hasn’t left the market—it’s waiting on the sidelines. Stablecoin dominance above 8% generally marks periods of strong capital positioning, often preceding new market uptrends. The current setup, therefore, highlights growing investor caution but also a buildup of dry powder that could soon reenter the market.

    Featured image from ChatGPT, chart from TradingView.com

    Sebastian Villafuerte

    Source link

  • Binance Explains Market Crash and Reimburses Users $283M


    Users affected by collateral liquidations, Earn products, and transfer delays received full refunds within 24 hours.

    Binance has announced that it has compensated affected users with approximately $283 million following the recent October 10 market meltdown.

    The company also shared that the situation had been caused by a brief technical glitch on the same day that resulted in temporary disruptions and de-pegging in some cryptocurrencies.

    What Really Happened During the Crash

    On October 12, the exchange released a statement explaining the extreme price swings that took place after global economic events triggered heavy sell-offs across the cryptocurrency market.

    The crash had traders panic-selling across several platforms, leading to over $7 billion in liquidations in the first hour. As a result, Bitcoin, Ethereum, and other major digital assets plunged, while synthetic tokens like USDE and BNSOL lost their pegs.

    However, Binance said it compensated affected users within 24 hours and later determined that its platform played only a minor role in the overall decline.

    “The forced liquidation volume processed by Binance platform accounted for a relatively low proportion to the total trading volume, indicating that this volatility was mainly driven by overall market conditions,” the company said.

    Customers who lost funds through collateral liquidations were fully reimbursed, while those affected by delays in internal transfers or Earn product redemptions will also receive refunds.

    In total, the crypto giant paid out $283 million to users impacted by the de-pegging of its Earn products tied to USDE, BNSOL, and WBETH. It also clarified that the crash happened before the peg disruption, not because of it.

    You may also like:

    “The extreme market downturn occurred before the de-pegging. Records show that during the market sell-off, prices fell to their lowest point between 2025-10-10 21:20 and 21:21 (UTC), while the severe de-pegging occurred after 21:36 (UTC) on the same day,” read the statement.

    Binance Addresses Sudden Price Drops

    There have also been concerns about sudden price drops in some spot trading pairs. Binance claimed it had carried out investigations which revealed that the declines happened when old limit orders, some placed as far back as 2019, were triggered during the sell-off at a time when there were very few buy orders. This caused brief moments where certain token prices nosedived before returning to normal levels.

    The statement also explained that the “zero price” seen in pairs like IOTX/USDT was a display issue caused by recent changes to the number of decimal places allowed for price movements.

    Binance said it is now fixing the user interface and improving its systems to prevent similar problems in the future. The company confirmed that its API was not affected during the incident and emphasized its commitment to transparency and ongoing system improvements.

    Friday’s market dip is now considered the largest liquidation event in cryptocurrency history. Triggered by President Trump’s threat of a 100% tariff on Chinese tech imports, the event wiped out over $19 billion in leveraged positions within 24 hours, impacting more than 1.6 million traders globally.

    The incident erased nearly $1 trillion in market capitalization within three hours, with analysts noting that the size of sell-offs surpassed previous collapses like Terra Luna and FTX.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

    Wayne Jones

    Source link

  • Bitcoin Whale Breaks 13-Year Silence, Moves $33 Million To Exchange

    A long-dormant Bitcoin stash moved into an exchange this week, renewing worries about old coins re-entering the market and the effect that could have on prices.

    Related Reading

    Mt. Gox Origins And Staggering Returns

    According to blockchain tracker Lookonchain, a cluster of addresses tied to coins pulled from Mt. Gox more than 13 years ago sent 300 BTC to Binance in a single transaction.

    Those coins were reportedly bought at about $11 each, meaning the original outlay was roughly $8,151. The transfer is now worth about $33.47 million, a mark-up of roughly 410,624%. Reports have disclosed that about 590 BTC still remain in the same group of addresses.

    Wallet Activity And What Changed

    Last year, the same owner moved 159 BTC into a new wallet and then left it untouched. This recent move is different because the coins arrived in an exchange hot wallet, where they can be sold quickly.

    Traders and market watchers noted the difference: one action kept coins on the chain, the other put them within reach of an order book. Whether the owner chooses to sell some or all of the 300 BTC is not known, but the presence of those funds on Binance makes rapid selling possible.

    Market Moves And Flows

    Bitcoin’s price recovered to about $115,000 on Monday, after dipping to $102,000 on Friday. That drop triggered billions in liquidations and left traders on edge.

    Based on figures, ETFs recorded $2.7 billion in inflows over the last week, and institutional demand showed resilience despite the volatility. Still, the market’s calm is fragile; a large sell order from an old holder could change short-term supply dynamics quickly.

    BTCUSD now trading at $114,199. Chart: TradingView

    The move was flagged by on-chain analysts and then amplified across social platforms. Exchange inflows from wallets tied to early-era miners or Mt. Gox addresses tend to draw attention because they signal supply that was previously dormant coming back into circulation. In this case, the numbers are large enough to get traders’ attention.

    Possible Scenarios And Risks

    If some of the 300 BTC is sold, price pressure may increase, particularly during thin trading windows. Alternatively, the transfer could be part of estate consolidation or a decision to move funds to cold storage, in which case selling may not follow.

    Related Reading

    Market participants will watch wallet behavior closely: rapid withdrawals to multiple exchange addresses, for example, would likely be interpreted as a selling sign.

    Featured image from Gemini, chart from TradingView

    Christian Encila

    Source link

  • YZi Labs Launches $1B Builder Fund to Empower BNB Chain Founders


    The fund will provide up to $500,000 per team plus access to YZi Labs’ 460 million-user network and mentorship.

    YZi Labs, formerly known as Binance Labs, has announced the launch of a $1 billion Builder Fund aimed at supporting early-stage founders building within the BNB Chain ecosystem.

    The initiative is designed to provide capital, infrastructure, and support to teams working across Web3, artificial intelligence (AI), and biotechnology.

    Projects Will Receive Up to $500K Each

    According to an October 8 statement, the fund will offer selected builders access to YZi Labs’ global network, which has over 460 million users. Participants will also get mentorship, developer tools, and integration support through the firm’s partnerships.

    “BNB Ecosystem represents the next phase of digital infrastructure, where decentralization, on-chain scalability, converges with security and real distribution,” said Ella Zhang, Head of YZi Labs.

    The Builder Fund will prioritize projects focused on decentralized finance (DeFi), real-world assets (RWA), decentralized science (DeSci), payments, and wallet infrastructure.

    YZi Labs’ portfolio covers over 300 projects from over 25 countries across six continents. Notable ventures already backed by the company include PancakeSwap, ListaDAO, Aster, and Aspecta, along with institutional initiatives such as the BNB Digital Asset Treasury.

    Starting in October 2025, the Most Valuable Builder (MVB) initiative, the network’s flagship accelerator, will join the EASY Residency, forming a specialized pathway for its developers. Together, they will offer up to $500,000 in capital per team and direct access to the firm’s core team.

    You may also like:

    BNB Chain Expands Residency Program Amid Record Growth

    The development coincides with YZi Lab’s expansion of its EASY Residency program to new global hubs, including New York, San Francisco, Dubai, and Singapore. The initiative offers immersive product environments and aims to deepen builder engagement with BNB Chain infrastructure.

    Over the past years, the company has organized global events in Seoul and Singapore, bringing together traditional institutions, major companies, and family offices with Web3 investors and partners to help grow BNB’s reach and use.

    Elsewhere, BNB Chain has achieved major milestones, recording 26 million daily transactions. It now ranks first in DEX trading volume and daily active users. The network also recently surpassed its long-term rival Solana in active addresses for the first time since last year.

    On October 7, BNB hit a new all-time high above $1,330, strengthening its position as the third-largest digital asset by market capitalization. The Maxwell Hardfork, implemented in May, further improved network performance by reducing block times to 0.75 seconds and lowering transaction fees to 0.05 Gwei.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

    Wayne Jones

    Source link

  • Binance Pulls in Record $14.8B Net Inflow in Q3

    Binance continues to perform very well on the back of fundamental developments in its ecosystem.

    Binance has once again proven its dominance in the centralized exchange (CEX) space after securing the largest net inflow of Q3 2025 with a whopping $14.8 billion.

    According to CryptoQuant’s latest findings, this historic inflow was largely driven by strong stablecoin deposits as the exchange continues to reign as the leading liquidity hub in global crypto markets.

    Binance Dominates Q3

    When deposits exceed withdrawals, it signals positive netflows. CryptoQuant explained that this means that investors are channeling new funds into the exchange. Such an influx provides meaningful purchasing power ready to be deployed across both spot trading and derivatives markets. Often described as crypto’s “dry powder,” stablecoin accumulation on exchanges signals investor readiness to deploy funds into assets such as Bitcoin, Ethereum, BNB, and beyond.

    On the other hand, competitors have been significantly behind Binance. For instance, OKX recorded just $1.61 billion and Bybit $1.33 billion in Q3 inflows, as per DeFiLlama’s data.

    CryptoQuant stated,

    “This broad appeal stems from Binance’s ability to attract both institutional and retail investors across multiple regions, cementing its position as the primary gateway for crypto capital. Conclusion: The record-breaking Q3 net inflow not only reinforces Binance’s leadership among CEXs but also signals growing momentum across the broader crypto ecosystem.”

    Binance’s Lead in Spot Volume

    As reported by CryptoPotato earlier, in the first half of 2025, Binance registered over 37% of global market share, which is equivalent to $3.44 trillion in traded volume. This overwhelming lead positioned the crypto exchange as the premier hub for Bitcoin liquidity, where major flow activity and whale trades often originate.

    By comparison, competitors like Bybit, Crypto.com, Coinbase, and OKX collectively made up just 29%, while platforms such as Upbit, Bitget, and HuobiPro hovered near 5%. Meanwhile, other exchanges such as Kraken, KuCoin, and Gate.io contributed under 3%.

    You may also like:

    In mid-September, Binance’s spot trading volume briefly surpassed the combined volume of all other exchanges. The last time this phenomenon occurred was immediately after the launch of spot Bitcoin ETFs in 2024, when BTC skyrocketed from 40K to 73K in a short period of time.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

    Chayanika Deka

    Source link

  • Bitcoin Holds $117,500 On Retail Support While Whales Stay Quiet – Cause For Concern?

    Bitcoin (BTC) is holding near $117,500, up about 6.1% over the past two weeks. However, recent data from Binance shows that BTC’s current price action is largely supported by retail investors, while whales have been noticeably absent.

    Bitcoin Holds $117,500 Amid High Retail Inflows

    According to a CryptoQuant Quicktake post by contributor Arab Chain, Bitcoin is hovering around the $117,500 price level, supported by active inflows from retail investors. Notably, large whale inflows have been completely absent, indicating that the current market is being driven by individuals more than by large wallets.

    Related Reading

    Inflows ranging from 0 to 0.001 BTC recorded approximately 97,000 BTC. Similarly, inflows from the 0.001 to 0.01 BTC segment totaled nearly 719,000 BTC.

    Source: CryptoQuant

    The distribution above suggests that Bitcoin’s current rally is largely driven by retail investors. These investors conduct numerous but small-volume transactions, confirming that individual investors are shaping the market dynamics. Arab Chain added:

    The figures reveal that the bulk of inflows are concentrated in small and medium-sized transactions, reflecting the dominance of retail activity in Bitcoin trading. This liquidity, despite its limited scale, has helped keep the market balanced at current levels.

    It is worth emphasizing that there has been almost no whale pressure during the current market rally. Specifically, no significant surges in inflows of more than 100 BTC were observed, mitigating the likelihood of a sharp short-term price correction.

    To conclude, the current market situation shows that Bitcoin is experiencing a state of equilibrium, largely due to heightened retail investor participation. Such a scenario gives the market an opportunity to steadily surge toward the important $120,000 resistance level.

    That said, it would be wise to keep an eye on any whale activity, as it could quickly alter the market’s direction. Any sudden entry of whale inflows could trigger a rapid price correction, similar to previous market tops.

    Experts Divided On BTC Price Action

    As Bitcoin trades about 5.4% below its all-time high (ATH), there are signs that the top cryptocurrency by market cap may be on the cusp of a fresh rally. For instance, BTC recently broke above the mid-term holder breakeven, reducing the likelihood of an immediate sell-off.

    Related Reading

    Recent positive developments – such as the US Federal Reserve (Fed) reducing interest rates by 25 basis points – could reinvigorate the crypto market. Against that backdrop, crypto entrepreneur Arthur Hayes recently reiterated his ambitious $1 million BTC prediction.

    That said, gold bug Peter Schiff opines that BTC has likely already peaked for this market cycle. At press time, BTC trades at $117,523, up 1.8% in the past 24 hours.

    bitcoin
    Bitcoin trades at $117,523 on the daily chart | Source: BTCUSDT on TradingView.com

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

    Ash Tiwari

    Source link

  • Binance Bitcoin Scarcity Index Jumps for First Time Since June — Why It Matters

    Bitcoin (BTC) remains in a consolidation phase, but its supply appears to be shrinking. This is evident in the scarcity index on the crypto exchange Binance, which spiked a few days ago.

    Data from CryptoQuant revealed that such an increase in the scarcity index has not happened since June. Analyzing the implications of such development can offer valuable insights into the market’s potential behavior in the coming days.

    Bitcoin Scarcity Index Suddenly Spikes

    A sudden uptick in the scarcity index usually indicates that investors have withdrawn a large amount of BTC from Binance. Alternatively, sell orders may have dropped significantly, reducing the available supply. CryptoQuant attributed such moves to the entry of large investors, such as institutions or whales, who are known to purchase BTC in large quantities.

    Also, whenever the index suddenly jumps, it signals that immediate buying power has exceeded the available supply. It is almost as if buyers are rushing to scoop up the available BTC on the market.

    Such spikes often follow positive news or sudden capital inflows, after which BTC experiences price surges. When the scarcity index jumped in June and persisted for several days, bitcoin rallied to around $124,000.

    Positive or Negative Signal?

    Although a sudden spike in the scarcity index is considered significant, what happens in the days that follow is more critical. If substantial BTC accumulation triggered the uptick, the index could remain positive for several consecutive days. However, if the spike was triggered by speculative activity or order liquidations, the jump will be followed by a rapid decline and a period of calmness.

    CryptoQuant found that the recent spike was followed by an equally rapid plunge, suggesting that rising BTC accumulation may not be the cause of the sudden move. Due to this dynamic, BTC will either continue with its consolidation or experience a correction.

    “This contrast—between the high price and the index’s rapid return to or below zero—indicates that some of the strong buying momentum has begun to lose steam, particularly if supply is increasing or withdrawals from platforms are slowing,” CryptoQuant explained.

    It remains to be seen if the index will rise again or continue to decline toward neutral and negative territory, and how BTC will be affected. Meanwhile, the leading cryptocurrency was changing hands above $115,000 at the time of writing.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

    Mandy Williams

    Source link

  • XRP Exchange Reserves Balloon 1.2 Billion In One Day, Why This Is Bearish For Price

    XRP Exchange reserves have surged by 1.2 billion in just a day, presenting a bearish outlook for the XRP price. This development comes as the token looks to hold above the psychological $3 level. 

    XRP Exchange Reserves Increase By 1.2 Billion In Just A Day

    A CryptoQuant analysis by CryptoOnchain revealed that XRP Exchange reserves jumped by 1.2 billion in a day across four crypto exchanges, with Binance leading the surge. Bithumb, Bybit, and OKX also experienced a major increase in their reserves, a development which CryptoOnchain noted shifted the volume of XRP’s reserves in an unprecedented manner. 

    Related Reading

    Binance saw its reserve holdings increase from around 2.928 billion XRP to 3.538 billion XRP, an increase of over 610 million XRP in a single day. Meanwhile, Bithumb saw its holdings increase from 1.647 billion to 2.519 billion, Bybit’s holdings increased from 188 million to 380 million XRP, and OKX’s XRP reserves jumped from 112,000 to 233 million. 

    Source: Chart from CryptoQuant

    This development is typically bearish, as an increase in crypto exchanges’ reserves indicates that investors are offloading their coins. This would also explain why XRP has underperformed in recent times and has struggled to hold above the psychological $3 price level. During this period, other altcoins like Solana and BNB have outperformed XRP, reaching new local highs.

    Accumulation Rather Than Sell-offs

    CryptoOnchain revealed that the increase in XRP Exchange reserves is a case of accumulation rather than the typical sell-offs. The analyst noted that the price chart indicates that this heavy accumulation occurred precisely at the key support level of around $2.73, a level that has previously prevented the altcoin from experiencing massive declines. 

    Related Reading

    The analyst then pointed to the RSI and MACD indicators a day after the increase in the XRP Exchange reserves, which shows a decrease in selling pressure on the token.CryptoOnchain explained that this could mean that the heavy buying by exchanges was aimed at accumulation rather than immediate injection into the market. 

    CryptoOnchain also noted that the pattern of these large accumulations across the crypto exchanges and at a critical support level could be a sign of institutional coordination or an upcoming event. Notably, the XRP ETFs could launch next month, which would represent a significant development for the XRP price. 

    The analyst stated that if the current support holds and buying volumes continue, the XRP price could rally to higher resistances at $3.34 and $3.58. However, CryptoOnchain warned that if the support is broken, selling pressure could turn the increase in XRP Exchange reserves into an opportunity for massive supply. 

    At the time of writing, the XRP price is trading at around $3.06, up over 2% in the last 24 hours, according to data from CoinMarketCap.

    XRP
    XRP trading at $3.04 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from Adobe Stock, chart from Tradingview.com

    Scott Matherson

    Source link

  • Regulators Say Binance Must Tighten Money Laundering, Terrorism Rules

    Beleaguered crypto company Binance must tighten up its compliance controls covering anti-money laundering and counter-terrorism and add an independent auditor if it wants to keep doing business in Australia, regulators said this week.

    The Australian Transaction Reports and Analysis Centre (AUSTRAC) is mandating the crypto giant put outside auditors in place within 28 days of its decision. The watchdog said that the new rules are intended to address “serious concerns” it has about its oversight of illegal activity, which AUSTRAC says is “limited in scope relative to its size, business offerings, and risks.”

    The regulator said Binance’s most recent internal review found a lack of oversight by senior management within Binance Australia, as well as a lot of employee churn that has resulted in high staff turnover, inadequate local resources, and the need for an outside monitor.

    As part of the decision, AUSTRAC will be the one to pick which independent auditor to install at Binance, though the company can provide the list of potential names.

    Binance is familiar with regulatory actions

    It’s not the first time that Binance has tangled with regulators. Founder Changpeng Zhao pleaded guilty and was fined $4.3 billion 2023 by the U.S. Department of Justice on charges that included anti-money laundering, unlicensed money transmitting, and sanctions violations.

    The authorities said at the time that Binance had created a corporate culture that put profit above consumer protections, which it highlighted in internal communications found during a probe of the company.

    “As one compliance employee wrote, “we need a banner ‘is washing drug money too hard these days – come to binance we got cake for you,’” the DOJ said in its statement about the settlement.

    Binance faces a tough road in Australia

    The crypto exchange also faces an increasingly restrictive regulatory landscape in Australia, which recently cracked down on Binance Australia Derivatives in a 2024 lawsuit.

    That suit was brought by the Australian Securities and Investments Commission (ASIC) and resulted in Binance losing its derivatives license in the country because of its risk management shortcomings and limited compliance (ASIC).

    “Big global operators may appear well resourced and positioned to meet complex regulatory requirements, but if they don’t understand local money laundering and terrorism financing risks, they are failing [to meet their obligations to consumers],” Brendan Thomas, chief executive officer of Austrac, said in a statement.

    Binance also had to shut down its Australian dollar trading services earlier this year because its payment provider, Zepto, ended their partnership. That followed an earlier clash with Cuscal, a service provider who had helped it provide banking services, cut off access to its platform.

    “Understanding specific risks of criminality in the Australian context is crucial to ensure they’re meeting their reporting obligations here,” Thomas said.

    What does Binance say?

    “We have engaged openly and transparently with Austrac over the past several months and continue to value their guidance, expertise, and oversight,” Matt Poblocki, general manager of Binance Australia and New Zealand, said in a statement. “We remain committed to maintaining best-in-class compliance standards and will continuously enhance our capabilities.”

    Riley Gutiérrez McDermid

    Source link

  • Bitget Wallet Narrows Gap with Binance in Download Rankings: Report

    Bitget Wallet Narrows Gap with Binance in Download Rankings: Report

    Bitget revealed that its native wallet has surpassed 40 million users, representing a growth of over 100% since March 2024. This brought the platform closer to Binance, making it the second most downloaded crypto app in the world.

    In fact, Bitget Wallet recorded 6 million downloads in September alone.

    In a recent blog post, Bitget attributed its growth this year to several key factors, including its integration with the TON ecosystem and Telegram. The team said that the integration allowed users to access wallet services directly through the social media messaging app, creating a more streamlined connection between traditional Web2 platforms and the evolving Web3 space.

    In the third quarter, TON on-chain addresses increased by 4866%. Additionally, Bitget revealed that it is witnessing rapid user growth in emerging markets such as Africa, South Asia, and the Middle East, with some regions experiencing increases of up to 413%.

    While Bitget Wallet is experiencing significant growth, Binance’s crypto app topped the chart with 9.9 million downloads for the month despite facing major regulatory hurdles.

    Binance had previously dominated the crypto and fintech download charts during the 2024 bull market. In the first quarter, the platform’s mobile app, featuring both trading and Web3 functions, amassed over 6.3 million downloads.

    More recently, the release of former CEO Changpeng ‘CZ’ Zhao appears to have sparked increased interest in the platform, while anticipation for “Uptober” added another boost to its download number.

    The same cannot be said for its dominance, which has declined significantly. As recently reported by CryptoPotato, Binance’s spot market share dropped to 27% in September, a level not seen since January 2021. The exchange also experienced an almost 23% decrease in spot trading volume, which fell to $344 billion, marking the lowest monthly total since November 2023.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

    Chayanika Deka

    Source link

  • Important Binance Announcement Concerning Tron (TRX) Holders: Details

    Important Binance Announcement Concerning Tron (TRX) Holders: Details

    TL;DR

    • Binance will pause deposits and withdrawals on the Tron Network on October 10 for scheduled maintenance.
    • TRX is up 60% this year, with most holders in profit.

    Announcement for TRX Traders

    The world’s largest crypto exchange will perform wallet maintenance for the Tron Network on October 10. The effort is supposed to take approximately one hour, during which TRX deposits and withdrawals will be unavailable. Binance assured that services will be resumed once the process is wrapped up:

    “The trading of token(s) on the aforementioned network will not be impacted. Deposits and withdrawals for token(s) on the aforementioned network will be reopened once the network is deemed to be stable.”

    It also said there will be no further announcement on the matter, meaning users should take any information they came across on the Internet with a grain of salt. 

    The company conducted multiple similar initiatives this year. In September, it performed wallet maintenance for BNB Smart Chain (BEP20), temporarily halting deposits and withdrawals on the network. Prior to that, it briefly ceased some services with TON due to carrying out an upgrade on The Open Network.

    TRX’s Impressive Performance This Year

    Tron’s native token has experienced a rapid price increase in the past several months and is up 60% year-to-date (YTD). Moreover, it hit a three-year high of almost $0.17 at the end of August before slightly retracing to its current $0.16 (per CoinGecko’s data).

    TRX Price
    TRX Price, Source: CoinGecko

    TRX is among the most-profitable cryptocurrencies for holders. According to IntoTheBlock, nearly 99% of its total investors are currently sitting on some paper profits. A little over 1% are break even, while nobody is underwater.

    Additionally, Tron’s ecosystem witnessed a general resurgence, with thousands of meme coins launched on SunPump (a platform associated with Justin Sun that enables users to create memes in minutes). The largest such tokens in terms of market capitalization are Sundog (SUNDOG) and Tron Bull (BULL). 

    Earlier this summer, they experienced a substantial rally. However, SUNDOG and BULL have lost momentum in the past several weeks and are currently trading far below their peaks. 

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

    Dimitar Dzhondzhorov

    Source link

  • Binance Aids Indian Authorities in Busting $47.6M Gaming Scam

    Binance Aids Indian Authorities in Busting $47.6M Gaming Scam

    In one of the latest collaborations between public and private entities, the world’s largest cryptocurrency exchange, Binance, announced that it helped Indian authorities bust a purported legitimate online gaming app that defrauded users of more than Rs 400 crore ($47.6 million).

    According to a blog post, the Binance Financial Intelligence Unit (FIU) provided critical aid that enabled India’s Enforcement Directorate (ED) to trace the funds siphoned by the operators of the gaming app Fiewin and uncover the network.

    Binance Helps ED in Fraud Case

    Fiewin operators marketed the app as a project that allows users to earn money by playing mini-games. Participants could create accounts and engage in the app’s activities by topping up their balances through various payment methods. However, the app stopped allowing users to withdraw their funds once their accounts accumulated substantial amounts, and the money would eventually be siphoned through a back door to multiple crypto wallets.

    The ED commenced an investigation into the Fiewin app after local police nationwide began receiving multiple reports from victims who had lost their money to the project. During the investigation, the Directorate found that Fiewin was linked to a cross-border criminal network that used several methods to obscure the movement of illicit funds, including bank accounts of money mules and multiple crypto wallets.

    The Indian agency also discovered that the project had stolen millions of Indian rupees from users and created a complex web of transactions to prevent the detection and tracing of funds. With the help of Binance, the ED was able to trace the flow of the laundered money across multiple crypto wallets and uncover the scam’s extensive network.

    “Public-private collaborations are crucial in tackling complex financial crimes. Binance’s specialized investigation team is a great example of how private-sector firms can work closely with law enforcement. In this case, they provided us with analytical support that contributed to the investigation,” said a representative from the ED.

    Four Individuals Arrested

    In addition to uncovering the scam network, the ED’s investigation also led to the arrest of four individuals who played major roles in facilitating the scam and worked together with the operators of the Fiewin app. It was discovered that the perpetrators of the fraud used privacy-focused messaging applications to communicate while working from diverse locations.

    Binance said the case is still ongoing, and the ED looks forward to uncovering the criminal network behind the fraud scheme and exposing the full extent of Fiewin’s activities.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

    Mandy Williams

    Source link

  • CryptoQuant CEO Ki Young Ju Backs Former Binance CEO Changpeng Zhao as Release Nears

    CryptoQuant CEO Ki Young Ju Backs Former Binance CEO Changpeng Zhao as Release Nears

    Ki Young Ju, the CEO of blockchain analytics firm CryptoQuant, has expressed his support for former Binance CEO Changpeng Zhao (CZ) as his four-month prison sentence nears its conclusion.

    Zhao began serving his sentence in June 2024 after admitting to breaches of the US Bank Secrecy Act (BSA).

    Ki Young Ju’s Statement

    His guilty plea involved not preventing money laundering on Binance, resulting in a $4.3 billion penalty for the company and a $50 million fine for Zhao himself. His imprisonment, which started in June 2024, will end on September 29.

    In a recent statement posted on X, the CryptoQuant CEO acknowledged the Binance executive’s mistakes while also emphasizing his contributions. “Don’t underestimate CZ. He deserves respect,”  he wrote, elaborating on the broader societal perspective.

    The statement noted that when an industry’s intrinsic value falls short of the capital it has absorbed, society tends to view this as a “sin.” In such scenarios, the most influential figures are often held responsible for the industry’s shortcomings.

    He further explained that the crypto sector, like other young and immature ones, has faced its share of “growing pains,” including rampant crime like hacks and frauds, which have hurt its growth. In his view, Zhao has become a scapegoat for some of the industry’s failings, but this should not overshadow his role in its development.

    “While he has certainly made mistakes, his detention also carries a vicarious element, representing the industry’s growing pains.” He concluded by acknowledging that without Binance, the crypto space would not have attracted the global liquidity it benefits from today.

    Community Backlash

    Meanwhile, there has been some backlash from the community following the statement. BlockTower Capital’s Ari Paul alleged that CZ  committed all the same crimes as Sam Bankman-Fried and that he was only spared a harsher sentence due to fears of his ability to bribe foreign governments and the value of the information he could provide to authorities.

    He also claimed that CZ’s actions had “ruined a lot of lives,” leading to the “vanishing” of several Binance executives, and had caused significant harm to the industry as a whole.

    However, Ju has countered these accusations, stating that the exchange never used customer funds and that on-chain data shows the differences in wallet management between Binance and FTX. He also pointed out that the exchange’s CEO was not charged with using customer funds but rather with abetting money laundering.

    “If CZ were truly the criminal you’re suggesting, the authorities wouldn’t have released him, even if a deal had been offered, as you mentioned.”

    Ju also argues that the suspicion surrounding Binance is similar to the FUD (fear, uncertainty, and doubt) surrounding Tether, as there is no conclusive evidence to support the accusations.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

    Wayne Jones

    Source link

  • Blockchain Can Ease the Pain of Modern Payments: Binance Research

    Blockchain Can Ease the Pain of Modern Payments: Binance Research

    Over the last five decades, the payments industry has grown into one of the largest and fastest-growing sectors in the world. However, it faces one issue – the sector still runs on 50-year-old technology rails that become more inefficient as time passes.

    A report from Binance Research, the research division of Binance, the world’s largest crypto exchange, highlights that blockchains, distributed ledger technology (DLT), and the applications built on them have the potential to significantly boost efficiency in the payments industry and challenge the players in the space.

    Pains of the Traditional Payment System

    The traditional payment system is estimated to generate $2.83 trillion in revenues in 2024 and is expected to reach $4.7 trillion by 2029 at a compound annual growth rate of 10.8%.

    Despite the amount of revenues generated in the industry, Binance researchers said it has evolved into a kind of “Frankensteinian conglomeration,” which is rife with numerous middlemen who charge highly for every transaction that passes through them. Traditional payments involve about six intermediaries; the average cost of executing cross-border transactions through these channels is 6%.

    Besides the high cost and presence of numerous middlemen, these transactions take time to conclude. Cross-border payments usually take up to five business days to settle, leaving senders and recipients in the dark and unable to track the movement of the funds.

    “The payment technology stack of today is in dire need of a fresh start, and blockchain technology could enable this,” the researchers stated.

    How Can Blockchain Help?

    Binance said blockchains could do “wonders” for the merchant and consumer experience. They offer a global, uniform, and transparent digital environment where users can execute transactions in seconds with just a smartphone and an internet connection at a cost of 50,800 less than the traditional finance system.

    Blockchains offer a direct line of communication between merchants and consumers, eliminate the need for multiple middlemen and correspondent banks, and untether the fintechs of the future from the traditional payment system.

    Noteworthily, some traditional finance payment giants like Visa have started running pilots to enable institutional-grade global payments, but significant growth is needed at the individual and retail levels.

    Since the payments industry is massive, adopting technologies like the blockchain would likely be slow and cautious, according to Binance Research. However, the researchers believe this gives the blockchain industry the time to “grow out of its adolescence,” build the necessary tools, and fix issues like scalability and regulatory uncertainty.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

    Mandy Williams

    Source link

  • Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up

    Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up

    Binance Coin (BNB) succumbs to bearish pressure alongside other altcoins in the market. According to the latest market data, the token is down nearly 10% since last week representing a big slash in value for investors in the long-term. The huge drop is due to the current underperforming market after the major cryptocurrencies slipped with Bitcoin and Ethereum by almost 10% respectively. 

    Despite the recent regulatory turmoil between the Securities and Exchange Commission and Binance, BNB still shows some strength as it maintains its top four spot, topping SOL and XRP. 

    Binance Coin Market Vs Macroeconomics

    The early half of August is held in high regard by both crypto finance and traditional finance investors as major economic indicators are set to be announced. With the past six indicators flashing red or neutral, it remains to be seen whether the next few will be bullish for the broader financial world. 

    But last week, the Federal Open Market Committee held against lowering interest rates as inflation was still “somewhat elevated.” However, this opened the road to September rate cuts as the inflation slows, helping the market gain gradual ground in the long run. 

    Although the market remains somewhat optimistic for the September cut, it has since faded as the broader market slips as investor anxiety remains high. The S&P 500 and Dow Jones fell by almost 2% respectively. 

    BNB is currently trading at $526. Chart: TradingView

    This further exacerbated the market correction within the crypto market. As of writing, the crypto market is down more than 2% in the past 24 hours. BNB was not spared, with the BNB Chain metrics falling amidst the market downturn. 

    Despite this, long-term investors in the token continue to remain strong despite bearish market conditions. According to CoinGlass, BNB market positions remain majority long with a slight uptick in the short position takers. 

    However, derivative contracts featuring BNB took a dip with the open interest dropping by a significant margin. 

    Although the token follows the broader market, BNB still remains a strong investment despite the hostile market conditions.

    Related Reading

    Crucial BNB Level Remains But For How Long?

    The hostile market environment is slowly dying down but with the current uncertainties within the macroeconomic side of things, it remains to be seen whether the BNB bulls can continue to stem the tide. 

    Keeping aside price, having a majority of long positions for the token is advantageous for the bulls as it helps maintain investor confidence in the token. Despite this, the bulls have a long way ahead. 

    Stabilizing the price around the $514 price range should be their number 1 priority. A bearish breakthrough on this level will lead to more bleeding, which might flip investors from long positions to short positions. 

    If held successfully, BNB bulls have a strong jump-off point to retake the late-July levels of $558. 

    Featured image from Pexels, chart from TradingView

    Christian Encila

    Source link

  • Binance Doubles Down on Low Float, High FDV: Calls for Action

    Binance Doubles Down on Low Float, High FDV: Calls for Action

    There has been a growing concern regarding the increased traction of tokens with high valuations but low initial circulating supply, which has sparked discussions about the sustainability of upside potential for traders following the token generation event (TGE).

    Binance Research’s latest findings have confirmed this trend, depicting an increasing number of tokens being launched with limited circulating supply and inflated valuations.

    High Valuation, Low Liquidity Crisis

    An influx of private market capital, coupled with aggressive valuations and an upbeat market outlook, has stimulated the practice of cryptocurrency tokens launching at steeply high, fully diluted valuation (FDV) points.

    The report estimates that around $155 billion worth of tokens will be unlocked from 2024 to 2030. This significant influx of tokens into the market, without a proportional increase in buy-side demand and capital flows, could exert substantial selling pressure, as per the report, which, in turn, would challenge the market’s ability to absorb these tokens without negatively impacting prices.

    “Under bullish market conditions, these tokens can experience rapid price appreciation due to limited liquidity available for trading at launch. However, it is apparent that this kind of price growth is unsustainable when a wave of token supply hits the market upon unlocking.”

    The analysis further highlights a widening gap between market caps and fully diluted valuations (FDVs) for tokens launched over the past three years, with 2024’s FDVs already approaching 2023’s totals. Tokens launched in 2024 have an average MC/FDV ratio of just 12.3%, implying around $80 billion in new demand would be needed to match future supply increases and maintain current prices.

    This appears to be primarily driven by recent token launches with extremely low circulating supplies, often under 20% of the total supply. With the majority of tokens locked, their FDVs are inflated compared to actual market caps.

    Addressing The Trend

    As reported earlier, well over 80% of the newly listed cryptocurrencies have experienced a decline in their worth on Binance.

    It was also found that most tokens newly gracing Binance’s listing boards are backed by top-tier VC firms which are launched at inflated valuations, with the average fully diluted valuation exceeding $4.2 billion at listing and some tokens even surpassing the $11 billion mark. These projects were observed to lack an established user base or proper community support potentially.

    To address the trend of tokens launching at high valuations with low initial circulating supplies, Binance has called for fostering a healthy and sustainable market environment. The plan involves Binance taking the lead in engaging small to medium projects and inviting high-quality teams and projects to apply for the exchange’s listing programs, such as direct listing, Launchpools, Megadrops, etc.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

    Chayanika Deka

    Source link

  • Over 80% of Newly Listed Crypto Assets on Binance Have Declined in Value: Data

    Over 80% of Newly Listed Crypto Assets on Binance Have Declined in Value: Data

    Over 80% of the newly listed cryptocurrencies on Binance, the world’s largest digital asset exchange by trading volume, have declined in value.

    In the past six months, these tokens have plunged in value since listing on the exchange, raising concerns for investors seeking out the latest cryptocurrencies.

    Most New Binance Token Listings Trading in Red

    According to a May 17 post by pseudonymous crypto researcher Flow on X, only five of the 31 tokens analyzed have appreciated in value: the meme coin (MEME), the Ordi token (ORDI), Solana-based Jupiter (JUP), Jito (JTO), and Dogwifhat (WIF).

    Despite lacking venture capitalist (VC) backing, the Ordi token was the most profitable, with an increase of over 261% since its launch. The controversial meme coin Dogwifhat followed in second place, surging more than 117%.

    Flow noted that top-tier venture capitalists back most new Binance listings and launch at inflated valuations. The average fully diluted valuation (FDV) on the Binance listing date exceeds $4.2 billion, with some tokens reaching over $11 billion. Often, these projects lack real users or a strong community.

    According to Flow, if investors had made equal investments in each of the new Binance listings over the past six months, their portfolio would have declined by over 18%. This, Flow adds, suggests that many tokens launching on Binance are not viable investment vehicles, as their upside potential is already exhausted. Instead, they are exit liquidity for insiders who exploit retail investors’ limited access to early investment opportunities.

    Flow also criticized the current market dynamics, citing economist Alex Kruger’s earlier observations on X. Kruger noted that many tokens are designed to pump and then dump due to short vesting schedules, fake metrics, and a focus on hype rather than user acquisition.

    New Token Launches Causing Market Harm

    According to crypto researcher Flow, the current token launch meta is damaging to the crypto market, and a new approach to token launches is needed. Releasing tokens at high, fully diluted valuations (FDVs) leads to value erosion and minimal market interest, ultimately causing the token to plummet. He added that this approach not only harms the token but also discredits the entire crypto industry.

    He highlighted an earlier post by Crypto_McKenna, who criticized the practice of pushing protocols to launch at high FDVs to benefit pre-seed and seed investors. McKenna noted that launching at a lower FDV allows secondary market traders to profit from repricing and helps generate momentum and interest.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

    Wayne Jones

    Source link

  • Nigerian Government Refutes $150M Bribery Claims by Binance CEO

    Nigerian Government Refutes $150M Bribery Claims by Binance CEO

    The Nigerian government has denied the allegations made by Binance’s CEO, Richard Teng, claiming that its officials demanded a $150 million bribe to settle the criminal charges against the crypto exchange.

    In an official statement released on Wednesday, the Special Assistant to the Minister of Information and National Orientation, Rabiu Ibrahim, dismissed the claims as baseless.

    A “Diversionary Tactic”

    Ibrahim stated that the allegations were part of a coordinated effort by Binance to discredit the Nigerian government and divert attention away from the charges the company is currently facing in the country.

    “This claim by Binance CEO lacks any iota of substance. It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria. The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading,” he said.

    Earlier on Tuesday, Teng had published a blog post that called out the Nigerian government for unjustly detaining two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla.

    In the blog post, Teng claimed that Binance had been approached by unnamed Nigerian government officials who demanded to be secretly paid $150 million in cryptocurrency to halt investigations into the company’s activities. Teng urged the authorities to release Tigran Gambaryan, who had been detained for over 70 days.

    Nigeria to Continue Criminal Case Against Binance

    Continuing in his statement, Ibrahim stated that the government’s investigations will not be deterred by Binance’s claims, which he describes as “blackmail”.

    “We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process… The government of Nigeria will continue to act within its laws and international norms and will not succumb to any form of blackmail from any entity, local or foreign,” Ibrahim said.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

    Mandy Williams

    Source link