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Binance Appeals $4.4M Fine by Canada’s FINTRAC Over AML Violations

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3 weeks ago

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Binance, a global cryptocurrency exchange, has formally challenged a $4.4 million fine levied by Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). The fine, imposed in May, accuses Binance of failing to adhere to anti-money laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. The appeal was lodged on June 5 in Canada’s Federal Court.

Binance Challenges FINTRAC’s $4.4M Fine in Court

The action by FINTRAC highlights alleged shortcomings in Binance’s operations, specifically their failure to register as a foreign money services business and to report transactions exceeding $10,000. In its appeal, Binance contends that its services were not targeted at Canadian residents. Moreover, the company declared its intent to exit the Canadian market in May 2023, citing the challenging regulatory climate as a critical reason for its decision.

This confrontation with Canadian regulators is not isolated. Binance‘s compliance issues have sparked scrutiny in various jurisdictions. The appeal in Canada underscores a broader challenge for the exchange as it navigates complex global regulatory frameworks.

Binance Wins Dismissal of Charges in Nigeria

Binance’s regulatory challenges extend beyond Canadian borders. The exchange recently settled a significant legal battle in the United States by agreeing to a $4.3 billion settlement with U.S. authorities. This settlement followed allegations similar to those made by FINTRAC and required Changpeng Zhao, the then-CEO, to resign after pleading guilty to a felony charge. Zhao is currently serving a four-month federal prison sentence.

Further complicating matters, the U.S. Department of Justice appointed the Forensic Risk Alliance to oversee Binance’s compliance measures for the next three years. This decision came after a controversial deliberation that saw Sullivan & Cromwell, a law firm entangled in the FTX collapse, lose the monitoring role.

In addition to its legal and regulatory hurdles, Binance continues to face operational challenges. Earlier this year, two of its executives were detained in Nigeria on tax evasion and money laundering charges. This incident further complicates the company’s global operations and efforts to maintain a clean regulatory slate. However, Nigeria’s Federal Inland Revenue Service (FIRS) dismissed the charges against the exchange last week, leading to Binance securing a big win in Nigeria. 

Also Read: Binance Co-Founder In Damage Control Mode Over Racial Meme Message

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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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Bitcoin (BTC) Price, Volume Contrasts In Fight For Rebound

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3 hours ago

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July 8, 2024

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The price of Bitcoin (BTC)e is yet to wriggle off from its bearish sentiment. It has doubled down on its selloffs from the past week.

BTC Trading Volume Records 94% Surge

At the time of this writing, Bitcoin was trading at $55,677.54 with a 2.34% drop in the last 24 hours. This has been the trend with the cryptocurrency in the last few weeks.

Markedly, this downtrend has been since the German government began to transfer Bitcoin to cryptocurrency exchanges, in addition to Mt.Gox repayment of its customers. The frequent offloads are an indication that Bitcoin investors including wallets that have stayed dormant for several years, are beginning to exit their positions, both short and long.

On the flip side, Bitcoin trading volume is moving upward. According to CoinMarketCap, Bitcoin’s trading volume has shot up by approximately 94.66% within the last 24 hours. Currently, BTC has hit a trading volume of $38,838,830,710. This suggests that investors are still showing interest in the coin amidst a broad market downturn. It reflects the change in market dynamics on the upside. This suggest that the market may be heading towards a bullish sentiment and probably hit a new all-time-high (ATH) as earlier projected.

For now, the selling pressure is still mounting. According to QCP Capital analysts, Bitcoin prices are continuing “to chop violently on very thin liquidity.”

Bitcoin Liquidation Continues With Mt.Gox And the German Government

More Bitcoin are still leaving the German government wallet, triggering more selling pressure. In the early hours of Monday, the German government dumped BTC to crypto market maker Cumberland DRW and Flow Traders, including crypto exchanges Coinbase, Bitstamp, and Kraken and other wallet addresses. This time around, almost 5,000 BTC were sent out by the German government.

The transfer to Cumberland DRW was made in two transactions. Markedly, the first one was a transfer of 0.001, likely a test transfer to follow with large transfers in the future. The total Bitcoin transfer to the crypto market maker summed up to 133.723 BTC worth nearly $7.63 million.

Just before publishing this story, the government moved another 2,300 BTC in its ongoing liquidations. It is believed that the German government still has as much as 32,488 BTC with an estimated worth of $1.855 billion

Similarly, Bitstamp is working on hastening the Mt.Gox repayment process. The exchange has a 60-day window to distribute tokens but aims to compensate investors much sooner. When this Bitcoin hit the market, the trajectory of Bitcoin is bound to change but the direction remains uncertain.

Read More: Bitcoin Miner Bitfarms Appoints New CEO Amid Riot Takeover Bid

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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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XRP Eyes Recovery Amid Massive Accumulation, What’s Next?

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8 hours ago

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July 8, 2024

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XRP is showing signs of a strong recovery, buoyed by substantial whale accumulation and renewed investor confidence. Having dipped below $0.41 recently, XRP has rebounded to around $0.44, reflecting a positive shift in sentiment.

Meanwhile, this resurgence is driven by notable market movements, including a significant purchase by a whale and speculation surrounding Ripple’s ongoing legal battle with the U.S. SEC.

Whale Accumulation Sparks Market Optimism

The crypto community has been abuzz with reports of a massive XRP accumulation by a whale identified as “rPz2q…N4iNf.” According to Whale Alert, this whale acquired 300 million coins from Binance, worth approximately $130.13 million. Such significant purchases often signal confidence in a crypto asset, potentially indicating expectations of future price increases.

Meanwhile, this whale activity comes amid broader market turbulence, where recent crashes have created buying opportunities for investors. Pro-XRP lawyer Bill Morgan recently stated that he has increased his XRP holdings during the price dip.

Besides, Morgan also mentioned his plans to accumulate more if prices decline further, highlighting a bullish outlook among XRP enthusiasts. In addition, the ongoing legal saga between Ripple and the U.S. SEC has added another layer of intrigue.

The anticipation of Ripple soon achieving a favorable outcome has fueled speculation and optimism among investors. Historical patterns suggest that positive legal developments have previously led to robust gains for XRP.

Having said that, investors are now closely watching for any signs that could signal the conclusion of this high-profile case, potentially driving further price recovery.

Also Read: Solana Outperforms Ethereum Amid $441M Money Inflow Into Crypto

XRP Price Soars

The Ripple vs. SEC case continues to be a focal point for the XRP community. Anticipation around the possible conclusion of this legal battle by July has heightened market interest.

On the other hand, the XRP enthusiasts argue that the crypto has reached a price floor, suggesting it is poised for a rally. Bill Morgan noted that favorable rulings in the past have significantly boosted XRP’s price, and a similar outcome in the current case could yield comparable results.

The market’s attention is also on Judge Torres, who previously issued a ruling that positively impacted XRP holders. A favorable decision for Ripple could potentially replicate those gains, boosting investor sentiment and driving the price higher.

During writing, XRP price soared past the $0.44 mark with an increase of 1.55%. The crypto has touched a low of $0.4047 in the last 24 hours. Furthermore, its trading volume rocketed 86% from yesterday to $1.33 billion.

Besides, CoinGlass data showed that XRP Futures Open Interest recovered from yesterday, potentially indicating that the market is regaining confidence towards the crypto.

Also Read: Ronin Network Adds PHPC Stablecoin, Boosting Filipino Crypto Adoption

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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 To Delist All Spot Pairs Of These Major Crypto

Published

12 hours ago

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July 8, 2024

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Binance, one of the leading crypto exchanges, revealed its decision to delist all spot trading pairs for BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) by July 22, 2024. Notably, this unexpected move has sent ripples through the crypto market, leaving investors and traders in a state of speculation and concern. Here we explore the recent announcement and its potential implications on the cryptos.

Binance To Delist These 4 Major Crypto

In its latest strategic review, Binance emphasized a commitment to maintaining high standards and adapting to market shifts. The delisting of BOND, DOCK, MDX, and POLS is driven by several factors that the exchange continuously monitors.

Meanwhile, these include project commitment, development activity, trading volume, network stability, and compliance with regulatory requirements. Binance’s decision reflects a proactive approach to managing its platform and protecting its users.

In addition, the delisting will specifically affect trading pairs BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. Once trading ceases, users will no longer see these tokens’ valuations in their wallets.

Notably, to manage their holdings, users should disable the “Hide Small Balances” option. Deposits of these tokens will not be credited post-July 23, and withdrawals will be unsupported after October 22, 2024.

Meanwhile, Binance has outlined a series of measures to handle the delisting. Binance Simple Earn will halt the token offerings by July 19, with automatic redemption into users’ Spot Wallets.

Similarly, Binance Auto-Invest will stop recurring investments by July 15, and VIP Loan will close all loan positions for these tokens by July 17. In addition, the Binance Funding Rate Arbitrage Bot and Margin services will also be impacted, with crucial deadlines for users to settle positions to avoid losses.

For instance, all BOND, DOCK, MDX, and POLS balances in Cross Margin Wallets will convert to USDT on July 17. Binance Convert will maintain a sell-only function until July 22.

What’s Next?

The delisting news has stirred unease among crypto enthusiasts. Binance’s influence on the market is significant; its actions often drive market sentiment. While positive announcements from a crypto exchange like Binance can fuel market confidence, delisting or any other negative update can have the opposite effect, potentially eroding the market value of the affected tokens.

For instance, the removal of BOND, DOCK, MDX, and POLS could reduce liquidity and trading volume for these tokens, causing volatility. Investors are particularly wary as these assets might struggle to find new exchanges to list on or maintain their market presence.

The broader cryptocurrency ecosystem is also on alert. Binance’s decision underscores the dynamic nature of the crypto market, where regulatory compliance, project performance, and market health dictate listing decisions.

BOND Price BOND Price
BOND Price

As of writing, BOND price was down 26% to $1.57, while its trading volume rocketed 270% to $23.1 million. On the other hand, DOCK price plunged nearly 40%, and its one-day trading volume also skyrocketed 180% to $4.13 million. Simultaneously, MDEX price plummeted over 40%, while POLS price slumped about 20% today.

POLS PricePOLS Price
POLS Price

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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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