Binance, the world’s leading cryptocurrency exchange by trading volume has hired two former FATF executives as its regulatory and compliance advisors. The new appointees include former FATF Executive Secretary Rick McDonell and former Head of the Canadian delegation to the FATF Josée Nadeau.
As Bitcoin hodlers worry about FATF regulations, the world's largest Bitcoin exchange, Binance, hires former FATF regulators.
This world now belongs to #Bitcoin
— Documenting Bitcoin 📄 (@DocumentingBTC) March 25, 2021
The announcement also comes just weeks after the cryptocurrency exchange came under CFTC investigation for allegedly offering leverage trading to US customers. The crypto exchange is currently focused on expanding its services outside the Asia Pacific region and especially in the United States which is currently dominated by the likes of Coinbase.
Binance had also appointed former US ambassador to China Max Baucus as the company’s government advisor on March 11, a clear indication of an aggressive approach in the US.
Binance Looking to Conquer US Crypto Market
The US crypto market is still quite complex when it comes to regulatory clarity and it was one of the key reasons behind Binance’s decision to open an independent crypto platform in the form of Binance.US a couple of years ago. However, looking at the growing demand for crypto services leading to high pre-market valuation and funding.
Binance being a market leader outside the US both in the spot as well as leverage market for sure wants to have a larger share of users in the US as well. The recent slew of hirings of former regulatory executives is a clear sign of Binance’s expansion strategy. The timing could not have been better given crypto market is currently in a prolonged bull run and Binance’s native chain BSC, as well as native token BNB both, have recorded exponential growth over the past couple of months. The BSC chain has currently become the favorite of Defi protocols as well as Eth traders in light of growing gas fees on the Ethereum network.
Binance’s Trading Volume Hits $100 Billion in Just One Day
Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles
Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.
The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.
Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.
Eerier this month, the trading platform also announced a $1 billion ecosystem fund.
Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.
Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack
As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.
Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.
The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.
The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,
“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”
PeckShield provided some details about the same noting,
According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,
“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”
Actions taken by the team
The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.
They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.
NBA Makes Coinbase Its Exclusive Crypto Partner
Coinbase has joined FTX in scoring major partnerships in the sports industry
The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.
Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues.
As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.
Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:
The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.
The shares of Coinbase are up roughly 3% at press time.