Important events
Jul 132023
BNB: Major Upgrade to BNB Chain in June Seeks to Resolve Security Risks
- BNB Chain is soon to undergo a hard fork, which seeks to address security issues in the network.
- It will make it more difficult for funds to be stolen during events such as bridge hacks.
- BNB token is still noticeably down since Binance was sued by the SEC in early June.
Binance’s BNB Chain is preparing for a major hard fork known as “ZhangHeng”, which will reportedly greatly increase the level of security offered by the blockchain. The upgrade is scheduled to occur on the 19th of July, and will involve each user’s wallet balance being more closely tracked in every block – making it more difficult for malicious agents to steal funds when the network is compromised.
As for the network’s native BNB token, it has experienced a minor lift of 6.5% over the past month. The token fell sharply after Binance was sued by the Securities and Exchange Commission (SEC) near the beginning of June, and its price has since remained noticeably lower than before the SEC action. Regardless, BNB still remains the third largest crypto currency in the world by market cap.
(About Binance)
Binance is a prominent and highly popular cryptocurrency exchange that provides a platform for individuals and institutions to trade various cryptocurrencies. Founded in 2017 by Changpeng Zhao (better known as "CZ"), Binance quickly gained traction and became the largest and most influential exchange in the cryptocurrency market. Binance has also developed its own native cryptocurrency called Binance Coin (BNB). BNB serves multiple purposes within the Binance ecosystem, including reduced trading fees, participation in token sales on the Binance Launchpad platform, and to power its own blockchain known as BNB Chain.
Illustration by TradingView
Jul 062023
BNB: Binance Halts Withdrawals and Deposits for Several Multichain Tokens
- Binance will halt withdrawals and deposits for several tokens associated with Multichain.
- The exchange already temporarily suspended some Multichain assets in May after the network encountered technical issues.
- Most of the platform’s functionality has been restored since the issues in May.
After an upgrade to bridging platform Multichain caused technical issues resulting in a 30% selloff of its native token MULTI in May, Binance has now announced that it is halting both withdrawals and deposits for several tokens associated with the project. The largest crypto exchange in the world has not yet provided an official reason for the action, but it will come into effect this Friday. Some of the tokens which will have support suspended include Polkastarter (POLS) and Alchemy Pay (ACH).
Binance had already temporarily suspended withdrawals and deposits for some assets associated with Multichain in late May, after many of its multichain pathways became non-functional, reportedly due to “technical issues”. It was also later rumored that the platform’s CEO, Zhaojun, (who had control over some of the project's functionality) had been arrested by Chinese authorities. Despite the halting of withdrawals and deposits, most of the network’s functionality has been restored since the incident.
(About Binance)
Binance is a prominent and highly popular cryptocurrency exchange that provides a platform for individuals and institutions to trade various cryptocurrencies. Founded in 2017 by Changpeng Zhao (better known as "CZ"), Binance quickly gained traction and became the largest and most influential exchange in the cryptocurrency market. Binance has also developed its own native cryptocurrency called Binance Coin (BNB). BNB serves multiple purposes within the Binance ecosystem, including reduced trading fees, participation in token sales on the Binance Launchpad platform, and to power its own blockchain known as BNB Chain.
Binance
Jun 092023
BNB: Binance Accused of Directing Customer Funds to Founder ‘CZ’s’ Personal Accounts
- The SEC has accused Binance of directing customer funds to firms owned by Binance founder ‘CZ’.
- The majority of the funds (which amounted to roughly $12bn) were allegedly sent to CZ-owned investment firm called Merit Peak.
- The claim also alleges that Binance and Binance US are not as distinct from each other as the exchange suggests.
As part of the Securities and Exchange Commission's (SEC) lawsuit against Binance, the regulator has accused the largest crypto exchange in the world of redirecting some $12bn worth of customer funds through investment entities controlled by Binance founder ‘CZ’. Binance US has also now announced that it will be pausing USD deposits for an undefined period of time.
Reportedly, most of the funds were sent to a fund called Merit Peak, which is a firm owned by Binance founder Changpeng Zhao (CZ). It is alleged that most of Merit Peaks funds were then transferred to an affiliate of Paxos – the issuer of Binance’s stablecoin BUSD. In addition, the suit also claims that there is little distinction between Binance and its US entity Binance US, as the latter’s funds were being held by the former. Binance will now be on the defensive to combat these allegations, and to restore confidence in its native token BNB – which has fallen 15.5% over the past week.
(About BNB)
BNB, or Binance Coin, is a cryptocurrency that was created by the popular cryptocurrency exchange called Binance. It was initially launched as an ERC-20 token on the Ethereum blockchain but later migrated to its own blockchain called Binance Chain. BNB serves multiple purposes within the Binance ecosystem. Firstly, it is used as the native cryptocurrency on the Binance exchange, allowing users to pay for trading fees and participate in token sales hosted on the platform. By using BNB to pay for fees, users can enjoy discounts and other benefits, making it a popular choice for frequent traders. BNB has been integrated into various applications and services, including decentralized finance (DeFi) platforms, where users can stake or lend their BNB to earn rewards. BNB has also found use in Binance Launchpad, which hosts token sales and initial coin offerings (ICOs) for new projects.
Milken Institute / Flickr
Jun 062023
BNB: Binance Sued by SEC for Securities Violation, BNB Plummets
- Binance and its founder “CZ” have been sued by the SEC for operating an unregistered securities exchange.
- The lawsuit caused its native token to drop by almost 10%, and the crypto’s total market cap to shed roughly $50bn in a single day.
- It’s uncertain what will come of the lawsuit, but crypto investors are undoubtedly spooked.
Yesterday, the largest crypto exchange in the world was sued by the Securities and Exchange Commission (SEC) for allegedly breaching multiple securities laws. Both Binance and its founder/CEO Changpeng Zhao have been hit with 13 separate charges, and have been accused of operating an unregistered securities exchange and “enriching themselves while placing investors’ assets at risk.”
News of the lawsuit seems to have spooked both Binance’s native token and the crypto market as a whole. BNB dropped by close to 10% yesterday, and Bitcoin also logged a more than 5% drop on the news. In response, CEO Changpeng Zhao (CZ) tweeted that “Our team is all standing by, ensuring systems are stable…” However, it wasn’t enough to stop more than $750m being removed from the exchange in the hours following the announcement.
Binance has recently been coming under quite a bit of pressure, with CZ being hit with a $1bn lawsuit two months ago for supposedly paying celebrities to endorse unregistered securities. Whether this latest suit will amount to anything however, remains to be seen. Unlike in the case of FTC, Binance’s stablecoin reserves are still looking healthy.
(About BNB)
BNB, or Binance Coin, is a cryptocurrency that was created by the popular cryptocurrency exchange called Binance. It was initially launched as an ERC-20 token on the Ethereum blockchain but later migrated to its own blockchain called Binance Chain. BNB serves multiple purposes within the Binance ecosystem. Firstly, it is used as the native cryptocurrency on the Binance exchange, allowing users to pay for trading fees and participate in token sales hosted on the platform. By using BNB to pay for fees, users can enjoy discounts and other benefits, making it a popular choice for frequent traders. BNB has been integrated into various applications and services, including decentralized finance (DeFi) platforms, where users can stake or lend their BNB to earn rewards. BNB has also found use in Binance Launchpad, which hosts token sales and initial coin offerings (ICOs) for new projects.
Vadim Artyukhin / Unsplash
May 152023
BNB: Binance Withdraws From Canada as Regulatory Pressures Reach Boiling Point
- Binance has announced it will no longer operate in Canada after regulators introduce new guidelines.
- The move comes 2 months after the exchange stopped GBP withdrawals and deposits after its provider terminated their agreement.
- Binance was also sued by the SEC in March for allegedly undermining its restrictions on crypto derivatives trading.
The largest crypto exchange in the world, Binance has announced that it will be withdrawing from Canada due to regulatory pressures becoming too great. Just weeks ago, Canadian financial regulators had introduced a series of guidelines to crypto exchanges, which had limited the amount that people could invest and introduced new registration requirements. Companies who did not implement these new rules into their operations were threatened with enforcement action.
The new crypto landscape?
With 2022 having seen a mass selloff of crypto assets across the board, many regulatory bodies are strengthening their policies this year, in efforts to prevent such market chaos in the future. For some companies however, new regulation isn’t reassuring enough.
Just 2 months ago, Binance announced that it would be stopping GBP withdrawals and deposits, as a result of their service provider, Skrill, terminating their agreement amid regulatory uncertainty. Binance also got into hot water with the SEC in March for allegedly encouraging its US customers to bypass restrictions on crypto derivatives trading through the use of a VPN. Whatever movements the crypto market makes this year, exchanges will need to stay on their toes to navigate a tidal wave of new regulation.
(About Binance)
Binance is a prominent and highly popular cryptocurrency exchange that provides a platform for individuals and institutions to trade various cryptocurrencies. Founded in 2017 by Changpeng Zhao (better known as "CZ"), Binance quickly gained traction and became the largest and most influential exchange in the cryptocurrency market. Binance has also developed its own native cryptocurrency called Binance Coin (BNB). BNB serves multiple purposes within the Binance ecosystem, including reduced trading fees, participation in token sales on the Binance Launchpad platform, and to power its own blockchain known as BNB Chain.
Dillon Lobo / Unsplash
Apr 182023
BNB/USD: BNB Chain Publishes List of 191 Suspicious Projects on the Network
- Binance’s BNB Chain has updated its suspicious project list to include an additional 191 projects.
- The projects have been added for various reasons, including suspiciously high fees or non-functional websites.
- Binance is in the dominant market position for crypto exchanges, but was sued by the CFTC last month.
BNB Chain’s so-called “red-alarm list”, which warns users of suspicious looking projects, has been updated to include an additional 191 projects on the network. Binance, the largest crypto exchange in the world, has been ramping up its crackdown on malicious crypto projects hosted on its own blockchain network – BNB Chain.
Since being launched, the network has garnered a reputation for being host to a disproportionately high number of malicious projects, partly due to the ease with which they can be launched. It would seem that the exchange is now serious about changing that.
What’s on the list?
The list is composed of protocols which raise any of a number of flags which Binance considers to increase the risk of using a given platform. These include an absence of functioning social media accounts/websites or to have issued tokens which have undergone artificial price inflation.
Suspiciously high fees are another aspect of a project which can land it on the list, which some projects such as ‘cake.monster’ and ‘The Bandit Project’ have been flagged for. Some projects, including ‘Shorter Finance’, have been flagged due to the fact that they receive funds from Tornado Cash – the coin mixer which was added to the Office of Foreign Assets Control (OFAC) sanctions list last year.
How’s BNB Chain doing?
BNB has been riding the wave of renewed crypto market optimism in 2023, with a 39% increase YTD. However, it’s still down significantly from its market highs near the end of 2021. Binance, the chain’s creator, has also been seeing its market dominance in the crypto exchange market increase since the collapse of FTX.
Binance could have a few regulatory hurdles to jump if it wants to retain its dominance, as the US arm of the company was sued by the CFTC just a few weeks ago for allegedly encouraging users to evade regulations to use its derivatives trading service.
(About Binance)
Binance is a cryptocurrency exchange that was founded in 2017. It has since grown to become the largest and most popular centralized crypto exchange in the world. Binance offers its own token, Binance Coin (BNB), which users can use to pay for trading fees and other services on the platform. In addition to its exchange services, Binance has expanded its offerings to include a decentralized exchange, a launchpad for new cryptocurrency projects, and a wallet amongst other offerings.
bnbchain
Mar 282023
BNB/USD: Changpeng Zhao, Binance Sued by US CFTC, BNB Token Slips
- Binance has been sued by the Commodities and Futures Trading Commission.
- The lawsuit alleges that the exchange encouraged users to use VPNs and warned customers of asset seizures.
- Binance is still the world’s largest crypto exchange, so the outcome could prove influential for the industry.
As the largest crypto exchange in the world, Binance is certainly no stranger to regulatory scrutiny. But in the US in particular, regulators are taking issue with the growing global dominance of the exchange, despite the fact that Coinbase is still the leading crypto exchange by volume in the US. This time, they’ve come under fire for their enforcement of compliance – and their token has suffered for it.
What happened?
The Commodities and Futures Trading Commission (CFTC) has moved to sue both Binance and its CEO Changpeng Zhao, for allegedly subverting US law to increase its revenue within the US. It details that the exchange allegedly instructed customers in the US to use ‘VPNs’ to conceal their location in order to access its derivatives trading service which is prohibited for users in the US. The announcement has caused Binance’s BNB token to fall by 6% since the start of the week, despite Changpeng Zhao stating that he did not believe the lawsuit fully represented the facts and that the exchange has fully cooperated with US law enforcement.
Deeper issues?
Perhaps a more significant portion of the lawsuit is the allegation that Binance’s anti-money laundering (AML) system is not effective, due to the supposed ease with which customers can conceal their identity. Regulators have taken issue with the fact that Binance US has not reported a single suspicious account to authorities since May 2022.
It also stated that the exchange would give its preferred customers ‘warnings’ if they believed a seizure of assets could be imminent for their account. The lawsuit represents the most material action the US government has taken against the exchange to date, and if consequential, it will likely have knock-on effects for the rest of the industry given its market dominance.
Web Summit, CC BY 2.0 / Wikimedia Commons
Mar 092023
BNB/USD: Binance Continues its Crypto Exchange Market Dominance
- Binance has increased its crypto exchange market share for the fourth consecutive month.
- Its closest competitor by volume is Coinbase, which is significantly behind.
- Binance has also just been given approval to purchase the assets of failed crypto broker Voyager.
Binance has been on something of a roll recently. After the collapse of FTX in November (which some have suggested Binance CEO “CZ” may have played a role in) one of its main competitors had been removed from the scene, allowing it to eat up additional market share. As the world’s largest crypto exchange, Binance seems to be going from strength to strength – despite having to jump some regulatory hurdles here and there.
Binance dominance
From January to February this year, Binance has managed to increase its spot trading market share from 59.4% to 61.8% – marking the fourth consecutive month in which it has grown. It also saw a 13.7% increase in its spot volume over the same period – reaching a new all-time high $504bn. The platform’s closest competitor in terms of spot trading, is now the US based Coinbase with $39.9bn – which doesn’t seem to pose much of a threat to Binance for now.
Regulatory scrutiny
Binance’s US entity, Binance US, has been coming under scrutiny by the Securities and Exchange Commission (SEC) for offering what the regulator believes could be unregistered securities. Customers however might feel more comfortable trading on Binance in spite of regulatory concerns due to its large trading volumes and seemingly safe capitalization. A judge has also just ruled for the SEC’s concerns to be dismissed regarding Binance’s proposed deal to acquire the assets of failed crypto broker Voyager – spelling good news for ex-users of the platform.
Kanchanara / Unsplash
Feb 242023
BNB/USD: SEC Says Binance’s Voyager Deal Could Breach Securities Law
- The SEC has opposed Binance’s proposed deal to acquire the failed crypto lender Voyager.
- The regulator is concerned that Voyager’s native token VGX could be a security.
- The NY Department of Financial Services has claimed that it would unfairly disadvantage NY users of Voyager.
Binance has had its eye on the assets of failed crypto lender Voyager for some time now. Particularly after the now-bankrupt FTX withdrew from its own bid. But it looks like the deal might have a fair bit of regulatory pressure to overcome if it is to proceed. After already forcing crypto exchange Kraken to stop offering crypto staking services, the Securities and Exchange Commission (SEC) has completed its filings on Binance’s Voyager deal.
What’s their issue with the deal?
The regulator had in fact opposed the deal before – stating that Binance had not sufficiently demonstrated its financial stability. Now however, they seem to be turning up the heat. The SEC has now claimed that the deal is likely unlawful, and it’s to do with how the SEC perceives the native token of Voyager, VGX. The regulator believes that the token could be a security, and as the law states that the sale of unregistered securities is prohibited – the transfer of Voyager’s assets to Binance would be illegal. However at the moment, VGX has not been officially declared a security.
It’s not just the SEC taking issue with the deal either. The NY Department of Financial Services has also pushed back on the deal, claiming that Voyager had been operating in the jurisdiction without proper licensing prior to its collapse. It also claimed that the deal would discriminate against Voyager customers based in New York, as they would have to wait for Binance to acquire further state licensing before they could reclaim their assets.
What happens now?
Unsurprisingly, Voyager is very much hoping the deal will be able to proceed and has described the deal as the best possible outcome for its creditors. But the SEC has already suggested that regulatory concerns could make the deal “impossible to consummate”. If the regulator’s recent campaign against stablecoins such as BUSD is anything to go by however, they certainly seem serious about their stance on crypto for the time being.
Vadim Artyukhin / Unsplash
Jan 242023
Next stop, BNB Chain
Crypto’s top decentralized exchange has a new chain in its sights.- Users of the popular decentralized exchange Uniswap have voted 80% in favor of deploying on BNB Chain – the blockchain developed by exchange giant Binance. With 20m votes in favor, the vote saw the highest level of participation in the history of the platform.
- The platform already has around $3.77bn worth of assets locked up across 6 different blockchains. It’s estimated that releasing the platform for BNB chain would bring at least an additional $1bn and 1-2m new users to the platform.
- BNB Chain also has the added benefit of lower transaction fees and faster speeds in comparison to its main deployment on Ethereum. A final proposal to confirm the move with further details will be released in the coming weeks, but the initial poll would suggest the proposal will pass.
Illustration by TradingView
Jan 122023
What crypto crash?
Binance’s dominance in the crypto exchange space is now so strong, you kind of have to feel sorry for its competitors.- While its competitors like Coinbase undergo mass layoffs, Binance has announced a mass hiring plan – which could see its workforce expanded by 30% over the course of 2023. The company already gained 8k employees over 2022.
- Binance reached the impressive milestone of commanding more than two thirds of the global crypto exchange market last month, with its closest competitor, Coinbase, only controlling 8.2%. The collapse of FTX was one factor in Binance’s 2.6% market share growth from Q3 to Q4 2022.
- In other news, it looks like Binance might be able to acquire Voyager’s assets after all – with a judge giving initial approval of the $1bn acquisition deal. While some still have concerns surrounding Binance’s financials – it can’t be denied that it’s on a roll right now.
Web Summit / Wikimedia Commons
Jan 062023
The SEC says "hold up"
Customers of the now-bankrupt Voyager might have got their hopes up for nothing with the possibility of a Binance asset buyout, as the deal now looks like it could be jeopardy.- A judge has been asked to block Binance’s purchase of Voyager’s assets by numerous US regulators, including the SEC. The regulators want the world’s largest crypto exchange to provide more information about its own finances before the deal proceeds.
- Voyager filed for bankruptcy in July 2022 and still owes over $1.3bn to over 100k creditors. Its collapse was in part due to its exposure to Three Arrows Capital, which also filed for bankruptcy after the downfall of Terra.
- There’s a few reasons why regulators might be uneasy with the deal. Binance has been under investigation for money laundering since 2018, and last month the company’s auditor, Mazars, pulled out of the contract – saying that they would be unable to provide assurance.
Unsplash
Dec 192022
Too hot to handle
The crypto industry has been spooked by a new development in the auditing of exchange giant Binance.- Binance’s BNB token dropped by more than 10% and the total market cap of the crypto industry saw a $45bn selloff on Friday, on the news that Mazars will be halting their proof-of-reserves audit of the platform. The auditing firm said that they had limitations in their ability to provide assurances.
- There’s also concerns about Binance’s connection to the now bankrupt FTX. The exchange giant received $2.1bn for selling its shares in the company, and there is now a possibility that these funds might need to be returned. CEO, Changpeng “CZ” Zhao, quickly dismissed the concerns, saying the company is “financially OK.”
- Added to that, an influx of outflows from the platform have been shaking investor-confidence. On Tuesday alone, more than $1.14bn net withdrawals were made from Binance. CZ however hit back at concerns, saying that it’s not even in the “top 5” largest withdrawals they’ve processed. However it plays out, there’s an uncomfortable feeling of déjà vu.
Patrick Hendry / Unsplash
Dec 162022
I demand a refund
Blockchain social media project Mithril has put its foot down with Binance after being delisted from the exchange..- Blockchain social media project Mithril has demanded Binance returns 200k BNB ($52.6m), which it gave to the exchange giant as a deposit for being listed on the platform. When the deposit was made in 2018 however, it was only worth $1m.
- Mithril was delisted by Binance yesterday, despite being an early collaborator with Binance’s BNB Chain. In fact, Mithril was the first token ever to be listed on the blockchain. It’s also made several donations to Binance Charity, so the delisting probably feels like a knife in the back.
- The delisting has taken its toll on the project’s MITH token, which plummeted by more than 48% with the announcement. If the project can’t receive its refund soon, it might have insufficient funds to continue operating – it wouldn’t be the first time we’ve seen it.
Binance
Dec 132022
Have the tables turned?
Binance was once breathing a sigh of relief while watching the implosion of FTX, but now it looks like it could be in some trouble of its own.- The Justice Department is considering filing criminal charges against Binance, and its CEO, Changpeng Zhao, with charges including money laundering, unlicensed money transmission and breaching criminal sanctions. If Binance were charged, it would probably weaken its position as the largest crypto exchange in the world.
- An investigation was launched into the exchange in 2018, but prosecutors are reportedly now split between moving to charge, or waiting to gather additional evidence. The recent urgency in the investigation is likely related to the collapse of FTX, and its impact on the wider crypto market.
- Speaking of FTX, Sam Bankman-Fried was arrested yesterday in The Bahamas and now faces extradition to the US. Binance was also asked to submit evidence to UK lawmakers last month regarding how FTX collapsed – which was described as “insufficient” by the Parliamentary Treasury Committee. Stay tuned folks, it’s about to get interesting.
Kanchanara / Unsplash
Dec 052022
A stake to the heart
Binance has made the move to pause withdrawals in the face of not one, but two attacks in the last few days.- BNB Chain-based crypto node project Ankr was hit by a multi-million dollar exploit in the early hours of Friday morning, which saw an “infinite mint” hack drain around $5m – or an estimated 20tn Ankr Reward Bearing Staked BNB (aBNBc) – and the hacker has since used privacy protocols to obscure the tokens.
- Binance CEO Changpeng Zhao said the exchange has paused withdrawals of the token in the face of this hack, while aBNBc (the token for a staked version of Binance's BNB that earns rewards on Ankr) has seen its price plummet over 99.5% since the attack. Binance seems to be the only crypto savior left, so they hardly need any bad news.
- Which is unfortunate considering what happened next to Helio. Someone was able to drain another BNB Chain-based staking platform, Helio, of around $15m in liquidity after delays to price data on BNB-related derivative tokens allowed exploiters to piggyback off the Ankr attack – its HAY stablecoin swiftly lost its peg on the news.
Illustration by TradingView
Nov 282022
Too hot to handle
Serum looks like the latest of SBF's projects to get caught up in the crossfire of FTX's collapse.- Exchange giant Binance is delisting three pairs associated with Serum – the decentralized exchange created by Sam Bankman Fried. Users will no longer be able to trade SRM against BNB, SRM/BTC, or SRM/USDT from today onwards.
- Serum’s been in the spotlight for all the wrong reasons recently. The exchange is built on the Solana blockchain, and the Solana Foundation said it held some 134m SRM ($33.3m) in FTX – SBF’s crypto exchange which went down in flames earlier this month.
- It’s an even bigger blow for SRM given that the majority of its trading occurs on Binance. The community carried out a fork of the project after FTX was seemingly hacked two weeks ago, but the token has still fallen by around 75% in the wake of the exchange’s downfall.
Serum
Nov 252022
A $1bn rescue fund?
Crypto billionaire and Binance CEO Changpeng Zhao is once again looking to hop on his white horse and rescue the crypto industry – this time with $1bn in his saddlebag.- Binance has added $1bn to its industry recovery fund, which is dedicated to supporting struggling crypto players in the wake of the FTX disaster. Zhao has become somewhat of a savior for the struggling crypto industry, taking on a role formerly held by SBF himself – others are joining in the fun, with another $50m in donations coming in from various crypto firms.
- Zhao also confirmed that Binance.US will be making a fresh bid for Voyager, the crypto lender previously in acquisition discussions with FTX – there had been rumors that Binance held back from initial chats for over regulatory concerns, which the CEO has now denied, saying he doesn’t think national security will be a concern.
- Crypto itself has actually edged toward a recovery of some kind over the week, giving people hope that the FTX fallout might be starting to ease. That being said, both Bitcoin and Ethereum are still down over 70% in the last twelve months, so that road to recovery could be a long one.
Rodion Kutsaiev/ Unsplash
Nov 152022
Binance to the rescue?
Binance’s Changpeng Zhao looks ready to replace Sam Bankman-Fried as crypto’s guardian angel. Although, is there such a thing anymore?
Ivan Vranić / Unsplash
Oct 312022
Pledge allegiance to the Chief Twit
The craziness that was the Twitter/Elon deal may have drawn to a close, but there’s no shortage of hot goss coming out of HQ – and some of it points to a bullish future for crypto.- Binance’s CEO has confirmed the exchange is an equity investor in Musk’s buyout of Twitter, contributing $500m to the $44bn deal. Binance is the world’s largest crypto exchange, so you can bet your bottom dollar crypto is going to be a focus at the new Twitter going forward – and the ball is already rolling.
- Binance is creating a new team to help Elon Musk incorporate blockchain technology into Twitter’s refreshed business model. The social platform had already begun to explore ways to incorporate crypto under former CEO Jack Dorsey, but this team will step it up and explore ways to use on-chain solutions to address issues like bots.
- BNB’s native token had its best week since August 1, and it wasn’t alone in receiving a boost from Twitter-related news. Dogecoin and Shiba Inu have been on an absolute tear, with Doge up a whopping 45% on Saturday and 95% for the week to its highest price since May and Shiba rallying 17% last week – bulls reckon Musk’s newfound power offers an improved adoption case.
Ant Rozetsky / Unsplash