Binance founder and former CEO Changpeng Zhao (CZ) has been permanently banned from managing the cryptocurrency exchange. Initially, reports suggested a three-year prohibition, but Axios later clarified that the ban is indefinite, barring Zhao from any future leadership role at Binance.
Zhao's legal issues began when U.S. authorities charged him with multiple violations related to Binance's activities. The charges included offering unregistered securities, market manipulation, and inadequacies in the exchange's anti-money laundering (AML) practices.
Despite Binance's status as one of the largest cryptocurrency exchanges globally, it has been under intense regulatory scrutiny. This has resulted in significant legal challenges for Zhao, who stepped down as CEO in November following an agreement with the U.S. Department of Justice. The deal stipulated his permanent removal from the "management or operations" of the company.
The $BTC Short-Term Holder (STH) MVRV Ratio has fallen below the crucial breakeven point of 1.0, reaching levels last observed in August 2023 during the post-FTX recovery phase. This suggests that, on average, newer investors are currently holding assets at an unrealized loss.
As long as the spot price stays under the STH cost basis of $62.4K, the market is expected to experience continued weakness.
Remember to do your own research (#DYOR ) before making any investment decisions.
South Korea's Financial Supervisory Service (FSS) is set to conduct inspections of cryptocurrency exchanges to detect illegal practices and ensure adherence to new regulations.
The initial investigation will concentrate on two exchanges identified for questionable activities.
🚨 Trump has surged ahead of Harris on Polymarket as the 2024 election nears! 🗳️ After a close period in mid-August, Trump now leads with 53% odds compared to Harris’s 47%. This marks a significant shift following Biden's non-re-election announcement.
Following the success of Daily Cipher and Combo Code, a new mini-game has quickly captured the attention of the Hamster Army.
In this game, players must strategically move trading candles to clear a path and reach the "Hamster Key" within a strict 60-second time frame. Participants have the opportunity to play once every half hour, with an additional hour-long wait following their first attempt, adding an extra layer of challenge and excitement to the game.
How to Play the Hamster Kombat Mini-Game:
■ 1. Plan Before You Act: Before making any moves, take a moment to carefully analyze the layout. Identify the key candles that need to be moved and plan the most efficient sequence to reach the goal. A little pre-planning can save precious seconds and boost your chances of success.
■ 2. Focus on Key Blocks: Start by shifting the candles that are directly obstructing the key. Clearing these primary obstacles first will help you better visualize the steps needed to reach the goal.
■ 3. Fast and Accurate Swipes: Due to the time limit, swift and precise movements are crucial. Practice making rapid swipes without compromising accuracy to move the candles efficiently. Speed and precision can be the difference between winning and losing.
■ 4. Monitor the Timer: With just 60 seconds to complete the challenge, keeping an eye on the timer is essential. As the time ticks down, make quicker, more decisive moves to maintain control over your pace and avoid running out of time.
$DOGS Update: Currently trading at $0.0010287 (+1.38%), $DOGS shows a steady uptrend on the 4-hour chart! With 24-hour highs of $0.0010708 and lows of $0.0009745, the market volume is buzzing with nearly 100B DOGS exchanged. Are you riding the wave?
Binance Introduces Toncoin to Simple Earn as Telegram Faces Legal Challenges
Binance, a leading crypto exchange, made a significant announcement on Tuesday regarding Toncoin (TON). The exchange disclosed that it is incorporating TON into its Simple Earn locked products. This news, coming at a time when Telegram is under legal scrutiny worldwide, has attracted notable attention within the crypto community.
As per the official Binance announcement dated September 3, Toncoin is now available on Simple Earn locked products. The exchange stated, "Complete subscriptions to TON on Simple Earn Locked Products during the Promotion Period to get up to 5.9%* in APR rewards," enhancing its appeal to users. To qualify, subscriptions must be made between September 3, 10:00 UTC, and September 23, 09:59 UTC, according to Binance. Additionally, the subscription process is on a first-come, first-served basis, with minimum and maximum subscription limits and duration requirements impacting the APR users can earn. Rewards will be distributed daily. Following this, Binance released a list of the products included in the announcement. Locking TON for 30 days provides a standard APR of 1.20% and 2.59% during the promotion period. The minimum subscription amount is 0.1 TON, with a maximum of 50,000 tokens. Locking TON for 60 days offers a standard APR of 1.90%, increasing to 3.9% during the promotion period. For this option, the minimum subscription is 0.1 TON, with a maximum of 20,000 tokens. For a 90-day lock, users receive a standard APR of 3.90%, rising to 5.9% during the promotion period, with a minimum subscription of 0.1 TON and a maximum of 200 tokens. Overall, Binance's announcement has drawn considerable attention to Toncoin, the native cryptocurrency of The Open Network blockchain, formerly known as the Telegram Open Network. The token faces ongoing challenges due to uncertainties surrounding Telegram and its CEO's legal issues. Following legal scrutiny in France, Telegram, led by Pavel Durov, continues to confront legal challenges globally. Recent reports indicated that South Korea has investigated Telegram for allegedly facilitating the distribution of sexually explicit deepfake content. Toncoin Price Today Interestingly, the broader crypto market showed signs of recovery today, with TON's price climbing 1% to $5.24. However, concerns remain among investors due to the ongoing legal challenges facing Pavel Durov. Toncoin's weekly chart reflects a nearly 2% decline, while the monthly chart shows a 14% drop. The intraday low and high were recorded at $5.10 and $5.27, respectively. According to Coinglass data, Toncoin's futures open interest rose by 1.83% to $285 million, alongside a 4.62% increase in derivatives volume to $307.87 million. Despite these optimistic market statistics, the coin remains under pressure due to Telegram's legal challenges. Crypto market participants continue to watch Toncoin closely for any changes in its price movements following Binance's announcement, which has enhanced the token's appeal to users. Additionally, Binance continues to strengthen its position in the crypto market, creating new trading opportunities. The exchange recently extended support to the FLUX token by announcing a futures listing, resulting in a nearly 25% price increase and sparking positive discussions in the broader industry.
U.S. Bitcoin ETFs Suffer $287 Million in Daily Outflows
The U.S.-listed spot Bitcoin ($BTC ) exchange-traded funds (ETFs) faced challenges on Monday, as concerns about growth and a decline in Nvidia (NVDA) shares negatively impacted market sentiment. The 11 ETFs saw a combined net outflow of $287.8 million, the largest single-day outflow since May 1, when over $500 million was withdrawn, according to data from Farside Investors.
Fidelity's FBTC was the most affected, with $162.3 million in withdrawals. Grayscale's GBTC saw an outflow of $50.4 million, while BITB and ARK experienced outflows of $25 million and $33.6 million, respectively. Other ETFs accounted for the remaining outflows, and BlackRock's IBIT recorded zero inflows for the second consecutive trading day.
On Tuesday, Bitcoin's price dropped by over 2.7% to $57,500, reversing the gains from Monday. The decline followed the release of the U.S. ISM manufacturing PMI, which fell below 50, signaling continued contraction in manufacturing activity in August. This data renewed fears of slower economic growth, putting pressure on risk assets, including cryptocurrencies.
"Fears of an economic slowdown resurfaced following a weaker-than-expected manufacturing PMI, with Nvidia leading the market decline, losing 9.54%," said crypto OTC liquidity network Paradigm in a Telegram broadcast.
At the time of writing, $BTC was trading at $56,500, continuing its overnight decline, while S&P 500 futures were down 0.4%.
Binance, the world's leading cryptocurrency exchange, has announced the listing of four new trading pairs, expanding its platform's trading opportunities and enhancing user flexibility. This move aligns with Binance's commitment to broadening its range of offerings and meeting the increasing demand for diverse trading options.
According to the recent announcement, Binance will introduce AAVE/USDC, STMX/TRY, SUN/TRY, and TRX/USDC spot trading pairs on September 4, 2024, at 4:00 p.m. (ET). These additions aim to provide users with more spot trading choices and enhance their overall trading experience.
Tomarket, a decentralized trading platform, is launching its airdrop event today, September 2, distributing an impressive $350 billion worth of $TOMATO tokens. These tokens will be allocated to early adopters, active community members who took part in the airdrop campaign, and key supporters.
The Tomarket project has seen remarkable growth, surpassing 12 million total users. During its initial phase, it recorded 5.6 million daily active users.
Over the past three days, the platform has experienced a surge in new users, with more than 1 million joining daily. This rapid growth in Tomarket's user base has been largely driven by the anticipation surrounding today's airdrop event.