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BNB Soars to New All-Time High Despite Binance’s Struggle In Nigeria
BNB, the native token of Binance, has reached a new all-time high. The coin has surged by 11.8% in the past 24 hours. The fourth-largest cryptocurrency by market cap climbed to a record-breaking price of $708. The recent pump has pushed the price above its previous all-time high of around $690, set in May 2021.......
Binance Executive Denied Bail in Nigeria Amid Money Laundering Trial
A Nigerian court has denied the bail application of Tigran Gambaryan, a detained Binance executive. The court cited concerns that he may attempt to evade trial. The spokesperson for Gambaryan's family announced the decision on Friday, coinciding with the executive's 40th birthday. Key points: Tigran Gambaryan, Binance's Head of Compliance, has been detained in Nigeria......
Binance Develops Algorithm to Combat Address Poisoning Scams
Binance has taken a major step towards combating the growing threat of address poisoning scams by developing an innovative algorithm. The exchange's security team has created a unique method to identify and flag millions of poisoned crypto addresses. Key points: Binance's algorithm identified 13.4 million spoofed addresses on the BNB Smart Chain and 1.68 million......
Binance Registers With India’s Financial Intelligence Unit
The world's largest crypto exchange, Binance, and its rival, KuCoin, have been registered with India's Financial Intelligence Unit (FIU). This marks the first time that offshore crypto-related entities have been approved by India's anti-money laundering unit. Key points: Binance and KuCoin are among the first offshore crypto entities to be registered with India's FIU. KuCoin......
Binance Slapped with $4.3 Million Penalty by Canadian Regulator
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed a substantial administrative monetary penalty on Binance. On May 7, 2024, FINTRAC issued a penalty of $4.3 million for Binance's non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations. Key points: Binance did not register as......
Binance Fires Employee Who Discovered Evidence of DWF Labs Market Manipulation
The Wall Street Journal has reported that cryptocurrency exchange Binance fired a member of its market surveillance team who had uncovered evidence of market manipulation by DWF Labs, a high-profile client. Key points: Binance's market surveillance team found evidence of pump-and-dump schemes and wash trading by VIP clients, including DWF Labs. DWF Labs, a crypto......
Former Binance CEO Changpeng Zhao Pens Apology Letter to U.S. Judge
In a letter addressed to U.S. District Judge Richard A. Jones of the Western District of Washington, Changpeng Zhao, the former CEO of Binance apologized for his "poor decisions" and accepted full responsibility for his actions. The letter, filed on Tuesday, comes as Zhao awaits sentencing for his role in enabling Binance to violate federal......
Central Bank of Nigeria To Freeze Bank Accounts Linked With Binance, Bybit, KuCoin
The Central Bank of Nigeria (CBN) has issued a new directive requiring all banks and financial institutions in the country to identify individuals or entities engaging in transactions with cryptocurrency exchanges. The circular also requires the bank to place their accounts under a Post No Debit (PND) instruction for a period of six months. Key......
Binance Founder Changpeng Zhao Should Face 3-Year Prison Sentence: DOJ
The U.S. Department of Justice (DOJ) has recommended that Changpeng "CZ" Zhao, the founder and former CEO of Binance, spend three years in prison. The DOJ recommended a 3-year prison sentence for Zhao due to his role in enabling the cryptocurrency exchange to violate federal sanctions and money laundering laws. In a sentencing memo filed......
Nigerian Court Adjourns Binance Tax Evasion Trial to May 17
A Nigerian court has adjourned the tax evasion trial against cryptocurrency exchange Binance and two of its executives until May 17. BusinessDay, a local news platform, reports that the decision followed a procedural standoff because the exchange has not yet received formal charges. The absence of one executive and the ongoing detention of another have......
