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Binance Joins Other Crypto Firms In Aid For Turkish Earthquake Victims: Report

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A catastrophic 7.8 magnitude earthquake hit Turkey and Syria early on Monday, leaving behind a trail of destruction and debris. However, among others, the crypto sector has stepped up to offer them support, including Binance, the world’s leading crypto exchange.

The quake, one of the strongest to hit the region in a century, claimed over 4,300 lives and injured thousands more. As the affected communities and governments struggled to cope with the aftermath, the cryptocurrency community also offered support.

Multiple exchanges, including leading crypto exchange, Bitfinex, Bybit, and BitMEX, have pledged to offer aid packages to help those affected by the earthquake. Gate.io has stated that it has started preparing aid packages and will deliver them in coordination with the authorities.

Binance, Bitfinex & Others Supporting Victims

Binance CEO Changpeng Zhao took to Twitter to express his sadness and support for the victims, saying that the Binance team is working on a solution to help. 

In a tweet from Binance Turkey, the company expressed sympathy for the families of the deceased and hoped for a quick recovery for those who were injured.

According to Binance Turkey’s tweet translation:

May God have mercy on our citizens who lost their lives in the earthquake that took place in Kahramanmaraş and the surrounding provinces; Our condolences to their families and our nation, and we wish a speedy recovery to the injured.

Bitfinex has committed to developing an aid package for earthquake victims, and Bybit has announced that aid is being sent to the impacted area. 

Meanwhile, BitMEX has pledged to give the proceeds from its current trading competition to the Red Crescent and urged others who are able to make a donation to do so.

Turkey led the MENA region as the largest cryptocurrency market and recorded the highest year-over-year growth in crypto transactions among all regions in 2022. 

It was ranked 12th globally in terms of crypto adoption, with a 10.5% YoY growth in crypto transaction volume, according to Chainanalysis’s 2022 Global Crypto Adoption Index.

Related Reading | Ethereum-Focused Scaling Firm Teams Up With Chainlink

Binance Unveils Revolutionary Crypto Tax Solution: Binance Tax

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Binance, the leading cryptocurrency exchange, has announced the launch of Binance Tax. This new crypto tax calculator gives users a comprehensive understanding of their crypto tax liabilities on up to 100,000 transactions, all at no extra cost. Currently, it is only available to users based in Canada and France.

Binance Tax: Your Reliable Tax Season Partner

Tax season can be a nightmare for many, especially for cryptocurrency traders who have to deal with thousands of transactions annually. Sifting through spreadsheets and manually computing gains and losses can be time-consuming and stressful. Binance Tax aims to change all that.

According to the official blog post from the exchange, with just one click, users can import their transactions into the calculator and receive a simple yet accurate estimate of their tax obligations tailored to their jurisdiction. 

Despite being in its early launch phase, its tax algorithm is designed to handle the volume and complexity of Web3 transactions.

However, for those struggling to keep up with their crypto taxes or just looking for a faster and more efficient solution, Binance Tax is the answer. This user-friendly tool streamlines the tax preparation process and eliminates the need for manual calculations, making tax season a breeze.

Nevertheless, it is a game-changer for the cryptocurrency industry. Its innovative algorithm and user-friendly interface make it the go-to solution for all crypto traders during tax season. 

The exchange users should keep in mind that the calculator is still in its early launch phase, and its algorithm may not cover all types of transactions yet. Nevertheless, Binance Tax is set to revolutionize the way crypto taxes are calculated and reported.

Exploring Binance Backbone: The Ledger 

Additionally, for their user’s transactions to be processed quickly, accurately, and around the clock, the world’s largest cryptocurrency exchange has a key technology driving its operations from behind the scenes. 

The Binance Ledger serves as a critical component of the platform, storing account balances and transactions while enabling services to make seamless transactions.

To support Binance’s massive user demand, the Ledger must meet certain requirements to ensure its performance. It includes high throughput during peak times, 24/7 availability without downtime, and bit-level data accuracy to prevent fund loss and transaction errors.

It creates the conditions needed for fast and reliable transactions. Its efficient design allows for a large number of transactions per second (TPS) during high-traffic periods, ensuring users can easily buy, sell, and trade their assets.

Binance Ledger’s role in supporting the world’s largest crypto exchange can’t be overstated. It ensures the smooth functioning of Binance by processing millions of transactions daily, providing users with a secure and efficient trading experience.

Related Reading | FTX Seeks Return Of Donation Funds By Feb 28

Binance To Halt Cardano Transactions Temporarily On Valentine’s Day

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Deposits and withdrawals on Cardano [ADA] are to be temporarily suspended by Binance for the upcoming Valentine’s Day update of the Cardano network, called SECP.

In accordance with the blog post, ADA trading on the cryptocurrency exchange will not be impacted during the network upgrade and hard fork. The exchange will reopen deposits and withdrawals for ADA once the upgraded network is stable.

The scheduled SECP update will initially take place on the test networks from Feb. 11, before going live on the mainnet.

Its bigger rivals like Bitcoin and Ethereum utilize the ECDSA cryptographic systems. Whereas blockchain networks such as Polkadot use Schnorr signatures, which are alternatives to ECDSA.

The Cardano blockchain, on the other hand, relies on the Edwards-curve Digital Signature Algorithm [EdDSA] with the elliptic curve Curve25519 as its base curve [Ed25519].

To put it simply, EdDSA is touted to be much faster, more secure, and more compact, but not compatible with ECDSA and Schnorr.

The upcoming upgrade to Cardano is aimed to secure cross-chain DApps development and greater interoperability to the blockchain. This, in turn, will make it easy for Cardano developers to work with other blockchain networks.

In the latest announcement, Tim Harrison, VP at IOHK wrote:

Preparations have been underway for some time across the entire Cardano ecosystem. The core engineering teams at IOG and the Cardano Foundation, SPOs, DApp developers, and exchanges have performed intensive integration testing in the preview test environment since November 2022, with positive results. This technology is now close to being deployed on the Cardano mainnet.

Having said that, Cardano hogged the limelight for its recently launched DJED stablecoin. But things have not gone as planned as the token has already lost its peg to the $1 benchmark, raising concerns among investors.

Cardano’s DJED Depegging Raised Concern

Some in the crypto community have speculated that the stablecoin may have a serious problem as a result of the abrupt decline in price.

However, investors have tried to allay concerns by claiming that such price drops are nothing new and that the cryptocurrency market routinely suffers this kind of volatility.

According to experts, one reason for the drop in price could be a lack of liquidity, a common problem for new assets.

The DJED stablecoin uses a collateral method, meaning it is backed by an asset reserve. The goal of the collateral mechanism is to keep DJED’s price stable and fixed at $1. However, this mechanism needs some time to work properly, and the current price decline is a typical stage of the process.

Binance And WazirX: The Clash Of Crypto Exchanges

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According to a blog post on Friday, Binance has requested Zanmai Labs, the company running the Indian cryptocurrency exchange WazirX, to negotiate terms for withdrawing any remaining funds stored in Binance wallets.
The answer purports to allay concerns about what would happen to customer funds if Binance and WazirX decided to cancel their partnership.

Binance stated,

“As an exception, we have invited Zanmai to work out arrangements with us to withdraw any remaining assets in the relevant accounts after 3 February. However, the responsibility ultimately lies with the Zanmai team to make the withdrawals expeditiously.”

However, it has been reported that WazirX has not responded yet.

Did Binance Lie About Ownership Disputes At WazirX?

The ownership of WazirX was undisputed in November 2019 after Binance, the largest cryptocurrency exchange in the world by trading volume, announced that it had acquired the Indian exchange in a blog post. Executives from WazirX openly discussed the acquisition. The narrative began to shift, though, when WazirX got into trouble with the Indian authorities last summer. Indian authorities searched WazirX’s Mumbai office in the first few days of August on the theory that the exchange had assisted 16 fintech companies in money laundering.

Binance moved right away to officially disassociate itself from WazirX. The original announcement of the acquisition on the former’s blog was changed to reflect that the deal was “limited to an agreement to purchase specific assets and intellectual property.” Changpeng Zhao (CZ), CEO of Binance, stated in a tweet on August 5 that the company “does not own any equity in Zanmai Labs, the entity operating WazirX.” A representative for CZ’s firm told the local media that the claims that the CZ-led-firm owned WazirX were “lies.”

The ownership of the Indian exchange was the subject of months of public back and forth between WazirX and Binance, during which the latter maintained that the transaction never actually happened. Officials from WazirX said that it did and that they had proof, however, they never released it.

In the early morning hours of January 26, an Indian national holiday, Binance delivered WazirX a letter stating that the Indian exchange must comply with two conditions by the end of the month or face having its service agreement with WazirX terminated by CZ’s exchange by February 3.

First, CZ’s exchange instructed WazirX to repudiate previous claims that CZ’s exchange controlled WazirX by publishing a pre-written “clarificatory statement” that was provided by CZ’s firm. WazirX was also compelled to remove all references to CZ’s firm from its terms of service.

GOPAX Acquisition, Binance Makes Major Comeback To South Korean Market: Report

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Binance, the world’s largest crypto exchange, has made a major move by acquiring a significant equity position in the South Korean cryptocurrency exchange GOPAX. It marks Binance’s return to the Korean crypto market after it exited two years ago due to low usage and volume, as reported by Bloomberg.

However, this GOPAX acquisition was funded through the largest exchange’s Industry Recovery Initiative, a co-investment project led by Binance, which has pledged $1 billion. No terms of the deal have been disclosed.

Yibo Ling, Binance’s chief business officer, stated that the firm’s investment in GOPAX was “meaningful” and aimed to support customers and ensure they could withdraw their assets. GOPAX had suspended withdrawals from certain products in November.

According to Ling’s statement:

The fundamental thrust of this deal was to support customers and make sure that any customers who want to withdraw their assets have the ability to do so.

Binance & The Korean Crypto Industry

South Korea’s crypto market was heavily impacted by the crypto rout of last year and the failure of TerraUSD, a local algorithmic stablecoin ecosystem. As a result, many Korean investors suffered losses, and its founder, Do Kwon, is now a fugitive.

Binance’s acquisition of GOPAX is an attempt to rebuild the Korean crypto and blockchain industry. Changpeng Zhao, Binance’s founder and CEO expressed hope that the move will help revive the market.

In addition to acquiring the majority stake in GOPAX, Binance plans to inject capital into the exchange to allow for customer withdrawals and interest payments for GOPAX’s yield product, GoFi.

Binance was hit by outflows last year due to the market slump and the collapse of rival FTX. However, this year’s rebound in token prices has stabilized market sentiment. The exchange recently expanded its footprint in Asia with the purchase of Sakura Exchange BitCoin in Japan.

With its investment in GOPAX, the Korean crypto market may see new growth in the coming months. It will be interesting to see how this acquisition impacts the wider crypto industry in the future.

However, this acquisition of GOPAX shows the company’s commitment to supporting the crypto industry and restoring confidence in markets, particularly in South Korea. The move is a positive step towards rebuilding the Korean crypto and blockchain industry.

Related Reading | Ethereum Reaches New High With 3040 ETH Burn, Led by Uniswap & OpenSea

FTX Documentary: Inside The Conflict Between SBF & CZ

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Mark Wahlberg’s Unrealistic Ideas is joining forces with Fortune magazine to create a documentary about the controversial relationship between FTX founder Sam Bankman-Fried and Binance CEO Changpeng Zhao, as per a report by the Hollywood Reporter outlet. 

The project will delve into the unique association between the two dominant figures in the cryptocurrency scene, who went from being allies to rivals.

While Bankman-Fried aimed to bring high-profile celebrity endorsements and political influence to FTX, Zhao took a more straightforward approach to build Binance. 

The two rose to prominence in the cryptocurrency boom, which quickly led to an adversarial back-and-forth. At one point, Binance even floated intentions to buy FTX but ultimately backed out after a due diligence investigation.

FTX Vs Binance: The Battle Of The Titans

Recently, Bankman-Fried claimed in a Substack post on January 12th that an intense, fast, targeted crash triggered by the CEO of Binance put the company bankrupt. 

Well, Zhao was at the forefront of FTX’s spectacular downfall. Binance CEO Changpeng Zhao officially announced via Twitter plans to liquidate the company’s entire investment in FTX’s native token, FTT, in early November.

However, Zhao has agreed to participate in the documentary project, along with key Binance executives and other major players in the crypto industry.

The award-winning resources of Fortune will be combined with the storytelling prowess of Unrealistic Ideas, executive produced by Wahlberg, Stephen Levinson, Archie Gips, and Fortune’s Alyson Shontell and Jeff John Roberts. 

The FTX doc will provide a personal, 360-degree look at the entire FTX saga and the tumultuous relationship between Bankman-Fried and Zhao.

Archie Gips of Unrealistic Ideas Stated:

The story of SBF and CZ has captivated the imagination of people everywhere. What I’m most excited about is the phenomenal exclusive access we have to dynamic storytellers who were literally a part of Shakespearean-like drama as it unfolded.

Alyson Shontell, the editor-in-chief of Fortune, expressed her excitement at the collaboration between Fortune and Unrealistic Ideas, combining Fortune’s award-winning journalism with Unrealistic Ideas’ renowned storytelling abilities.  

The tumultuous relationship between SBF and CZ has played out to a certain extent in articles and on Twitter, but this definitive documentary will give people a personal look at the entire FTX saga.

The project is also expected to provide insight into the contrasting backgrounds of the two key players. Bankman-Fried grew up in a politically connected family of academics, while Zhao fled from China to Canada with his family at the age of twelve.

Nevertheless, this documentary will be a must-watch for anyone interested in the cryptocurrency scene and the players who are shaping its future.

Related Reading | Russian Bitcoin Addresses Linked To Arms Exports Blacklisted By US Treasury

BNB Greenfield: Binance Vision For Web3 Storage

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Binance has taken a step towards a decentralized future with the unveiling of its BNB Greenfield white paper. The new blockchain platform aims to build a Web3 infrastructure, providing a decentralized storage solution that gives users full ownership of their data.

With support from Amazon Web Services, NodeReal, and Blockdaemon, Binance is looking to create a new landscape for the ownership and utilization of data.

According to Victor Genin, the senior solution architect at BNB Chain:

the BNB Greenfield platform will build utility and financialization opportunities for data that is in storage as well as bring programmability to the ownership of data.

The platform will utilize the BNB token (previously known as Binance Coin) and smart contracts to manage ownership and access to the stored data, which will be backed by BNB Chain and third-party storage providers.

Users of the exchange who own BNB tokens and a BNB Chain address will be able to store data on the platform, similar to traditional Web2 cloud storage services like Dropbox. The system will also use NFTs to add an extra layer of security to the stored data.

This new initiative is a significant move towards the decentralization of data and puts the exchange at the forefront of the Web3 revolution. By giving users full ownership and control over their data, Binance is poised to create a new paradigm in the way we store, share, and access information.

Binance Expands Reach with Mastercard Partnership

The exchange also expanded its product offerings, as seen by its recent collaboration with Mastercard to introduce a prepaid crypto card in Latin America, as reported by Tronweekly. 

On January 30th, the world’s largest exchange announced the launch of the Binance Card in Brazil, which is issued by Dock, a central bank-regulated payment institution.

The card supports real-time fiat-crypto conversions of 14 digital assets and comes with several perks, including up to 8% cash back in crypto on certain transactions and no fees on certain ATM withdrawals.

However, the exchange’s recent move into the Web3 infrastructure space with BNB Greenfield and its expanding product offerings, such as the Binance Card, are signs of a company that is committed to staying at the forefront of the ever-evolving crypto landscape.

Binance And Mastercard Join Forces To Launch Crypto Card In Brazil

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Through its numerous advances and initiatives, the leading cryptocurrency exchange Binance has paved the way for cryptocurrency acceptance. The introduction of the Binance card, which enables users to utilize cryptocurrency for a variety of purchases, is one such initiative.

A law recognizing cryptocurrencies as valid payment options in Brazil was recently enacted. Prepaid cryptocurrency cards were jointly introduced in Brazil by Binance and Mastercard to make the bitcoin game easier for the country’s people.

The global cryptocurrency exchange has announced the arrival of the Binance card in Brazil in collaboration with Mastercard, according to the specifics. The card is now under beta testing as well and will be available to the general public in a few weeks.

The card, which is issued by Dock, enables existing and new exchange customers to utilize bitcoins to pay bills and make purchases at more than 90 million Mastercard outlets worldwide.

During the buying process, users of the exchange will also be able to convert cryptocurrencies to fiat money in real-time. Additionally, users will be able to receive 8% cash back in cryptocurrency. More than 15 cryptocurrencies, including BTC, ETH, BNB, BUSD, SHIB, MATIC, LINK, ADA, and others, are now supported by Binance Card for payments.

Binance Blocks Several Accounts: Bitzlato Case

Due to the Bitzlato probe, Binance, the largest cryptocurrency exchange in the world by market cap, has suspended many accounts. Numerous users, many of whom speak Russian, reported the problem. In a Telegram group conversation, the impacted users complained about the issues and claimed that the accounts had been abruptly terminated. Over 1000 people are now a part of the organization.

The aggrieved users contrast the limits with the punitive action taken by the US Department of Justice against the cryptocurrency firm Bitzlato. Furthermore, a lot of people acknowledge using Bitzlato for both incoming and outgoing transactions between Binance and Bitzlato.

A spokesman for the exchange confirmed to local media that the current account blocking was connected to the Bitzlato case. The cryptocurrency exchange also suggested that users read Binance’s blog post on the various reasons why their account can be deactivated as well as what to do in such a situation.

Ethereum Reigns Supreme: 55% Of ETH Holdings On Top 2 Platforms

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The world of cryptocurrency is constantly evolving, with new players entering the market and established ones consolidating their position. One such player is Ethereum, the second-largest cryptocurrency by market capitalization.

Ethereum continues to dominate the exchange landscape, with its 24.9 million holdings concentrated on just five platforms, according to Nansen, a blockchain analytics platform.

This concentration of Ethereum holdings is significant, as it gives these top exchanges a significant amount of power over the cryptocurrency’s future. 

In the top five exchanges, Coinbase (35%) and Binance (20%) hold 8.72 million and 4.94 million ETH, respectively, which is more than a third of all Ethereum exchange holdings.

Additionally, the Nansen data shows that Kraken, Bitfinex, and OKX round out the top 5 with 1.97 million, 1.82 million, and 1.25 million ETH holdings, respectively.

Ethereum’s Growing Influence In The Crypto Sphere

These staggering numbers are a testament to Ethereum’s growing influence in the cryptocurrency sphere. Its popularity among traders and investors alike has led to the platform is a top choice for holding and trading ETH.

As the crypto market continues to mature and evolve, it will be interesting to see if ETH’s dominance on exchanges will continue or if other platforms and cryptocurrencies will rise to challenge its position.

Regardless, its substantial presence on the top 5 exchange platforms is a sign of its lasting impact on the crypto market and a promising indicator of its future growth potential.

Furthermore, according to the latest report from CoinGecko, despite a 67.5% decline in Ethereum (ETH) prices in 2022, the number of addresses holding at least 1 ETH (≥1 ETH) rose by 28.1%. The number of ≥1 ETH addresses increased from 1.41 million on January 1 to 1.73 million on December 31.

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Source: CoinGecko

Q4 2022 saw the highest growth in crypto adoption, with the number of ≥1 ETH addresses growing by 10.4% quarter-on-quarter (QoQ). This growth can be attributed to positive sentiments surrounding Ethereum’s successful Merge in September and anticipation for its upcoming Shanghai upgrade.

However, the steady rise in ETH addresses suggests growing confidence in the cryptocurrency’s future and increased adoption.

Related Reading | Bitcoin Fear & Greed Index Hits One-Year High At 61: The Market’s Wild Ride Continues 

Binance Shuts Down Accounts Amid Bitzlato Investigation: Report

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The leading crypto exchange Binance has been quietly closing multiple accounts linked to the ongoing Bitzlato investigation. Several Russian-speaking Binance clients recently reported their accounts were blocked without warning, and they could not withdraw their funds. In response, they formed a Telegram group chat with over 1,000 members to discuss the issue.

As reported by TronWeekly previously, one of the leading crypto exchanges, Binance, was listed among the top Bitcoin counterparties of Bitzlato by the Financial Crimes Enforcement Network. After that, it was uncovered that the exchange handled approximately $346 million worth of Bitcoin for Bitzlato, a cryptocurrency exchange facing allegations of being a source of money laundering

Binance Respond To Account Suspensions

A spokesperson for Binance confirmed the connection to the Bitzlato case, stating:

Last week, in relation to the Bitzlato case, our compliance and investigations team suspended accounts of some users from several countries, including Eastern Europe and the CIS. 

The spokesperson added that the majority of suspensions were temporary, and over 90% of accounts have been unlocked, with all funds being safe.

The affected users, less than 20, have been provided with relevant law enforcement contact information. Binance advised users to refer to their article on reasons why an account may be blocked and what to do in such a situation.

However, many members of the Telegram group admitted to using Bitzlato and having transactions between Bitzlato and Binance accounts. Some users expressed frustration and confusion over the ban on Bitzlato, as the firm has not been proven guilty.

Some members expressed their frustration and confusion over the enforcement action against Bitzlato, with one member writing, “I consider these bans to be lawlessness.” Other members raised concerns, saying:

Blockages in relation to Bitzlato are nonsense. They haven’t been proven guilty so far as there are only accusations, so how can this money be dirty?

Nevertheless, the Bitzlato investigation continues to impact the cryptocurrency community, with Binance being one of the latest exchanges to feel its effects. The suspension of accounts, however temporary, has sparked debate among users on the legitimacy of such actions and the fate of Bitzlato.