China News by Thebittimes.Com

Binance faces significant user fund outflows and a drop in BNB value following the DoJ’s criminal charges and CEO Changpeng Zhao’s potential departure. Binance is seeing significant outflows from its exchange following the earlier news of the U.S. DoJ charging the leading exchange with three major crimes. Nansen, a blockchain analytics firm, reported a noticeable outflow from the exchange, as investors are withdrawing funds . Specifically focusing on the Ethereum ERC-20 network, Nansen observed a startling increase in net outflows, escalating from $10,000 to a staggering $45 million within just an hour. Since our first update on @binance, it appears that users are withdrawing funds from the exchange based on market rumors Netflow has gone from -$10K to -$45M over the past hour (Ethereum only)https://t.co/SikCRA6zl2 pic.twitter.com/cShuIJ76DN — Nansen (@nansen_ai) November 21, 2023 More details about Binance’s charges are set to be revealed today, as the DoJ is hol...

Binance, one of the world’s leading crypto exchanges, has seen its average daily trading volume s plunge below $10 billion in recent weeks, a 60% decline from average s between $20-30 billion last year. The US is seeking $4bn from #Binance to end its case. Daily trade volume on the exchange has fallen to under $10bn/day, down from $20-30bn. pic.twitter.com/PwZaSHpJA2 — Kaiko (@KaikoData) November 20, 2023 The drop comes as Binance is under intense regulatory scrutiny and slapped with a $4 billion penalty from the U.S. Department of Justice (DOJ) as a settlement for all allegations involving violation of federal security laws. According to blockchain data analytics platform Kaiko, Binance facilitated most of its 2022 trading volumes by offering zero-fee transactions. The freewheeling model was halted early this year but has not prevented trading activity from contracting. Amid intense legal scrutiny from the U.S., volume s have been evaporating even without charges b...

The sale has sparked chatter in local crypto enthusiasts, who say the two sites appear so similar that CommEx could be a "Russian version" of Binance.US. Cryptocurrency exchange Binance has claimed that it will fully quit Russia by selling its local business to a completely new exchange known as CommEx. While promising its customers a “smooth” migration, Binance hasn’t provided much information about its successor in Russia. At the time of the announcement, little is known about CommEx’s founders or background. The exchange was launched on Sept. 26, 2023, or just one day before Binance announced the sale of its business to the newly created exchange for an undisclosed amount. A spokesperson for CommEx didn’t respond to multiple questions from users about the company’s owners or executives in the official Telegram group. The person claimed that CommEx is registered in Seychelles and will serve its customers as a global exchange, focused on two main regions: the Commonwealth ...