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Binance founder and former CEO Changpeng Zhao released from prison

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Binance founder and former CEO Changpeng Zhao has been released from prison two days early after a four-month sentence in the United States.

The 47-year-old was initially scheduled to be released on Sept. 29, but due to the date falling on a weekend, federal rules allowed Changpeng Zhao an early release from Long Beach Residential Reentry Management, Bloomberg reported.

The Binance (BNB) founder began his sentence in May 2024 after being indicted for failing to implement proper anti-money laundering and sanctions regulations at Binance.

Zhao received a relatively lenient sentence compared to the three-year term that the U.S. Department of Justice had sought.

In November 2023, Zhao and Binance pleaded guilty to violations of U.S. anti-money laundering and sanctions regulations. Some of the cases involved facilitating transactions for countries under U.S. sanctions, including Iran and Cuba.

As part of his plea deal, the US government required Binance to pay $4.3 billion in fines, while Zhao personally paid a $50 million fine. He also agreed to step down from his position as CEO of the company.

The settlement prohibits Zhao from “managing or operating” the company, though the specific details remain unclear.

While reports initially suggested a three-year ban, Binance CEO Richard Teng confirmed in a commentary to Axios that Zhao has actually received a lifetime ban from day-to-day management. However, he clarified that Zhao still retains all shareholder rights, including the ability to nominate board members and replace executives.

Despite his legal troubles and paying billions of dollars in fines, Zhao remains one of the richest people in 2024. On Forbes updated billionaire list, Zhao holds the number 25 spot in the overall rankings with a net worth of $60.6 billion.

He is currently the number one wealthiest person out of the 17 people from the cryptocurrency industry featured on the list.



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CryptoQuant Hails Binance Reserve Amid High Leverage Trading

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Crypto analytics platform CryptoQuant has conducted a deep dive research into Binance and other centralized exchanges to uncover how susceptible they are to liquidity risks. With the crypto ecosystem trading at a very high premium, exchanges require high liquidity to meet growing demands. Of its findings, CryptoQuant singles out Binance and OKX as platforms to watch out for.

What Makes Binance Stand Out from Centralized Exchanges?

According to CryptoQuant, it analyzed the leverage levels of top centralized exchanges. It conducted this exercise to evaluate their liquidity, default risk and how crypto reserves backs trading activity. The analysis also employs leverage ratio calculation to estimate trader’s exposures.

Based on this, the analytics firm singled out Binance as an exchange with robust reserves. The trading platform maintains this reserve despite the significant growth in open interest this year. This is signficant, considering how Binance Futures list new tokens to fuel this expansion including Solana’s Fartcoin.

“Its reserves in Bitcoin, Ethereum, and USDT comfortably exceed its open interest. Binance also reported the lowest and most stable leverage ratio among major exchanges, with a ratio of 12.8 in December 2023, rising slightly to 13.5 in December 2024,” the CryptoQaunt report reads.

As pointed out, this stability and the 2.6x expansion in Bitcoin open interest on the platform from $4.45 billion to $11.64 billion implies that the exchange can handle unexpected liquidations.

As the report hinted, smaller exchanges like OKX also maintain low leverage ratios.

Centralized Exchanges and Avoiding the FTX Saga

In addition to the Binance spotlight, CryptoQuant also mentioned Gate io, Bybit, and Deribit. However, the report noted that these trading platforms have the highest leverage ratios in the market pegged at 106, 86, and 32, respectively. Notably, this figures show open interests for Bitcoin and Ethereum is higher than the existing reserves available on these centralized exchanges.

The analysis concluded by flagging the impact of high leverage trading, one of the major causes of the FTX Derivatives Exchange collapse. This report serves as an eye opener that can help traders manage risk per platforms they trade on.

Meanwhile, FTX is at the tail end of its bankruptcy proceedings. As Coingape reported earlier, FTX has set January 3 as the date to commence creditor repayment.

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Godfrey Benjamin

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.

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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 Futures updates leverage and margin tiers for multiple USDⓈ-M perpetual contracts

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Binance’s updated leverage and margin tiers offer improved trading options for select trading pairs, bringing both potential rewards and risks for crypto traders.

The leverage and margin levels for USDⓈ-M perpetual contracts, including DAR, ME, CAKE, IOTA, LPT, ONE, and ZEN, will be updated by Binance Futures today, with effect from 08:15 UTC on Dec. 19, 2024.

USDⓈ-M stands for USD-Margined Futures, a type of cryptocurrency futures contract offered on platforms like Binance. It refers to stablecoins such as USDT (Tether) or BUSD (BUSD), which are pegged to the US dollar. These contracts are settled in these stablecoins, rather than traditional fiat currency or the underlying crypto asset.

Depending on the contract and position size, the revised leverage tiers will vary from 1x to 75x, enabling traders to fully benefit from their leveraged positions in the crypto market.

Leveraged positions of traders will be impacted by the new maintenance margin rates, which range from 1.00% to 50.00%.

Margin is the total amount of collateral needed to open and sustain a trading position, whereas leverage is the borrowing of funds to increase the size of a position. The possible return increases with leverage, but the chance of loss also goes up.

By adjusting the margin and leverage tiers, Binance Futures continues to give traders more choices to control risk and profit from volatile crypto market movements.

Traders must keep themselves updated with Binance Future trading rules and exercise risk management, particularly when working with high-leverage instruments over several contracts and margin holdings.



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Pudgy Penguins (PENGU) Token Glitch Fixed by Binance with Airdrop Surprise

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Binance has resolved a data glitch that affected the Pudgy Penguins PENGU token listing and caused discrepancies in market data. The issue stems from a delay in updating token information by CoinMarketCap, affecting the token’s market capitalization and fully diluted valuation.

However, the platform swiftly addressed the situation and announced a 135 million PENGU token airdrop for eligible users. This aims to compensate the users who have faced challenges due to the issue.

Binance Resolves PENGU Token Data Glitch with Airdrop

On December 18, Binance announced the resolution of a data issue affecting the Pudgy Penguins (PENGU) token following its listing on the exchange. The problem stemmed from a delay in updating key data points, such as market capitalization and fully diluted valuation, provided by CoinMarketCap. This caused discrepancies in the displayed information for the Pudgy Penguins. The exchange quickly identified the issue and notified CoinMarketCap, which subsequently updated the data.

To address user inconvenience, Binance announced a 135 million PENGU token airdrop for those who purchased Pudgy Penguins (PENGU) between 14:00 and 14:37 UTC on December 17. The airdrop will be distributed based on the volume of PENGU tokens each eligible user purchased during the snapshot period. It emphasized that blockchain transparency makes on-chain data the most reliable, with third-party data used for convenience.

This swift action by the top crypto exchange underscores its commitment to user satisfaction. By addressing the issue promptly, the exchange not only fixed the problem but also provided compensation to impacted traders. The airdrop serves as a goodwill gesture, reinforcing the exchange’s reputation as a responsive and customer-focused platform.

PENGU Token Price Surge and Market Context

The PENGU token saw a significant price surge following its listing on Binance, with a 500% increase in its value within 24 hours. At the time of writing, the token exchanged hands at $0.029. Its all-time high reached $0.05, reflecting strong investor interest and market enthusiasm following the listing. The rapid rise in PENGU’s price highlights growing interest in the Pudgy Penguins project. As more users discover the token, further gains are likely.

In contrast, the Simon Cat (CAT) token, which also saw a listing on Binance, experienced a decline in its price. The CAT token was trading at $0.000043, down 31% in the last 24 hours. Despite this drop, the token’s market capitalization is at $290 million, with trading volume reaching $600 million.

The surge in PENGU’s price highlights the excitement surrounding new listings. This potential for price movement is catching the attention of traders. The performance of one token could influence trends across the broader cryptocurrency market.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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