Troubled cryptocurrency exchange Binance.US continues to face pressure from regulators in the United States in the aftermath of the former Binance CEO Changpeng Zhaos guilty plea.

Regulators in Florida and Alaska have told Binance.US that the crypto exchange can no longer serve its residents, The Wall Street Journal reported on Jan. 25.

The Alaska Division of Banking and Securities reportedly denied a renewal of Binance.USs license in January 2024. Cointelegraph approached the agency for a comment regarding the denial but did not receive a response at the time of publication.

Floridas Office of Financial Regulation has also issued an emergency suspension order against Binance.USs money transmitter license. The suspension reportedly came a week after Binances founder and former CEOZhao, also known as CZ, pleaded guilty to charges of violating U.S Anti-Money Laundering policies on Nov. 21, 2023.

In December 2023, a U.S. federal court subsequently accepted Zhaos guilty plea to one count of Bank Secrecy Act violations. As part of the settlement deal, Zhao stepped down as Binance.US chair and transferred his voting rights through a proxy agreement, removing his influence on the firms governance.

Despite the U.S. governments action against the global Binance exchange, its local business, Binance.US, continued to operate in the country. We remain fully operational and are committed to continuing to serve our customers with the same products and services as we always have, the U.S. exchange wrote on Nov. 28.

Related: Binance and SEC lawyers present arguments on crypto as a security: Report

In late December, regulators in Arkansas, Illinois and South Dakota reportedly reached an agreement with Binance.US that would allow it to keep operating in those states. As part of that, Binance.US must make the transfer of Zhaos voting rights irreversible.

After pleading guilty, Zhao has attempted to pledge his $4.5 billion stake in Binance.US as security to be permitted to travel to his home in the United Arab Emirates. According to the court records, Judge Richard Jones denied his request in a private hearing on Dec. 29.

Zhao is set to be sentenced on Feb. 23, 2024 and faces up to 18 months in prison.

Magazine: Coinbase fights SEC in court, SBFs parents seek lawsuit dismissal, and Bitcoin ETFs: Hodlers Digest, Jan. 14-20

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Binance.US gets the cold shoulder in Alaska and Florida - Cointelegraph

Crypto exchange giant Binance is charting a new course in response to heightened concerns over counterparty risk. The exchange is embracing the stability and security of Swiss banking institutions, a move that caters to the demands of its more prominent traders.

This may be a step in the right direction for Binance, which has been restructuring and adapting to global crypto regulations.

This pivot allows select traders the option to entrust their assets with renowned Swiss banks, such as Sygnum Bank and Flow Bank. This departs from the previous arrangement where Binance limited clients to storing assets directly on the exchange or with Ceffu, its exclusive institutional custody partner.

According to a recent FT report, one crypto hedge fund manager said they felt better about using a regulated institution:

Id much rather park my money with a Swiss bank than Binance.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

The inclusion of independent banks in the custodial process is a direct response to traders preferences for more regulated and secure banking options. This is especially true following the 2022 collapse of FTX, which lost $9 billion in funds.

Binance itself is on thin ice after a massive $2.7 billion dollar fine from the CFTC for derivatives trading violations. The exchanges former CEO, Changpeng CZ Zhao, is still embroiled in a battle with regulators. The court is set to carry out his sentencing in February.

Sygnum Bank, one of Binances counterparty custodians, recently had a successful funding round, amassing $40 million. This financial infusion is set to bolster Sygnums expansion and innovation, offering sophisticated, regulated products and services.

A press release provided additional details on the usage of the funds:

Proceeds from this financing round will be used to expand Sygnums geographic reach into new markets and accelerate the development of Sygnums fully regulated products such as its B2B (bank-to-bank) platform, which now powers the crypto offering of over 15 banks and financial institutions globally.

Read more: 7 Best Binance Alternatives in 2024

The banks growth and focus on secure crypto solutions also align with the markets direction towards more regulated trading ecosystems.

Binances strategy and Sygnum Banks growth mirror the crypto sectors trend towards more regulation, institutional involvement, and security. All in all, these developments signal a maturing market that prioritizes customer protection, compliance, and stability.

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCryptos editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

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Binance Touts Swiss Banks to Expand & Enhance Custody Security - BeInCrypto

Binance seemingly forced to cut stake in South Korean exchange GOPAX  FinanceFeeds

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Binance seemingly forced to cut stake in South Korean exchange GOPAX - FinanceFeeds

In a significant development for the Solana-based decentralized exchange, Jupiter Exchange (JUP), Binance, the worlds leading crypto exchange, has announced its decision to list the JUP token on its platform. Meanwhile, with a surge in trading volume, Jupiter Exchange has now claimed the second spot among decentralized exchanges, making waves in the crypto community.

Notably, Binances move to list JUP is poised to amplify the tokens reach and impact in the ever-evolving crypto landscape.

Binances recent announcement signals a major endorsement for Jupiter Exchange, as the global exchange giant declares its intention to list the JUP token. Starting January 31, 2024, at 15:30 (UTC), Binance will open spot trading for JUP with trading pairs including JUP/USDT, JUP/FDUSD, and JUP/TRY.

In addition, the listing fee for JUP is set at 0 BNB, reflecting Binances support for this Solana-based DeFi protocol. Simultaneously, Binance will introduce JUP as a new borrowable asset with a new margin pair on the Isolated Margin within 48 hours from the listing date.

Meanwhile, the announcement comes amid CoinGecko data revealing Jupiters remarkable ascent in the decentralized exchanges landscape, securing the second position in trading volume. The data showed that Uniswap V3 (Ethereum) leads the pack with approximately $781.25 million in volume over the last 24 hours, while Jupiter claims the second spot with an impressive $629.32 million in trading volume during the same period.

This surge underscores Jupiters growing popularity and dominance, setting the stage for increased attention from crypto enthusiasts and investors.

Also Read: XRP Whale Dumps 29 Mln Tokens, Price To Dip Below $0.5?

As Binance opens its doors to Jupiter Exchange, the Solana-based DeFi protocol is poised for heightened visibility and accessibility. The collaboration with Binance, coupled with its impressive trading volume, positions Jupiter as a noteworthy player in the decentralized exchanges arena.

Meanwhile, investors and enthusiasts alike will be closely watching the impact of this partnership on Jupiters trajectory, anticipating further developments in the rapidly evolving world of decentralized finance. Its worth noting that several other leading crypto exchanges have also unveiled plans to list the JUP token on their platform, indicating the growing interest of the crypto community towards the Solana-based project.

For instance, leading cryptocurrency exchanges, including Bybit, LBank, and BitMart, are set to list Jupiter (JUP) on their platforms. Bybits listing is effective from January 31, 3 PM (UTC), subject to liquidity requirements. Meanwhile, LBank has revealed plans to list JUP soon, adding to the coins accessibility.

On the other hand, BitMart announced the primary listing of Jupiter, with trading slated to commence on January 31, 4 PM (UTC). These listings signify growing interest in Jupiter and highlight its expanding presence in the crypto market.

Also Read: Bitcoin (BTC) Futures Demand Dooms As Investors Flock to ETFs

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Jupiter Exchange: Binance To List Solana-Based Jupiter As Trading Volume Hits $630 Mln - CoinGape

Binance, a major stakeholder in the Korean crypto trading platform Gopax, plans to decrease its ownership in the exchange over the next one to two months.

This decision is prompted by the need to address challenges related to reporting changes for virtual asset business operators (VASPs).

On Tuesday, South Korean news outlet News 1 reported that Binance is set to reveal a decrease in its ownership stake in GOPAX within a month or two, quoting the director of Binances Asia-Pacific division, Steve Young Kim.

Binance spokesperson stated, We are in early-stage discussions about our stake in GOPAX, As its still preliminary, we cant share more details at this time.

While Binance aims to sell a portion of its stake to address regulatory concerns, it might still maintain around 80% ownership, as suggested by local industry experts. As of now, Binance has not issued an official statement regarding this development.

Also Read: Binance Labs Fuels Puffers Vision for Decentralized Staking

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Binance Plans Stake Reduction in South Korean Exchange GOPAX - Crypto Times

The American arm of Binance, the worlds largest crypto exchange by trading volume, faces intensifying scrutiny and operational roadblocks as regulatory issues escalate. Following the departure of its former CEO and ongoing investigations by the US Department of Justice, Binance.US has been suspended from operating in two states, Alaska and Florida.

Court documents reveal that the Florida Office of Financial Regulation, responsible for enforcing state financial laws, has taken action against Binance.US, citing immediate danger to the public as justification for an emergency suspension. This move aims to safeguard public interests while adhering to procedural fairness.

Binance.US, licensed as a money transmitter since 2020, faces license expiration in April 2024. Notably, the companys controlling shareholder and indirect owner is Changpeng Zhao, the former CEO of Binance Holdings Limited. He is facing criminal charges related to alleged anti-money laundering (AML) program deficiencies at Binance.

Similar regulatory hurdles emerged in Alaska, where the banking division denied Binance.USs operating license renewal. The reasons for the denial remain undisclosed.

These recent actions by regulatory bodies in Alaska and Florida reflect a broader trend of stricter enforcement within the US cryptocurrency market. The leadership changes at Binance and the criminal charges against its former CEO further complicate the companys regulatory landscape.

These developments are critical for Binance.US, with leadership changes and criminal charges against its former CEO already casting a shadow over its regulatory standing. The company must now navigate these challenges, working closely with authorities to address concerns and potentially reshape its operations to comply with stricter regulations.

As Binance.US navigates these challenges, its future and the broader cryptocurrency industrys fate in the US hang in the balance, hinging on the companys ability to address regulatory concerns and find favor with authorities.

If youre interested in learning more about the legal battle between Binance and the SEC and the potential implications for crypto regulation in the US, read this article: Heres Why Tense Binance SEC Court Drama May End in a Split

Curious about what token burning is and why Binance is doing it? This article explains it all: Binance Teases Significant Multi-Chain Token Burn

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Binance.US Suspended in 2 States as Regulatory Heat Rises - DailyCoin

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After years of back and forth, cryptocurrencies are slowly but surely getting spot ETFs. Bitcoin ETFs broke the ice, and now, BlackRock and other institutional investors are making a push to launch Ethereum ETFs. BlackRock has been in talks with the SEC for a long time, and despite making progress, the U.S. Securities and Exchange Commission (SEC) extended its decision period.

Most investors hoped to see Ethereum ETFs by the end of January, but the decision has been postponed to May 2024. So, let's see what's happening in more detail. Another high-potential investment option, eTukTuk, can help you get massive returns while waiting for Ethereum ETFs.

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After approving Bitcoin ETFs, the SEC is delaying its decision to do the same for Ethereum ETFs for a few reasons. BlackRock made the official proposal on January 25, 2024, but the decision was initially extended to March 10. The SEC stated that Nasdaq made the first proposal on November 21, 2023, published in the Federal Register on December 10.

BlackRock again made the same proposal, and the delays are expected to continue for at least a few months. The next big decision day is now set for May 23rd, 2024, as that's the final decision date.

May 23rd is the day when the SEC must make the final decision on VanEck's spot Ethereum ETF, which will be the final decision on the matter. The regulators will likely make the same decision on similar applications but with different deadlines, and that includes BlackRock's application as well.

Even though the SEC must decide by May, it still needs to be determined if it will approve or deny Ethereum ETFs. However, some of the leading market analysts feel optimistic, as Bitcoin ETFs are already a reality, and there's enough time until May to see how they impact the markets. For example, Bloomberg's ETF analyst Eric Balchunas predicts that Ethereum ETFs are 70% likely to get approved.

The final decision will have a massive impact on crypto prices. If approved, Bitcoin, Ethereum, and other cryptos will likely get a significant boost in value. However, if denied, the crypto markets could enter a downtrend, which could result in a massive selloff and a bearish market for months. Therefore, the stakes are high, and the result will define crypto markets for years to come.

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While waiting for the SEC to make up its mind about Ethereum ETFs, another emerging crypto platform aims to revolutionize a massive multi-billion dollar industry while making the world a better place. It's called eTukTuk, and it offers a sustainable transport solution that will help improve transportation in developing countries across the globe by introducing blockchain technologies into a market used by millions of people every day.

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Air pollution is a severe health threat, particularly in large cities across South-East Asia. There are over 270 million TukTuks and other three-wheelers on the roads, emitting large quantities of CO2 daily. With rising energy prices and new policies, ICE vehicles are becoming obsolete, threatening the livelihood of millions of TukTuk drivers and their families.

eTukTuk's primary goal is to help build an affordable and sustainable network of charging stations to allow TukTuk drivers to continue their work using electric vehicles. The effect will reduce CO2 emissions while empowering the lives of billions of people worldwide. Air pollution is a serious health concern across developing countries and has a significant negative effect on life expectancy and all kinds of serious health complications.

>>> Buy eTukTuk Now<<<

eTukTuk aims to use blockchain technologies to provide a sustainable transport system by building a network of affordable charging stations and introducing electric vehicles. The system has an AI solution at its core used to streamline everything from navigation and route optimization to reducing fuel consumption and promoting a sustainable, eco-friendly transport solution.

The ecosystem is powered by the $TUK token used to pay for charging. Users can obtain the tokens in multiple ways. The first option is to play a P2E game that puts you in the role of a TukTuk driver driving customers around the streets of Sri Lanka. It's similar to Crazy Taxi, but you drive whacky TukTuks instead of cars.

The second option is buying and investing your $TUK tokens to earn APY rewards. Another option, Power Stake, will allow users to reduce charging fees once the system is up and running. Simply put, eTukTuk is an environmentally sustainable transportation system that will help make the world healthier and more eco-friendly.

>>> Buy eTukTuk Now<<<

eTukTuk is in its earliest presale stages, so you have the perfect opportunity to invest in $TUK tokens at the lowest price possible. The presale event has raised over $660,000 so far, and if you invest today, you can stake your $TUK tokens for an impressive 323% APY. The event enters a new stage every seven days, and the price of $TUK tokens gradually increases. Join the rEVolution today and help build a better world for billions of people worldwide.

>>> Buy eTukTuk Now<<<

Despite everyone thinking that Ethereum ETFs will go live after the SEC approved Bitcoin ETFs, the final decision has been pushed back to May 2024. We will have to wait another few months before we can invest in ETH ETF. Still, a new Binance token, $TUK, is available for purchase, and it has a noble goal that will help reduce air pollution by replacing ICE TukTuks with electric vehicles. Join the rEVolution today, stake your $TUK tokens, and earn huge returns before the platform goes live later this year.

>>> Buy eTukTuk Now<<<

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Binance Chain Tokens Trends With SEC Rejection of BlackRock's Ethereum ETF - U.Today

Valeria Blokhina

U.Today's daily news digest keeps you informed of the most important updates in the crypto industry

Take a look at the most important crypto events with U.Today's top three news stories.

As has been recently shared by Binance CEO Richard Teng on the X platform, Ethereum cofounder Vitalik Buterinmade a surprising visit to the Binance office. Teng thanked Buterin for finding time to speak to his team in person, saying that it was a privilege to have him in the company's office. This spontaneous visit caused quite a stir in the crypto community, with many users speculating about a potential collaboration between these two giants of the crypto market. As a reminder, Binance is currently struggling with a $4 billion fine and ongoing regulatory challenges; considering this, Buterin's focus (described in his essay entitled "Make Ethereum Cypherpunk Again") on security, privacy and scalability, and concern for centralized exchanges and their vulnerability to hacking, feed rumors about possible cooperation between Buterin and Binance. However, neither Buterin nor Teng made any statements in this regard.

In a recent X post, Shiba Inu team member Lucie sharedShibarium's plans for the future. Lucie wrote that the layer-2 solution aims to "onboard 1,000 projects with numerous partnerships," reminding the community that supporting new projects does not necessarily mean canceling existing ones. The SHIB representative then called on all meme token supporters to stay strong as a community during challenging times, stating that there is hardly any point in giving up now if they got "this far" in their support for the project's team. Lucie's post has evoked mixed reactions among SHIB army members; even though many of them praised the SHIB developers, some users questioned the project team's ability to accomplish anything more than just making plans and promising new advances.

According to Kenneth Worthington, analyst at JPMorgan, the initial enthusiasm surrounding Bitcoin ETFsmay be waning, with a shift toward a "more normalized flow environment" being potentially on the horizon. On Jan. 26, spot Bitcoin ETFs experienced net sales of about $15 million following a four-day streak of redemptions. This reversal could be an indication of changing investor sentiment on these novel financial products. Since their launch, the Bitcoin price has plunged by about 9% but has since stabilized around $42,000 as the new trading week gets underway. Previously, JPMorgan correctly predicted that the approval of Bitcoin ETFs would be a sell-the-news event. Before the approval, the price of the leading cryptocurrency dropped from above $47,000 to below $39,000. The sell-off coincided with large outflows from Grayscales Bitcoin Trust (GBTC), which transitioned into a spot Bitcoin ETF after the SEC's approval.

About the author

Valeria Blokhina

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.

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Ethereum's Vitalik Buterin Makes Surprising Visit to Binance, SHIB Rep Shares Shibarium's Plans to Onboard Thousands of Projects: Crypto News Digest...

Binance Pours Cold Water on NFT Game That Pulled In $115 Million for Its Mint  Decrypt

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Binance Pours Cold Water on NFT Game That Pulled In $115 Million for Its Mint - Decrypt

Binance Coin (BNB) price has been consolidating within a descending parallel channel after recording a local top around the $338.3. However, the BNB price found support, and now a recovery rally is in motion.

Also Read: Binance Coin price approaches critical mass, 18% move ahead forBNB

Binance Coin (BNB) price is trading with a bullish bias, up nearly 7% after finding critical support due to the confluence between the 50-day Simple Moving Average (SMA) and the horizontal line at $291.60.

The Relative Strength Index (RSI) shows rising momentum, with a pending buy signal that will be activated once the RSI crosses above its signal line (yellow band).

Increased buying pressure could see the Binance Coin price extend the gains past the $220.00 level before reclaiming the $338.30 range high, last tested on December 28. Such a move would denote a 10% climb from current levels. In a highly bullish case, the gains could extrapolate for BNB price to reach the $360.00 psychological level

BNB/USDT 1-day chart

On the other hand, if profit taking kicks in after the 7% climb, the BNB price could lose all the ground covered, potentially retesting the confluence support. A break and close below $291.60 would invalidate the bullish thesis.

In the dire case, the downside could continue, with Binance Coin price testing the midline of the channel at $280.00. The worst possible case could see the altcoin extend the fall to the $260.30 level, 15% below current levels.

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Binance Coin Price Prediction: BNB nurtures a V-shaped recovery with 10% gains in sight - FXStreet