Happy 7th Birthday, Binance! 🎉🎂 Wishing the world's leading cryptocurrency exchange a fantastic year ahead filled with continued success, innovation, and prosperity. May you keep empowering millions of users worldwide with your cutting-edge technology and unwavering commitment to excellence. Cheers to many more years of revolutionizing the crypto space
CZ tells wonderful memories of vitalik buterin when he visited Tokyo 2 may 2015 let's read this flashback with his words..
On this 8th birthday of #Ethereum, a little throw back to May 2, 2015, in Tokyo🇯🇵, just before #ETH was officially born.
@VitalikButerin stayed in my apartment in Tokyo during this trip. He was already working on and talking about ETH non-stop. And I still missed (didn't buy) ETH. A miss of a life time. 😂
But then again, if I had bought ETH then, I might not have had the need or drive to start Binance. Who knows? 🤷♂️
I was "in between jobs" (and shorts & flip flops). Life gives you not too many, but multiple chances. 🙏
Work hard, don't miss the 2nd chances.
First time sharing this photo. Some OGs in this one.
He may appear young, but his journey holds valuable lessons for both new and pros in crypto 👇
It all started back in the early days of Bitcoin
16-year-old Zhao Tong was fascinated by the tech and he was determined to get involved.
However, due to the lack of reputable crypto exchanges, buying Bitcoin was quite challenging.
Long story short, he bought his first BTC...right before the infamous Mt. Gox crash that tanked the price.
Zhao's holdings lost 99% of their value overnight- a loss that would be worth over $6 billion today.
Rather than give up, Zhao doubled down and in just FOUR DAYS he built his own exchange, Bitcoinica.
He created one of the first platforms to offer cutting-edge features like margin trading and it was an INSTANT hit.
With no marketing and basic security, it was rivalling the biggest players with $40 million in monthly volume.
In two weeks, Zhao had made 2,000 $BTC
Tong's youth and inexperience understandably raised some concerns about security but Bitcoinica continued expanding rapidly.
Investors approached Tong with an offer to purchase the exchange and as a student with exams coming up, he agreed to sell.
Zhao made the decision to sell Bitcoinica to a larger company called Wendon Group looking to expand in the space.
Things were looking good...until hackers targeted Bitcoinica multiple times and stole over 100k BTC FROM USERS.
He didn't do anything wrong but his name became known with these hacks within the tight-knit crypto community.
Tong chose to step away from the industry. However, he did retain 1,000 BTC which he invested in a rare solid gold Casascius coin now valued at over $60 million.
This isn't a story of a story of wasted potential. It is a reminder to value the groundwork laid by those who took risks in Bitcoin's unpredictable early days.
There was no blueprint for building secure exchange infrastructure back in 2012, and even today major established players have suffered massive hacks and thefts.
Breaking: #Binance burned 1.7 billion Terra Luna Classic (#LUNC) tokens in its latest burn mechanism batch. This brings Binance's total $LUNC burns to nearly 62 billion! 🔥
🚨 The SEC has sued Consensys!!! (despite announcing it had closed its investigation into ETH 2.0 earlier this month).
For what?
The lawsuit alleges that Consensys acted as an unregistered broker of unregistered securities through MetaMask Swaps by accepting fees for trades of $MATIC, $MANA, $CHZ, $SAND, and $LUNA, which the SEC considers unregistered securities under the Howey Test.
It also claims that liquid staking tokens from Lido Finance and Rocket Pool, offered through MetaMask Staking, are unregistered investment contracts.
But Ariel, why should we care?
Well, this lawsuit is particularly interesting because two months ago, Consensys sued the SEC in Texas to block a similar suit, arguing that MetaMask Swaps and Staking are merely software tools, not brokers, citing SEC v. Coinbase. The SEC's response was due July 1, but they requested an extension - likely due to this new lawsuit.
The two cases will now proceed in parallel, presenting a fascinating legal study between federal courts.
The Federal Bank of India has joined forces with #Ripple to expedite Cross-Border Remittances! 🇮🇳
This bank is at the forefront of India's banking sector as it digitalises all of its branches across the country!
INDIA + BRICS + #XRP
Source: federalbank.co.in/documents/1018…
The XRPL's top defi token, @TokenCTF, might be on the verge of a groundbreaking surge from 0.90 XRP to 748.50XRP per token, with a market cap of just $20 billion!!
This would only be a fraction of what is expected to flow into XRPL as global payments reach new heights, all powered by XRPL!!!
CTF token was already a lucrative investment, but we could be talking about a whole new level of wealth for holders. My CTF token bags are ready!! You do you!!
🚨 BREAKING NEWS: Dubai Approves #Ripple for International Transfers Despite SEC Obstacles! #XRP 🇦🇪
Seize the moment on the #XRPL with @EBT_XRPL! With a high supply still and a 50% burn rate, we're on track, we've burned from 20M to 9,455,574.49 supply already in less than 2 months. When we hit 1M or even 10K, scarcity will drive demand. Buy now, hold tight – a little may go a long way! 🚀
Join the EverBurn farming frenzy! With 2.2M tokens up for grabs and an APR of 133%, now's the time to plant your seeds for a bountiful harvest.
Coinbase sues SEC and FDIC for crypto regulatory clarity
Key Takeaways Coinbase is suing the SEC and FDIC to access documents about crypto regulation.The lawsuits are part of Coinbase's effort to challenge what it sees as unfair regulatory practices. Coinbase has initiated legal action against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), as reported by FOX Business. The US crypto exchange demands access to documents detailing the regulators’ stance on crypto regulation.
The lawsuits, filed in a Washington, D.C., district court, aim to uncover what Coinbase describes as a coordinated effort by financial authorities to block crypto firms from the US banking system. For years, financial regulators – including the SEC, the FDIC, and the Federal Reserve Board – have used every tool at their disposal to try to cripple the digital-asset industry,” stated a Coinbase spokeswoman to FOX Business. The company’s legal move targets the refusal of the SEC and FDIC to provide information requested under the Freedom of Information Act, including details on SEC investigations and FDIC’s “pause letters” sent to banks asking for any crypto activities to be paused.
Moreover, Coinbase’s lawsuits accuse the SEC and FDIC of using similar grounds for denying Coinbase the information it’s seeking, such as whether the head figures at the agencies are using coordinated pressure tactics to “choke off” the $2 trillion digital assets industry from the lifeblood of the federal banking system, according to the report.
This legal challenge is part of Coinbase’s broader struggle for clarity on the application of securities laws to digital assets, amidst ongoing litigation in New York where the SEC accuses Coinbase of offering unregistered securities.