Cryptocurrency Traders Seek Damages From Binance After Major Outage

Michelle Ma (@himichellema) is a reporter at Protocol, where she writes about management, leadership and workplace issues in tech. Previously, she was a news editor of live journalism and special coverage for The Wall Street Journal. Crypto traders in the U.S. or other regulated jurisdictions have long known that it’s possible to use a VPN to access Binance, according to crypto investors. The moves came after another crypto exchange, BitMEX, was charged by the CFTC and Justice Department with violations of know-your-customer rules, among other laws. Though Binance has largely moved itself out of Beijing’s reach, China’s continued tightening of crypto trading rules inevitably affects customers in the country who might try to use the exchange. Binance earlier this year launched stock tokens, a sort of synthetic instrument that gives commission-free exposure to traditional stocks such as Apple and Tesla.

Binance named Brian Shroder, previously of Ant Group and Uber, as president of Binance.US in September. Malaysia’s financial regulator took an enforcement action against Binance and ordered it to stop operating in the country. Japan’s financial agency warned the company for operating without permission.

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Abramovich expects the West London club to fetch more than 3 billion pounds ($4 billion), people familiar with the matter have said. Abramovich bought Chelsea in 2003 for a reported 140 million pounds. Chiefly, Binance will no longer permit U.S. passport holders to sign up for its global service. That’s according to the company’s updated terms and conditions — “Binance is unable to provide services to any U.S. person” — which were confirmed to TechCrunch by a spokesperson. Binance owns a number of different companies around the world, and British regulators have only placed limitations on a single Binance-affiliated corporation in England known as Binance Markets Limited. Get smarter with context and commentary on the week’s top blockchain & crypto trends in Asia.

Changpeng Zhao spoke with the Raine Group, the U.S. investment bank representing Chelsea on the sale, but declined to pursue it as owning a football club is not one of his priorities, the spokesperson said. We’re always here to help, whether you’re a longtime customer or just getting started. Keep your crypto safe and access your funds seamlessly with the Binance.US Multi-Crypto Wallet. Buy, Sell and Trade Bitcoin, Ethereum, BNB, Solana, Cardano, Avalanche, Polkadot, and more. Link your bank account, add a debit card, or use wire transfer to buy and sell crypto instantly.

  • IP addresses, but it did confirm that U.S. customers will retain access to funds held in the service.
  • At eToro, however, you will only need to pay a small GBP/USD conversion fee at the point of the deposit – which amounts to just 0.5% of the transaction value.
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  • In turn, you will automatically find £150 worth of Binance Coin in your own portfolio.
  • If you are ready to learn how to invest in Binance Coin right now – the step-by-step walkthrough will show you how to complete the process with eToro.

Apart from the latter, all other payment types are processed instantly. In placing an order to buy cryptocurrencies like Binance Coin, eToro only charges the spread. EToro is a popular online broker and trading platform that is home to thousands of assets across stocks, ETFs, forex, hard metals, energies, and of course – cryptocurrencies like Binance Coin.

In doing so, you’ll be able to invest in BNB from just $10 (about £7) on a spread-only basis. The exchange also stated it would set up a blockchain innovation hub in Singapore,” exploring initiatives such as incubation programmes, blockchain education and further investment opportunities”. The crypto exchange was constantly getting postponed by Temasek-linked Vertex Ventures, to get a permit to operate.

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For example, keep up to date with any key developers concerning the Binance ecosystem – such as new products or services. For instance, we mentioned earlier that Binance Coin has increased by over 620,000% since it was launched in 2017. The reason for this is that the number of people looking to buy Binance far outweighs those wishing to sell. This might be because very few exchanges list the token or there simply isn’t enough demand in the market to provide sufficient levels of liquidity. In particular, this can cause huge problems when it comes to cashing out your investment. With that said, the Binance ecosystem is by far the largest in the cryptocurrency space – with the exchange continuously innovating into new areas.

However, perhaps the most dominant use case for BNB is that the token is the primary currency of both the Binance Chain and the Binance Smart Chain. These two independent blockchain networks now support thousands of cryptocurrencies and billions of dollars in trading volume every day. And as such, transaction fees are paid via Binance Coin – which gives the token real-world value. On cryptocurrency purchases, this starts at just 0.75% per order.


Another strategy that you might take to avoid needing to time the market is to invest a certain amount into Binance Coin at the end of each month. Although this will give you more control over your BNB tokens, you need to have a firm grasp of how wallet security works. As such, if you’re a beginner, it’s best to just let a regulated broker like eToro store your tokens for you. Most people will look to buy Binance Coin with a debit or credit card. The reason for this is that when using the right broker – your purchase will be processed instantly.

You can sell your BNB tokens back to the exchange or broker that you bought them from. You can buy Binance Coin in less than five minutes by opening an account with an online exchange, depositing some funds, and placing a BNB buy order. As you are using an FCA-regulated trading platform, eToro will ask you to verify your identity. With that said, some market commentators will suggest ‘buying the dip’, which means investing in Binance Coin when its price drops from a previous peak. First and foremost, if you decide to invest in Binance Coin through an online broker like eToro, you can actually leave your tokens in the provider’s in-house wallet.

Here’s Everything Going Wrong At Binance, The World’s Biggest Crypto Exchange

To put this growth into perspective, this means that between its launch in 2017 and its 2021 peak, Binance Coin increased by over 620,000%. If you’re still not whether Binance Coin is the right crypto for your investment portfolio – take a step back and do some best cryptocurrency news websites independent research. In this beginner’s guide, we’ll walk you through the process of how to buy Binance Coinvia a regulated trading platform. A major outage in May led to steep losses for some users, who were unable to dump their coins during a sell-off.

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Brent crude futures settled down $16.84, or 13.2%, at $111.14 a barrel, their biggest one-day decline since April 21, 2020. U.S. crude futures ended down $15.44, or 12.5%, at $108.70, their biggest add coinbase to personal capital daily decline since November. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day.

Hiding behind a veil of corporate entities can help a company save on taxes if the registration is in a tax-friendly jurisdiction. It also can help a company avoid the burden and cost of regulatory compliance of being 10 best forex com licensed in stricter jurisdictions. Pakistan recently became the latest country to launch an investigation against Binance in connection with an alleged US$100 million fraud perpetrated by Binance-integrated apps.

Crypto Giant Binance Shuts Down Singapore Trading Platform

In turn, you will automatically find £150 worth of Binance Coin in your own portfolio. Dozens of Smart Portfolios are also offered by eToro, which are managed on your behalf. Some of the most popular pre-made strategies here include crypto, energy, growth stocks, and dividend shares. Binance, the biggest crypto exchange in the world, halted withdrawals for just under two hours on Monday due to a glitch in its database system. The world’s biggest crypto exchange said a database issue had impacted the withdrawal service.

It also endorses the ongoing effort of the Federal Reserve to explore the introduction of an official U.S. central bank digital currency or digital dollar. The Atlantic Council has found that the U.S. is “furthest behind” among major economies in its efforts to develop a CBDC. When workers aren’t engaged, companies can suffer the consequences. Workers with greater institutional knowledge are harder to replace and losing them can derail project timelines and product launches. Losing a technical or senior employee can cost up to 150% of that employee’s salary, according to Built In.

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