Binance, the world's largest cryptocurrency exchange, is making a major investment in compliance by hiring 1,000 new employees in 2024. As regulatory pressures increase, Binance is prioritizing compliance by expanding its workforce from 500 to 700 in this department. This decision comes after a significant increase in law enforcement requests and reflects the company's dedication to meeting legal requirements. Despite facing ongoing regulatory challenges, Binance's CEO Richard Teng has highlighted the importance of compliance in the cryptocurrency industry. The significant increase in regulatory spending shows that the company is committed to staying ahead of legal challenges.
A major PEPE whale has sold off a significant amount of tokens, making a massive profit from their initial investment. This is just one of several high-value transactions within the meme coin market, as other whales also move their assets to Binance. Despite a recent price drop, experts predict a potential surge in PEPE's value as it forms a bullish pennant and gains traction within the meme ecosystem.
Binance Coin (BNB) has set a new record, surpassing its all-time high and achieving a market capitalization of over $100 billion. This surge can be attributed to Binance's recent token burn and increased trading volume, signaling heightened investor interest and market engagement. Despite experiencing high volatility, BNB's recent performance can also be attributed to its use in Binance's Launchpad and Launchpool programs, as well as its popularity in options trading. Binance's Trading Volume Incentive Program has also contributed to BNB's rise by incentivizing more traders and ecosystem partners.
Changpeng Zhao, also known as “CZ”, has been sentenced to four months in prison for violating US laws against money laundering during his time as CEO of Binance, the world’s largest cryptocurrency exchange. This is the second major crypto boss to be sentenced to prison, with the sentence being significantly shorter than what was sought by prosecutors. Despite the lighter sentence, prosecutors are pleased with the outcome as they believe incarceration was necessary in this case.
In a highly publicized legal battle, Binance founder Zhao has been sentenced to prison for failing to establish an adequate anti-money laundering system. This comes as a significant development in the US Justice Department's efforts to combat illicit activities within the cryptocurrency industry, following the 25-year sentence given to former rival Sam Bankman-Fried for fraud. Zhao's sentencing signals a shift in the once-dominant Binance's leadership and raises concerns over the company's compliance with US authorities.
Tesla has successfully overcome regulatory hurdles for the launch of its Full Self-Driving (FSD) feature in China, with assistance from Chinese tech giant Baidu. This development comes amidst the Philippines' recent ban on cryptocurrency exchange Binance, which has caused a spike in trading fees and limited access to cryptocurrencies. In other tech news, the US Department of Justice is fighting against the dismissal of a legal battle involving the co-founder of Ethereum-based privacy tool Tornado Cash, while financial expert Nate Geraci has pointed out the correlation between Bitcoin's performance and that of exchange-traded funds (ETFs). Additionally, the popular meme cryptocurrency Shiba Inu has issued a warning about TREAT token scams on the rise during the platform's recent blockchain upgrades. On a brighter note, Tesla's upcoming Cybertruck model has impressed off-road enthusiasts with its capabilities and new upgraded features.
The Philippines government has announced a ban on Binance, the largest crypto exchange in the world, for its lack of an official operational licence. This comes as another legal battle for the exchange, which is already under regulatory scrutiny in Nigeria. The move has left Binance users in the country distressed about the safety of their funds and seeking guidance from the exchange's CEO. This is not the first time the Philippines has raised concerns over Binance's unlicenced operations, posing a major setback for the exchange's goal to become the most licenced crypto exchange in the world.