Binance, crypto’s largest exchange, disclosed reserve increments across the top five digital assets by market cap despite a slump in prices over the past month. The Binance proof-of-reserve (PoR) reported an excess backing of at least over 104% for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, and Solana (SOL). “When we say Proof of Reserves, we are specifically...
Nigeria’s central bank denies false claims made by crypto media, asserting that it didn’t mandate local banks to freeze accounts associated with unlicensed crypto exchanges. The Central Bank of Nigeria (CBN) says it didn’t order local financial institutions to freeze accounts linked to unlicensed crypto exchanges after reports surfaced alleging such directives. In an X post, the...
As offshore markets diversify, Binance’s Bitcoin market share has declined to 55%, while Bybit emerged as a frontrunner with a surge from 2% to 9.3% Binance‘s dominance in Bitcoin trading outside the U.S. market appears to be shrinking, as its share dropped from 81.3% to 55.3% over the past year as the exchange faced increased competition following the...
Hong Kong-based crypto exchange HashKey has announced that it will stop accepting deposits and handling withdrawals to and from wallets linked to Binance. In a statement released on April 19, Hashkey said the change will take effect next month, with deposits ending on May 10 and withdrawals on May 17. Hashkey did not give specific details behind its decision,...
Crypto exchange Binance has made a notable reorganizational move for its billion-dollar SAFU insurance fund, with all the assets in it converting into the USDC stablecoin. Binance has announced a sudden update for its emergency insurance fund called SAFU, converting all of the assets in it — around $1 billion — into Circle’s stablecoin USD Coin...
Leading crypto exchange, Binance has announced a new airdrop and web3 quest platform dubbed Megadrop. Announced on April 18, Megadrop is primarily a token launch platform that will host airdrops and Web3 quests by integrating the Binance Simple Earn program and the Binance Web3 Wallet. The goal, per Binance, is to make the airdrop experience more engaging for...
Binance is eyeing a comeback to India following a 4-month ban placed on the exchange by the nation’s Financial Intelligence Unit (FIU). Two sources familiar with the development claim that the exchange has agreed to pay a $2 million penalty to the regulator for non-compliance. However, they did not confirm how the fine has been calculated. India, according to a...
The X account of movie star Tom Holland was recently hacked, with attackers using it to falsely promote SPIDER cryptocurrency tokens and Spiderverse NFTs. The account, which boasts more than 7 million followers, was used by bad actors to announce that the Spider-Man star was supposedly launching “Spiderverse” in partnership with the global crypto exchange Binance. The compromised...
The Nigerian government has located Binance executive Nadeem Anjarwalla in Kenya after he escaped custody. The government is now hoping to bring him back to Nigeria. Punchng.com, citing sources within the Nigerian presidency working on the case, confirmed that Anjarwalla’s whereabouts in Kenya are known. Efforts are underway to coordinate with Kenyan authorities to return him to Nigeria. Anjarwalla is believed...
Binance Labs invests in BounceBit to transform Bitcoin’s role with innovative solutions. Binance Labs, the venture capital and incubation division of Binance, has invested in BounceBit, a Bitcoin restaking and centralized decentralized finance (cedefi) protocol. “BounceBit unlocks new avenues for Bitcoin’s utilization with the fusion of cefi and defi.” Yi He, Co-Founder of Binance and Head of Binance Labs He also...
