Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li><keyword id="6359140" type="General" weightage="100" keywordseo="binance" source="Orion">Binance</keyword> will cease to support off-chain fund transfers between WazirX Exchange and Binance via the "Login with Binance" option. </li><li>Post raid by ED on WazirX’s parent company <keyword id="12851812" type="General" weightage="50" keywordseo="zanmai-labs" source="Orion">Zanmai Labs</keyword>, CEO of Binance denied any ownership in the company. </li><li>WazirX is the largest <keyword id="2721952" type="General" weightage="50" keywordseo="crypto" source="Orion">crypto</keyword> exchange in India and its annual trading volume exceeded $43 billion in 2021. </li></ul>The world's largest crypto exchange Binance, which disowned the Nischal Shetty-run crypto platform WazirX, on Monday said that it is removing the off-chain fund transfer channel between WazirX and Binance. The crypto platform will cease to support off-chain fund transfers between WazirX Exchange and Binance via the "Login with Binance" option, <keyword id="3415524" type="General" weightage="50" keywordseo="patrick-hillmann" source="Orion">Patrick Hillmann</keyword>, Chief Communications Officer, Binance, said in a statement. "Users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between Binance and WazirX," he said. Last week, after the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) raids on WazirX's parent company Zanmai Lab, <keyword id="6222251" type="General" weightage="50" keywordseo="changpeng-zhao" source="Orion">Changpeng Zhao</keyword>, Founder and CEO of Binance, had said that the company does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders. The ED searched the director of WazirX cryptocurrency and froze its bank assets worth ₹64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". Referring to Zanmai Labs, Hillmann said, "In relation to their operations of the WazirX Exchange, it has come to our attention that some users were given to believe that funds deposited in WazirX were managed by Binance. This is not the case". Moving forward, Binance will support Indian regulators in the ongoing matters concerning WazirX. WazirX is the largest crypto exchange in India and its annual trading volume exceeded $43 billion in 2021. Shetty, co-founder of WazirX, disputed Binance's claims in a series of tweets last week. "More facts about WazirX: Binance owns WazirX domain name, Binance has root access to AWS servers, Binance has all the Crypto assets, Binance has all the Crypto profits. Don't confuse Zanmai and WazirX", he had tweeted. On November 21, 2019, Binance said it had "acquired" WazirX. "This transaction was never completed. Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX," according to Zhao.

Binance ceases off-chain fund transfer with WazirX after ED raids

<ul class="summary-list"><li>Patrick Hillmann is the chief strategy officer at Binance, the world's largest crypto exchange by volume. </li><li>The exec explained how poor regulation could lead to increased crypto market volatility. </li></ul>Cryptocurrency markets have made significant strides to recover from 2022' crises, with bitcoin soaring about 50% since the start of the year and the total crypto market value edging back above $1 trillion. But a top executive at crypto exchange Binance said more volatility could be ahead in 2023. One of the biggest market risks, according to Chief Strategy Officer Patrick Hillmann, is an increasingly stringent and poorly executed US regulatory crackdown."The US has always been a place that has really fostered great innovation. [The country] has led from the front when it came to smart regulation [as well]," Hillmann told Insider. "Unfortunately, I think [what] we're seeing now is going to come at a real cost [to investors] over time."Earlier this month, the New York Department of Financial Services demanded blockchain platform Paxos cease minting Binance-branded stablecoin BUSD. The regulator claimed BUSD is an unregistered security and told the company to stop issuing tokens, according to the <a href="https://www.wsj.com/articles/crypto-firm-paxos-to-stop-issuing-dollar-pegged-binance-token-94f65e52" target="_blank" rel="noopener">Wall Street Journal.</a>New York's enforcement letter against Paxos comes as the US Securities and Exchange Commission cracks down on stablecoins.For years, stablecoins were seen as a way for investors to park their assets safely in crypto because the tokens are typically backed by real-world assets like cash, bonds or exchange-traded commodities.But the narrative changed after the collapse of algorithmic stablecoin TerraUSD in May of last year, which wiped out billions worth of investor money and largely impacted retail participants.<a href="https://www.sec.gov/news/speech/gensler-sec-speaks-090822" target="_blank" rel="noopener">SEC Chair Gary Gensler said in September</a> that stablecoins "have features similar to, and potentially competing with, money market funds, other securities, and bank deposits, and raise important policy issues."But Hillmann warned that making stablecoins inaccessible because of regulation removes "safeguards" for crypto investors."When you take that away from users at a time like this, that safety net disappears," he said. "At the same time, we're seeing a pressure campaign on US banks to also not service crypto. Not only do [investors] not have the ability to move their money to a safe [place], they also aren't able to pull it off the exchanges easily."Hillman said enforcing bad regulation will cause some "real market volatility" as a result.In addition to stablecoins, US regulators may clamp down on exchange tokens, like FTX's FTT, as well as bitcoin and ethereum. Hillmann warned this could "choke out" the nascent space. If improperly enforced, increased regulatory scrutiny could also cause industry players to take their business elsewhere. This could result in the US lagging in innovation, he added."We're really hoping that this is not going to be a continued escalation [by regulators], but all signs [say] that it is," Hillmann said. "As a result, it's left businesses that are legit and want to be regulated in the US... with no other alternative other than to move offshore." Binance has reportedly faced a slew of US regulatory and law-enforcement scrutiny of its own, including probes from the Justice Department, the SEC, and Commodity Futures Trading Commission in recent years. Binance expects to pay monetary penalties to resolve US investigations, Hillmann has told the <a href="https://www.wsj.com/articles/crypto-giant-binance-expects-to-pay-penalties-to-resolve-u-s-investigations-f1e3c9d2" target="_blank" rel="noopener">Wall Street Journal.</a>Meanwhile, Binance had secret access to a bank account belonging to its purportedly independent US partner, <a href="https://www.reuters.com/technology/crypto-giant-binance-moved-400-million-us-partner-firm-managed-by-ceo-zhao-2023-02-16/" target="_blank" rel="noopener">Reuters reported</a> earlier this month. The crypto giant reportedly transferred <a href="https://markets.businessinsider.com/news/currencies/binance-crypto-exchange-secret-transfer-changpeng-zhao-cz-ftx-alameda-2023-2" target="_blank" rel="noopener">$400 million</a> from the account to trading firm Merit Peak, which was managed by Binance CEO Changpeng Zhao. "While there was a market making firm named Merit Peak that operated on the Binance.US platform, it stopped all activity on the platform in 2021," Binance.US <a href="https://twitter.com/BinanceUS/status/1626370268045225984?s=20" target="_blank" rel="noopener">tweeted</a> after the Reuter's story was published.

A top exec at the world's largest crypto exchange breaks down the single-biggest risk for the market in 2023

<ul class="summary-list"><li>Binance is weighing staff cuts as the world's top crypto exchange looks ahead to the next market rally.</li><li>"This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles."</li></ul>Binance is weighing staff cuts as the world's largest crypto exchange by volume looks ahead to the next market rally.In a statement shared with Insider, a Binance spokesperson said the company has grown from 30 to nearly 8,000 employees worldwide over the last six years."As we prepare for the next major bull cycle, it has become clear that we need to focus on talent density across the organization to ensure we remain nimble and dynamic," the statement added.Binance maintained that the company is still seeking to fill hundreds of open roles at the exchange. "This is not a case of rightsizing, but rather, re-evaluating whether we have the right talent and expertise in critical roles," the statement said. "This will include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators."The statement came in response to Insider's query to Binance about <a href="https://twitter.com/WuBlockchain/status/1663890209526927373?s=20" target="_blank" rel="noopener">independent crypto journalist Colin Wu's tweets</a> that said the company may lay off 20% of its employees in June."The compensation plan will be formulated according to different situations in different places," his tweet, which cited unnamed sources, said. "The layoffs may be related to the poor overall market and the large expansion before."But Patrick Hillmann, Binance's chief communications officer, <a href="https://twitter.com/PRHillmann/status/1663925648182607872?s=20" target="_blank" rel="noopener">tweeted</a> in response that the exchange was "not cutting 20% of employees as a cost-cutting measure." CEO Changpeng Zhao denied any mass layoffs and said the company has been profitable since the year it was founded.Instead, the crypto exchange has a "bottom out program," which the exec said routinely weeds out staff that may not be a good fit for the firm. "We constantly say goodbye to people who are not strong fits with the company. Many of them are great people or high performers, but may not fit our unique culture/situation," Zhao tweeted. "Small example, WFH is not for everyone. This 'program' is constant. I push for it on a weekly basis. There are no % of people we have to 'push out'. I also push for cost cutting, servers, flights, meals, etc, every week too."Meanwhile, Binance faces a <a href="https://decrypt.co/124961/binance-ongoing-investigations-cftc-sec-doj-irs" target="_blank" rel="noopener">slew of regulatory probes</a> with reports of ongoing investigations from the Commodity Futures Trading Commission, the Securities and Exchange Commission, Internal Revenue Service, and US Justice Department.

Binance eyes staff cuts as the world's biggest crypto exchange says it's 're-evaluating' talent to position for the next bull run

<ul class="summary-list"><li>US investigators are reportedly sending subpoenas to hedge funds over their dealings with Binance. </li><li>The crypto exchange is facing a probe from the DOJ over potential violations of money laundering rules, per Reuters.</li></ul>Federal prosecutors are looking into US hedge funds' dealings with the world's largest cryptocurrency exchange, according to a <a href="https://www.washingtonpost.com/technology/2023/01/07/binance-subpoenas-crypto-trading/" target="_blank" rel="noopener">Washington Post</a> report.Several American investment firms have received subpoenas, directing them to send records of communication with Binance to the US attorney's office for the Western District of Washington in Seattle, unnamed sources told the news outlet. The subpoenas do not necessarily mean authorities will bring charges against Binance.The move is a part of a long-running probe into Binance over potential violations of money-laundering rules, per the Post. Last month, <a href="https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/" target="_blank" rel="nofollow noopener">Reuters </a><a href="https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/" target="_blank" rel="nofollow noopener">repor</a><a href="https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/" target="_blank" rel="nofollow noopener">ted</a> that the crypto trading platform processed over $10 billion worth of illegal payments in 2022 and is being investigated by the US Department of Justice over unlicensed money transmission and criminal sanctions violations.Binance is speaking with "virtually every regulator across the globe on a daily basis," the company's chief strategy officer Patrick Hillmann told the Post. He declined to comment on specifics of any US investigation.A Binance spokesperson previously <a href="https://markets.businessinsider.com/news/currencies/crypto-binance-reportedly-processed-over-10b-in-illegal-payments-2022-2022-12">told Insider</a> that it would be "inappropriate for us to comment" on matters related to the DOJ."Regulators rightfully will scrutinize this industry much, much harder, which is probably a good thing," Changpeng Zhao, founder and CEO of Binance, said at a conference in November.The news comes at a time of great uncertainty for the industry.FTX, the rival exchange started by Sam Bankman-Fried, filed for bankruptcy in November amid what Federal prosecutors are <a href="https://www.axios.com/2022/12/13/ftx-bank-man-fried-sdny" target="_blank" rel="noopener">calling</a> "one of the biggest financial frauds in American history."

US hedge funds have reportedly been subpoenaed over dealings with Binance as probe of the world's largest crypto exchange unfolds

<ul class="summary-list"><li>Binance's former CFO did not have full access to the company's financial accounts, Reuters reported on Monday.</li><li>Binance has financials that are more akin to a "black box," with certain business units submitting "scant information," according to the outlet.</li></ul>Binance's former Chief Financial Officer Wei Zhou did not have access to the company's full financial accounts during his nearly three-year tenure, Reuters <a href="https://finance.yahoo.com/news/special-report-binances-books-black-124508338.html">reported,</a> citing two people who worked with him.Zhou, who left the Binance in 2021, did not immediately respond to Insider's request for comment. The report follows promises from Binance CEO Changpeng Zhao, who said that the company would "lead by example" on embracing transparency after the downfall of competitor FTX, the once-$32 billion crypto empire started by Sam Bankman-Fried. Binance.com, which has processed over $22 trillion worth of trades so far this year, has financials that are more akin to a "black box" and "mostly hidden from public view," according to a Reuter's analysis of the company's corporate filings. The outlet reviewed filings by Binance entities in over a dozen jurisdictions where the exchange says it has "regulatory licenses, registrations, authorizations and approvals," which include locations like European Union states, Canada, and Dubai. "The filings show that these units appear to have submitted scant information about Binance's business to authorities," the report said. "The public filings do not show, for example, how much money flows between the units and the main Binance.com exchange. The Reuters analysis also found that several of the units appear to have little activity."Binance Chief Strategy Officer Patrick Hillmann said that the analysis of the units' filings were "categorically false." "The amount of corporate and financial information that has to be disclosed to regulators in those markets is immense, often requiring a six-month-long disclosure process," he said in a statement to Reuters."We are a private company and are not required to publicize our corporate finances," he added.To be clear, Binance is not required to publish detailed detailed financial statements like its Nasdaq-listed competitor Coinbase. Binance doesn't disclose basic information like where Binance.com is located.The company also doesn't report revenue, profit, or cash reserves. Binance has its own token, dubbed <a href="https://www.binance.com/en/bnb">BNB</a>, but hasn't revealed what role the coin plays on its balance sheet yet.Binance published a "snapshot" of its holdings of six major tokens on its website last month and released a proof of reserves earlier this month, though critics have said such information is incomplete and can be misleading."It lends customers money against their crypto assets and lets them trade on margin, with borrowed funds. But it doesn't detail how big those bets are, how exposed Binance is to that risk, or the full extent of its reserves to finance withdrawals," the Reuters report said. Binance did not immediately respond to Insider's request for comment on the matter.The US Department of Justice is investigating Binance over potential money laundering conspiracy, unlicensed money transmission, and criminal sanctions violations, four sources told <a href="https://www.reuters.com/article/idUSL8N3321X6" rel=" nofollow">Reuters</a>. Binance also reportedly processed over $10 billion in illegal payments this year. A Binance spokesperson told <a href="https://markets.businessinsider.com/news/currencies/crypto-binance-reportedly-processed-over-10b-in-illegal-payments-2022-2022-12">Insider</a> that it would be "inappropriate for us to comment" on matters related to the DOJ.

Binance's former chief financial officer did not have access to the company's full accounts during his three-year tenure, report says

<ul class="summary-list"><li><keyword id="11896045" type="UNKNOWN" weightage="60" keywordseo="binance" source="Orion">Binance</keyword> is investing $200 million in <keyword id="11956280" type="UNKNOWN" weightage="60" keywordseo="forbes" source="Orion">Forbes</keyword>.</li><li>The investment comes ahead of the magazine's blank-check merger later this quarter.</li></ul>Binance is investing $200 million in Forbes Global Media ahead of the magazine's <a href="https://markets.businessinsider.com/news/stocks/forbes-spac-merger-public-630-million-magnum-opus-acquisition-media-2021-8">blank-check merger</a> later this quarter, according to an <a href="https://www.forbes.com/sites/forbespr/2022/02/10/forbes-announces-200-million-strategic-investment-from-binance/?sh=7fd2985f57e2">announcement</a> Thursday. The deal will help the 104-year-old magazine carry out its plans to merge with publicly-traded SPAC Magnum Opus. The transaction is aimed to further capitalize on Forbes' ongoing digital transformation through proprietary technology stack and analytics, among others. <a href="https://www.cnbc.com/2022/02/10/forbes-spac-binance-led-by-the-worlds-richest-crypto-billionaire-is-taking-a-200-million-stake-in-forbes-.html">CNBC</a> was first to report Thursday. The stake makes Binance one of the top two biggest owners of Forbes. The world's largest cryptocurrency exchange will also get two directors out of nine total board seats: Patrick Hillmann, chief communications officer for Binance; and Bill Chin, head of Binance Labs, the venture capital arm and incubator of the exchange.The amount will replace half of the $400 million private investment in public equity, or PIPE, that institutional investors had initially pledged when Forbes <a href="https://markets.businessinsider.com/news/stocks/forbes-spac-merger-public-630-million-magnum-opus-acquisition-media-2021-8">announced</a> the SPAC deal in August 2021. The overall size of the PIPE will remain at $400 million, the latest announcement said.The business news organization, which publishes <keyword id="11956281" type="UNKNOWN" weightage="60" keywordseo="forbes-magazine" source="Orion">Forbes magazine</keyword>, is expected to raise approximately $600 million in gross proceeds."As Web 3 and blockchain technologies move forward and the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market comes of age we know that media is an essential element to build widespread consumer understanding and education," Changpeng Zhao, founder and CEO of Binance, said in a statement. The combined firms will continue to be led by the current management team and will retain the Forbes name. Upon the closing of the transaction, Forbes will list on the New York Stock Exchange under the ticker symbol "FRBS."Forbes said it will also use its funds to "convert readers into long-term, engaged users of the platform, including through memberships and recurring subscriptions to premium content and highly targeted product offerings."The digital publisher is best known for curating lists of wealthy business icons and influential leaders around the world. The brand reaches more than 150 million people and covers 76 countries.

Crypto exchange Binance invests $200 million in Forbes ahead of the magazine's SPAC merger plans

<ul class="summary-list"><li>Chaopeng Zhang told NYT's DealBook that he hopes his stake in Forbes will push more media companies toward adopting <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>.</li><li>Zhao, the CEO of <keyword id="11896045" type="UNKNOWN" weightage="60" keywordseo="binance" source="Orion">Binance</keyword>, also suggested this move might possibly lead towards decentralizing the industry.</li></ul><keyword id="11948905" type="UNKNOWN" weightage="60" keywordseo="binance-ceo" source="Orion">Binance CEO</keyword> Chaopeng Zhang said he hopes his firm's stake in Forbes will spur media companies to adopt cryptocurrencies, which could also help decentralize the industry. When crypto companies integrate into the traditional economy, the digital asset industry will be harder to ignore, Zhang, more famously known as CZ, told the New York Times' DealBook newsletter on Friday."By investing in traditional businesses and helping them to integrate with crypto, it's an interesting play for us," he said. "It increases the perception of the integration of crypto into the traditional economy when crypto businesses are funding traditional businesses, what some readers call 'real' businesses."Binance, the world's largest crypto exchange, <a href="https://markets.businessinsider.com/news/currencies/binance-forbes-200-million-magazine-spac-public-crypto-cnbc-2022-2">announced</a> on Thursday a $200 million stake in Forbes Global Media ahead of the magazine's <a href="https://markets.businessinsider.com/news/stocks/forbes-spac-merger-public-630-million-magnum-opus-acquisition-media-2021-8?utm_medium=ingest&amp;utm_source=markets">blank-check merger</a> later this quarter.The deal will help the 104-year-old magazine carry out its plans to merge with publicly-traded <a href="https://www.businessinsider.com/what-is-a-spac?utm_medium=ingest&amp;utm_source=markets">SPAC</a> Magnum Opus. The stake makes Binance one of the top two biggest owners of Forbes.CZ said the investment in Forbes can help nudge the publication as well as other traditional media outlets and their readers toward crypto more quickly."Number one is, yes, we definitely hope that they will write more about crypto in all of the newspapers. The second stage, maybe consider accepting Bitcoins for subscriptions or at least accept a stablecoin. Next is maybe some NFTs and you could issue a token for incentives," he told DealBook."And if the business is ready to go a fully decentralized way, utilizing writers everywhere in the world and have the crowd judge them by the amount of fees that they can receive," he added.CZ however clarified that the intent of his exchange is not to run a news company. Instead, they were more focused on speeding up the integration of crypto.He also highlighted how he does not "really get very involved" in Binance's mergers and acquisitions but did note that his team brought up the possibility of investing in a media company "maybe two or three months ago." CZ founded Binance in 2017 and has been a prominent crypto figure across the world, including on social media. He has amassed over 5 million followers by tweeting regularly about digital assets. He appeared on the <a href="https://www.forbes.com/sites/pamelaambler/2018/02/07/changpeng-zhao-binance-exchange-crypto-cryptocurrency/?sh=5fc0524d1eee">cover</a> of Forbes magazine in 2018.In 2020, Binance <a href="https://www.coindesk.com/markets/2020/11/18/binance-sues-forbes-for-defamation-over-tai-chi-document-leak/" target="_blank" rel="noopener">sued</a> Forbes for defamation for reportedly revealing the exchange's efforts to evade regulators only to <a href="https://www.coindesk.com/markets/2021/02/08/binance-drops-defamation-lawsuit-against-forbes-over-tai-chi-document/" target="_blank" rel="noopener">quietly drop</a> the lawsuit after a few months.Now with its investment in Forbes, Binance will also get two directors out of nine total board seats: Patrick Hillmann, chief communications officer for Binance; and Bill Chin, head of Binance Labs, the venture capital arm and incubator of the exchange.

The CEO of Binance says he hopes the exchange's stake in Forbes will push media companies toward adopting crypto and possibly decentralize the industry

You Searched For "patrick hillmann" and got 7 results

Binance ceases off-chain fund transfer with WazirX after ED raids

IANS

A top exec at the world's largest crypto exchange breaks down the single-biggest risk for the market in 2023

Morgan Chittum

Binance eyes staff cuts as the world's biggest crypto exchange says it's 're-evaluating' talent to position for the next bull run

Morgan Chittum

US hedge funds have reportedly been subpoenaed over dealings with Binance as probe of the world's largest crypto exchange unfolds

Morgan Chittum

Binance's former chief financial officer did not have access to the company's full accounts during his three-year tenure, report says

Morgan Chittum

Crypto exchange Binance invests $200 million in Forbes ahead of the magazine's SPAC merger plans

Isabelle Lee

The CEO of Binance says he hopes the exchange's stake in Forbes will push media companies toward adopting crypto and possibly decentralize the industry

Isabelle Lee

Popular Keywords

Buying Guides