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Rostin Behnam, the chairman of the Commodities Futures Trading Commission (CFTC), stated on Tuesday that Binance’s continuous efforts to dodge U.S. regulations and let U.S. citizens use the platform through the use of VPNs were part of an “ongoing fraud.” The CFTC filed a lawsuit against cryptocurrency exchange Binance and its CEO Changpeng “CZ” Zhao, saying that they knowingly marketed unregistered crypto derivatives products in the country. Behnam Alleges Zero Compliance In a televised interview on CNBC, the CFTC chair stated that the Binance exchange deliberately circumvented the CFTC’s registration requirements by instructing customers on how to connect to the exchange without disclosing their location in the United States. Moreover, since Binance had never registered with the commodities watchdog, it was not legally authorized to offer trading of cryptocurrency futures in the United States. Read More: FTX Founder SBF Charged For Bribing $40 Million To Chinese Officials; Here’s Why In addition, Behnam emphasized that Binance’s lack of a registered headquarter did not allow it to evade U.S. regulations. As a matter of fact, the regulatory body was now more keen on pursuing the exchange with stricter scrutiny. While speaking about the investigation, the CFTC chief was quoted as saying: This was an ongoing fraud dating back to 2019, an ongoing violation of the Commodity Exchange Act. This seemed to be a pretty clear case of evasion and something that we needed to step in aggressively with and do it as quickly as possible. “We feel pretty confident in this case, obviously something that we care about deeply and that we’ve been on top of for several years in this crypto space”, Behnam further added. Binance’s Ongoing Legal Hurdles The court records that were submitted on Monday included internal discussions from Binance, including one from Samuel Lim, who continued to serve as the exchange’s top compliance officer until January 2022. Lim is reported to have allegedly suggested that “On the surface we cannot be seen to have U.S. users but in reality we should get them through other creative means” Binance and its founder Changpeng Zhao refuted the charges made by the CFTC and have shown intentions to fight the watchdog’s lawsuit, which was filed in a federal court in Chicago. At the time of writing, the price of BNB, Binance’s native cryptocurrency, was exchanging hands at $311 which represents a drop of 1% in the past 24 hours. Also Read: Do Kwon Might Face 5 Years In Montenegrin Prison; Extradition To Happen After Prosecution? The post CFTC Chair Declares War On Binance, Calls It “Ongoing Fraud” Since 2019 appeared first on CoinGape.
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Binance Coin Price Prediction: Amid a recent allegation against Binance, the World’s largest crypto exchange, and its CEO Changpeng Zhao (CZ) for breaking derivatives rules in the United States, the BNB price witnessed a certain selling pressure from market participants. The coin price decreased by 9.3% since last week, falling from a peak of $340 to its current price of $308. However, considering the bigger picture, this downfall is within a famous chart pattern called a symmetrical triangle. Here’s how this pattern may influence Binance coin’s future price. Key Points:  The Binance coin price will continue a sideways trend until the triangle pattern is intact. A bearish reversal from a downsloping trendline encourages BNB price for an 18% fall. The intraday trading volume in the BNB coin is $389.5 Million, indicating an 11.2% loss Source- Tradingview In the weekly time frame, the Binance coin price is actively resonating within two converging trendlines. This sideways trend has lasted for over a year and shows the formation of a symmetrical triangle pattern. In theory, this period of consolidation could offer a short break to traders before they continue with the prevailing trend. This pattern provides a trading opportunity when the asset price gives a decisive breakout from either of the converging trendlines. As of now, the BNB price has recently turned down from the overhead trendline, triggering a bear cycle within the pattern. Ideally, this bear cycle plummets the coin price to the pattern’s lower support trendline, indicating the BNB coin is at risk for a 16-18% downfall. Also Read: What Is Regenerative Finance (Refi) And Who Is It For? As this technical setup favors prolonging the prior price trend, the BNB/USDT pair is more likely to breach the lower trendline. Having said that, a price breakout from the aforementioned trendline will be the determining factor for the future trend. Technical Indicators Relative strength index: Despite the sideways price action, the weekly-RSI slope shows apparent growth, which accentuates the underlying strength of a price trend. This bullish divergence shows a higher possibility for the BNB coin to end the triangle pattern on a bullish note. EMAs: the BNB price trading above 200-Weekly EMA keeps the overall market trend bullish. Binance Coin Price Intraday Levels Spot rate: $310 Trend: Bearish Volatility: Medium Resistance level- $318, $340 Support level- $300 and $283 The post Binance Coin Price Prediction: BNB Price Poised for 18% Fall as Market FUD Rises appeared first on CoinGape.
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Recent BNB price trends show that the token declines in the short term after regulatory crackdowns. However, this time the correction may last longer.
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Following the success of the beta version of Bicasso, Binance’s Artificial Intelligence-powered NFT generator that reached as many as 10,000 mints in 2.5 hours on 1 March, the service will be extended starting next Wednesday. Binance NFT Bicasso and the 12-hour test release to 100,000 users worldwide Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, will allow as many as 100,000 users worldwide to experience the new artificial intelligence service for creating NFT (Non-Fungible Token). Mayur Kamat, Head of Product at Binance: “With Bicasso we have the opportunity to combine the power of AI and Web3 to dedicate an unprecedented experience to Binance users. The feedback we received with the beta test launched in early March was critical in understanding the importance of the service, which is why we decided to implement it globally,”  confirming how artificial intelligence offers unique opportunities within Web3 Access to Bicasso will be enabled for 12 hours for 100,000 users worldwide, both existing and new, from 2 PM on 29 March until 2 AM on 30 March, based on the order of requests. Requests that will have to follow the procedures described on Binance’s official channels. What is Bicasso Bicasso, the name of which comes from the combination of “Binance” and “Picasso,” is a service that allows users to create, mint and own a custom image made through Artificial Intelligence. Bicasso is similar to other generative AI platforms dedicated to visual content, such as Midjourney or DALL-E, through which users can enter a descriptive text (prompt) that the AI uses to instantly produce an image. Moreover, creativity can be further “guided” by the user by uploading a reference image or photo. Compared to other generative AIs, Bicasso additionally offers the possibility of associating an NFT with the generated image on the BNB chain (Binance’s blockchain – ed.), without the need for additional steps or other platforms. In fact, Bicasso provides a simple process, thanks to which the mint (i.e., creation) of an NFT becomes accessible to everyone: in fact, it is sufficient to upload an image, such as one’s own profile photo, and provide creative suggestions afterwards. At that point, Bicasso will combine the characteristics of the image with the suggestions given by the user, offering an output that can be further refined. Once the desired image is obtained, one can mint their creations as NFTs on the BNB chain, and in turn they can then be used as profile images, shared on one’s social channels, or transferred to one’s wallet. Bicasso: How to participate in the NFT project launch To win the opportunity to take part in Bicasso’s global launch on 29 March, users will need to go to Binance NFT, view the page dedicated to Bicasso, log in (or register with Binance if they do not yet have an account) and invite their friends, either by sharing a QR code or a referral link. If the invitation is accepted, both users will receive a ticket to participate in the launch. Bicasso: the airdrop of an exclusive NFT and Binance’s beta tester program To celebrate the global launch, Binance has prepared an Exclusive Bicasso NFT Collection, which includes a series of dogs and cats generated by harnessing the power of artificial intelligence: these unique pieces can be obtained by users as part of a referral program. The 500 lucky users drawn by lot, along with the exclusive NFT, will also receive the opportunity for free minting of an NFT and will also become Beta Tester members of Binance, thus having early access to new products and upcoming features introduced by the company. In particular, one of the first products that Beta Testers will have the opportunity to try out is an artificial intelligence-driven chatbot integrated into Binance Academy. Powered by advanced ChatGPT technology, the chatbot provides users with reliable and up-to-date answers about the Web3 and the blockchain industry. The Live of Binance Italia On Tuesday 28 Marchat 6 PM (CET), Filippo Anania, Head of Events & Community, and Filippo Balsano, Growth Marketing Manager at Binance Italia, will hold a free live broadcast in which they will explain all the details of Bicasso.
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The latest news and a detailed price analysis on PancakeSwap (CAKE) and Binance Coin (BNB) crypto assets. Focus on PancakeSwap (CAKE) and Binance Coin (BNB) crypto assets It is worth mentioning that PancakeSwap (CAKE) is a DEX (Decentralized Exchange) built on the Binance Smart Chain, which allows coins to be exchanged using non-custodial wallets. BNB, on the other hand, is the cryptocurrency that powers the BNB Chain ecosystem. As one of the most popular utility tokens in the world, not only can you trade in BNB as you would with any other crypto, but it can also be used for a wide range of applications and benefits. PancakeSwap price prediction: trend reversal? The relationship with the crypto Binance Coin PancakeSwap investors may be looking at a reversal as sellers attempt to enter the trading. However, it appears that investors’ hopes are being let down by the coin. Indeed, the price of CAKE fluctuates in the bearish region. Hence, to boost the price and investors’ optimism, bullish traders must act and make an extra effort. Otherwise, the bears may push the curve down and CAKE may start to lose its potential. The current market price is about $3.73, which represents an intraday gain of 0.44%. The coin’s price could fall to its primary support level of $3.12 if sellers reverse the market trend. However, the secondary support level of $2.90 could be reached if bears take control of the market. On the other hand, if the bullish gain control, the price may rise to the primary resistance level of $3.95 and, if they manage to push it further higher, to the secondary resistance level of $4.69. Investors would benefit from this rising trend, but current investors would be discouraged. However, this may present an opportunity for new investors to enter the market. During the intraday trading session, there was a significant drop in trading volume of about 12.59%, indicating an increase in short selling pressure. The current ratio of volume to market capitalization of the CAKE coin is 0.06254. If the current bearish trend continues, it would be difficult for investors to sustain their investments. This would pose a challenge for major investors or “whales,” especially if the bears continue to dominate the market, which is currently seeing an influx of sellers. The outcome of the market depends on whether the bullish or bears emerge victorious. For bulls to establish a healthy market and potential for CAKE, they must strive to meet investors’ expectations despite bears’ efforts to weaken them. CFTC files suit and Binance and BNB drops 6% The world’s largest native digital exchange asset is facing significant selling pressure after the US commodities regulator announced legal action against Binance and its CEO. In fact, the CFTC has filed a lawsuit against the exchange and the CEO, Changpeng Zhao, for allegedly violating trading and derivatives laws. Binance’s former chief compliance officer, Samuel Lim, is also cited as a defendant in the lawsuit. In this regard, Zhao said in a statement on Monday that he disagrees with the characterization of many of the problems alleged in the CFTC’s complaint. In addition, a spokesperson told Blockworks that the company has made significant investments to ensure it does not have active US users on its platform, from increasing compliance staff to implementing market surveillance and investigative tools. The price of BNB, whose utility comes from reduced fees on the exchange, fell more than 6.2% Monday to $308, the hardest hit among the top twenty cryptocurrencies by market value. It is worth mentioning that BNB is the fourth largest cryptocurrency by total market capitalization with a value of $48.7 billion, Blockworks Research data show. Why is the CFTC suing Binance? It appears that the CFTC is trying to strike a legal blow against the exchange in an attempt to do what others around the world have so far failed to do: bring Binance under their control. Xavier Ekkel, founder of the DeFi prePO trading platform, told Blockworks the following about this: “Obviously if Binance goes bankrupt due to crushing fines, BNB is unlikely to be worth much anymore.” The asset could retain a “phantom value,” similar to how FTX‘s native token, FTT, managed to retain some of its value despite the collapse of Sam Bankman-Fried’s empire, Ekkel added. A blow to BNB’s value follows from the start of the month’s turmoil for another Binance-branded token, its BUSD stablecoin, which has faced regulatory action from the New York Department of Financial Services (NYDFS) and the SEC. Several on-chain metrics now point to a rapid end for BUSD. In any case, it appears that other tokens have fared better. The native token (HT) of rival exchange Huobi, for example, fell only 3%, while the token (CRO) of Crypto.com lost 4% over the course of the day. LEO, which is used for trading fees and other services for the Bitfinex exchange, fell about 3%. These moves are in line with the broader sell-off in the digital asset market over the past 24 hours. Bellwether’s Bitcoin asset lost 3.2% of its value to $27,000, technically its steepest drop since the beginning of the month. Overall, the sector’s total market capitalization, which measures the value of all cryptocurrencies in circulation, fell 2.3% to $1.17 billion.  
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<p>Hours after the <a href="https://www.financemagnates.com/cryptocurrency/cftc-sues-binance-for-illegal-derivatives-exchange-numerous-violations/" target="_blank" rel="follow">Commodity Futures Trading Commission’s lawsuit</a>, Binance CEO Changpeng Zhao publicly rejected the allegations, calling them “unexpected and disappointing” with “an incomplete recitation of facts.” </p><p>In the brief response through an official blog post, Zhao refuted all the major allegations and will be “able to give full responses in due time.”</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">My Response to the CFTC Complaint | Binance Blog <a href="https://t.co/TadyotM7HN">https://t.co/TadyotM7HN</a></p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1640483997288415234?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p>Zhao Rejects CFTC’s Allegations </p><p>“The CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years,” he stated. “Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.” </p><p>Binance, the largest <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__main-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a> in terms of trading volume, faced many regulatory setbacks in the past, including <a href="https://www.financemagnates.com/cryptocurrency/news/the-fcas-binance-warning-what-does-this-meaning-for-uk-crypto-regulation/" target="_blank" rel="follow">warnings </a>and <a href="https://www.financemagnates.com/cryptocurrency/first-binance-and-now-coinbase-have-both-been-fined-33m-in-netherlands/" target="_blank" rel="follow">enforcement actions</a>. However, the latest lawsuit by the US regulator is a massive blow to its dominance. </p><p>The lawsuit on Monday by the CFTC alleged that <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance violated</a> “numerous” regulations in the country and that its <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__secondary-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a">compliance</a> is a “sham.” The exchange was accused of instructing “commercially valuable US-based VIP customers.” ways of avoiding compliance controls, insider trading, and even market manipulation. </p><p>Not Trading for Profits </p><p>Zhao, in his response, highlighted that “Binance.com does not trade for profit or “manipulate” the market under any circumstances.” He clarified that Binance often converts its earnings in crypto to fiat or other crypto assets to cover expenses. </p><p>He further disclosed that he personally has two Binance accounts, one for his Binance Card and the other for his crypto holdings. Moreover, he and other Binance employees follow a “90-day no-day-trading rule” that prohibits them from selling a crypto asset within 90 days of procuring them. </p><p>“This is to prevent any employees from <a href="https://www.financemagnates.com/cryptocurrency/regulation/binances-bnb-token-is-reportedly-facing-probe-by-the-us-sec/" target="_blank" rel="follow">actively trading,</a>” Zhao added. “We also prohibit our employees from trading in Futures. Further, we have strict policies for anyone with access to private information, such as details of listings, Launchpad, etc. They are not allowed to buy or sell those coins.”</p><p>Serious Allegations by the CFTC</p><p>These clarifications came as the CFTC alleged that Binance traded on its own platform with 300 “house accounts” but did not disclose such activities to customers. The exchange has also been blamed for keeping this information “top secret” and refused to provide any trading activity-related details after a subpoena.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">You have to ask yourself why would a single trader need over three hundred trading accounts, to trade on Binance?Because they're wash trading and painting the tape between their accounts.They can make the prices do whatever they want. <a href="https://t.co/YIF8XYSrlh">pic.twitter.com/YIF8XYSrlh</a></p>— Bitfinex’ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) <a href="https://twitter.com/Bitfinexed/status/1640394811747319811?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote><p>“Binance is committed to transparency and cooperation with regulators and law enforcement (LE) — in the US and globally,” Zhao stated, adding that his exchange handled over 55,000 requests from law enforcement. He even praised the compliance systems of Binance as being top-notch. </p><p>Meanwhile, Binance published a response letter recently sent to US Senators Warren, Van Hollen, and Marshall. </p><p>“Binance takes the issue of compliance very seriously, and it regularly engages with US law enforcement,” the letter stated. “The public blockchain record (on-chain analytics) of crypto exchanges means that the platform has greater transparency as compared to traditional financial institutions, making it easier to track and trace the flow of crypto assets.” </p> This article was written by Arnab Shome at www.financemagnates.com.
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Binance, the largest crypto exchange, and its CEO Changpeng Zhao are facing legal action from the US Commodity Futures Trading Commission (CFTC). According to the charges, Binance allegedly violated several trading and derivatives regulations. The lawsuit cites CEO Changpeng Zhao and former compliance officer Samuel Lim. Could the news of the complaint to Changpeng Zhao and Binance put the crypto exchange in trouble? The CFTC is a regulatory body charged with protecting market participants and the public from fraud, manipulation, and abusive practices in the derivatives and futures markets. The lawsuit filed against Binance alleges that the exchange allowed US customers to trade derivatives without being registered with the CFTC, which is a violation of federal law. The complaint assumes that Binance allowed US customers to trade on its platform from at least June 2019 to June 2021, without properly registering with the CFTC or implementing proper anti-money laundering and know-your-customer procedures. Another charge is that the exchange allowed customers to trade derivatives that were not properly registered with the CFTC, including digital asset futures contracts. More specifically, the complaint is also directed at Binance’s former chief compliance officer, Samuel Lim, who facilitated the exchange’s violations by providing false and misleading statements to the CFTC during its investigation. The CFTC alleges that Lim provided inaccurate information about the number of US customers on Binance’s platform and failed to disclose that the exchange allowed US customers to trade derivatives. The lawsuit seeks civil monetary penalties, permanent trading bans, and restitution of ill-gotten gains. The charges against Binance come as regulators around the world are increasingly scrutinizing the cryptocurrency industry and its potential risks to consumers and financial stability. “The complaint alleges that for much of the period in question, Binance did not require its customers to provide any identity verification information before trading on the platform, despite the legal requirement that entities like Binance that function as futures commission merchants (FCMs) collect such information and failed to implement basic compliance procedures designed to prevent and detect terrorist financing and money laundering,” the CFTC explained on Monday. The broader industry suffers from allegations against Binance Binance has not yet issued a public statement in response to the lawsuit. However, the exchange has faced regulatory challenges in other jurisdictions in recent months. The allegations against Binance highlight the need for greater regulatory oversight of the cryptocurrency industry. While some argue that excessive regulation could stifle innovation and growth in the industry, others argue that it is necessary to protect consumers and ensure that the industry operates safely and transparently. Regulators around the world are grappling with regulating the cryptocurrency industry, which operates across borders and is not subject to the same level of oversight as traditional financial institutions. Some jurisdictions, such as China and India, have taken a strict approach to regulating the sector, while others, such as the United Kingdom and Switzerland, are taking a more measured approach. Although the outcome of the case against Binance is uncertain, it is clear that regulatory scrutiny of the cryptocurrency industry is increasing. The industry will need to adapt to meet these challenges and ensure that it can operate in a safe and compliant manner. Following the news of the CFTC’s lawsuit against Binance, the entire cryptocurrency market lost 2.94% against the US dollar. Bitcoin (BTC) fell below $27,000 per unit, and other major cryptocurrencies such as Ethereum (ETH) and Binance Coin (BNB) also suffered losses. The CFTC’s enforcement action represents a significant development in the ongoing regulatory crackdown on the cryptocurrency industry. The agency has stepped up efforts to regulate the industry in recent years, and this enforcement action against Binance is a clear indication of its willingness to take strong action against companies that violate its rules. In a note, CFTC Chairman Rostin Behnam said: “today’s enforcement action demonstrates that there is no position, or alleged lack of position, that prevents the CFTC from protecting U.S. investors.” This statement suggests that the CFTC is committed to enforcing its rules and protecting consumers, regardless of the size or importance of the company in question. The civil monetary penalties, permanent trading and registration bans, and compensation sought by the CFTC are significant and could have a major impact on Binance’s US operations. If Binance is found to have violated CFTC rules, it could face significant financial penalties and restrictions on its ability to trade in the United States. This could have a ripple effect on the entire cryptocurrency industry, as other exchanges and companies could be forced to comply with stricter regulations or face similar enforcement actions. The CFTC’s legal action against Binance is just one example of the commitment to regulatory scrutiny of the industry, and we are likely to see more enforcement actions in the coming months and years. In response to regulatory scrutiny, some companies in the cryptocurrency industry are taking steps to improve compliance and address regulatory concerns. For example, Coinbase, one of the world’s largest cryptocurrency exchanges, recently announced that it is working with regulators to obtain a banking license and become a fully regulated financial institution. Although the regulatory environment for the cryptocurrency industry is uncertain, it is clear that companies that prioritize compliance and work with regulators are more likely to succeed in the long run. As the industry continues to evolve, it will be important for companies to stay abreast of regulatory developments and adapt their strategies accordingly.  
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