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The largest cryptocurrency exchange, Binance, announced the listing of the native token of the Bitcoin Ordinals project — ORDI. Users can already fund accounts with coins in preparation for trading. The platform introduced spot trading pairs: ORDI/BTC, ORDI/USDT, ORDI/TRY. Withdrawals will open tomorrow, on Nov. 8. In addition, within 48 hours, the token will be available on an isolated margin paired with the stablecoin Tether (USDT). Before trading, the first thousand users who top up their account with at least 72 ORDI will receive a reward of 50 USDT. At the time of writing, ORDI is trading at $11.00. Over the past 24 hours, the asset’s value has increased by 48%, according to CoinMarketCap. Ordinals (ORDI) price | Source: CoinMarketCap Currently, the market capitalization of the token is more than $200 million. The trading volume over the past 24 hours exceeded $40 million. At the end of August, the Binance added support for the Ordinals service. The new feature...

The fortune of the founder and head of the largest crypto exchange, Binance, Changpeng Zhao, decreased by $12 billion amid problems with the trading platform. The Bloomberg Billionaires Index cut its earnings estimate for the Binance cryptocurrency exchange by 38% amid falling platform sales. As a result, Zhao’s wealth decreased by $11.9 billion to $17.3 billion. In addition to losing his fortune, Zhao reset the wealth of the founder of the FTX crypto exchange, Sam Bankman-Fried. In November 2022, the founder of Binance announced that he was liquidating the token associated with FTX following a report that Bankman-Fried’s hedge fund Alameda Research also held a large position in it. You might also like: Scaramucci predicts Sam Bankman-Fried will be ‘skinned alive’ at trial Some FTX clients rushed to withdraw money, and the exchange could not cope with the withdrawal surge. Less than a week later, the company filed for bankruptcy. This has seen Bankman-Fri...

US Senator Cynthia Lummis asks the Department of Justice (DOJ) to criminally charge crypto exchange Binance and USDT issuer Tether. Lummis cites the two companies’ role in aiding illicit fundraising for terror. Blockchain security and analytics firm Elliptic says a WSJ report “misrepresented” data. The US Department of Justice should finish its investigation and consider criminal charges against crypto exchange Binance and USDT stablecoin issuer Tether, US Senator Cynthia Lummis says. Senator Cynthia Lummis (R-WY), notes in a post on X today that she had sent a letter to the DOJ with a view of having the Justice Department charge the two crypto companies for being “intermediaries” in reported illicit financing of Hamas. When it comes to illicit finance, crypto is not the enemy – bad actors are. I sent a letter asking DOJ to finish its investigation and consider criminal charges against Binance and Tether after rep...

Crypto investors have fallen victim to a scam token , which shares the same ticker as BlackRock’s legit ETF. BNB Chain-based iShares Bitcoin (IBTC) token has scammed investors for nearly $90,000 worth of crypto as the crypto community is abuzz with spot bitcoin exchange-traded fund (ETF) excitement. According to an X post from a blockchain analytics firm PeckShield, a bad actor has swapped one quadrillion IBTC token s for 394.8 Binance Coin (BNB) worth of $89,000 through PancakeSwap, with IBTC’s price immediately dropping by 100% from $0.0025. #PeckShieldAlert #slippage iShares Bitcoin $IBTC on #BNBChain has dropped -100% 0xf495…5B37 has swapped 1,000,000,000,000,000 $IBTC for ~394.8 $BNB (worth ~$88K) *Note*: The #rugpull token shares the same name as the legitimate ones pic.twitter.com/rT3XLoqHqF — PeckShieldAlert (@PeckShieldAlert) October 26, 2023 Once the scammer swapped IBTC for BNB. They sent the whole sum to 0x3f…04ed, an address that recei...

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Binance is carrying out a phased termination of BUSD-related services. BUSD withdrawals via various blockchain networks were suspended last month. Binance is currently locked in a legal battle with the US Securities and Exchange Commission (SEC). In a significant development within the cryptocurrency exchange sphere, Binance has officially announced the discontinuation of borrowing and lending services for its native stablecoin, Binance USD (BUSD). The move is part of a phased termination of BUSD-related services, culminating in a complete cessation expected by February 2024. Shutting down BUSD lending  As per the announcement made on October 3, 2023, Binance is set to shut down BUSD borrowing and lending services by October 25, 2023. The exchange will close all outstanding BUSD loan and collateral positions by the end of the month. Users who have been utilizing BUSD for lending purposes will now have to explore alternative stablecoins, such as Tet...

Binance’s market share in non -dollar crypto exchanges has declined by nearly 25% since the beginning of 2023. According to data, the projected market share for Binance in September 2023 will be 50.76%. Market share fell sharply in April before briefly recovering in June. It has since continued contracting. Source: The Block “Binance finished 2022 with a 75% market share among a group of platforms that also includes major Asian players like Upbit, Huobi, Bybit and OKX — but that figure declined steadily throughout the year, hitting 54% in August.” The Block In March 2023, Binance’s trading volume was $556.36 billion but fell to $192.12 billion by August. Analysts predict trading volumes to contract in September. Binance’s removal of zero fees for popular trading pairs may negatively impact activity and, thus, volume. You might also like: Binance’s Bitcoin volume plummets after end of zero-commission trading With Bi...

Also Read: Bitcoin, Ethereum To Rise Amid Positive US Fed & Inflation Data or Fall As Market Makers Exit Interestingly, the SEC Chair spoke about the need to protect investors, saying the Crypto Market s should not be allowed to harm them. In his speech, Gensler mentioned a 2018 conversation by Binance ’s then Chief Compliance Officer Samuel Lim with a colleague about how the crypto exchange is operating as an unlicensed securities exchange in the the United States . The same was included in the SEC’s recent complaint against Binance , which alleged it of lying to regulators. Gary Gensler Warns Crypto Market, Again Gensler reiterated in his opening remarks that most cryptocurrencies qualify as securities by the virtue of meeting the investment contract test. However, the SEC Chair made it a point to warn that lack of compliance could lead to more and more anti-crypto enforcement actions. He said, “not liking the message is not the same thing as not receiving i...

According to a report, the German financial regulator BaFin rejected Binance’s application for a crypto currency custody license . Finance Forward, a news outlet, reported that Germany’s financial authority has chosen not to grant Binance a custody license for cryptocurrencies, citing sources familiar with the situation. The source did not clarify whether the refusal was an official decision made by the German Federal Financial Supervisory Authority (BaFin) or if it was conveyed during ongoing discussions. A spokesperson for Binance stated that while they could not disclose specific details of their interactions with authorities, they are trying to comply with the conditions set by BaFin. As anticipated, this process is complex and continuous.  You might also like: Binance withdraws license application in Austria BaFin has declined to comment on specific firms due to the strict requirements for maintaining professional confidentiality in Germany. According to...

Regulatory uncertainty and the lack of transparency on stablecoins caused crypto markets to trade at its lowest levels in 3 months. The cryptocurrency total market capitalization fell to $1.02 trillion on June 15, its lowest level in three months. But while the derivatives market's resilience and end-of-week price gains amid uncertainty in stablecoins' reserves provides hope for bulls, it might be too soon to celebrate. Crypto regulatory conditions deteriorate The past few week have seen a bearish trend fueled by regulatory uncertainty. Last week, Bitcoin (BTC) and BNB saw 2.5% gains, but XRP dropped 5.2%, and Ether (ETH) traded down 0.7%. Total crypto market cap in USD, 1-day. Source: TradingView Notice that the 10 -week long pattern has tested the support level in multiple instances, signaling that bulls will have a hard time breaking from the bearish trend while regulatory conditions have worsened across the globe. For starters, New York-based derivatives exchange Bakkt is...

The move comes as Reuters once again accused the world’s largest crypto exchange of commingling user funds in accounts held at Silvergate Bank. However, Binance executives completely denied the report claiming the story to be false and weak. Meanwhile, Binance CEO “CZ” completely ignored the report and kept him busy with Bitcoin Pizza Day. Also Read: Elon Musk Advises “Not To Bet The Farm On Crypto And Dogecoin” Ceffu Never Mix Customer Funds in Cold Wallets Binance’s institutional custody solution Ceffu took to Twitter to clarify its institutional clients that the custody platform operates on segregated account and wallet systems. Thus, clients’ assets deposited in cold wallets are never commingled. Ceffu goes on to explain how its off-exchange settlement solution Mirror is completely secure and safe. After i nstitutional clients lock their digital assets in Ceffu cold wallet, the wallet credits the amount of the digital assets to their Binance  ex...

About Crypto Box Feature The introduction of the Crypto Box feature is significant for several reasons. Firstly, it highlights the growing interest in digital assets among the wider population and the potential for cryptocurrencies to be used as a means of gifting. advertisement Secondly, it offers an easy way for users to introduce their family and friends to the world of cryptocurrencies, without having to go through the hassle of setting up an account on an exchange. Users can choose the cryptocurrency they wish to gift and the amount they want to send, and then enter the recipient’s email address with a personalized message. Once the recipient receives the gift, they can redeem it by setting up an account on Binance.US and claiming their digital assets. Binance.US Latest Moves The Crypto Box feature is the latest move by Binance .US to cater to the growing interest in dog-themed cryptocurrencies. The exchange recently introduced a dollar-co...

Over the weekend, Binance temporarily closed Bitcoin withdrawals as fees skyrocketed due to increased usage of the ordinals protocol, which has surged in popularity due to its ability to inscribe text and images into the blockchain. Taproot transactions, the type used for ordinals, have grown to account for over 50% of Bitcoin transactions, compared to just 2% at the start of the year. Binance eventually attributed the problem to the system configuration not expecting transaction fees at this level. Bitcoin fees approached $20, but stayed well below historical peaks, such as over $60 in April 2022 and $55 in December 2017, according to BitInfoCharts. Binance indicated that it intends to begin working on enabling withdrawals from Bitcoin using the lightning network, in order to reduce the total number of on-chain transactions it needs to complete. We've temporarily closed $BTC withdrawals as the #Bitcoin network is experiencing a congestion issue. Our team is currently wor...

Also Read: Bull Market Issue; CZ Addresses Bitcoin Withdrawals Issue advertisement Crypto Stocks Decline Coingape reported that Binance decided to pause BTC withdrawals citing a spike in pending transactions as it wasn’t able to offer high enough rewards to miners to log the trades. According to the data, blockchain and crypto linked companies recorded a pre market trading decline on Monday. However, Bitcoin price recorded a drop of more than 3% to decline the $28K price level. Coinbase Global Inc (NASDAQ: COIN), the U.S. biggest crypto exchange, stock price dropped by 4% pre market. Its pre market price stood around $56.44. However, Coinbase recently secured a first round win against U.S. Securities and Exchange Commission (SEC). Bitfarms Ltd pre market price dropped by 4.3%, while Riot Platforms Inc’s (NASDAQ: RIOT) price slumped by 6.5%. However, Marathon Digital Holdings Inc (NASDAQ: MARA) price declined by 6.5% to stand at $10.79. R...

Binance said retiring old deposit addresses on multiple blockchains was part of its infrastructure upgrade, and new addresses will offer better security and efficiency. The world’s largest cryptocurrency exchange by trading volume, Binance is disabling multiple old deposit addresses as part of its infrastructure upgrade. In an announcement on April 18, Binance said it would retire selected deposit addresses and memos in batches on multiple blockchains, including Ethereum (ETH), Tron (TRX), BNB and Stellar (XLM). The crypto exchange said that the retirement of old addresses is a routine and a part of enhancing security and efficiency for the users . List of retired deposit addresses on various blockhain networks. Source: Binance The users of these impacted deposit blockchain addresses will be notified via email and the exchange strongly encouraged that all impacted users obtain a new address and memo upon receiving the notification. The notification email will include the expirat...

BTC volatility is at a record low, inflows to spot markets remain muted and this week’s economic calendar suggests that volatility is set to rock the crypto market. Continuing with 2022’s trend, there is a lack of positive excitement in the crypto market. While Bitcoin (BTC) and altcoins have remained stagnant to start 2023, there are a few reasons why volatility could spike in January.  Market caps during the 2022 holiday period. Source: Arcane Research Winklevoss Letter to DCG stirs up bankruptcy FUD On Jan. 2, Cameron Winklevoss, the co-founder of Gemini, penned an open letter to Digital Currency Group (DCG) founder, Barry Silbert demanding answers on the $900 million in locked customer funds. Gemini launched the “Earn” program in coordination with Barry Silbert and the $900 million in customer funds have been locked since Nov. 16 due to DCG liquidity issues. After the letter, crypto Twitter began generating FUD toward DCG, believing there to be liquidity issues akin to 3 Arrows...