WSJ reports that Binance.US is currently using a “middleman” who is making deposits on its behalf. However, this method is seen as unsustainable due to the time needed to process the payments.

“We work with multiple U.S.-based banking and payment providers and continue to onboard new partners while upgrading our internal systems to create a more stable fiat platform and offer additional services,” a Binance.US spokesperson told WSJ.

So far, Binance.US has reportedly reached out to multiple banks that have a history of supporting crypto firms, including New Jersey-based Cross River Bank and Pennsylvania-based Customers Bancorp. However, both of the mentioned banks have declined the crypto exchange.

The main reason why the banks are reluctant to establish a banking relationship with Binance.US is the concerns about the regulatory risks that might follow.

Binance.US previously saw its acquisition of crypto lender Voyager Digital placed on hold by a New York federal judge after facing objections from the U.S. government. Its parent company, on the other hand, is currently being sued by Commodity Futures Trading Commission (CFTC).

The post Binance.US Struggling to Find Banking Partner to Handle Customers’ Deposits appeared first on theprimarymarket.com.

The suit also called Binance’s efforts to comply with U.S. laws and guidance a “sham.”

“The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law,” CFTC said in a statement released on Tuesday.

Besides Binance, the suit also named crypto exchange’s CEO Changpeng Zhao and Chief Compliance Officer Samuel Lim as defendants. CFTC alleges that Zhao, Lim, and other company executives didn’t put enough effort into supervising the platform while actively instructing its customers to break U.S. laws.

Zhao issued a statement in which he called the suit and CFTC’s actions “unexpected and disappointing.”

“Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint,” Zhao said.

The suit has caused movement in the crypto market, dropping Bitcoin to $26,694 at one point on Tuesday. Other major cryptocurrencies, like Ethereum, have also seen a loss in value.

The post U.S. Regulators Go After Crypto Exchange Binance, File a Suit appeared first on theprimarymarket.com.

Changpeng Zhao, CEO of Binance, explained on his Twitter that the hackers found a way to exploit the exchange’s cross-chain bridge, BSC Token Hub, and steal the coins. Blockchain bridges are commonly used to transfer cryptocurrency between platforms.

“The issue is contained now. Your funds are safe,” Zhao concluded. “We apologize for the inconvenience and will provide further updates accordingly.”

According to the official announcement, the hackers got away with approximately 2 million BNB tokens, which is Binance’s native cryptocurrency and among the top five coins in market value. Taking this week’s price of BNB token into account, the hackers’ haul was worth around $570 million. The company said that $100 million is considered “unrecovered” while the remainder still sits in the hackers’ digital wallers.

Hack attacks on blockchain bridges have been frequent in the past year. Earlier this year, Ronin Bridge suffered a $615 million hack, while the total losses from blockchain bridge attacks are estimated to be north of $2 billion.

The post World’s Largest Crypto Exchange Binance Suffers $570 Million Hack appeared first on theprimarymarket.com.

Notably, Binance didn’t include the United States dollar in their zero-fee trading policy for Bitcoin.

“In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry,” said Binance CEO Changpeng Zhao in a statement. “At its core, Binance is an inclusive platform with accessibility in mind. Eliminating the trading fees on selected BTC spot trading pairs is another move towards that direction.”

Binance’s decision comes just weeks after Binance.US, its American affiliate, became the first major trader to announce this move. Binance.US adopted the zero-fee Bitcoin trading policy for four-spot market pairs, including the U.S. dollar.

Bitcoin entered the week trading just above $19K but managed to bounce back by the end of the day on Monday to climb above $20K again. Since then, Bitcoin has seen several ups and downs but and is currently trading at $20,278 per token.

The post Binance Announces Zero-Fee Bitcoin Trading appeared first on theprimarymarket.com.

The company’s announcement came on the same day that Bitcoin slumped below $25K for the first time since late 2020.

“Binance has temporarily paused #Bitcoin withdrawals on the $BTC network,” said. “Meanwhile, you can still withdraw BTC on other networks. This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon.”

Binance’s CEO Changpeng Zhao initially tweeted that the issue should be fixed in “30 minutes” but later retracted the estimate and said, “it going to take a bit longer.” He also added that the funds are “SAFU,” meaning “secure asset fund for users.” SAFU is an emergency insurance fund that was established by Binance in July 2018 to protect users’ funds.

Bitcoin has had a rough start to the week, dipping from $30K on Friday to below $24K on Monday. The investors have been steering clear from riskier investments in recent months, causing a collapse in the crypto market.

The post Crypto Exchange Binance Pauses Bitcoin Withdrawals appeared first on theprimarymarket.com.

WSJ reports that Binance.US is currently using a “middleman” who is making deposits on its behalf. However, this method is seen as unsustainable due to the time needed to process the payments.

“We work with multiple U.S.-based banking and payment providers and continue to onboard new partners while upgrading our internal systems to create a more stable fiat platform and offer additional services,” a Binance.US spokesperson told WSJ.

So far, Binance.US has reportedly reached out to multiple banks that have a history of supporting crypto firms, including New Jersey-based Cross River Bank and Pennsylvania-based Customers Bancorp. However, both of the mentioned banks have declined the crypto exchange.

The main reason why the banks are reluctant to establish a banking relationship with Binance.US is the concerns about the regulatory risks that might follow.

Binance.US previously saw its acquisition of crypto lender Voyager Digital placed on hold by a New York federal judge after facing objections from the U.S. government. Its parent company, on the other hand, is currently being sued by Commodity Futures Trading Commission (CFTC).

The post Binance.US Struggling to Find Banking Partner to Handle Customers’ Deposits appeared first on theprimarymarket.com.

The suit also called Binance’s efforts to comply with U.S. laws and guidance a “sham.”

“The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law,” CFTC said in a statement released on Tuesday.

Besides Binance, the suit also named crypto exchange’s CEO Changpeng Zhao and Chief Compliance Officer Samuel Lim as defendants. CFTC alleges that Zhao, Lim, and other company executives didn’t put enough effort into supervising the platform while actively instructing its customers to break U.S. laws.

Zhao issued a statement in which he called the suit and CFTC’s actions “unexpected and disappointing.”

“Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint,” Zhao said.

The suit has caused movement in the crypto market, dropping Bitcoin to $26,694 at one point on Tuesday. Other major cryptocurrencies, like Ethereum, have also seen a loss in value.

The post U.S. Regulators Go After Crypto Exchange Binance, File a Suit appeared first on theprimarymarket.com.

Changpeng Zhao, CEO of Binance, explained on his Twitter that the hackers found a way to exploit the exchange’s cross-chain bridge, BSC Token Hub, and steal the coins. Blockchain bridges are commonly used to transfer cryptocurrency between platforms.

“The issue is contained now. Your funds are safe,” Zhao concluded. “We apologize for the inconvenience and will provide further updates accordingly.”

According to the official announcement, the hackers got away with approximately 2 million BNB tokens, which is Binance’s native cryptocurrency and among the top five coins in market value. Taking this week’s price of BNB token into account, the hackers’ haul was worth around $570 million. The company said that $100 million is considered “unrecovered” while the remainder still sits in the hackers’ digital wallers.

Hack attacks on blockchain bridges have been frequent in the past year. Earlier this year, Ronin Bridge suffered a $615 million hack, while the total losses from blockchain bridge attacks are estimated to be north of $2 billion.

The post World’s Largest Crypto Exchange Binance Suffers $570 Million Hack appeared first on theprimarymarket.com.

Notably, Binance didn’t include the United States dollar in their zero-fee trading policy for Bitcoin.

“In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry,” said Binance CEO Changpeng Zhao in a statement. “At its core, Binance is an inclusive platform with accessibility in mind. Eliminating the trading fees on selected BTC spot trading pairs is another move towards that direction.”

Binance’s decision comes just weeks after Binance.US, its American affiliate, became the first major trader to announce this move. Binance.US adopted the zero-fee Bitcoin trading policy for four-spot market pairs, including the U.S. dollar.

Bitcoin entered the week trading just above $19K but managed to bounce back by the end of the day on Monday to climb above $20K again. Since then, Bitcoin has seen several ups and downs but and is currently trading at $20,278 per token.

The post Binance Announces Zero-Fee Bitcoin Trading appeared first on theprimarymarket.com.

The company’s announcement came on the same day that Bitcoin slumped below $25K for the first time since late 2020.

“Binance has temporarily paused #Bitcoin withdrawals on the $BTC network,” said. “Meanwhile, you can still withdraw BTC on other networks. This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon.”

Binance’s CEO Changpeng Zhao initially tweeted that the issue should be fixed in “30 minutes” but later retracted the estimate and said, “it going to take a bit longer.” He also added that the funds are “SAFU,” meaning “secure asset fund for users.” SAFU is an emergency insurance fund that was established by Binance in July 2018 to protect users’ funds.

Bitcoin has had a rough start to the week, dipping from $30K on Friday to below $24K on Monday. The investors have been steering clear from riskier investments in recent months, causing a collapse in the crypto market.

The post Crypto Exchange Binance Pauses Bitcoin Withdrawals appeared first on theprimarymarket.com.