Russian State Hermitage raises $440K via Binance NFT auction

Despite the Russian state maintaining a mostly unfriendly stance on cryptocurrencies like Bitcoin (BTC), a major state-backed museum is benefiting from the industry by raising hundreds of thousands of dollars with nonfungible tokens, or NFTs. The Russian State Hermitage Museum, the largest museum in the world, has finished its first auction on the NFT platform by Binance — the world’s largest crypto exchange — selling five tokenized collectibles depicting masterpieces from artists like Leonardo da Vinci and Vincent van Gogh. The auction included five NFT copies of Hermitage-hosted artworks, including…

Binance limits SGD product offerings in Singapore amid regulatory warnings

Global cryptocurrency exchange Binance announced Sunday that it will roll back product offerings in Singapore amid warnings from financial regulators that the company may have violated payments laws.  Beginning Sept. 9, Singaporeans will no longer be able to trade cryptocurrencies or receive payments denominated in the Singapore dollar, better known as SGD, according to a Sunday blog post. The Binance mobile app will also be removed from Singapore’s Apple and Google Play stores. The exchange said all SGD trading pairs will be removed at 04:00 UTC on Sept. 9, with…

Binance pushes back against warning from South Africa regulator

In response to a warning from South Africa’s Financial Sector Conduct Authority, major cryptocurrency exchange Binance has said it is in compliance with local regulators and is not offering financial advice or intermediary services to residents. In a Friday statement from Binance, the crypto exchange implied the warning from the Financial Sector Conduct Authority, or FSCA, lacked authority because the group does not have the power to regulate “crypto-related investments” in South Africa. The exchange also pushed back against allegations that South Africans used the Binance South Africa Telegram group…

South Africa’s financial regulator issues warning against Binance

South Africa’s Financial Sector Conduct Authority (FSCA) has warned the country’s public against dealing with crypto exchange platform Binance. In a statement issued on Friday, the FSCA stated that Binance Group, an “international company” domiciled in Seychelles, was not authorized to render financial services in the country. Binance is indeed headquartered in The Cayman Islands and Seychelles. As part of the warning, the FSCA indicated that South Africans were using a Telegram group to gain access to Binance’s crypto exchange services in the country. In addition to the warning against…

Binance CEO says US crypto exchange will go public in three years

Binance’s affiliate United States-based cryptocurrency exchange Binance US is targeting an initial public offering (IPO) in 2024, according to Binance CEO and founder Changpeng Zhao. BinanceUS is planning to close a large private funding round in the next two months that would allow the firm to become more independent from the global exchange, Zhao said on Sept. 1 in an interview with tech publication The Information. Zhao is confident that the global crypto exchange will survive the ongoing regulatory crackdown by global regulators, and that Binance US will move toward a…

Binance Australia onboards former DigitalX exec as new CEO

Binance Australia has announced the appointment of Leigh Travers, the former chief executive of local blockchain technology and payments firm DigitalX, as the company’s new CEO. Travers has worked at DigitalX for seven years, and previously served on the board of leading local blockchain industry body, Blockchain Australia. In June 2014, DigitalX became the world’s first publicly-listed blockchain firm after completing a reverse takeover of the Australian Stock Exchange-listed company, Macro Energy Ltd. In an Aug. 28 announcement from Binance, Travers emphasizes that he will prioritize building Binance Australia’s relationships…

Binance incapable of effective supervision, British regulator states

The United Kingdom’s Financial Conduct Authority (FCA) released a supervisory notice on Wednesday, stating that prominent crypto exchange Binance is incapable of being effectively supervised and exposes users to financial risk. The FCA notice — originally dated June 25 — was in relation to Binance’s “complex and high-risk financial products” that pose a significant risk to the investors. It read: “Based upon the firm’s engagement to date, the FCA considers that the firm is not capable of being effectively supervised.” In the notice addressed to Binance Markets Limited, the FCA required…

Binance denies allegations of market manipulation

Major cryptocurrency exchange Binance is pushing back against allegations of market manipulation and working against the interest of its users. In a Monday Twitter thread, Binance seemingly laid the blame for any claims of manipulating the crypto market on publications spreading fear, uncertainty, and doubt as well as certain individuals impersonating employees at the exchange. The firm said it “reserves the right to take legal action to protect its interests,” but was not opposed to “responsible whistle-blowing that protects the trust of our community.” “Binance has never traded against our…

How will regulatory troubles and mandatory KYC impact Binance Coin (BNB) price?

Binance Coin (BNB) rallied 30% in two weeks, but the fourth largest cryptocurrency by market capitalization seems to be struggling to break the $450 resistance. Coincidently, this is the same top from June 3, which was followed by a 48% correction down to $225. Given the similarity of the situation when compared to previous instances, investors have reasons to doubt the recent performance, especially as Solana (SOL), a competing smart contract platform, reached an all-time high on August 18. The move was partially attributed to a recent $70-million crowdfund to…

Bitcoin price returns above $47K as crypto market shrugs off Binance KYC news

Bitcoin (BTC) abruptly exited lower levels to challenge firm resistance on Friday in further inspiration for bulls.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin coils up beneath major sell wall Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local highs of $47,415 on Bitstamp overnight on Thursday. The pair had received a welcome boost from news of a Bitcoin fund launch from Wells Fargo, which fuelled 24-hour gains of over 5%. Now, Bitcoin was primed to challenge established resistance levels at $47,000 and higher — these nonetheless keeping…