Bitcoin (BTC) fell below $17,000 on Dec. 16 as traders warned of overreaction to “FUD” involving exchange Binance and others. Binance "FUD" fuels bearish BTC moves Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it put in multi-day lows of $16,928 on Bitstamp. The pair retraced its entire run to one-month highs courtesy of the latest macroeconomic data and policy update from the United States. Amid ongoing concerns over the solvency of largest global exchange Binance, market sentiment showed what traders argued was a clear case of cold feet. The evidence, they suggested, simply did not stack up …

Crypto exchange Binance has seen its proof-of-reserve (PoR) audits removed from the auditor Mazars’ website. Mazars’ official website shows they fully discontinued Mazars Veritas, a section dedicated to cryptocurrency exchange audits. The tool was developed by Mazars in order to bring “trust and transparency to the digital asset sector,” using Silver Sixpence Merkle Tree Generating tool to complement PoR reports. The news comes amid Bloomberg reporting that Mazars stopped doing PoR for cryptocurrency companies. Some other auditing firms like FTX’s auditor Armanino have also reportedly stopped working with crypto exchanges like OKX and Gate.io. Mazars is widely known as the …

Blockchain analytics provider CryptoQuant has released a report analyzing the recently released proof of reserves audit of the world’s largest crypto exchange, Binance. Centralized exchanges have been cast into the spotlight over the past month following the collapse of FTX, none more so than Binance which has been scrambling to reassure customers and investors that it has sufficient reserves and is fully backed. A report by CryptoQuant released on Dec. 14 says its analysis confirms that Binance reserves are accounted for. Earlier this month, Binance released its proof-of-reserves report but it was criticized as being an “Agreed-Upon-Procedure” and not a …

Binance CEO Changpeng “CZ” Zhao has cautioned the crypto community about self-custody, suggesting that 99% of people choosing to self-custody their crypto will likely lose it one way or another. CZ has been been a supporter of self-custody for years, referring to its as a “fundamental human right” but has always urged users to “do it right.” He published a “CZ’s Tips” on self-storing crypto in Feb. 2020. During a recent Binance-run Twitter Spaces on Dec. 14, the Binance CEO continued to urge caution for those using self-custody wallets — suggesting that more often than not, security keys are not …

The collapse of FTX was triggered by Binance, claimed investor Kevin O'Leary on Dec. 14 speaking at the United States Senate committee hearing about the crypto exchange meltdown. O'Leary, who was a paid spokesperson for FTX, provided details about conversations with Sam Bankman-Fried in the days before FTX filed for bankruptcy. During his testimony, O'Leary said he had questioned SBF regarding how customer funds were used in the past 24 months and was told that almost $3 billion were used to repurchase shares of FTX owned by Binance. When asked by Senator Pattrick Toomey why FTX failed, O'Leary replied, "I …

United States crypto exchange Binance US has finally rolled out its Binance Pay service — some 22 months after the feature was launched by the global exchange to its customers outside the U.S. in 2021. The service, which was rolled out a beta version globally in Feb. 2021 for peer-to-peer payments before expanding to include merchant transactions on Mar. 12, allows mobile users of the Binance app to instantly transact nearly 150 supported cryptocurrencies without fees. A Dec.13 blog post from Binance US clarifies that Pay transactions will feature zero gas or transaction fees, and notes that the app is …

Ether (ETH) rallied 6.3% to $1,350 on Dec. 13, mimicking a similar failed attempt that took place on Nov. 10. Despite reaching the highest level in 33 days, the gains were not enough to instill confidence in traders according to two key derivatives metrics. Bulls' frustrations can partially be explained by Binance exchange facing a near-record $1.1 billion in withdrawals over a 24-hour period. The unusual behavior comes as Binance attempts to put out multiple disputes about its proof of reserves and overall solvency on crypto Twitter. According to Binance CEO, Changpeng Zhao, the social media posts amount to nothing …

Binance appears to be suffering from a decline in liquidity. A report from crypto analytics firm, Nansen, indicates that Binance has had net withdrawals of more than $3.6 Billion from Dec. 7 to Dec. 13. Binance gross outflows have been approximately $8.8 billion, while gross inflows have been around $5.1 billion. Binance Netflow 7D ($) -3,660,311,347 8,783,380,428 - Outflow 5,123,069,081 - Inflow Exchange Flows dashboard ⤵️https://t.co/CYrBQLryQ0 pic.twitter.com/vV6vcqoWKK — Nansen (@nansen_ai) December 13, 2022 In addition, daily net inflows of Ethereum ERC-20 tokens to Binance were more than $2 billion per day back in November, but have reversed into outflows of …

Bitcoin (BTC) withdrawals from largest crypto exchange Binance have passed $500 million in the past 24 hours as its CEO calls out “FUD.” Data from on-chain monitoring resource Coinglass shows Binance’s BTC balance decreased by over 30,000 BTC into Dec. 13. CZ: FUD is "thoroughly annoying" The latest hotspot for fallout from the FTX debacle, Binance has joined exchanges seeing an exodus of user funds. According to Coinglass, users withdrew 30,300 BTC ($515 million) in the 24 hours to the time of writing, this accounting for the majority of the week’s 40,150 BTC total. The abnormal behavior comes as Binance …

The fundamental traits of blockchain technology, including decentralization, immutability, transparency and automation, have proven to be capable of several use cases for different businesses. However, due to the costs of creating and maintaining blockchain-powered applications, it can be difficult and expensive for enterprises to fully utilize its benefits. With the adoption of distributed ledgers, many projects have put efforts to lower the barriers to entry. VeChain is one such blockchain platform built to improve widespread use of blockchain technology. One of the most significant issues facing supply chain organizations is a lack of transparency, which blockchain aims to resolve by …

Bitcoin (BTC) stayed steady near $17,000 at the Dec. 12 Wall Street open as news involving Binance failed to spark BTC price downside. Factors line up to "scare" Bitcoin trade Data from Cointelegraph Markets Pro and TradingView showed BTC/USD avoiding fresh volatility as United States markets opened. Having traded sideways throughout the weekend, the pair offered few cues to analysts, who were waiting for U.S. macroeconomic data to shake up the status quo. This, in the form of the November Consumer Price Index (CPI) print, would nonetheless be a pivotal moment for crypto assets, they agreed, with the potential for …

The United States Department of Justice (DOJ) is nearing the completion of its investigation into cryptocurrency exchange Binance, which started in 2018. A report from Reuters suggests there is a conflict among US prosecutors over whether the gathered evidence is enough to press criminal charges against the crypto exchange and its executive or not. The 2018 investigation revolve around Binance’s compliance with the U.S. anti-money laundering (AML) laws and sanctions. The U.S. prosecutors were investigating charges related to unlicensed money transmission, money laundering conspiracy and criminal sanctions violations. The report noted that Binance’s defense attorneys held meetings in recent months …