As the liquidity crisis and acquisition of cryptocurrency exchange FTX continues, Binance CEO Changpeng “CZ” Zhao assured his community of insurance of sufficient funds backing the network. In a tweet on Nov. 9, CZ said that the exchange has once again topped its Secure Asset Fund for Users (SAFU) at $1 billion equivalent in light of “recent price fluctuations.” To adjust to recent price fluctuations, #Binance has topped up the #SAFU insurance fund to $1 billion USD equivalent again. BUSD AND BNB address about 700m: https://t.co/OMoB6HeR6r BTC address 300m: https://t.co/6kOJ1MZhMM Transparency. 1/2 — CZ Binance (@cz_binance) November 9, 2022 The …

Amid the liquidity crisis that fell over crypto exchange FTX and trading firm Alameda Research, some of the largest crypto companies face calls for transparency to let users know if there are risks. However, executives assured the community that they do not have exposure to either of the troubled firms. In response to concerns brought up by the crypto community, Tether CTO Paolo Ardoino clarified in a tweet that the stablecoin issuer has no exposure to either of the distressed firms. According to the Tether executive, Alameda has previously redeemed a lot of Tether (USDT). Despite this, Ardoino highlighted that …

Sam Bankman-Fried, founder and CEO of the troubled cryptocurrency exchange FTX, appears to have retracted his words about the safety of client holdings on FTX. Bankman-Fried has deleted a Twitter thread where he tried to assure customers that FTX and the assets on the platform were “fine.” FTX CEO took to Twitter to post the thread of four different tweets on Nov. 7, claiming that FTX had “enough to cover all client holdings.” Bankman-Fried also stated that the firm didn’t invest client assets and has been processing all withdrawals and “will continue to be.” “We have a long history of …

Binance CEO Changpeng “CZ” Zhao has shared his take on "two big lessons" to be learned from the FTX saga, saying cryptocurrency firms shouldn’t use their own tokens as collateral and should also keep “large reserves.” In a Nov. 8 tweet, Zhao laid out two learnings after the significant “liquidity crunch” at FTX which has ultimately resulted in a non-binding letter of intent from Binance to acquire the struggling exchange. Two big lessons: 1: Never use a token you created as collateral. 2: Don’t borrow if you run a crypto business. Don't use capital "efficiently". Have a large reserve. Binance …

Both Coinbase and Kraken's platforms were down or experiencing intermittent latency issues on Nov.8, amid market turbulence, according to users' complaints on Twitter. This news followed the disclosure that crypto exchange Binance intends to acquire its rival FTX earlier in the day. According to Twitter users, services were limited in both exchanges, with issues related to connectivity to the platforms and unconfirmed rumors of halted withdrawals. BREAKING: Coinbase is DOWN! Several services are down right now. Now y’all seeing real bear market dealings — MASON VERSLUIS (@MasonVersluis) November 8, 2022 On its support profile, Coinbase said it was "experiencing network …

After topping the $21,500 mark on Nov. 4, Bitcoin (BTC) price is down by 14% on Nov. 8, reaching a new yearly low at $17,166 and most altcoins are following suit. While the Binance and FTX news initially caused an uptick in the market, the day turned south as various unconfirmed sources speculate that FTX’s losses could show a $6 billion deficit. This price decline breaks Bitcoin’s short-term correlation to the stock market, with the tech-heavy Nasdaq down only 0.32%, while the Dow Jones gained 0.48% on the back of investors’ optimism about the Nov. 8 U.S. Midterm elections. In …

"Who needs Netflix when you are in crypto?", commented a user on Twitter as the crypto industry attempts to digest the acquisition of cryptocurrency exchange FTX by its rival Binance. The deal, disclosed on Nov 8., has been compared with a "chess move" by some, insinuating that Binance's strategy intentionally led to the deal. Users on Twitter claimed that "CZ just executed the most gangster play we've seen in Crypto, ever, period," referencing the series of tweets from Binance CEO Changpeng Zhao that triggered the acquistion. CZ just executed the most gangster play we've seen in Crypto, ever, period. The …

The Federal Financial Supervisory Authority of Germany, also known as BaFin, has issued an order related to the business organization of Coinbase’s local arm in accordance with the country’s banking laws. In a Nov. 8 notice, BaFin said it had issued the order to Coinbase Germany GmbH for violations of “proper business organization” under the German Banking Act. According to a copy of the legislation made available by the United States Commodity Futures Trading Commission, Coinbase’s Germany arm should have “suitable arrangements for managing, monitoring and controlling risks and appropriate arrangements by means of which the institution’s financial situation can …

Following Binance CEO Changpeng Zhao announcing the company would liquidate its position in FTX Tokens, FTX CEO Sam Bankman-Fried took to social media seemingly in an effort to quell rumors of conflict between the major crypto exchanges. According to a Nov. 8 Twitter threads from Bankman-Fried, FTX has “come to an agreement on a strategic transaction” with Binance following attempts to clear out its withdrawal backlog. SBF said he had asked Binance to step in, aiming to “clear out liquidity crunches” and cover assets on a 1:1 basis. “I know that there have been rumors in media of conflict between …

Bitcoin (BTC) and crypto markets fell heavily into Nov. 8 as contagion from the FTX debacle spilled over. Analysts dismiss FTX insolvency fears Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to $19,351 on Bitstamp — its lowest levels since Oct. 25. The pair, along with altcoins large and small, had already begun to show weakness as moves by Binance to cancel exposure to FTX’s in-house (FTT) token were confirmed by CEO Changpeng Zhao. In a Twitter thread later on Nov. 7, Zhao defended the decision, while FTX CEO Sam Bankman-Fried attempted to reassure markets that his trading …

Smaller cryptocurrency exchanges and start-ups could benefit from the European Union’s Markets in Crypto-assets (MiCA) regulation, according to Martin Bruncko, Binance’s executive vice president of Europe. Cointelegraph had a one-on-one interview with Martin Bruncko during the Web Summit conference in Lisbon early in November 2022. Heading up Binance’s operations across Europe, Bruncko offered unique insights into the exchange’s growth across the continent and its perspective on the regulatory environment. The European Parliament Committee passed the MiCA crypto policy on Oct. 10, which aims to create a one-size-fits-all regulatory framework for the industry across the 27 countries that make up the …

Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance appears disinterested in Alameda Research’s offer to buy out the crypto exchange's FTX Token (FTT) holdings. Zhao responded to a question on Nov. 7 on Twitter asking if he would take up the offer by Alameda Research CEO Caroline Ellison to buy Binance’s FTT holdings for $22 per token. Zhao said: “I think we will stay in the free market.” The offer from Ellison came after Zhao said Binance would be liquidating its FTT position due to “post-exit risk management” as part of “learning from LUNA," on Nov. 6. At the time, …