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CZ Binance: CFTC’s Probe into Binance US is FUD

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The CFTC has reportedly opened an investigation against Binance to determine if the exchange has violated any US laws.

The world’s leading crypto exchange, Binance, is purportedly being investigated by the US Commodity Futures Trading Commission for allowing residents to trade derivatives without the necessary registration. Although Binance CEO CZ called the development “FUD,” the crypto market reacted with a sudden price drop. 

  • Citing people familiar with the matter, Bloomberg reported the CFTC had begun an investigation aiming to determine if Binance has violated any US rules. More specifically, the Commission seeks to find out if the exchange allows US citizens to buy and sell crypto derivatives without being registered with the organization. 
  • Nevertheless, the coverage reassured that Binance hadn’t been accused of misconduct yet, and the investigation might not lead to enforcement action. 
  • As previously established, the CFTC considers some cryptocurrency assets, such as Bitcoin and Ethereum, as commodities and has claimed jurisdiction over their futures and other derivatives options.  
  • A Binance spokesman noted that the exchange will take a “collaborative approach in working with regulators around the world, and we take our compliance obligations very seriously.” 
  • The company’s CEO, Changpeng Zhao, indirectly commented on the development, saying that “it’s not a bull market without some FUD,” and urged his followers to ignore it. FUD is a popular term, especially in the crypto space, meaning – fear, uncertainty, and doubt.  
  • Shortly after the news broke, bitcoin, and most alternative coins, dumped in value. The primary cryptocurrency lost over $1,500 from $56,500 to about $55,000. As of writing these lines, the asset has bounced off and sits above $55,500.
  • Somewhat expectedly, Binance’s native cryptocurrency had it even worse. BNB dropped by 10% from $275 to $250 in a matter of minutes. Similarly to BTC, though, it has reacted positively following the nosedive and currently trades at $265.  

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Binance Angels Helped a Crypto User Recover Nearly $100,000

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Important information: This is a sponsored story. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.

Binance Angles, volunteers who support the leading cryptocurrency exchange’s community and projects, have helped a cryptocurrency user recover nearly $100,000 in the USDC stablecoin after the user sent the funds to the wrong address.

According to a post Binance published the user, identified only as Damien, sent 98,000 USDC on the Binance Smart Chain to the USDC contract address instead of to his own address on the exchange, leading to a loss of funds.

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After the user conducted thorough research to find out what could be done, he went into despair and contacted Binance’s French-speaking community on Telegram. The community of over 23,000 is moderated by Binance Angels, who informed Damien there was a chance: Binance’s BNB Pioneer Burn Program.

 The BNB Pioneer Burn Program

Binance’s pioneer burn program is a new initiative meant to help users restore funds they have lost due to honest errors on the Binance Smart Chain. Under the program, Binance covers the lost funds of eligible users by using money that was meant to be used on Binance’s quarterly token burns.

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Damien was fortunate enough to see his case meet all of the criteria of the Pioneer Burn Program, meaning that in just 24 hours after his mistake was made, he received the 98,000 USDC back from the cryptocurrency exchange.

 Binance’s blog post details that to be eligible for the program, users’ lost tokens must either be “BNB, “wrapped” tokens (e.g. WBNB), or “pegged” tokens (e.g. BTCB) supported via the Binance “Token Canal” Project,” and have to have been transferred to the BEP20 contract addresses verified on BSCScan so the loss can be publicly justified and recognized as moving the asset out of circulation.

The loss also has to be above $1,000 in value, but smaller than the amount of BNB that is projected to be burned during the upcoming quarter.

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Binance Angels

Binance Angels, it’s worth noting, are community volunteers who share their knowledge of the cryptocurrency space and of the Binance ecosystem with its community, and help users navigate everything that’s out there.

These volunteers don’t just help users, but also help translate and proofread content, manage both online and offline communities, and provide feedback on Binance’s features to help the exchange improve.

They are rewarded through exclusive invites to Binance events as either VIP guests or organizers, through meeting with the Binance team, and by attending behind-the-scenes meetings with them. Binance Angels also received limited-edition swag, and exclusive gifts.

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Binance Coin Price Analysis: BNB is bullish for the next 24 hours

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  • Binance Coin price analysis is bullish today.
  • BNB/USD broke above $460 after slight retracement yesterday.
  • Closest resistance at $510.

The price of Binance Coin is presently bullish, as previous resistance at $460 was breached today, pushing BNB higher. As a result, we expect BNB/USD to rise further over the next 24 hours.

Binance Coin price movement in the last 24 hours: Binance Coin breaks $460, continue higher in the next 24 hours.

The price of Binance Coin is presently bullish, as a recovery in its price was seen after yesterday’s retracement, pushing the price back to higher prices. As a result, we expect BNB/USD to rise further over the next 24 hours. The market closed today at $470 for a gain of $9 in the last 24 hours.

A look at BNB/USD in the 4H chart shows that yesterday, the Binance Coin price dropped to a low of $450 and went into consolidation. Recovery was seen soon after, pushing the price higher and breaking above resistance at $460.

This week, however, the price broke above $460 and the 200 SMA (red). The break was supported by a rise in trading volume from yesterday’s low of $124 million to today’s high of $163 million. This has resulted in BNB/USD rising by close to 10% today, and we expect it to rise further over the next 24 hours.

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The nearest resistance is seen at $510 (the price of Binance Coin on August 23), while support is found at $450. Over the day, we predict a break of this level will take place, pushing the price to $500.

BNB/USD 4-hour chart: BNB shows bullish movement

On the 4-hour chart, we can see bullish momentum still strong, indicating we will see further upside today.

Binance Coin Price Analysis: BNB is bullish for the next 24 hours 1
BNB/USD 4-hour chart. Source: TradingView

Binance Coin’s price action has shown considerable bullish momentum over the last several weeks. On October 1, BNB/USD rose to a new high of $450.

Binance Coin (BNB) recovered Monday, establishing a higher low of $395 before spiking Tuesday again. The previous swing high was broken, allowing BNB to reach the next resistance at $460.

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Binance Coin fell to test the $440 prior swing high barrier as support, with a little reaction following. Any additional selling yesterday was not apparent, so BNB/USD went back on a bullish trend over the previous 24 hours.

Binance Coin Price Analysis: Conclusion and

The market of Binance Coin today is showing promise of further gains in the next 24 hours despite poor sentiment across cryptocurrencies. Several new records for cryptocurrency prices have the nearest been set over the past few weeks, but now the market is slowing down, with trading volumes dropping dramatically. This is likely to affect Binance Coin prices soon have the as well.

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Binance to Hold Polkadot Parachain Slot Auction

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In the News section on the platform’s blog, Binance announced the future support of the Polkadot Parachain Slot Auction that will take place in November 2021. More details for participants will be released closer to the auction. Previously, the project’s co-founder stated that Polkadot is ready for the parachain’s rollout.

The purpose of parachains is to create full interoperability between various Layer 1 networks designed for different purposes. In order to become part of the network, each chain should collect the necessary number of votes that can be collected via auctions.

Previously, for testing purposes, the Kusama network has held numerous auctions in June and July that replicate the same process that the main Polkadot network will go through.

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The first auction begins on Nov. 11, with ending periods starting on Nov. 18. Users will be able to bid until Nov. 18. The first winning parachain will be onboarded on Dec. 17.

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