Crypto investors consider second passports amid US crackdown and EU regulation
Investors in the US are facing difficulties due to lawsuits against Coinbase and Binance for selling unregistered securities. Binance has suspended deposits and withdrawals in US dollars, leading some investors to consider investing and trading crypto in other countries. However, crypto regulation varies greatly around the world, with some countries banning it completely while others have made it legal tender. The EU is ahead of the US in terms of comprehensive regulation, with the world's first comprehensive crypto regulation passed in April and signed into law in May. Obtaining an overseas residency or second passport can be beneficial regardless of concerns about the US government's actions towards cryptocurrency.
Binance Lays Off Over 1,000 Employees
Binance, the cryptocurrency exchange, is laying off over 1,000 employees as it faces regulatory scrutiny and investigations in the US and other countries. The layoffs could result in Binance losing more than a third of its staff. Former employees have reported that customer-service workers were heavily affected by the cuts. The company has confirmed the layoffs but has not disclosed the exact number. Binance has been targeted by US regulators and is facing a continuing investigation by the Justice Department. The exchange recently decided to eliminate its physical presence in the US and is relocating or laying off about 150 people there.
Mysterious Whale Makes $650K Profit as PEPE Price Surges
An on-chain analytics resource, Lookonchain, has reported unusual activity from a mysterious whale in the Pepe token market. The whale deposited 3.94 trillion PEPE tokens, worth $7 million, to a Binance-associated wallet in a single transaction and booked a profit of approximately $650,000 as the price of PEPE surged by 17% in the past 24 hours.
Binance CEO Reflects on Past Crypto Winters and Key Industry Trends on Exchange's Sixth Anniversary
Binance CEO Changpeng Zhao has written a letter to the exchange's users, reflecting on the challenges faced during past crypto winters and highlighting key trends shaping the industry as the company celebrates its sixth anniversary. Zhao acknowledged the decline in the market following record user registration in January 2018, but noted that the bear market taught the importance of "prudent financial management."
Binance Appoints New General Counsel To Tackle Legal Challenges
Binance has appointed Eleanor Hughes as its new general counsel to lead the legal affairs of the cryptocurrency exchange with a team of 85 lawyers. Hughes, who previously served as head of legal for APAC and MENA at Binance, has helped the company secure virtual asset service provider licenses in several jurisdictions.
The “0x882E” Whale Raised 7,000 ETH From Binance, and Has Raised a Total of 57,100 ETH Recently
According to Lookonchain monitoring, the giant whale address starting with "0x882E" withdrew 7,000 ETH (approximately US$13.2 million) from Binance 2 hours ago. Since June 8, the whale has withdrawn 57,100 ETH (about $108 million) from Binance and pledged 36,640 ETH (about $69 million).
Coinbase CEO Brian Armstrong Starts Twitter Poll on Bank of America Closing Accounts due to Transactions with the Exchange
Following the SEC's lawsuits against Binance and Coinbase, banks are becoming more cautious about doing business with cryptocurrency companies. Coinbase CEO Brian Armstrong conducted a Twitter poll asking if Bank of America had closed accounts that transact with the exchange, in response to claims that personal bank accounts were closed after using them for Bitcoin transactions with Coinbase.
Off The Chain Capital to Receive Sizable Payout from Mt. Gox Bankruptcy Claims, Expresses Confidence in Binance's Future
Off The Chain Capital, a hedge fund managing $140 million, is expected to recover its Mt. Gox bankruptcy claims in September, which will make up 25% of its flagship fund's portfolio.
Binance's BNB Beacon Chain to Halt Block Production in Upcoming Hard Fork with New Feature for On-Chain Asset Reconciliation
The Binance-operated BNB Beacon Chain mainnet will introduce a new feature in its upcoming hard fork that allows the blockchain to halt the production of new blocks under certain conditions. The hard fork will also implement the Binance Evolution Proposal BEP-255, which aims to mitigate damage from potential cross-chain bridge exploits.
Binance Adds ARB/ETH, BCH/TRY, XVG/TRY & XVG/TUSD Trading Pairs
Binance will open trading for the ARB/ETH, BCH/TRY, XVG/TRY and XVG/TUSD trading pairs at 2023-07-14 08:00 (UTC).TRY is a fiat currency and does not represent any other digital currencies.
Binance.US Refutes Bitcoin Cash (BCH) Reserves FUD
Binance, the world's largest exchange, has been facing rumors and doubts about its Bitcoin Cash (BCH) reserves on its American subsidiary, Binance.US. The company has clarified that it maintains a 1:1 reserve for BCH, meaning that for every BCH held on the platform, a BCH is kept in reserve.
Polygon Executes "Indore" Hard Fork to Improve Network Stability and Shifts Focus to Time-Based Design
Polygon has completed the "Indore" hard fork as part of the larger "Inborg" update to improve network stability and eliminate potential errors. Binance has expressed support for the hard fork by halting deposits and withdrawals until the upgrade is complete.
PeckShieldAlert: The Stolen Amount of Rodeo Finance Is About 472 ETH, RDO Fell by More Than 63% in a Short Time
PeckShieldAlert posted on social media that about 472 ETH (approximately $888,000) were stolen from the Arbitrum ecological leveraged income agreement Rodeo Finance, and the attacker has transferred the funds to the Ethereum mainnet and deposited 285 ETH into Ankr: ETH2 Staking is pledged, and another 150 ETH is transferred to Tornado Cash. Affected by the attack, RDO fell more than 63% in a short time.
BNB's DeFi Sector Shows Resilience Despite SEC Lawsuit and Volatility, But Price Continues to Decline
Despite the negative impact of the SEC lawsuit against Binance and the decline in BNB's price, the DeFi sector of BNB continues to grow and retain its dominance. BNB Chain secured the third position in terms of Total Value Locked (TVL) among blockchain ecosystems with a TVL surpassing $100 million.
Binance Attracts Indian Traders to Buy and Sell Cryptos in Rupees
Binance, the world's largest cryptocurrency exchange, is reportedly attracting traders in India by allowing them to buy and sell cryptocurrencies in Indian rupees. The exchange acts as a neutral third party, providing an 'escrow service' that pairs a local buyer and seller in an offshore marketplace while settling the payment in INR. Indian regulators are aware of these transactions, and Binance is not violating any laws as they only provide escrow services for crypto transfers, which are not recognized as legal tender. However, local traders who advertise for buying and selling cryptos on the Binance platform could potentially be violating exchange control rules and anti-money laundering. Indians have moved their cryptos to wallets with foreign exchanges, decreasing user activity on India-based exchanges to 90% in 2022.
A Giant Whale Transferred 1,327 BTC to Binance for About 40 Million U.S. Dollars
According to the monitoring of Ember, a data analyst on the chain, a giant whale address transferred 1,327 BTC (about 40 million US dollars) to Binance half an hour ago. These BTCs were proposed by him from Binance on June 28. The address also withdrew 750 BTC (~$22 million) from Binance on the afternoon of April 30, and then transferred it back to Binance in the early hours of May 1. Three hours after he transferred back to Binance, BTC dropped from $29,400 to $28,500.
Binance Will Support the Kava (KAVA) Network Upgrade
Binance has announced its support for the upcoming Kava (KAVA) network upgrade, which will take place at the Kava block height of 5,597,000, or approximately at 2023-07-12 15:00 (UTC). During the upgrade, deposits and withdrawals of KAVA will be temporarily suspended starting from 2023-07-12 14:00 (UTC).
Binance CEO CZ Reveals Secret to Building Tight Teams: External Pressure
Binance CEO CZ recently shared his thoughts on how to build strong and tight-knit teams. Contrary to popular belief, he believes that the secret is not fancy team building events or coaching exercises, but rather external pressure. CZ argues that fighting in the trenches together builds reliance, alliance, resilience, and trust between team members.
Cryptocurrency Industry Employment Reaches Nearly 190,000 in July 2023, with Exchanges and Brokerages Employing One-Third of Workforce, According to K33 Research
New data from K33 Research reveals that the cryptocurrency industry currently employs almost 190,000 people as of July 2023, which is a significant increase compared to pre-crypto frenzy employment statistics. The report shows that in 2021, there were almost 211,000 individuals employed in the crypto industry, with around one-third of them working at exchanges or brokerages.
Binance Reveals Asset Reserves Including Dogecoin, Solana, and Ripple
Binance has released its eighth asset reserve certificate, which provides transparency into the company's holdings in various cryptocurrencies, including Dogecoin, Solana, and Ripple. Binance's net holdings include 11.6 billion DOGE, 31.2 million SOL, and 2.7 billion XRP, giving insight into the dynamics of the cryptocurrency exchange market. Bitcoin and Ethereum holdings have decreased, while Binance Coin holdings have increased.
