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Binance is investigated for market manipulation in the US, says Bloomberg

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Binance has once again come into the crosshairs of US regulators who are now investigating alleged market manipulation and use of inside information in trades made by Binance Holdings Ltd.

The information revealed on Bloomberg on Friday night (18) came from sources familiar with the matter who requested anonymity as a confidential investigation.

According to the report, officials from the Commodity Futures Contracts Trading Commission (CFTC) are trying to find out if the Binance team has taken advantage of its insider view of the market to profit by trading customer orders before executing them.

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In recent weeks, officials have been looking for possible witnesses to help with the investigations.

The charge was rebutted by a Binance spokesman who told Bloomberg that the company has a “zero tolerance” policy on the use of insider information, and a “strict code of ethics” to prevent any harmful conduct by its employees. customers and the crypto industry in general.

The spokesman also pointed out that the exchange itself has an internal security team to investigate irregularities and hold workers accountable, with dismissal being the minimal repercussion.

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A CFTC representative was approached by the newspaper, but declined to comment on the case.

Binance in the sights of regulators

This is not the first time that the CFTC, the American body responsible for regulating banks and the stock market, has been looking for signs of irregular behavior by Binance in the country. In March, regulators opened an investigation into whether the brokerage was allowing Americans to buy and sell derivatives, a service it is not authorized to offer in the region.

Two months later, Binance was also being investigated by the US Internal Revenue Service (IRS) and the Department of Justice. At the time, the CEO of Binance, Changpeng “CZ” Zhao, said that the company collaborated with the authorities to punish the bad players in the market.

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As soon as news of the new investigation began circulating last night, CZ returned to Twitter to leave a message for the community: “Don’t be distracted by the noise.”

In recent months, authorities around the world have been warning about Binance’s alleged malpractice in their territories, prompting the exchange to implement a series of changes to please regulators.

The broker reduced by 97% the withdrawal limit for accounts with basic verification, putting an end to anonymity on the platform. Shortly thereafter, it started to force all clients to perform the intermediate verification in order to access the services.

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The exchange also reduced the leverage offered to clients and banned the trading of derivatives in several countries, including Brazil.

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Binance Triggers Elrond Mania! EGLD Price to “Moon-Soon”!

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The global crypto space is moving vigorously by achieving a new ATH of a $2.67 trillion market cap. While Bitcoin and Ethereum are stealing the show with 3.70% and 9.75% gains in 24 hours, prominent altcoin Elrond came out of the box to compete with these star cryptos. 

Binance Exchange Launches EGLD Staking Pool!

Elrond price remained constant for some time now with no significant gains. The platform came up with an exciting announcement on Thursday launching the EGLD staking pool on the Binance exchange.  Besides, the exchange achieved a new milestone of 100 billion trades recently. The recent surge in its reputation gives the Elrond network the perfect blow in the near future. 

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The combo is giving massive perks to the traders. EGLD staking will enable trades to earn commissions up to 55.49% annual per yield (APY) and share 100 EGLD rewards worth $19000.  

Traders can deposit and stake the token for 10, 30, 60, or 90 days to enjoy incredible annualized interest rates. The minimum locked staking limit is set for 0.2 EGLD. 

Other than this, the platform is keenly working on several projects to facilitate maximum benefits for the community. Recently, Elrond announced a collaboration with Woodstock fund The partner announced the huge investment on a project to build anon-custodial stakingservice. 

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Elrond Price to “Moon-Soon”!

After a decent correction at $225 for the past week. The altcoin broke out at crucial resistance reaching the $250 mark at the press time with 6.01% profits in 24 hours. A closer look at the 1-day chart highlights that the altcoin has formed Ascending parallel channel. There is the likelihood that the altcoin is close to brake out since the pattern is approaching its convergence zone. 

As more buyers are jumping in, the asset has the potential to surpass the $283 resistance mark. Another tug war could take place between buyers and sellers near ATH. If its recent staking program attracts new users, green candles could dominate outpowering the red taking the price rally beyond $300. On the contrary, the Elrond price could settle down below $225 if it fails to hold the present resistance. 

Collectively, the rest of the quarter looks bright for the EGLD price action. Once Bitcoin’s dominance starts to depreciate well below 40, then Elrond could become the first altcoin to enter the splendid altseason. However, the asset is focusing more on fundamentals to dominate the fast-approaching technological revolution.

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Binance’s Trading Volume Hits $100 Billion in Just One Day

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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.

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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.

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How Binance is protecting its users with responsible trading program

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The sad reality is that a lot of fake news, scam messages and other fraudulent and defamatory materials are circulating the web, making it difficult for investors to know what information is legitimate and who they can trust. While trading can be fun and exciting, it can also lead to emotional or financial stress, especially when many dishonest parties manipulate the market.

Although bad people will always exist, traders can exercise caution by leveraging the principles of responsible trading. Responsible trading requires investors to execute control over their trades, knowing when they are in a suitable position to take on risks and taking accountability for their actions. By acting as a responsible trader, investors never take risky positions without research or invest funds they cannot afford to lose. 

For this reason, Binance continues to focus on the ongoing development of their industry’s regulatory framework to help discourage bad actors from harming honest investors. Being a significant player in the cryptocurrency industry, Binance has also taken it upon itself to provide leadership to the market. 

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Over the past year, this has involved the development of ongoing partnerships with law enforcement and security firms to help improve cybersecurity measures across the broader cryptocurrency industry. The exchange has also continued to ramp up its in-house anti-money laundering (AML) detection and analytics capabilities and taken several additional actions to prove its commitment to responsible trading. 

Although the topic might not be top of mind to some consumers, recent news would suggest these precautions are coming at a time more necessary than ever before. Binance continues to remain their resolve to bring to light these injustices and provide support however possible.

Why responsible trading matters

Some common examples of falsified information come down to bad actors pretending to be the exchange itself and sharing information that is untrue and can negatively impact a user’s account, such as using a fake link in an email to encourage users to provide their login information. 

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Other common concerns center around pump and dump schemes. Bad actors with a big holding in a given cryptocurrency will spread false information to drive up the price; as prices increase, they encourage other traders to “buy before it’s too late.” This becomes harmful when new investors go all in and invest their life savings away, only to have the asset crash before their eyes.

Of course, a final example is apparent with Fancycat, the international organization of cybercriminals responsible for over $500 million worth of ransomware crime. Many of these criminals often looked to cryptocurrency exchanges to safely funnel their earnings without being caught by the authorities. 

Although very different examples, addressing these concerns comes down to one thing. Responsible trading.

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A demonstration of commitment

To date, Binance has taken some additional steps to ensure responsible trading is maintained. Among them are:

  • Limiting new platform users (accounts opened in the last 60 days) to maximum leverage of 20x
  • Confirming plans to become a regulated financial institution, in addition to ensuring local licensing and compliance is maintained
  • Restricting access to derivatives products in the financial hub
  • Limiting new API key creation to verified accounts only to ensure safe and fair trading for market participants
  • Becoming the first and only cryptocurrency exchange to introduce a responsible trading program

Upon taking a closer look at the responsible trading program, three key focus areas are apparent. They are practicing self-discipline, continually educating themselves, and protecting traders’ assets. In practice, these procedures include:

  • Measures to limit impulsive trading actions, such as when a trader suffers a losing streak or loss, the platform will provide automated reminders of the risks involved in trading
  • Cooling-off features for users to temporarily disable derivative trading abilities if they would like additional support in exercising self-discipline
  • Price protection, a feature that prevents users from getting hurt by market manipulation by triggering stop-losses or take-profits when bad actors are manipulating the system

The team hopes that by sharing their learnings and any proactive measures they take, they can help steer their industry forward, now and long into the future.

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