Binance

Binance suspends euro stablecoin after 200% price surge

“We will assist the AEUR project team to provide reasonable compensation to affected users” within 72 hours, the exchange said.

Crypto exchange Binance is reimbursing users and delisting the Anchored Coins Euro (AEUR) stablecoin after the token surged more than 200% in value after listing.

According to a Dec. 6 announcement, Binance will compensate users who purchased AEUR at an inflated valuation and failed to sell it after trading was halted earlier in the day. Affected users will receive a portion of the premium amount above the peg of 1 AEUR = 1.08 Tether (USDT) as a refund. The exchange wrote:

The large price volatility also affected the pricing of various AEUR trading pairs, including Bitcoin (BTC), Ether (ETH) and the euro, which also falls within the scope of the exchange’s compensation plan. “To avoid potential losses for other investors, the resumption time of the above AEUR spot trading pairs will be notified separately,” Binance said. The coin is currently suspended for trading on the exchange.

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Trust the best strategy in crypto bear market — Trust Wallet CEO

Cointelegraph sat down with Trust Wallet CEO Eowyn Chen to talk about how Web3 can become a better experience for everyone.

Bringing the global crypto and blockchain communities together in Istanbul, Turkey, the Binance Blockchain Week 2023 was a clear indicator that the Web3 ecosystem continues to grow regardless of price movements. 

Despite being a Binance event, the conference housed several key players from the crypto industry.

Among them was Trust Wallet, a decentralized Web3 wallet provider acquired by Binance back in 2018. Since its acquisition, Trust Wallet has been widely seen as “the wallet arm of Binance.” This is why the Binance Blockchain Week visitors were caught off-guard when the crypto exchange announced its own Web3 wallet.

Trust Wallet CEO Eowyn Chen — a former vice president at Binance — clarified that “Binance focuses on the centralized, while Trust Wallet works toward the decentralized ecosystem,” adding that Trust Wallet has a neutrality that can serve and partner with anyone in the crypto industry.

“We think that keeping that independence and distance is the best way to keep the culture and the talents running for its own mission.”

Trust Wallet was born in 2017 during the initial coin offering craze due to the need for an accessible mobile wallet, Chen said.

Cointelegraph sat down with Trust Wallet CEO Eowyn Chen during Binance Blockchain Week Istanbul. Source: Cointelegraph

“Recently, we became a sister company of Binance rather than operating under Binance because we can have a better playing field,” Chen explained.

“Scammers provide better customer support”

Compared to fixing the user experience, solving the security issues across Web3 is trickier, according to Chen.

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Binance is now 'totally different': Interview with CEO Richard Teng

The new CEO of Binance takes stock of the exchange’s future following a landmark $4.3 billion settlement with United States authorities in a one-on-one interview with Cointelegraph.

Binance CEO Richard Teng has assured the “gaps in compliance” from the early days of Binance are firmly in the past and that the crypto exchange is now “totally different.”  

Teng, the former head of regional markets for Binance, was elevated to the position of CEO on Nov.

“As part of the settlement, CZ cannot be involved in the day-to-day running of the company’s operations,” Teng explained.

Despite that, the incumbent CEO of Binance cuts the figure of a man reveling in the challenges ahead.

“I’m taking the baton and pushing ahead with our growth agenda while working very closely with global regulators.”

Teng believes that the “overcast” conditions clouding Binance in recent months are lifting following its staggering $4.3 billion settlement with the United States Justice Department relating to a raft of violations of U.S.

$4.3B settlement a result of early gaps in compliance

The exchange has paid dearly for mistakes made during its meteoric growth from 2017 onwards. Teng recalls how Zhao built Binance from a team of six people to a global operation consisting of thousands of employees that serves a user base estimated to be more than 166 million.

“In those very early days while we were building up the company, there were gaps in terms of compliance. That resulted in all these breaches and mistakes, but these are historical issues.”

The shortcomings of its early compliance regime have led to the largest crypto-related settlement in U.S.

Binance is now ‘totally different’: Interview with CEO Richard Teng

In a one-on-one interview with Cointelegraph, the new CEO of Binance takes stock of the exchange’s future following a landmark $4.3 billion settlement with United States authorities.

Binance CEO Richard Teng has stated that the “gaps in compliance” from the early days of Binance are firmly in the past and that the crypto exchange is now “totally different.”  

Teng, the former head of regional markets for Binance, was elevated to the position of CEO on Nov.

“As part of the settlement, CZ cannot be involved in the day-to-day running of the company’s operations,” Teng explained.

Despite that, the incumbent CEO of Binance gives the impression of a man reveling in the challenges ahead.

“I’m taking the baton and pushing ahead with our growth agenda while working very closely with global regulators.”

Teng believes that the “overcast” conditions clouding Binance in recent months are lifting following its staggering $4.3 billion settlement with the Justice Department relating to a variety of violations of U.S.

$4.3 billion settlement a result of early gaps in compliance

The exchange has paid dearly for mistakes made during its meteoric growth from 2017 onwards. Teng recalled how Zhao built Binance from a team of six people to a global operation consisting of thousands of employees that serves a user base estimated to be more than 166 million.

“In those very early days, while we were building up the company, there were gaps in terms of compliance. That resulted in all these breaches and mistakes, but these are historical issues.”

The shortcomings of its early compliance regime have led to the largest crypto-related settlement in U.S.

Binance VIP traders got sneak peak of US settlement: Report

At an exclusive dinner in Singapore, certain Binance executives reportedly told traders about the pending settlement with U.S. officials, allowing the exchange to stay in business.

Executives of cryptocurrency exchange Binance reportedly gave a heads-up to its top market makers regarding a potential $4.3-billion settlement with authorities in the United States.

According to a Dec. 1 Bloomberg report, Binance traders at an exclusive September dinner in Singapore were informed about a tentative deal the crypto exchange had with U.S. Some Binance executives reportedly told certain traders at the event that the exchange could easily afford the $4.3-billion penalty to stay in business.

Then Binance CEO Changpeng “CZ” Zhao was reportedly not in attendance at the event, but Richard Teng, who succeeded Zhao following the settlement, was mingling with guests.

According to Teng’s posts on X (formerly Twitter) from September, the then head of regional markets was in Singapore for the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix for Formula 1 and “plenty of side events.” Cointelegraph will release an exclusive interview with the Binance CEO at 6:00 pm UTC on Dec.

Related: Binance operating without license in Philippines, regulator says

As part of its settlement, Binance must pay $4.3 billion to various U.S. at the time of publication, as a court considered his request to return to the United Arab Emirates before sentencing in February.

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Binance VIP traders got sneak peek of US settlement: Report

At an exclusive dinner in Singapore, certain Binance executives reportedly told traders about the pending settlement with U.S. officials, allowing the exchange to stay in business.

Executives of cryptocurrency exchange Binance reportedly gave a heads-up to its top market makers regarding a potential $4.3-billion settlement with authorities in the United States.

According to a Dec. 1 Bloomberg report, Binance traders at an exclusive September dinner in Singapore were informed about a tentative deal the crypto exchange had with U.S. Some Binance executives reportedly told certain traders at the event that the exchange could easily afford the $4.3-billion penalty to stay in business.

Then Binance CEO Changpeng “CZ” Zhao was reportedly not in attendance at the event, but Richard Teng, who succeeded Zhao following the settlement, was mingling with guests.

According to Teng’s posts on X (formerly Twitter) from September, the then head of regional markets was in Singapore for the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix for Formula 1 and “plenty of side events.” Cointelegraph will release an exclusive interview with the Binance CEO at 6:00 pm UTC on Dec.

Related: Binance operating without license in Philippines, regulator says

As part of its settlement, Binance must pay $4.3 billion to various U.S. at the time of publication, as a court considered his request to return to the United Arab Emirates before sentencing in February.

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Capital flight from Binance subsidies: Report

“It’s business as usual,” Nansen wrote in evaluating Binance’s data.

It appears that withdrawals from crypto exchange Binance have largely subsided after its $4.3-billion settlement with the United States Department of Justice last week.

Data from blockchain analytics firm Nansen shows that Binance witnessed a net inflow of $87.4 million in Ethereum token deposits in the past seven days. Meanwhile, the net withdrawal of multichain tokens, which includes Ether (ETH), BNB (BNB), Avalanche’s AVAX (AVAX) and Polygon’s MATIC (MATIC), totaled $59.2 million during the same period. In the initial aftermath of the $4.3-billion settlement, Binance users withdrew more than $1 billion from the exchange.

Since then, Binance users have withdrawn more than $7.62 billion from the exchange but have also deposited $7.56 billion in digital assets, according to Nansen data.

Immediately after the settlement, Changpeng Zhao resigned as CEO of Binance, followed by his resignation as chairman of the board of directors of Binance.US on Nov.

Richard Teng, former global head of regional markets at Binance, has been named CEO following Zhao’s departure.

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Capital flight from Binance subsides: Report

“It’s business as usual,” Nansen wrote in evaluating Binance’s data.

It appears that withdrawals from crypto exchange Binance have largely subsided after its $4.3-billion settlement with the United States Department of Justice last week.

Data from blockchain analytics firm Nansen shows that Binance witnessed a net inflow of $87.4 million in Ethereum token deposits in the past seven days. Meanwhile, the net withdrawal of multichain tokens, which includes Ether (ETH), BNB (BNB), Avalanche’s AVAX (AVAX) and Polygon’s MATIC (MATIC), totaled $59.2 million during the same period. In the initial aftermath of the $4.3-billion settlement, Binance users withdrew more than $1 billion from the exchange.

Since then, Binance users have withdrawn more than $7.62 billion from the exchange but have also deposited $7.56 billion in digital assets, according to Nansen data.

Immediately after the settlement, Changpeng Zhao resigned as CEO of Binance, followed by his resignation as chairman of the board of directors of Binance.US on Nov.

Richard Teng, former global head of regional markets at Binance, has been named CEO following Zhao’s departure.

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Binance launches pilot program for bank custody of collateral

Binance unveiled a new program that lets institutions trade without depositing to the exchange.

Crypto exchange Binance launched a pilot program that allows banks to store trading collateral off-exchange, according to a Nov.

Binance trading interface. Source: Binance

According to the announcement, the program allows institutions to hold collateral at a third-party bank instead of depositing it on the exchange.

According to Binance executive Catherine Chen, the exchange has been developing the program for at least a year and plans to expand the program even more in the future, as she stated:

“Counterparty risk has long been a concern of institutional investors across the industry. Our team of crypto natives and traditional finance professionals has been exploring a banking triparty agreement for more than a year to address their concern […] We are in close discussions with an array of banking partners and institutional investors who have also expressed strong interest in participating.”

Counterparty risk is defined as “the likelihood or probability that one of those involved in a transaction might default on its contractual obligation,” according to Investopedia.

Binance isn’t the only exchange that has sought to solve this problem. 28, crypto exchange Deribit teamed up with MPC wallet provider Fireblocks to create a cryptographic system that also allows traders to perform swaps without depositing on the exchange.

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Binance settlement ‘net positive’ for cryptocurrency industry — Mike Novogratz

Galaxy Digital CEO Mike Novogratz believes Binance has satisfied regulators and users after its $4.3 billion settlement with United States authorities.

Binance’s $4.3 billion settlement with the United States Department of Justice (DOJ) is being hailed as a positive move for the company and the wider cryptocurrency industry, according to Galaxy Digital’s Mike Novogratz.

In an interview with Bloomberg on Nov.

“I think they’re de-risked in lots of ways. There’s a lot less to worry about now.”

Novogratz also weighed in on the considerations for major investment firms dealing with exchanges, as well as traditional finance (TradFi) players, with regulatory oversight continuing to take center stage in the United States.

Binance didn’t steal money

The Galaxy Digital CEO said that a reasonable approach underpinned by investments and relationships with companies that “take their jobs seriously” remains key while stressing that mainstream finance has also found itself on the wrong side of regulators in recent years.

“If you went through the list of TradFi banks who have been sanctioned or fined by different regulators in the last 24 months, it’s a shocking list.

Related: FTX collapse, Binance’s US settlement provide strong case for MiCA regulations

He added that concerns over Binance potentially being shut down or that the exchange had “stolen people’s money” in a situation similar to FTX simply was not the case:

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