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Coinpedia
DOJ Attorneys Seek Protective Order in Changpeng Zhao (CZ) Lawsuit Due to Sensitive Information
4 days ago
Петро Фалатюк
Петро Фалатюк
CoinEdition
CoinEdition
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Technical indicators suggest BNB may be on the path to a bullish recovery. Binance’s CEO resignation, though a setback, hasn’t dampened investor interest. Despite the turbulence, Binance Coin (BNB) remains resilient, sparking optimism. Binance Coin (BNB), the native cryptocurrency of the Binance exchange, experienced significant fluctuations following the recent resignation of Changpeng Zhao (CZ), the company’s CEO, and the appointment of Richard Teng as his replacement. Moreover, BNB’s value saw a notable decline, dropping by $36 from a weekly high of $266 in the wake of these developments. BNB/USD 24-hour price chart (source: CoinStats) Significantly, the impact of Binance’s settlement extended beyond its token. The broader cryptocurrency market felt the ripples, with leading currencies like Bitcoin and Ether each dropping by over 4%. Despite this, Bitcoin and Ether showed resilience, returning to project potential weekly gains. BNB’s Uncertain Path Ahead Binance Coin traded around $234 at press time, demonstrating stability despite the negative headlines. Attributable to this stability is the resolution of the legal situation with the SEC, which has significantly negated the bearish pressure. Moreover, despite a 30.12% drop in 24-hour trading volume to $712,624,458, the increase in market capitalization to $35,709,765,930 suggests that there is still substantial investor interest in BNB. This pattern implies that investors remain optimistic about its long-term prospects despite the persistent threats and uncertainties surrounding BNB. BNB/USD Technical Analysis With the Relative Strength Index (RSI) moving above its signal line at 48.30, the negative momentum in the market may be weakening. If the RSI continues to increase and surpass the 50 mark, it might signify a change in BNB’s mood toward bullishness. This trend could attract additional investors and enhance the BNB market. Furthermore, the Moving Average Convergence Divergence (MACD) rises above its signal line with a value of -1.3, indicating a likely bullish crossing. If the MACD rises further and surpasses the zero line, it may reaffirm the positive attitude for BNB and attract even more investors. This move could significantly strengthen the BNB market and lead to higher pricing soon. The MACD histogram is also trending in the positive territory, suggesting that BNB is gaining bullish momentum. This trend increases the possibility of a bullish crossing and enhances investors’ favorable outlook. BNB/USD 2-hour price chart (source: TradingView) In conclusion, despite recent turbulence, Binance Coin (BNB) shows signs of resilience and potential for a bullish turnaround, with technical indicators pointing to optimism in the market. The post BNB Price Resilience Amid CEO Resignation Sparks Optimism appeared first on Coin Edition.

3 months ago
Queen_cryptoNews
Queen_cryptoNews
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"Binance Faces $4 Billion Penalty and CEO Resignation: Implications for the Crypto Industry Explained" Binance, the world's largest cryptocurrency exchange, is facing a hefty $4 billion fine from the U.S. government due to serious protocol failures and frequent violations of U.S. sanctions. Recently, on November 22, Binance's CEO, Changpeng Zhao, a prominent figure in the crypto industry, announced his resignation amidst these challenges. The cryptocurrency market, known for its sensitivity, has been shaken by this development, affecting traders globally who utilize Binance for their crypto transactions, whether legally or otherwise. Zhao's decision to step down comes as a result of admitting mistakes and a legal consequence. In Seattle, he pleaded guilty to violating the Bank Secrecy Act by not maintaining an effective anti-money laundering program. As part of the legal deal, Zhao will pay a $50 million fine. In his announcement, he expressed the difficulty of letting go emotionally but emphasized that it was the right decision for the community, Binance, and himself. #BinanceCEO #BinanceSquareAnalysis

3 months ago
加密鱼右右
加密鱼右右
followers

On Tuesday local time, Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, arrived at the federal court in Seattle, USA. According to a comprehensive agreement with the U.S. Department of Justice, Changpeng Zhao will plead guilty to money laundering charges and pay a fine of US$50 million (approximately RMB 357 million). At the same time, the U.S. Department of Justice stated that Binance pleaded guilty and agreed to pay a fine of more than $4 billion (approximately RMB 28.556 billion) to the U.S. authorities. According to media reports on the 22nd, Zhao Changpeng announced his resignation, saying that his current resignation was the right move and he would take responsibility for the mistakes he made. Zhao Changpeng also stated that the funds are safe and the settlement agreement reached with the U.S. Department of Justice does not involve fund misappropriation or market manipulation. Long-time Binance executive Richard Teng will succeed Changpeng Zhao as Binance’s new CEO. Richard Teng said that he wants to reassure Binance users about finance, safety and security; Binance is stronger than ever; it is focused on cooperating with regulatory agencies; it hopes to work with partners to promote growth and adopt Web3. However, Binance said that the company’s former CEO Changpeng Zhao is still Binance’s major shareholder. After the above news was announced, Binance Coin fell by nearly 6%. The price of Bitcoin fell nearly 2% in 24 hours and was located at $36,800. Public information shows that Binance is a global cryptocurrency exchange that provides a trading platform for more than 100 cryptocurrencies. In April 2018, Binance’s 1.4 million transactions per second attracted 6 million

about 2 months ago
CoinDesk
CoinDesk
followers

Crypto trading volume hit a multi-year low in 2023, as exchanges saw rapid declines during the depths of crypto winter, but that does not mean trading was dampened. In a new report from Wintermute, the market maker and liquidity provider, said that its over-the-counter (OTC) volume was up 400% throughout the year as volumes moved off-exchanges. Wintermute said that during the first half of 2023, its OTC trading volume decreased, while the number of individual trades remained stable. In the second half of the year, however, the number of unique trades grew sixfold to 29 million while weekly OTC volume hit $2 billion. “The developments in the space at the end of 2022 left the whole industry facing a challenging outlook. Markets slowed down, liquidity dried up, and we observed volumes starting to shift from exchanges to OTC,” Evgeny Gaevoy, CEO and Co-Founder of Wintermute Group, said in the report. Liquidity in cryptocurrency trading refers to how easily large orders can be executed without significantly affecting the market price. Without sufficient liquidity, making large trades is more likely to alter prices. A lack of liquidity has been a persistent challenge for exchanges throughout 2023, which has led many large institutional traders to move over to OTC desks. Even as bitcoin rallied by over 150% through the year, the market was still plagued by the ‘Alameda Gap’ in liquidity, CoinDesk reported. Binance, the world’s largest crypto exchange, had a particularly challenging time with liquidity, as the liquidity available in its order book dropped by 25% in November, compounded by its $4 billion settlement with U.S. authorities and the subsequent resignation of its CEO Changpeng ‘CZ' Zhao.

about 2 months ago
Coinstages
Coinstages
followers

Binance Coin (BNB) is showing signs of recovery, trading at $319, despite the recent resignation of Binance CEO Changpeng Zhao.Experts predict BNB could reach $350 in January, with a potential range between $318 and $572. Binance Coin’s Road to Recovery Following significant leadership changes at Binance, one of the world’s leading cryptocurrency exchanges, Binance Coin (BNB) has demonstrated resilience and recovery potential. The recent resignation of Binance CEO, Changpeng Zhao, who also faced criminal charges, initially led to a dip in BNB’s price. However, the token is now on an upward trajectory, currently trading at $319, marking a 0.5% increase in the last 24 hours. Predicting BNB’s Price Trajectory The entire cryptocurrency market is experiencing a bearish trend, drawing attention to individual tokens like BNB and their potential price movements. Cryptocurrency analysts at Changelly have assessed BNB‘s historical performance, particularly at the start of 2024, to forecast its price trajectory for January. According to their analysis, BNB could reach a high of $572, with a base projection of $318 and a potential surge to $445 within the month. The Prospect of Hitting $350 Amidst the current market conditions and considering BNB‘s price action, the question arises: Can Binance Coin sustain this upward trend and hit $350 by January 8, 2024? Changelly’s prediction, based on market analysis and historical patterns, suggests that achieving this price point is well within reach for BNB. BNB’s Market Position Amidst Binance’s Leadership Shift The change in Binance’s leadership, coupled with BNB’s subsequent price movements, reflects the dynamic nature of the cryptocurrency market. BNB‘s ability to rebound following these developments indicates its strong market presence and the confidence investors have in the token. As Binance continues to adapt and evolve, BNB’s role as the platform’s native cryptocurrency remains a critical factor in its valuation and market performance. In conclusion, Binance Coin (BNB) is showing promising signs of recovery and growth. With expert predictions leaning towards a significant rise in its value, the coming weeks will be crucial in determining whether BNB can reach and potentially surpass the $350 mark. As the broader crypto market navigates through a period of uncertainty, BNB’s performance will be closely monitored by investors and industry observers alike. ⚠️Disclaimer This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.

about 2 months ago
CoinEdition
CoinEdition
followers

Prominent figures in the crypto community strongly respond to Gary Gensler’s crypto statements, accusing him of spreading FUD. Ryan Selkis, CEO of Messari, counters Gensler’s claims, emphasizing that Bitcoin has consistently proven itself as the top-performing investment. Coinbase Chief Legal Officer, Paul Grewal, questions the SEC’s credibility by highlighting recent misrepresentations in DEBT Box case. Recent tweets from prominent figures within the crypto community have responded strongly to Gary Gensler’s crypto statements, accusing him of spreading fear, uncertainty, and doubt (FUD) about the crypto industry. The SEC Chair laid out various risks associated with crypto, including non-compliance with securities law, volatility and risk, and the rise of fraudsters. A number of major platforms and crypto assets have become insolvent and/or lost value. Investments in crypto assets continue to be subject to significant risk. The founder and CEO of Messari, Ryan Selkis, took to X to counter Gensler’s claims. Selkis emphasized that Bitcoin has consistently proven itself as the top-performing investment over its 15-year history. He criticizes Gensler for omitting this vital information from his statements, calling attention to what he perceives as fear-mongering. Coinbase Chief Legal Officer, Paul Grewal, brought attention to the SEC’s recent misrepresentations in a court case regarding DEBT Box. Grewal highlighted the SEC’s regrettable actions and questioned the sincerity of their apologies. By juxtaposing Gensler’s statements with the SEC’s court troubles, Grewal implies a lack of credibility and consistency within the regulatory body. X account CryptoLaw contributed to the criticism by alleging that, under Gensler’s leadership, the SEC has been dishonest in a crypto case, facing potential sanctions. The tweet accuses Gensler of allowing fraudulent activities, such as the situation involving SBF (Sam Bankman-Fried), to occur under his watch.   The tweet calls for Gensler’s resignation, citing him as the wrong regulator and an incompetent leader. CryptoLaw also perceives him as a major liability, with doubts emerging about the veracity of his statements.  Gensler’s recent crypto thread went viral, with impressions reaching over 25.4 million for a tweet that is not even a day old.  While Gensler received backlash from the crypto community, the timing of the tweet gave many anticipation that a spot Bitcoin ETF would be approved soon. The post Crypto Figures Slam SEC Chair Gensler’s Statements, Call for Accountability appeared first on Coin Edition.

about 2 months ago

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