Author: BSCTimes

Binance, one of the world’s largest cryptocurrency exchanges, is facing regulatory scrutiny from multiple countries. The company has been accused of not complying with local regulations, including those related to anti-money laundering (AML) and know-your-customer (KYC) procedures. The latest setback for Binance came from the UK’s Financial Conduct Authority (FCA), which ordered the exchange to stop all regulated activities in the country. The FCA found that Binance had failed to adequately disclose information about its business, management structure, and AML procedures. The ban means that Binance cannot operate in the UK and must cease all advertising and promotion of its…

Several US Senators have questioned Binance, the world’s largest cryptocurrency exchange, and its US-based partner, BAM Trading Services, over their compliance with US regulations. The senators have asked the companies to provide information on their measures to prevent money laundering, terrorist financing, and other illegal activities. Binance has been facing increased scrutiny from regulators around the world due to its decentralized structure and lack of transparency. The exchange has been accused of facilitating money laundering and other illicit activities, leading to several countries banning or restricting its operations. BAM Trading Services, which operates Binance.US, is a regulated entity in the…

Digital asset brokerage firm Voyager Digital has received overwhelming support from its clients for its $1.1 billion bankruptcy plan, with 97% of voters backing the proposal. The plan involves merging with LGO, a European digital asset exchange, and issuing a new class of shares to pay off debts. Voyager filed for bankruptcy last year after a failed acquisition deal with Circle. In a statement, Voyager CEO Steve Ehrlich said the vote was a “major milestone” in the company’s restructuring process and thanked its clients for their support. He added that the company is now one step closer to emerging from…

Binance CEO Changpeng Zhao, known as CZ, has responded to recent negative coverage by the mainstream media, stating that many journalists and regulators simply don’t understand how a cryptocurrency exchange works. In a tweet, CZ suggested that some media outlets have been sensationalizing events and spreading fear, uncertainty, and doubt (FUD) about the cryptocurrency industry. He added that it is difficult for those outside the industry to understand the complexities of a cryptocurrency exchange and that many people are not aware of the extensive security measures that are put in place. Zhao’s comments come after a wave of negative press…

A decentralized finance (DeFi) protocol, LaunchZone, has reportedly been hacked for $700,000 worth of Binance Coin (BNB). The protocol, which is built on the Binance Smart Chain, confirmed the exploit via a tweet, adding that it had suffered a “minor attack.” The hacker was able to drain funds from the LaunchZone liquidity pool by exploiting a vulnerability in the smart contract. According to reports, the hacker took advantage of a flaw in the smart contract of the protocol’s launch pool feature. The attacker used a contract function to manipulate the system and drain the pool of 50,000 BNB tokens. The…

The US Drug Enforcement Agency (DEA) has reportedly seized $1.8 million from Binance, one of the world’s largest cryptocurrency exchanges. According to sources, the seizure took place in 2022 as part of a larger operation against a drug trafficking organization that used Binance to launder money. The DEA allegedly discovered that the drug trafficking organization was using Binance to convert proceeds from drug sales into cryptocurrency, which was then sent to multiple wallet addresses to conceal its origin. The agency was able to track down the funds and seize them from Binance. This is not the first time Binance has…

The United States Securities and Exchange Commission (SEC) has objected to the proposed $1 billion acquisition of Voyager Digital by Binance.US. According to a filing on Tuesday, the SEC has alleged that the acquisition may involve the sale of unregistered securities. The SEC’s objection is the latest in a series of regulatory hurdles faced by Binance, the world’s largest cryptocurrency exchange by trading volume. The SEC stated that Binance.US, a separate entity from Binance, may have violated securities laws by acquiring Voyager Digital without registering the tokens as securities. The SEC claims that Binance.US had full knowledge that the Voyager…

Binance Smart Chain (BSC) has awarded its January BNB Chain Builder Grant to Nandi, a non-fungible token (NFT) marketplace that aims to provide a unique and user-friendly experience for artists and collectors. The grant is part of Binance’s ongoing efforts to support the development of the BSC ecosystem, which has seen tremendous growth in recent years. Nandi was selected for the grant due to its innovative approach to NFT marketplaces and its potential to drive adoption of BSC. Nandi is a marketplace for digital art, music, and other creative assets, where artists can create and sell NFTs to collectors and…

Crypto investors have been warned about a surge in fake ChatGPT tokens, which have been created and issued on the Binance Smart Chain (BSC) and other popular networks. These tokens have been designed to deceive unsuspecting investors by posing as legitimate ChatGPT tokens, which are built on the Ethereum blockchain and powered by OpenAI. It has been reported that the fake tokens have flooded the market in recent weeks, leading to concerns about the safety and security of crypto investments. According to industry experts, the majority of these fake ChatGPT tokens have been issued on the Binance Smart Chain, a…

Binance, one of the world’s largest cryptocurrency exchanges, is considering severing its ties with the United States due to the increasing regulatory pressure on the crypto industry. According to an anonymous source cited by Bloomberg, the exchange is considering its options, which may include exiting the US market entirely or forming a separate entity to comply with US regulations. Binance has come under scrutiny from regulators in several countries, including the US, which has accused the exchange of operating illegally in the country. The exchange has been forced to withdraw from certain markets and has faced restrictions in others due…