Binance
Joe Biden Thanks Nigerian President for Releasing Binance Executive Tigran Gambaryan From Prison
Published
3 weeks agoon
By
adminUS President Joe Biden has expressed his appreciation to Nigerian President Bola Tinubu for securing the release of Binance’s compliance officer Tigran Gambaryan from prison.
Gambaryan, a former agent of the US Internal Revenue Service (IRS), was visiting Nigeria to address regulatory concerns about Binance when local authorities arrested and jailed him on charges of money laundering and operating an unlicensed financial institution.
Amid reports of Gambaryan’s deteriorating health and the Nigerian government’s refusal to give him adequate medical treatment, 18 US state attorneys general wrote a joint letter telling Biden that Nigeria’s blatant misuse of power should be met with the full weight of the US government’s influence given the financial and political support that America extends to the West African nation’s current regime.
Last week, Judge Emeka Nwite ordered that Gambaryan be released from Kuje prison where the executive was incarcerated following his arraignment in April.
R.U. Adaba, a lawyer who represents the prosecuting agency, said that Nigeria is dropping the charges due to diplomatic interventions and in consideration of the extent of Gambaryan’s involvement as an employee of Binance.
The White House says that during a recent call, Biden thanked Tinubu for the development in Gambaryan’s case.
“President Biden offered his condolences on the recent flooding that has impacted northeastern Nigeria and underscored his appreciation for President Tinubu’s leadership in securing the release on humanitarian grounds of American citizen and former U.S. law enforcement official Tigran Gambaryan last week.”
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Binance
Binance will launch USUAL stablecoin on Nov. 19
Published
1 week agoon
November 14, 2024By
adminBinance will be the first platform to launch the stablecoin USUAL on Nov. 19. The crypto exchange will provide trading support for USDT and USUAL trading pairs.
In a notice published on Nov. 14, Binance announced the 61st project that will be launched on Binance Launchpool, the stablecoin Usual. The webpage for Usual is expected to be available 12 hours before the pre-market launch on Nov. 19 at 10:00 UTC.
Usual Labs is a decentralized fiat stablecoin issuer backed by Kraken, Mantle, Starkware and GSR, as well as more than 150 investors. The token will be launched on the Ethereum network.
According to the announcement, users will be able to receive airdrops for the USUAL tokens in the form of BNB (BNB) and FDUSD (FDUSD) within four days. Farming for USUAL will start on Nov. 15 at 00:00 UTC.
According to Usual’s X post, the stablecoin uses a revenue-based model that prioritizes its community members.
According to data from CoinMarketCap, the Usual stablecoin went up by 0.08% and is current trading hands at $0.9991. The stablecoin has a market cap of $345.71 million and a total supply of 346 million USUAL tokens.
Binance provides a total token supply of 4 billion USUAL tokens, with 7.5% of the supply being allocated to rewarding users. The initial circulating supply for the stablecoin’s listing will be 12.37% of the total token supply, amounting to 494,600,000 USUAL.
Usual will be available for pre-market trading in USUAL/USDT trading pairs. At the moment, it is only available for pre-market trading with the exchange stating that the pre-market closing time and spot listing time will be announced at a later date.
Last week, the stablecoin issuer completed a round of community funding which raised a total of $1.5 million. The Echonomist, Breed Syndicate, and Comfy Capital were among the investors participating in the community round.
Usual introduced the stablecoin USD0 in February 2024, describing it as a permissionless stablecoin backed by real-world assets. It also serves as a governance token that allows users to vote on the network’s future.
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24/7 Cryptocurrency News
Binance And Changpeng Zhao Faces FTX Lawsuit To Return $1.8B Fund
Published
2 weeks agoon
November 11, 2024By
adminFTX has recently filed a lawsuit against Binance and its former CEO Changpeng Zhao, demanding a return of $1.8 billion. According to FTX, the fund was fraudulently transferred by its co-founder, Sam Bankman-Fried, to Binance. This legal development has sparked speculations in the broader crypto market, especially as it comes as FTX works to recover funds following its collapse two years ago.
FTX Seeks $1.8B Clawback From Binance And Changpeng Zhao
According to a recent Bloomberg report, FTX alleges that Binance and Changpeng Zhao (CZ) received the $1.8 billion as part of a share repurchase agreement in July 2021. In this transaction, Sam Bankman-Fried or SBF reportedly used a combination of FTX’s own token (FTT) and Binance-branded tokens (BNB and BUSD) to repurchase approximately 20% of the international unit of FTX and 18.4% of the US-based entity.
The report notes that at the time, the total value of these assets was around $1.76 billion. In its filing, FTX contends that it and its sister firm, Alameda Research, may have been financially unstable from the beginning and were likely already insolvent by early 2021.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Binance
Binance bets on Thailand as region signals supportive crypto approach
Published
2 weeks agoon
November 5, 2024By
adminBinance is prioritizing Thailand as a key market in its mission to reach one billion users, with crypto-friendly regulations seen as a driving factor.
Cryptocurrency exchange Binance is betting big on Thailand as it aims to bring crypto mainstream worldwide, spotlighting the country’s regulatory openness, The Bangkok Post reports, citing Binance chief marketing officer Rachel Conlan.
Per Conlan, Thailand ranks among Binance’s top 20 markets worldwide, with local crypto penetration estimated at 12%, double the global average of 6%. She also praised Thailand for taking a “pioneering approach to crypto” and working to establish regulations and a framework “in the right way.”
“I think that is what ultimately is going to help this industry thrive and drive forward.”
Rachel Conlan
Binance, which gained 60 million users in the past six months, attributes its growth to increased institutional adoption and positive developments like ETF approvals, Conlan said, noting the exchange sees a 20% global adoption rate as mainstream, a milestone it aims to reach within three years. Binance currently claims 240 million users globally.
The crypto exchange is doubling down on Thailand as the country itself appears to be betting on crypto as well. Recently, Siam Commercial Bank launched Thailand’s first stablecoin-powered cross-border payment system to facilitate faster, more efficient international transactions.
In August, Thai financial regulators also launched a Digital Asset Regulatory Sandbox to encourage crypto adoption in the country. The initiative, backed by a public hearing in May, allowed participants to test crypto services under flexible regulations to help develop Thailand’s digital asset market.
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