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Despite facing regulatory challenges, Binance has retained its position in the industry, with only a marginal decrease in its market share, according to TokenInsight. Binance experienced a 5% decline in market share , dropping from 54.2% to 48.7%. This shift followed the decision of Binance’s founder, Changpeng Zhao, to step down as CEO as part of a $4.3 billion settlement with the U.S. Department of Justice, according to recent research from TokenInsight. Crypto exchanges market share | Source: TokenInsight As per data, other cryptocurrency exchanges such as OKX and Bybit appeared to be significant gainers in the market, with OKX increasing by 4.3% in market share to 15.7%, while Bybit saw a rise of 2.2% up to 11.6%. Analysts added that despite Binance facing troubles with U.S. regulators last year, traders “do not seem to have lost confidence in centralized exchanges.” “These events did not have a massive impact on the market landscape as the FTX co...

The Badger DAO utility token , BADGER, has skyrocketed in value thanks to cryptocurrency exchange Binance. Badger DAO (BADGER) is a decentralized autonomous organization (DAO) with a single purpose: to create the products and infrastructure needed to accelerate the use of Bitcoin (BTC) as collateral for other blockchains. In 24 hours, BADGER saw an impressive 20.18% increase, rising from $2.8 to $4.61 in the price range. At its peak, the token price reached $5.53. This price increase indicates positive market sentiment following Binance’s announcement. BADGER price | Source: CoinMarketCap The coin’s sharp rise came after Binance announced on Nov. 9 that it would launch the USDS-M BADGER Perpetual Contract. The listing, scheduled for Nov. 9th at 12:30 pm (UTC), has increased interest in BADGER. Traders are now getting to grips with this new trading product and can use maximum leverage of 50x. The cryptocurrency market as a whole is experiencing a new wave of rall...

The U.S. Securities and Exchange Commission (SEC) said that Binance’s attempts to dismiss the lawsuit against it are invalid. The regulator called the company’s arguments “ absurd .” In its response, the Commission also reiterated that most crypto assets are securities under the Howey test. According to the department, “comparing tokens and, for example, oranges [as a product] is absurd .” “Binance’s Chief Compliance Officer crudely but succinctly summed up this case when he admitted that Binance was ‘operating as a fking unlicensed securities exchange in the USA bro.’ He was right.” SEC filing Binance previously stated that the regulator was violating the Fundamental Issues Doctrine. This is the principle of interpretation of regulations in administrative matters. It introduces strict limits for executive authorities in the interpretation of certain laws. You might also like: Binance and Changpeng Zhao ask court to dismiss SEC suit The conflict ...

Binance, the world’s largest cryptocurrency exchange by client count, has withdraw n its application to BaFin for a crypto license in Germany.  Binance’s decision to withdraw its application for a crypto license in Germany comes in response to the country’s strict regulatory environment, prompting the exchange to reassess its expansion strategy. Earlier, German regulators had informed Binance that they would not issue them a license. Still in pursuit of appropriate licensing On July 26, said this withdraw al is due to significant changes in the global market and regulatory environment.  Although Binance is pulling out, it remains committed to obtaining the necessary license in the country. In the coming days, the exchange will submit a revised application that accurately reflects the current developments. When the exchange exited Cyprus, they said they had plans to fully comply with the European Union’s Markets in Crypto Assets (MiCA) legislation.  ...

The WSJ’s investigation reveals that Binance’s CEO Changpeng Zhao was aware of wash trading at the American branch launch and “directed” it. According to a report from the Wall Street Journal, in the first hour of Binance launching its American platform, BinanceUS, around $70,000 worth of Bitcoin (BTC) was exchanged. The media accessed the internal communication, where CEO Changpeng Zhao allegedly admitted the volume wasn’t all from external traders. “That was ourself, I think.”  Binance’s CEO Changpeng Zhao In addition to that, the WSJ report alleges that the global Binance exchange wash-traded about 46% of its total volume. What is wash trading This raises a larger question about actual trading volumes versus coin promoters shuffling assets, known as wash trading . Wash trading is a deceptive practice in the financial markets where an entity, typically a trader or a group of traders, artificially inflates trading volumes by repeatedly b...

The first increase in trading volume in months was driven by market volatility following the SEC's lawsuits against Binance and Coinbase, as well as improving sentiment via BlackRock's ETF filing. The combined spot and derivatives trading volume on centralized exchanges (CEXs) climbed 14.2% in June to $2.71 trillion, according to CCData's monthly exchange report. Binance, Binance.US, and Coinbase all saw their market share decline in the past month. As per the report, the first rise in trading volume in three months was backed by BlackRock's exchange-traded fund (ETF) filing and regulators' complaints against crypto exchanges Binance and Coinbase in the United States. Binance saw a surge in withdrawals following the Securities and Exchange Commission (SEC) lawsuit on June 5. As a result, its market share dropped the most among CEXs, by 1.40% to 41.6%, while Binance.US saw a marginal share decline of 0.86% to 0.36%. Coinbase's market share declined the least a...

Following Binance’s departure from Cyprus, ByBit strengthens the island’s crypto ecosystem after acquiring an operating license. Crypto exchange Bybit revealed it has acquired a license to operate as an exchange and custody service in Cyprus. The world’s third most visited crypto exchange will begin offering trading between crypto and fiat currency pairs, and crypto-related financial services. Cyprus is the third most populous island in the Mediterranean Sea, with a population of 1.2 million people. In a press release, Ben Zhou, the co-founder and CEO of Bybit, explained the importance of expanding the group’s global presence, highlighting the role of crypto as a way of opting out of the legacy financial system: “We are excited to introduce the Crypto Ark to Cyprus.“ Cyprus is increasingly a crypto hotspot in the Mediterranean, in some parts driven by actions from the public sector. In 2022, Kyriacos Kokkinos, the deputy minister to the president for research at the time, explained t...

Ex CEOs Testifies Against Binance.US Former Binance.US CEOs, Catherine Coley and Brian Brooks, who have impressive backgrounds in the finance and crypto industry, played significant roles in the SEC’s lawsuit against Binance. Coley, a former Morgan Stanley executive and head of institutional liquidity at Ripple Labs, and Brooks is a former Coinbase legal chief and acting head of the Office of the Comptroller of the Currency. advertisement They departed from Binance.US in 2021 following disputes with Binance’s CEO, Changpeng Zhao, regarding his control over Binance.US operations. The SEC’s complaint relies on their testimony to support allegations of faked trading volumes, wash trading, commingling of funds, and a lack of separation between Binance.US and its parent company. Read CoinGape’s Lawsuit Coverage.. The SEC complaint revealed that “BAM Trading,” the entity behind Binance .US, was established as part of a plan to evad...

At a time when USDT is touching new market cap highs, the other stablecoins are struggling to keep their market dominance. Tether-issued USDT (USDT) stablecoin broke past a new all-time-high market cap of over $83 billion as it continues its stablecoin market dominance. The new ATH market cap for the USDT stablecoin comes in a year when other stablecoin issuers are struggling to remain afloat due to regulatory ire. The same was pointed out by cryptocurrency exchange Binance’s CEO Changpang Zhao aka CZ. Tether USDT market cap chart. Source: Coinmarketcap CZ in a quote tweet drew attention towards BUSD, a Binance stablecoin issued by Paxos. The Binance CEO said that “BUSD was a fully regulated stablecoin that was ‘capped’ by NYDFS at a $23 billion and currently sits at a $5 billion market cap and since then USDT has seen tremendous growth.” BUSD, a fully regulated stablecoin, was "capped" (no new minting) by NYDFS at $23b. Now at $5b market cap. Since then, USDT has seen t...