Fun

News Feed - 2023-08-02 08:08:42

Savannah Fortis12 hours agoMixed signals: Binance denies reports of $90B in crypto trades in ChinaBinance has refuted claims published in The Wall Street Journal that the exchange has conducted billions of dollars in crypto-related business in China, despite the country’s crypto ban.3626 Total views50 Total sharesListen to article 0:00NewsJoin us on social networksBinance has reportedly continued operations in China, despite the country’s ban on cryptocurrencies, with billions of dollars worth of transactions monthly, according to The Wall Street Journal. 


The WSJ says its reporters, along with current and former employees of Binance, viewed “internal figures” that revealed users traded $90 billion in cryptocurrency-related assets in China during a one-month period.


However, as these claims surfaced, the exchange has denied conducting any business in China. In a statement given to Cointelegraph via email, a Binance representative said:“The Binance.com website is blocked in China and is not accessible to China-based users.“


Cointelegraph has requested additional comments from Binance on whether it is looking into the claims made in the WSJ report and what steps it plans to take, if any.


This is not the first time Binance has been accused of maintaining ties with Chinese customers after the country imposed its nationwide ban on cryptocurrencies. In March, Binance employees allegedly helped customers in mainland China bypass its Know Your Customer controls.


In this incident, the exchange did not refute the claims. Instead, it said it had “taken action” against the employees who “may have violated” its internal policies, which it said included “wrongly soliciting or making recommendations that are not allowed or in line with our standards.”


Related:Binance launches regulated platform in Kazakhstan amid troubles in the West


At the time, when speaking to Cointelegraph, a Binance employee said the company would be doing an “internal investigation, into the accused employees.


In the weeks following, another report was released claiming that Binance continued to keep staff and operations in China, despite announcing its departure in 2017 after China’s initial ban on crypto.


Binance’s remaining presence was reported to include an office that was still in use at the end of 2019, along with a Chinese bank account used to pay employees.


In recent months, Binance has been facing operational turmoil from regulators worldwide. Belgian authorities asked Binance to cease all digital currency servicesin the country in June. 


On July 26, the cryptocurrency exchange withdrew its crypto license application in Germany after reports of rejections from the German financial regulatory authority.


Most recently, on Aug. 2, Binance came forward with “no comment” regarding reports alleging it mulled closing its United States arm to protect its global operations.


Despite rough waters for the exchange, on Aug. 1 it launched trading operations in Japan with a warm welcome from local financial authorities.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Chinese police vs. Web3, blockchain centralization continues: Asia Express# China# Business# Cryptocurrency Exchange# Binance# RegulationAdd reactionAdd reactionRelated NewsWho invented NFTs?: A brief history of nonfungible tokensAI can be a ‘creative amplifier’ — Grammy chief exec Harvey Mason Jr.Exploring the future of AI: The power of decentralizationBinance, CZ challenge CFTC lawsuit, seek dismissalGerman regulator raised concerns about Binance CEO prior to license application withdrawal: ReportSEC, Binance unite against Eeon’s lawsuit intervention

News Feed

Rwandan central bank proceeds with ambitious retail CBDC project
Derek Andersen2 hours agoRwandan central bank proceeds with ambitious retail CBDC projectThe African country is eyeing a tokenized retail CBDC with offline transfer capabilities as it heads toward a cashless economy.1050
Ethereum Not Out Of The Woods Yet: Why Another 30% Crash To $1,800 Is Coming
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ghana’s crypto stamps honor king’s Silver Jubilee
Arijit Sarkar13 hours agoGhana’s crypto stamps honor king’s Silver JubileeGhana Post launched a crypto stamp collection to showcase its king’s 25-year-long journey of persevering in traditional values and adopting
Coinbase Reportedly Facing SEC Probe for Listing Unregistered Securities
Coinbase Reportedly Facing SEC Probe for Listing Unregistered Securities Coinbase, the U.S.-based cryptocurrency exchange, is reportedly facing a probe from the Securities and Exch
Brayden Lindrea4 hours agoAva Labs cuts 12% of staff to ‘reallocate resources’ toward expansionAva Labs CEO Emin Gün Sirer, however, stressed that the firm is well-positioned with a significant runway and resources
Binance Launches Billion-Dollar Crypto Industry Recovery Fund to Restore Confidence After FTX Meltdown
Binance Launches Billion-Dollar Crypto Industry Recovery Fund to Restore Confidence After FTX Meltdown Binance has committed $1 billion to a crypto industry recovery initiative to
Brussels Wants All Crypto Service Providers to Report Transactions of Europeans
Brussels Wants All Crypto Service Providers to Report Transactions of Europeans The European Commission has set out to oblige platforms processing crypto transactions for EU reside
Indiana’s Star Bank Launches Bitcoin Trading Services
Indiana"s Star Bank Launches Bitcoin Trading Services Star Financial Bank (Star Bank) says it has become the first bank in the U.S. state of Indiana to offer bitcoin services to cu
SEC has given ‘preliminary approval’ to at least 3 ETH ETF issuers: Report
Brayden Lindrea7 hours agoSEC has given ‘preliminary approval’ to at least 3 ETH ETF issuers: ReportBlackRock, Franklin Templeton, and VanEck have reportedly received preliminary approval from the US securities regul
Posh Markets Inc․ to Launch the Presale of PoshCoin, the Newest Cannabis Crypto Coin
Posh Markets Inc․ to Launch the Presale of PoshCoin, the Newest Cannabis Crypto Coin press release PRESS RELEASE. New York, 09/27/22:US-based Posh Markets Inc has announced the pr
Coinbase Receives In-Principle Approval to Provide Crypto Services in Singapore
Coinbase Receives In-Principle Approval to Provide Crypto Services in Singapore Singapore’s central bank, the Monetary Authority of Singapore (MAS), has given Coinbase “
Spot Ethereum ETFs may begin trading by July 2 — Bloomberg Analyst
Ciaran Lyons2 hours agoSpot Ethereum ETFs may begin trading by July 2 — Bloomberg AnalystBloomberg ETF analyst Eric Balchunas says his "best guess as of now" is that spot Ether ETFs will begin trading in the