Binance has come under scrutiny from regulators globally. The crypto exchange said that it will take a more proactive stance to compliance and stopped its Hong Kong clients from opening new derivatives with immediate effect, according to the latest reports coming from CoinDesk.
The same online publication noted that existing Hong Kong account holders have 90 days to close their open positions, the exchange announced Friday.
It’s been also revealed that CEO Changpeng “CZ” Zhao said in a tweet that the exchange would take a more proactive approach to compliance.
A lot of regulators including the U.K.’s FCA have said in recent weeks that Binance is not authorized to conduct regulated activities in their countries.
At the end of July, Malaysia ordered it to stop operations in the country.
A lot of banks, including HSBC and Banco Santander have blocked payments to the exchange.
Regulatory compliance is a journey
CZ responded to these pressures back in July in an open letter in which he described regulatory compliance as a “journey.”
He said that its development is similar to those of the automobile industry where “laws and guidelines were developed along the way.”
As CoinDesk pointed out, CZ said a while ago that “Compliance is a journey – especially in new sectors like crypto.”
He also noted the crypto industry contained a lot of uncertainty. “We also recognize that with growth comes more complexity and more responsibility.”
The crypto space has been developing and growing with the speed of light, especially back in 2020 and 2021, when the world has been in one of its biggest crises ever.
The fact that the crypto space is growing and getting stronger in such global disastrous times only shows the strength and power that cryptos hold. Stay tuned for more news.
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.