Record $113M BUSD stablecoin inflow shows Binance is serious about DeFi

New data from CryptoQuant, an on-chain analytics firm, shows $113 million worth of Binance USD (BUSD) has flowed into Binance exchange over the past week. This means BUSD stablecoin now has the highest potential buying power over all other USD-based stablecoins except for Tether (USDT). BUSD inflow to Binance. Source: CryptoQuant Binance’s new USD-backed stablecoin is ERC-20-based and was launched in 2019 in partnership with Paxos. Since then, BUSD has steadily been gaining traction as its volume increased and recently surpassed that of USD Coin (USDC) on Sept. 4.   Main…

Binance US on track to launch in all 50 states by 2021

New legislation may make it possible for Binance US, the American branch of crypto exchange Binance, to open its doors to all traders in every state by next year. According to a Sept. 15 tweet from Binance U.S. CEO Catherine Coley, the digital asset marketplace has just launched in Georgia, allowing users to buy, trade, and earn digital assets. Thrilled @BinanceUS launches in Georgia today – our 40th state! Atlanta means so much to me, a 1996 @kerristrug96 fangirl obsessed with the Olympics. What can I say, we’ve come a…

7.6B more ADAs were transferred to Binance with its price shedding 30%

In the last month, 7.6 billion more ADAs were transferred to Binance than withdrawn according to data from Flipside Crypto. Meanwhile, the price of ADA dropped from $0.141 on August 14 to $0.097 by September 14 — a 31% decrease. ADA price and market capitalization. Source: CoinMarketCap. Before the asset’s recent backtrace in price, Cardano’s native currency was on a bull run, culminating with a recent upgrade on July 29. During the run, ADA was able to entrench itself in the top-10 cryptocurrencies by market capitalization, but has dropped out…

Binance sued for allegedly facilitating money laundering with ‘lax KYC’

Binance’s famously light Know Your Customer requirements are being targeted by the current owners of Zaif, a Japanese cryptocurrency exchange that got hacked in 2018. Plaintiffs are claiming that its weak KYC requirements and high daily withdrawal limit facilitated the laundering of $60 million stolen from the exchange. The lawsuit was filed in the Northern District of California by representatives of Fisco cryptocurrency exchange, which acquired Zaif soon after the hack. Fisco is accusing Binance of helping launder $9 million in cryptocurrency, and is seeking compensation for these alleged losses.…

Binance Coin Jumps 17% Rally by Mid-September; Could It Hit $40?

Binance Coin (Symbol: BNBUSD) is the only top tier cryptocurrency that has returned profits to its investors in the first half of September. The seventh-largest crypto by market capitalization was up by circa 17 percent, trading at $29.07 as of 1023 GMT, Tuesday. At the same time, other leading cryptocurrencies, including Bitcoin, Ethereum, and XRP, were trading 10-20 percent below zero. Beating Ethereum At its month-to-date high, Binance Coin was trading at $34.05, up by almost 47.04 percent. The cryptocurrency’s surprising upside move came amidst growing demand for Binance Chain.…

FATF hints at Binance as example of an exchange avoiding regulation

A new report by the Financial Action Task Force, or FATF, details a series of red flags that can help identify illicit activity involving cryptocurrencies. Among them are a general set of guidelines involving exchanges in jurisdictions with weaker regulations, where Binance is seemingly singled out for often moving to avoid stronger regulatory oversight. The report, published on Sept. 14, lists a variety of red flags for spotting money laundering or terrorism financing, grouped by categories. Most red flags cited are commonly seen in traditional finance as well: young or…

Can Binance Coin hit $40? BNB faces last hurdle before all-time highs

In recent weeks, most of the cryptocurrency market has been doing poorly except for a few select altcoins. One of them is Yearn.finance (YFI), which was discussed in an earlier article. The other large-cap cryptocurrency doing well is Binance Coin (BNB), as the token of the cryptocurrency exchange dropped to $18 and immediately ran to $32 within one week.  This is a rally of 80% in a matter of days and, therefore, ripe for technical analysis to gauge where BNB may be headed next.  Crypto market daily performance. Source: Coin360…

Binance Coin (BNB) Sees Parabolic Rise as Popularity of Binance Chain Grows

Binance Coin has been caught within the throes of a parabolic uptrend in recent weeks, with the price of BNB rocketing higher amidst a mixture of increased demand for the Binance exchange coupled with demand for Binance Chain. This intense momentum has allowed the crypto token to form an incredibly strong weekly candle that will be closed later today, leading some analysts to expect significantly further upside. One trader, in particular, is looking towards a continuation of this uptrend, explaining that it has allowed BNB to shatter a crucial technical resistance…

Binance CEO wants more Ethereum-based DeFi projects to join his platform

Binance CEO Changpeng Zhao welcomed more Ethereum-based DeFi projects to join the Binance Smart Chain (BSC) platform.  In a tweet discussion with another user, Zhao explained that this step would reduce the load on the Ethereum network, which will, in turn, lead to a reduction in Ethereum’s gas fees.  Zhao later stressed that Binance Smart Chain is not a replacement or competitor to the Ethereum network and that it is compatible with it. Zhao added that Binance Smart Chain provides the smart contract creators with more options: “BSC never aimed…

A by-the-minute look at Tether’s $1 billion swap from Bitfinex to Binance

On August 20, a Tether swap worth $1 billion happened — it involved Binance, Bitfinex, and a major fire dumpster on TRON (TRX) blockchain.  Tether flows. Source: Flipside Crypto. From time to time, the news of Tether burning some of its supply on one blockchain and then minting it anew on another appears in the headlines. Although it sounds easy enough, in reality, it involves quite a bit of planning and more importantly — trust. Tether $1 billion swap transactions. Source: Cointelegraph. During the six-transaction swap that spanned two blockchains…