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Voyager Digital Provides Update on Reimbursement Plan for Creditors

Voyager Digital Provides Update on Reimbursement Plan for CreditorsFollowing Binance’s withdrawal from the Voyager Digital deal on April 25, the now-defunct crypto lender has recently informed creditors that they can expect to receive their initial cash and crypto distributions “within the next few weeks.” This update comes nine days after Binance’s decision to back away from the deal. Voyager Digital Expects Initial Distributions […]

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Binance.​US enables free Web3 domain creation for American users

Binance users based in the United States are now able to create Web3 domains that serve as digital identities in a new partnership with Unstoppable Domains.

Binance.​US users will soon be able to set up decentralized domains that will serve as digital identities across the Web3 ecosystem through a new partnership with Unstoppable Domains.

The new offering will allow users to mint “.BinanceUS” domains, providing users with easily understandable names for cryptocurrency wallets to buy, sell and transfer cryptocurrency in the Binance.US app. These unique domains also serve as a digital identity across compatible Web3 services, applications and platforms.

Binance.US and Unstoppable Domains announced the launch of the service on April 26 and it will go live in May. Binance.​US domains are minted on the Polygon blockchain, which allows the generation of decentralized domains without gas fees or renewal costs.

The partnership will also allow Unstoppable Domains users to use Binance.​US to withdraw cryptocurrencies to various Unstoppable Domains addresses, which include .crypto, .nft and .x domains.

A statement from Binance.US Business Development Vice President Nandini Maheshwari, shared with Cointelegraph, highlighted the provision of digital identity ownership as a key factor in the partnership with Unstoppable and Polygon:

“Increasing accessibility to Web3 while maintaining a safe and secure ecosystem for customers is at the core of Binance.US’s mission.”

Unstoppable Domains will be responsible for custodying all .BinanceUS domains, which can only be created through the Binance.US app. 

Related: Web3 Domain Alliance expands with 51 new members

The decentralized domain service provider has partnered with a number of Web3, blockchain and cryptocurrency companies over the past year. This includes a partnership with Polygon to provide the ability to mint “.polygon” Web3 domains. Unstoppable also provided an avenue for 1inch Network decentralized finance (DeFi) users to send cryptocurrencies to Web3 domain addresses in November.

Unstoppable Domains and Ethereum Name Service (ENS) have seen burgeoning user numbers through 2022 and 2023 as demand for Web3 services continues to grow. American cryptocurrency exchange Coinbase tapped as its decentralized domain name partner in September 2022, providing users with free.cb.id usernames like ‘cointelegraph.cb.id’ to replace alpha-numeric cryptocurrency wallet addresses.

Magazine: 4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading

Microstrategy to Issue Additional Shares to Fund Bitcoin Purchase

Binance US Pulls the Plug: Voyager Purchase Deal Falls Through

Binance US Pulls the Plug: Voyager Purchase Deal Falls ThroughAccording to the now-defunct crypto lender Voyager, Binance US sent a letter to the company “terminating the asset purchase agreement.” While the announcement was “disappointing” for Voyager, the firm maintained that its customers would still be receiving their cash and crypto through a “direct distribution” via the Voyager platform. Voyager’s Asset Purchase Agreement With Binance […]

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Binance US to Delist Tron and Spell Tokens Amid Heightened Regulatory Pressure

Binance US to Delist Tron and Spell Tokens Amid Heightened Regulatory PressureAccording to a recent announcement from Binance US, the American-based subsidiary of the largest cryptocurrency exchange by volume, the exchange plans to delist the cryptocurrency asset tron. The news follows Binance’s being sued by the U.S. Commodity Futures Trading Commission (CFTC), and Tron founder Justin Sun’s being sued by the Securities and Exchange Commission (SEC) […]

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Report: Binance US Struggles to Secure Banking Partner Amid Regulatory Crackdown on Crypto Industry

Report: Binance US Struggles to Secure Banking Partner Amid Regulatory Crackdown on Crypto IndustryFollowing the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, cryptocurrency companies have been seeking new banking partners in the United States. According to a recent report citing “sources familiar with the matter,” Binance US, the American subsidiary of the cryptocurrency exchange, is having difficulty finding a U.S. banking partner. Unnamed Sources Say […]

Microstrategy to Issue Additional Shares to Fund Bitcoin Purchase

Binance’s market share drops on CFTC suit and no-fee trading halt: Report

Binance’s market dominance fell largely due to its decision to end zero-fee trading for some trading pairs and not the CFTCs lawsuit, says Kaiko.

The dominance of cryptocurrency exchange Binance in trading volume market share has slipped over the past two weeks following a lawsuit from the United States commodities regulator and its decision to halt some zero-fee trading.

In an April 4 newsletter blockchain analytics platform Kaiko reported Binance “lost 16% market share of trade volume,” with its market share at 54% as of the end of Q1.

The U.S. Commodity Futures Trading Commission (CFTC) sued Binance on March 27 alleging it flouted regulatory compliance through violations of derivatives laws by offering trading to U.S. customers without registering.

Kaiko said Binance still takes in more volume than the rest of its combined competitors but its March 15 decision to end zero-fee spot and margin trading for 13 trading pairs including BNB (BNB), Bitcoin (BTC) and Ether (ETH) trading pairs with multiple fiat currencies and stablecoins largely contributed to the firm’s downfall.

“Overall, Binance’s excess volume largely vanished with the end of zero-fee trading, which was reflected in an even dispersal in market share among the remaining exchanges,” Kaiko reported.

Binance’s market share trading volume amongst the top centralized exchanges fell to 54% by the end of the first quarter. Source: Kaiko

Kaiko explained part of this fall was alleviated by its U.S. arm, Binance.US, which managed to triple its market share over the quarter from 8% to 24%.

Binance didn’t fall excessively in every domain though, the exchange managed to maintain its derivatives dominance, only giving up 2% market share over the last quarter.

Kaiko explained that the fall in trading volume figures was influenced mostly by the end of zero-fee spot trading as opposed to the CFTC lawsuit:

“The trend is quite different when looking at derivatives volumes: Binance only lost about 2% of market share for perpetual futures trade volume. This suggests that the majority of market share was lost purely due to the end of zero-fee spot trading, rather than trepidations around a lawsuit.”

The market share fall to 54% comes as Binance was one of the “big winners” of the FTX fiasco which saw its market share in trading volume rise to 65% during the last quarter of 2022:

“Binance’s market share increased from 50% to 65% after November 2022, while OKX saw its market share increase from under 10% to 17%. Bybit and the three smaller exchanges Huobi, Bitmex and Deribit, on the other hand, saw their market share decline.”

Over the last quarter, Upbit was the only crypto exchange to reclaim a “significant share” in trading volume of the 17 trading platforms that Kaiko analyzed.

Related: DEXs growing faster than CEXs but Binance still sees 171M visitors in a month

In light of recent regulatory pressures, the banking crises and the catastrophic collapse of FTX, many reports have observed a growing trend towards decentralized alternatives and self-custody wallets.

Bitcoin and Ether left centralized exchanges in record numbers following the fall of FTX. The daily trading volume of decentralized perpetual exchanges also reached $5 billion in November 2022, the most since Terra Luna Classic (LUNC) and its connected TerraClassicUSD (USTC) stablecoin collapsed in May 2022.

Trading volumes on the decentralized exchange Uniswap are now rivaling that of crypto exchanges Coinbase and OKX but is still only a fraction of the size processed by Binance.

Magazine: Can you trust crypto exchanges after the collapse of FTX?

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US officials appeal protections for Voyager execs in Binance.US sale

The DOJ disagrees with the legal protections given to those involved in the Voyager-Binance.US sale saying the court “improperly” exceeded its authority.

United States officials want to remove a provision included in bankrupt lender Voyager Digital’s plan to sell its digital assets to crypto exchange Binance.US that would prevent them from legally pursuing anyone involved with the sale. 

In a motion filed on March 14 in a New York Bankruptcy Court, U.S. Trustee William Harrington and other government attorneys argued: “the court improperly exceeded its statutory authority" in approving a the pardoning.

They requested the court's approval of the sale be delayed for two weeks to allow them to file an appeal.

The provision protects those involved in carrying out the sale from being held personally liable for its implementation, which the court approved on March 7 after it was found that 97% of Voyager customers favored the plan, according to a Feb. 28 filing.

While U.S. officials are not objecting to other parts of the proposed sale, they argue the provision would impede the government's “ability to enforce its police and regulatory powers.”

On March 6 the Securities and Exchange Commission (SEC) also objected to the plan, particularly the “extraordinary” and “highly improper” exculpation provision, arguing the repayment token would constitute an unregistered security offering and that Binance.US is operating an unregulated securities exchange.

Related: Binance.US, Alameda, Voyager Digital and the SEC — the ongoing court saga

A hearing on the issue is set to occur on March 15 at 2:00 pm local time.

Based on the latest estimates, the plan is expected to result in Voyager creditors recovering approximately 73% of the value of their funds.

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U.S. Department of Justice Appeals Court Decision Approving $1,300,000,000 Voyager Acquisition

U.S. Department of Justice Appeals Court Decision Approving ,300,000,000 Voyager Acquisition

The U.S. Department of Justice (DOJ) is appealing a recent court decision that approved Binance.US’ acquisition of embattled crypto lender Voyager Digital. In a new court filing, the DOJ is appealing New York Judge Michael Wiles’ decision to allow Voyager to sell $1.3 billion worth of assets to Binance.US, the US branch of the world’s […]

The post U.S. Department of Justice Appeals Court Decision Approving $1,300,000,000 Voyager Acquisition appeared first on The Daily Hodl.

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SEC snubbed as Voyager wins court approval for sale to Binance US

The ruling allows the crypto lender a path out of its bankruptcy, but it still has to undertake some due diligence with Binance US before the sale is final.

Bankrupt cryptocurrency lender Voyager Digital has won court approval to sell over $1 billion of its assets to Binance US.

The approval was granted by United States Bankruptcy Judge Michael Wiles on Mar. 7, which came after four days of arguments presented by Voyager and the U.S. Securities Exchange Commission (SEC).

Wiles said he would give the trading platform permission to close the Binance US sale and issue repayment tokens to impacted Voyager customers, which would give them back approximately 73% of what they're owed.

Wiles rejected a series of arguments by the SEC that the redistribution of the funds from Voyager to Binance.US would violate U.S. securities laws, according to a Mar. 7 report from Bloomberg:

“I cannot put the entire case into indeterminate deep freeze while regulators figure out whether they believe there are problems with the transaction and plan."

Peter M. Aronoff, a lawyer with the Department of Justice (DOJ) said it's considering appealing Wiles' decision.

The judge's decision comes just over a week after 97% of 61,300 Voyager account holders were found to be in favor of the current Binance.US restructuring plan, according to a Feb. 28 filing.

This is a developing story, and further information will be added as it becomes available.

Microstrategy to Issue Additional Shares to Fund Bitcoin Purchase

US Judge Shuts Down SEC, Says Agency Will Not Be Allowed to Interfere With Crypto Bankruptcy Proceedings

US Judge Shuts Down SEC, Says Agency Will Not Be Allowed to Interfere With Crypto Bankruptcy Proceedings

A judge in the Southern District of New York says he will stop the SEC from interfering with a bankruptcy case by claiming a new crypto asset is a security. Judge Michael Wiles says he will not allow the U.S. Securities and Exchange Commission to punish executives and advisors working on proposals to create a […]

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Microstrategy to Issue Additional Shares to Fund Bitcoin Purchase