Tag: Binance

Crypto exchange Binance temporarily suspends all spot trading

[ad_1]
San Francisco: Leading blockchain and cryptocurrency platform Binance on Friday announced that it has temporarily suspended all spot trading on its platform as it works to resolve an issue.
“We are aware of an issue impacting spot trading on Binance. All spot trading is currently temporarily suspended as we work to resolve this as soon as possible. New updates will be shared here,” the company tweeted.
Moreover, the CEO of Binance, Changpeng Zhao from his Twitter account @cz_binance shared an update saying that the crypto exchange “encountered a bug on a trailing stop order”.
“Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one),” Zhao tweeted.
“Recovering. Est 30-120 min ish. Waiting for more precise ETA. Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU,” he added.
Binance commands over 60 per cent of all crypto spot volume.
According to Arcane Research, the world’s largest crypto exchange has also increased its market share of Bitcoin spot volume to over 90 per cent in recent quarters, because of zero commission.

Subscribe us on
[ad_2]
#Crypto #exchange #Binance #temporarily #suspends #spot #trading
( With inputs from www.siasat.com )

March 24, 2023
Will safeguard Web3 firms, crypto users with robust blockchain: Binance

[ad_1]
New Delhi: Leading blockchain and cryptocurrency platform Binance on Wednesday said it will strengthen collaborations and industry efforts between Web3 organisations and law enforcement agencies to further enhance security in the industry.
Jarek Jakubcek, Head of Law Enforcement Training at Binance said that “our goal is to build a safe blockchain ecosystem for all users.”
“In 2023, Binance will continue supporting and expanding initiatives such as the Global Law Enforcement Training Program and Joint Anti-Scam Campaign,” he added.
The crypto exchange increased the headcount of its security and compliance team by 500 per cent in 2022.
The team of security and compliance experts develop state-of-the-art security protocols which are designed to protect users and enhance user security, said Binance.
In an effort to protect the Web3 community, Binance recently partnered with law enforcement agencies around the world to launch the Joint Anti-Scam Campaign.
The project first kicked off in Hong Kong, where they collaborated with the Hong Kong Police Force (HKPF) to draft targeted alerts and crime prevention messages.
“In the first four weeks since its launch, approximately 20.4 per cent of users had either reconsidered the withdrawal or reviewed whether the transaction carried the risk of scams,” said Binance.

In the Philippines, Binance partnered with the Philippine-based Cybercrime Investigation and Coordination Center (CICC) under the Department of Information and Communications Technology (DICT).
“Since November 2021, the Binance investigations team has responded to over 47,000 law enforcement requests, with an average response time rate of three days,” said the company.
[ad_2]
#safeguard #Web3 #firms #crypto #users #robust #blockchain #Binance
( With inputs from www.siasat.com )

March 22, 2023
Binance allegations false and misleading, WazirX tells users

[ad_1]
New Delhi: Indian cryptocurrency exchange WazirX has said that allegations levied by global crypto company Binance are false and misleading.
In a statement, Nischal Shetty-run WazieX said that its users do not have to be concerned about Binance’s announcement.
“We have made arrangements to ensure that WazirX’s digital assets are stored in accordance with industry-leading standards. Users can continue to trade, deposit, and withdraw their funds as usual,” the company said.
Binance late last month sent WazirX an ultimatum demanding that the exchange remove what it referred to as a “false and misleading narrative” or stop utilising its crypto wallets by February 3.
However, Binance later said in a blog post that it was making an exception and inviting WazirX to “work out arrangements to withdraw any remaining assets in the relevant accounts.”
WazirX replied, saying it had begun the process of transferring assets to wallets, and expected the process to be completed “within the next few hours.”
WazirX now says the allegations made by Binance in their blog are false and unsubstantiated.
“As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights,” it added.

The tussle first erupted in August last year after Enforcement Directorate (ED) raids on WazirX’s Singapore-based parent company Zanmai Lab and Binance completely disowning the Shetty-run platform.
On November 21, 2019, Binance said it had “acquired” WazirX.
Amid the controversy, Zanmai Lab had said in a statement that “WazirX is a platform co-operated by Zanmai Labs Pvt. Ltd. (Zanmai Labs) and Binance”.
After the ED raids on Zanmai Labs, Binance first disowned WazirX, and then said that it is removing the off-chain fund transfer channel between WazirX and Binance.
Changpeng Zhao, founder and CEO of Binance, had said in a tweet thread that the company “does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders”.
[ad_2]
#Binance #allegations #false #misleading #WazirX #tells #users
( With inputs from www.siasat.com )

February 8, 2023