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Binance Under Investigation by US Authorities for Possible Insider Trading: Report

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Global crypto exchange Binance is reportedly under investigation in the US for possibly engaging in insider trading and market manipulation. 

Citing anonymous sources with knowledge of the matter, Bloomberg reports the Commodity Futures Trading Commission (CFTC) is currently probing whether Binance or its staff took advantage of its customers to generate profits. 

According to Bloomberg, the exchange has access to view millions of transactions and the CFTC is questioning if the firm capitalized on that information by front running customer orders. The report highlights that Binance runs an immense trading operation where customers buy and sell crypto assets to the tune of tens of billions of dollars outside the purview of government regulators.

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Bloomberg also notes that the CTFC recently asked potential witnesses about the location of Binance’s data servers, suggesting that the US regulator may be looking into whether or not it has jurisdictional authority over the exchange.

Binance is not yet formally accused of committing any wrongdoing, and it is not clear if the probe will lead to an official action. 

A Binance spokesperson says that the exchange has a “zero-tolerance” policy for insider trading and assures that the company observes a strict ethical code to protect customers and the broader crypto industry. 

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The spokesperson adds that any offending workers will be held accountable and face a minimum consequence of termination.

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Binance Boss CZ Is Richest Ethnic Chinese Person Alive, Report Claims

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The Binance Founder and CEO Changpeng “CZ” Zhao is the richest ethnic Chinese person alive, a new article has claimed – although mainstream Chinese media outlets appear reluctant to report on the news.

The claim was made by the outspoken media outlet Caijing on Weibo and reported on in detail by numerous Chinese-language outlets, many of which are based outside Mainland China. The mainland’s mainstream outlets, however, all maintained a stony silence on the matter.

The media outlet noted, quoting data from unnamed “insiders,” as well as previously published information from Forbes that Binance was being valued at USD 300bn, adding that Zhao, a Chinese-Canadian, owns 30% of Binance’s shares. If these calculations are correct, it explained, the Binance chief is now worth USD 90bn.

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This valuation, Caijing added, “means that Zhao has become the richest [Chinese] man and ranks among the top 10 richest people in the world.”

The media outlet was quick to point out that the beverages giant Nongfu Spring’s founder, Zhong Sui Sui, is the mainland’s richest man and the second-richest Chinese in the world – and that Zhao is now worth 35% more than him. 

Next on the list came ByteDance (the TikTok operator) Founder Zhang Yiming, followed by Zeng Yuqun, the Founder and Chairman of the Ningde Times media empire. Bottom of the top five was the Tencent supremo Ma Huateng.

But Zhao appeared to question the logic behind the calculations with a tweet featuring some mathematics of his own.

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Regardless, Chinese-speaking netizens were impressed. On Weibo, one highly upvoted comment read:

“He is the richest man [on the list] just by virtue of holding Binance shares. The value of his cryptocurrency holdings has not even been taken into account. He’s a person who can be rightly compared to Elon Musk.”

Cryptonews.com’s own Baidu and Google searches for recent news on Binance and Zhao produced precious little in the way of mainstream reporting on the matter in China, despite the fact that the Caijing post was made over 24 hours ago.

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Indeed, trying to find Mainland Chinese reports on anything crypto-related – including Binance itself – is proving to be an ever-more-difficult task, as some observers have been discovering.

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Changpeng Zhao boasts on Binance wins, says exchange is 10x bigger than competitors

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  • Changpeng Zhao says Binance is 10x bigger than other exchanges.
  • Speaks on unique strategy Binance adopted to be number one crypto exchange.

Binance exchange CEO, Changpeng Zhao has boasted about the exchange firm compared to other crypto exchanges as he told some of the success stories of the firm.

According to Changpeng Zhao, the exchange didn’t rise to the top by chance. It was a carefully calculated effort made up of interesting innovations and a culture of focusing on the product.

Zhao spoke on how Binance made it to become the number one crypto exchange it is today in an interview with Forbes.

According to him, in 2017 when Binance launched, Coinbase and Kraken controlled the bulk of the US markets while Poloniex and Bittrex topped the charts for their large volumes. He pointed, however, Zhao pointed they all had narrow focus.

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Changpeng Zhao reveals Binance win strategy

He said, when Binance was coming to the market, no exchange looked to cater for the need of the global audience which prompted him to adopt the new approach.

“We had support for 31 languages on the day we launched and nine languages within a month. Today we support 31 languages on our interfaces. Our customer support is in 16 different languages” said Zhao. “So I think listing a high number of tokens was an advantage, but being more international was also the first thing we did.”

Also the platform’s interface which allows one full-screen trading that other exchanges have adopted also was a win strategy for Binance exchange.

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“Most of the time, we’re 10x bigger than the second biggest players. We also have the largest fiat-to-crypto exchange most people don’t know about.” Zhao told Forbes. “We support 50 something fiat currencies all over the world, and nobody has this coverage.”

He boasted that the exchange iwn Trust Wallet one of the most used crypto wallet and CoinMarketCap.com, a top crypto analytics provider.

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Binance Smart Chain implements ongoing burn like Ethereum’s EIP-1559

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  • Binance Smart Chain has successfully concluded the Bruno Upgrade v1.1.5 earlier today.
  • The upgrade has activated BEP95 to burn a fixed ratio of Binance Coin collected by each validator.
  • The Bruno Upgrade, was a hard fork that increased the speed of the full node sync by 60%. 
  • Analysts are bullish on BNB, predicting a 21.5% price rally if the altcoin breaks out of the resistance. 

Binance successfully concluded the Bruno upgrade v1.1.5 earlier today. The upgrade means a burn mechanism is now implemented to reduce the circulating supply of Binance Coin. 

BEP95 is now active burning 10% Binance Coin collected in fees per block

BEP95, the protocol that burns 10% of the fees collected by each validator, is now active on the Binance Smart Chain. According to Bscscan data, the current BNB burned per block is set at 0.02-0.06. The burn rate is determined by node voting and is currently set at 10%. 

Based on the estimate, the daily burn volume is between 577 to 1728 BNB tokens. A reduction in the circulating supply of BNB would trigger a shortage of the altcoin, driving the price higher. 

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The burn mechanism is similar to Ethereum Network’s EIP-1559. Since implementing the Ethereum Improvement Proposal in the London Hardfork, over 1 million ETH tokens have been burned. This has fueled a rally in Ethereum price. 

Proponents expect the Binance Coin price to explode in response to the burn implementation. 

The hard fork has boosted the speed of the full node sync by 60%. BNB price has posted 6% gains over the past week. Cryptocurrency analysts at the YouTube channel “Crypto TD” are bullish on BNB. Analysts have evaluated the BNB price trend in a recent video, and they believe:

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It is quite likely that BNB would have convincingly broken out of the resistance towards the upside, and the next target for BNB would be the 1.618 Fib of the current consolidation…you will get an approximate target of $766.

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