Inside Binance’s Guilty Plea and the Biggest Fine in Crypto History
1 year, 1 month ago

Inside Binance’s Guilty Plea and the Biggest Fine in Crypto History

Live Mint  

The king of crypto’s largest outlaw empire told employees for years that he would never turn himself in. Hours earlier, Zhao and his company, Binance, agreed to plead guilty to resolve a Justice Department criminal investigation that has dogged the world’s largest cryptocurrency exchange almost since its launch. Zhao also bowed to pressure in September from the DOJ to sell Binance’s Russia business, after The Wall Street Journal revealed customers there were using sanctioned Russian banks. Early on, a Binance compliance employee told a colleague that Zhao wanted “users to be able to trade within 10 minutes," without any identity checks meant to prevent the use of the exchange by criminals. Samuel Lim, Binance’s compliance chief, told Zhao in October 2018 that it had users from sanctioned countries, according to text messages obtained by the DOJ.

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History of this topic

Crypto hacker who stole $11 billion of bitcoin sentenced to prison
1 month, 1 week ago

Crypto hacker who stole $11 billion of bitcoin sentenced to prison

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A hacker has been sentenced to five years in prison for stealing and …

Binance founder Changpeng Zhao sentenced to 4 months for money laundering: Who is ‘bitcoin Jesus’
7 months, 3 weeks ago

Binance founder Changpeng Zhao sentenced to 4 months for money laundering: Who is ‘bitcoin Jesus’

Hindustan Times  

Changpeng Zhao, founder of the world's largest cryptocurrency exchange, was sentenced Tuesday to four months in prison for looking the other way as criminals used the platform to move money connected to child sex abuse, drug trafficking and terrorism. “I deeply regret my failure, and I am sorry.” But the judge said he was troubled by Zhao's decision to ignore …

Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering
7 months, 3 weeks ago

Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering

Associated Press  

SEATTLE — Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, was sentenced Tuesday to four months in prison for looking the other way as criminals used the platform to move money connected to child sex abuse, drug trafficking and terrorism. “I deeply regret my failure, and I am sorry.” But the judge said he was troubled by Zhao’s decision …

Former Binance CEO CZ sentenced to four months
7 months, 3 weeks ago

Former Binance CEO CZ sentenced to four months

Al Jazeera  

US said he looked away from transactions that supported child sex abuse, the illegal drug trade and ‘terrorism’. Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating US money-laundering laws at the world’s largest cryptocurrency exchange. US officials said Zhao deliberately looked the other way as people …

Column: The legal system is closing in on crypto, and things may only get worse
8 months, 2 weeks ago

Column: The legal system is closing in on crypto, and things may only get worse

LA Times  

Crypto fraudster Sam Bankman-Fried is screened in a New York courtroom as he prepared to face charges related to the collapse of his FTX crypto exchange. What’s important about Failla’s ruling is that she dismissed out of hand Coinbase’s argument, which is that cryptocurrencies are novel assets that don’t fall within the SEC’s jurisdiction — in short, they’re not “securities.” …

Nigeria seeks to try crypto exchange Binance executives over alleged money laundering, tax evasion
8 months, 2 weeks ago

Nigeria seeks to try crypto exchange Binance executives over alleged money laundering, tax evasion

Associated Press  

ABUJA, Nigeria — Nigerian authorities asked in court Thursday for cryptocurrency exchange Binance and two of its executives to be tried for alleged money laundering and tax evasion, the first legal step following weeks of a criminal investigation into the trading platform. Only Tigran Gambaryan, an American citizen and Binance’s head of financial crime compliance, attended the court hearing as …

What does Sam Bankman-Fried’s sentencing mean for crypto? | Explained
8 months, 3 weeks ago

What does Sam Bankman-Fried’s sentencing mean for crypto? | Explained

The Hindu  

The story so far: Sam Bankman-Fried, the former CEO of the collapsed cryptocurrency exchange FTX, was sentenced to 25 years in prison on March 28, having been found guilty of multiple counts of fraud in 2023 after the spectacular crash of his crypto exchange and business. “Samuel Bankman-Fried orchestrated one of the largest financial frauds in history, stealing over $8 …

What happened to FTX? The collapse of Sam Bankman-Fried’s crypto ‘house of cards’
8 months, 3 weeks ago

What happened to FTX? The collapse of Sam Bankman-Fried’s crypto ‘house of cards’

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The crypto magnate, whose wealth was estimated as high as $26bn, testified before Congress in December that …

A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTX
8 months, 3 weeks ago

A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTX

Associated Press  

Sam Bankman-Fried went from cryptocurrency golden boy to the face of the industry’s collapse. 2022 Nov. 2: Coindesk reports Alameda Reseach, Bankman-Fried’s cryptocurrency trading firm, holds a large amount of FTT, a token issued by FTX, suggesting the finances of the two are intertwined and Alameda faces a cash crunch. Nov. 17: Ray gives a damning description of FTX’s operations …

The Crypto Queen Pulling the Strings at Binance
11 months, 4 weeks ago

The Crypto Queen Pulling the Strings at Binance

Live Mint  

U.S. authorities toppled the king of crypto. Since Zhao resigned last month, Yi He, 37 years old, has assumed Zhao’s mantle as Binance defender-in-chief, calling critics “mediocre and hopeless" on X, the site formerly known as Twitter. Yi He recruited volunteers called Binance Angels to spread Zhao’s gospel that crypto would liberate people from traditional finance. The Binance spokesperson said …

Failed crypto exchange FTX’s debtors and liquidators reach a global settlement
1 year ago

Failed crypto exchange FTX’s debtors and liquidators reach a global settlement

The Hindu  

The debtors and liquidators of the failed crypto exchange FTX have reached a global settlement, that is due to be approved by a U.S. bankruptcy court and the Supreme Court of the Bahamas Court. According to the agreement, the FTX debtors and FTX Digital Markets are to “pool assets and coordinate the establishment of reserves and the timing and amount …

CZ Has Left Binance, SBF Is in Jail. Crypto Is About to Get Boring
1 year, 1 month ago

CZ Has Left Binance, SBF Is in Jail. Crypto Is About to Get Boring

Wired  

The world’s largest crypto exchange, Binance, and its founder, Changpeng Zhao, pleaded guilty yesterday to criminal charges in the US, releasing a wave of pent-up tension that had hung over the crypto industry for years. Under his leadership, Binance grew to become by far the world’s largest crypto exchange, but frequently clashed with regulators in the US and elsewhere. The …

Why Binance, the world’s largest crypto exchange, has been linked to Hamas
1 year, 1 month ago

Why Binance, the world’s largest crypto exchange, has been linked to Hamas

Firstpost  

Binance has been accused by the US government of ‘willfully’ failing to report over 100,000 suspicious transactions from several militant groups, such as Hamas’ military arm, Al Qaeda, ISIS and others. Treasury Secretary Janet Yellen said Binance was guilty of “consistent and egregious violations of US anti-money laundering and sanctions laws.” “Binance turned a blind eye to its legal obligations …

Largest crypto exchange Binance fined $4 billion, CEO Changpeng Zhao pleads guilty to not stopping money laundering
1 year, 1 month ago

Largest crypto exchange Binance fined $4 billion, CEO Changpeng Zhao pleads guilty to not stopping money laundering

The Hindu  

The U.S. government dealt a massive blow to Binance, the world’s largest cryptocurrency exchange, which agreed to pay a roughly $4 billion settlement Tuesday as its founder and CEO Changpeng Zhao pleaded guilty to a felony related to his failure to prevent money laundering on the platform. As part of the settlement agreement, the U.S. Treasury said Binance will be …

Who is Changpeng Zhao, Binance founder facing 18-month prison in historic $4.3 bn settlement?
1 year, 1 month ago

Who is Changpeng Zhao, Binance founder facing 18-month prison in historic $4.3 bn settlement?

Hindustan Times  

Changpeng Zhao, the founder and CEO of Binance, resigned from his position and pleaded guilty to violating US anti-money laundering laws. Binance founder and CEO Changpeng Zhao leaves federal court in Seattle, Tuesday, Nov. 21, 2023, after pleading guilty to violations of U.S. anti-money laundering laws. Changpeng Zhao, commonly known as CZ, is a Chinese-Canadian business executive and the founder …

The feds cracked down on Binance and Changpeng Zhao—and then insulted them!
1 year, 1 month ago

The feds cracked down on Binance and Changpeng Zhao—and then insulted them!

Slate  

The U.S. government just dropped a hammer on the biggest name left in cryptocurrency. Earlier on Tuesday, the DOJ said it was “seizing $9 million worth of Tether”—the dollar-pegged stablecoin that props up much of the cryptocurrency economy—in connection with “an organization that exploited over 70 victims through romance scams and cryptocurrency confidence scams.” This came just a day after …

Binance CEO pleads guilty, steps down from company. Who is Changpeng Zhao?
1 year, 1 month ago

Binance CEO pleads guilty, steps down from company. Who is Changpeng Zhao?

Live Mint  

Founder-CEO of Binance, the world's largest cryptocurrency exchange Changpeng Zhao, or CZ, as he is fondly known by crypto enthusiasts, has stepped down from his role after pleading guilty to breaking US anti-money laundering laws, as per a Reuters report. Zhao agreed to a $4.3 billion settlement deal in a Seattle court on November 21, including a personal payout of …

Founder of Binance, world’s largest crypto exchange, pleads guilty to anti-money laundering charge
1 year, 1 month ago

Founder of Binance, world’s largest crypto exchange, pleads guilty to anti-money laundering charge

Hindustan Times  

The founder of Binance, the world’s largest cryptocurrency exchange, pleaded guilty Tuesday to a felony charge that he failed to take steps to prevent money laundering as the company agreed to pay more than $4 billion following an investigation by the U.S. government. Binance CEO Changpeng Zhao CEO Changpeng Zhao pleaded guilty to one count of failure to maintain an …

Largest crypto exchange Binance fined $4 billion, CEO pleads guilty to not stopping money laundering
1 year, 1 month ago

Largest crypto exchange Binance fined $4 billion, CEO pleads guilty to not stopping money laundering

Associated Press  

WASHINGTON — The U.S. government dealt a massive blow to Binance, the world’s largest cryptocurrency exchange, which agreed to pay a roughly $4 billion settlement Tuesday as its founder and CEO Changpeng Zhao pleaded guilty to a felony related to his failure to prevent money laundering on the platform. As part of the settlement agreement, the U.S. Treasury said Binance …

Binance crypto exchange founder to step down amid US illicit finance probe
1 year, 1 month ago

Binance crypto exchange founder to step down amid US illicit finance probe

Al Jazeera  

Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, has stepped down as CEO and pleaded guilty to violating anti-money laundering laws. “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed. “In just the past month, the Justice Department has successfully prosecuted the CEOs of two of the world’s largest cryptocurrency exchanges in …

CEO of world’s largest crypto exchange pleads guilty and agrees to $50-million fine
1 year, 1 month ago

CEO of world’s largest crypto exchange pleads guilty and agrees to $50-million fine

LA Times  

Binance CEO Changpeng Zhao has agreed to step down as part of a sweeping deal with the Justice Department designed to keep the company operating. Binance Holdings Ltd. Chief Executive Changpeng Zhao pleaded guilty to criminal charges of money laundering and U.S. sanctions violations, including allowing transactions with Hamas and other terrorist groups, under a sweeping deal worked out with …

PROFILE | Sam Bankman-Fried: Fraud conviction in FTX crash caps stunning fall for ‘Crypto King’
1 year, 1 month ago

PROFILE | Sam Bankman-Fried: Fraud conviction in FTX crash caps stunning fall for ‘Crypto King’

The Hindu  

Prosecutors accused the founder of the Bahamas-based FTX crypto exchange of creating a “pyramid of deceit” built on lies and false promises. ‘Pyramid of deceit’ Prosecutors said Bankman-Fried directed the transfer of FTX customer money into Alameda Research, an affiliated hedge fund, for risky investments, political donations, and expensive real estate before both companies collapsed into bankruptcy in 2022. Ari …

FTX’s Sam Bankman-Fried found guilty. A timeline of the events
1 year, 1 month ago

FTX’s Sam Bankman-Fried found guilty. A timeline of the events

Live Mint  

Sam Bankman-Fried, co-founder and former CEO of cryptocurrency exchange FTX, is convicted on seven charges of fraud and money laundering by a New York jury, as per an AP report. Speaking to reporters after the hearing, US Attorney Damian Williams said the FTX fraud perpetrated by Bankman-Fried is "one of the biggest financial frauds in American history". " A timeline …

What to know about the Sam Bankman-Fried trial verdict
1 year, 1 month ago

What to know about the Sam Bankman-Fried trial verdict

Al Jazeera  

The FTX founder has been found guilty on seven charges, and he may face decades in prison. Sam Bankman-Fried’s fraud trial has ended with a guilty verdict for the crypto tycoon and the possibility that he spends decades behind bars. On Thursday, a New York federal court jury found Bankman-Fried guilty on all seven charges for fraud and conspiracy that …

Crypto tycoon Sam Bankman-Fried found guilty on all charges in fraud trial
1 year, 1 month ago

Crypto tycoon Sam Bankman-Fried found guilty on all charges in fraud trial

Al Jazeera  

Bankman-Fried faces up to 110 years behind bars following guilty verdict. Former crypto tycoon Sam Bankman-Fried has been found guilty on all charges after orchestrating what authorities have described as one of the biggest financial frauds in US history. Prosecutors accused Bankman-Fried, once the poster boy for virtual currencies, of stealing about $10bn, using customers’ funds to make risky investments, …

What’s Changed for Crypto After FTX? Not Much.
1 year, 2 months ago

What’s Changed for Crypto After FTX? Not Much.

Live Mint  

The collapse of crypto exchange FTX wiped out millions of its customers’ crypto holdings and turned its billionaire founder into a pariah now facing criminal fraud charges in New York. Instead, regulators have pursued a piecemeal enforcement campaign designed to impose Wall Street’s rules on crypto—a move the biggest crypto exchanges, such as Binance, are fighting in court. Another FTX …

The World’s Biggest Crypto Firm Is Melting Down
1 year, 2 months ago

The World’s Biggest Crypto Firm Is Melting Down

Live Mint  

After FTX crashed, the world of crypto seemed to belong to the largest exchange, Binance. The U.S. Justice Department has undergone a yearslong investigation that could result in criminal charges for Binance and Zhao as well as billions of dollars of fines, according to people familiar with the probe. Binance also faces a Securities and Exchange Commission lawsuit that alleges …

Former FTX crypto executive pleads guilty to making millions in illegal campaign contributions
1 year, 3 months ago

Former FTX crypto executive pleads guilty to making millions in illegal campaign contributions

Associated Press  

NEW YORK — A former top executive at the failed FTX cryptocurrency exchange pleaded guilty Thursday to making tens of millions of dollars in illegal campaign contributions to U.S. politicians and engaging in a criminal conspiracy to operate an unlicensed money transfer business. Ryan Salame, the former co-chief executive of FTX Digital Markets, is the fourth high-ranking official at the …

Binance, CEO Zhao to seek dismissal of US watchdog’s complaint
1 year, 4 months ago

Binance, CEO Zhao to seek dismissal of US watchdog’s complaint

Al Jazeera  

Binance and its CEO and founder Changpeng Zhao are planning to seek the dismissal of a US Commodity Futures Trading Commission complaint accusing the crypto exchange of violating the United States Commodity Exchange Act and certain related federal regulations. The CFTC in March sued Binance, the world’s biggest crypto exchange, and Zhao for operating what the regulator alleged was an …

Binance, SEC agree to allow only US employees to access customer funds: Report
1 year, 6 months ago

Binance, SEC agree to allow only US employees to access customer funds: Report

Live Mint  

US securities regulator, Binance and Binance.US have entered into an agreement that allows Binance.US employees to ccess customer funds in the short term, reported Reuters on basis of court documents. The agreement noted that Binance US will take steps to make sure that no Binance Holdings officials have access to private keys for its various wallets, hardware wallets or root …

Crypto giant Binance's U.S. affiliate fires staff after SEC charges
1 year, 6 months ago

Crypto giant Binance's U.S. affiliate fires staff after SEC charges

The Hindu  

The U.S. affiliate of crypto giant Binance has carried out a round of layoffs since regulators last week charged it with violating securities laws and sought to freeze its assets, said two people with knowledge of the dismissals and employees' social media posts. The SEC on June 5 accused Binance and its founder and CEO Changpeng Zhao of creating Binance.US …

Coinbase and Binance SEC lawsuits: How the feds are strangling crypto.
1 year, 6 months ago

Coinbase and Binance SEC lawsuits: How the feds are strangling crypto.

Slate  

Another day, another crackdown from the federal government on the cryptocurrency industry. Also on Tuesday, Coinbase chief legal officer Paul Singh Grewal testified in front of the House Agriculture Committee on “the future of digital assets” as well as a pending Republican-backed bill that, if passed, would allow certain digital currencies to be defined as commodities instead of securities, thus …

Why Binance, the world’s largest cryptocurrency exchange, is in trouble
1 year, 6 months ago

Why Binance, the world’s largest cryptocurrency exchange, is in trouble

Firstpost  

After the fall of FTX, now crypto giant Binance seems to be in hot water. Zhao and Binance publicly claimed that US customers were barred from transacting on Binance.com, but the platform “secretly” allowed high-value customers to keep trading, the SEC said. The agency said Binance’s chief compliance officer admitted that: “We do not want.com to be regulated ever.” From …

World's largest crypto platform Binance charged by US regulator
1 year, 6 months ago

World's largest crypto platform Binance charged by US regulator

India TV News  

The largest crypto trading platform in the world, Binance.com, and its founder, Changpeng Zhao, have been charged by a US regulator with a variety of securities law violations. The US' Securities and Exchange Commission in a statement on Monday said Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion …

Binance mishandled funds and violated securities laws, according to SEC lawsuit
1 year, 6 months ago

Binance mishandled funds and violated securities laws, according to SEC lawsuit

Associated Press  

WASHINGTON — The world’s largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws in a lawsuit filed by the SEC. Binance is a Cayman Islands limited liability company founded by Zhao and the charges are familiar to practices uncovered after the …

U.S. SEC sues Binance, founder Zhao alleging securities law violations
1 year, 6 months ago

U.S. SEC sues Binance, founder Zhao alleging securities law violations

The Hindu  

The world's largest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Securities and Exchange Commission on Monday for failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls, as well as for operating an unregistered securities exchange. The SEC’s complaint, filed in federal court in Washington, D.C., …

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit
1 year, 6 months ago

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit

NPR  

The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit Enlarge this image toggle caption Patricia De Melo Moreira/AFP via Getty Images Patricia De Melo Moreira/AFP via Getty Images U.S. regulators are targeting more giants in the world of crypto. On Monday, it filed 13 charges against Binance, which operates the world's top crypto exchange, as well …

Binance accused in SEC lawsuit of mishandling funds, violating securities laws
1 year, 6 months ago

Binance accused in SEC lawsuit of mishandling funds, violating securities laws

LA Times  

Binance and its founder Changpeng Zhao, seen during a Zoom call, are being sued by the U.S. Securities and Exchange Commission. Binance, the world’s largest cryptocurrency exchange, and founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws in a lawsuit by the Securities and Exchange Commission. The …

US Court Detains Indo-Canadian Over Bitcoin Fraud Worth Over $24 Million
1 year, 6 months ago

US Court Detains Indo-Canadian Over Bitcoin Fraud Worth Over $24 Million

ABP News  

A 48-year-old Indo-Canadian entrepreneur has been detained by a district court in the US following his indictment on charges of laundering Bitcoin valued over USD 24 million at the time of the transaction, the Department of Justice said. US District Court Judge Dabney L. Friedrich, of the U.S. District Court for the District of Columbia, ordered Patel to be detained …

FTX founder Bankman-Fried charged with paying $40M bribe
1 year, 8 months ago

FTX founder Bankman-Fried charged with paying $40M bribe

Associated Press  

NEW YORK — FTX founder Sam Bankman-Fried was charged with directing $40 million in bribes to one or more Chinese officials to unfreeze assets relating to his cryptocurrency business in a newly rewritten indictment unsealed Tuesday. The indictment said Chinese law enforcement authorities in early 2021 froze certain Alameda cryptocurrency trading accounts containing about $1 billion in cryptocurrency on two …

US regulator sues top crypto exchange Binance, CEO
1 year, 8 months ago

US regulator sues top crypto exchange Binance, CEO

Al Jazeera  

The world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao are being sued by the Commodity Futures Trading Commission in the United States for operating what the regulator alleges were an “illegal” exchange and a “sham” compliance programme. Binance’s compliance programme has been “ineffective” and the firm, under the direction of Zhao, told employees and customers to …

Binance and founder Changpeng Zhao sued by CFTC
1 year, 8 months ago

Binance and founder Changpeng Zhao sued by CFTC

Associated Press  

Binance and its founder Changpeng Zhao are being sued by the Commodity Futures Trading Commission for numerous alleged violations of the Commodity Exchange Act and CFTC regulations. In its complaint, the CFTC claimed that cryptocurrency exchange giant Binance “allegedly chose to knowingly disregard applicable provisions of the CEA while engaging in a calculated strategy of regulatory arbitrage to their commercial …

Binance moved $346 mln for seized crypto exchange Bitzlato, data show
1 year, 10 months ago

Binance moved $346 mln for seized crypto exchange Bitzlato, data show

Live Mint  

Crypto giant Binance processed almost $346 million in bitcoin for the Bitzlato digital currency exchange, whose founder was arrested by U.S. authorities last week for allegedly running a "money laundering engine," blockchain data seen by Reuters show. Binance, the world's largest crypto exchange, was among Bitzlato's top three counterparties by the amount of bitcoin received between May 2018 and September …

Binance moved $346 million for seized crypto exchange Bitzlato, data show
1 year, 10 months ago

Binance moved $346 million for seized crypto exchange Bitzlato, data show

Live Mint  

Crypto giant Binance processed almost $346 million in bitcoin for the Bitzlato digital currency exchange, whose founder was arrested by US authorities last week for allegedly running a "money laundering engine," blockchain data seen by Reuters show. The Justice Department on Jan. 18 said it charged Bitzlato’s co-founder and majority shareholder Anatoly Legkodymov, a Russian national living in China, with …

Former crypto titan Sam Bankman-Fried pleads not guilty to fraud
1 year, 11 months ago

Former crypto titan Sam Bankman-Fried pleads not guilty to fraud

Al Jazeera  

The 30-year-old FTX founder, formerly worth an estimated $26bn, could face a sentence of up to 115 years in US prison. In the United States, the former cryptocurrency magnate Sam Bankman-Fried has pleaded not guilty to charges of fraud, denying allegations that he cheated investors out of billions of dollars. On Tuesday, lawyers for the 30-year-old Bankman-Fried, founder of the …

Crypto Recap 2022: feats and clashes that defined the year
1 year, 11 months ago

Crypto Recap 2022: feats and clashes that defined the year

The Hindu  

As the year began, Bitcoin was already crashing but major investors - such as El Salvador’s President Nayib Bukele - were still positive that the largest cryptocurrency by market capitalisation would hit a price of $100,000 before 2023. 2022 predictions on #Bitcoin: •Will reach $100k •2 more countries will adopt it as legal tender •Will become a major electoral issue …

Crypto giant Binance offers little transparency after FTX collapse
2 years ago

Crypto giant Binance offers little transparency after FTX collapse

Live Mint  

The collapse of the crypto exchange FTX has triggered calls for transparency in the industry. Binance.US told the Journal at the time that the exchange had robust data protection and that U.S. customer data was stored on servers in the U.S. “Binance does not operate in China nor do we have any technology, including servers or data, based in China," …

Explained: How the collapse of FTX is giving Binance a chance to become the new face of crypto
2 years ago

Explained: How the collapse of FTX is giving Binance a chance to become the new face of crypto

Firstpost  

Binance began taking steps in the past year to scrub its reputation as a shadowy giant with no headquarters that doesn’t always follow the rules. “I need your help for the sake of the industry and users.” Zhao, founder of Binance, the world’s largest cryptocurrency exchange, initially agreed to provide a loan and buy FTX to save it. “They were …

After FTX collapse, Sam Bankman-Fried arrested: What went wrong with the crypto giant?
2 years ago

After FTX collapse, Sam Bankman-Fried arrested: What went wrong with the crypto giant?

Firstpost  

FTX was founded in 2019 by ex-Wall Street trader Sam Bankman-Fried and former Google employee Gary Want. Let’s take a closer look: FTX’s incredible rise The company was founded by Bankman-Fried, an ex-Wall Street trader and former Google employee Gary Want in 2019. Bankman-Fried issued a “sincere” apology, adding FTX would do “everything we can to raise liquidity.” A day …

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