The new CEO of Binance takes stock of the exchange's future following a landmark $4.3 billion settlement with United States authorities in a one-on-one interview with Cointelegraph.
Founded in 2017 by Changpeng “CZ” Zhao, Binance has become one of the largest crypto asset exchanges in the market, providing a wide variety of software products and services for buying and selling cryptocurrencies.
The Binance ecosystem encompasses diverse offerings, including the Binance exchange for cryptocurrency trading, the BNB Smart Chain enabling decentralized applications, the Binance Academy for educational content and Trust Wallet for secure asset storage and management.
BNB (BNB) serves as the driving force behind the BNB Chain ecosystem, functioning as its native cryptocurrency token. BNB originated from Binance’s initial coin offering and served as a means for users on the Binance exchange to reduce trading fees upon its launch. In 2019, Binance launched a mainnet blockchain, Binance Chain, with BNB as its coin. In 2020, Binance Smart Chain (BSC) was launched as a separate compatible blockchain alongside Binance Chain. In 2022, Binance merged the Binance Chain and Binance Smart Chain ecosystems under a single label: BNB Chain. Both chains still run parallel and serve distinct roles but are housed under a single name.
Despite its success, Binance is under constant regulatory review as authorities examine whether it complies with global financial laws. This highlights the industry’s unstable regulatory environment and has led Binance to bolster its adherence to laws and regulations in various jurisdictions. Nonetheless, its technological prowess, worldwide reach, and forward-thinking leadership solidify its position as a formidable crypto behemoth.
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At an exclusive dinner in Singapore, certain Binance executives reportedly told traders about the pending settlement with U.S. officials, allowing the exchange to stay in business.26453
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Binance unveiled a new program that lets institutions trade without depositing to the exchange.6468
Galaxy Digital CEO Mike Novogratz believes Binance has satisfied regulators and users after its $4.3 billion settlement with United States authorities.2653
Many users' Binance USD balances will automatically be converted into First Digital USD starting on Dec. 31.15496
The crypto market is down today as regulatory enforcement against the sector reaches a head and short-sellers jockey for the lead in liquidations.369741
According to the Philippines SEC, entities involved in promoting or trading on Binance could face up to 21 years of imprisonment and $90,000 in penalties.5113
The soccer star’s Binance-tied NFTs allegedly promoted investments in unregistered securities on the crypto exchange.23787
The former Binance CEO faces one felony count in the U.S. as part of a settlement with local officials and regulators.3744
Is the settlement further indication that the crypto industry’s Wild West era is winding down, with a new epoch marked by regulation and taxation beginning?2672
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