Latest Binance News and Insights | Yellow.com

Binance, the top dog in crypto trading, has pulled off a major security coup. They've managed to recover or freeze a whopping $73 million in stolen funds this year. It's only July, and they've already outdone their 2023 efforts. Last year, Binance helped users get back $55 million. This year's figure blows that out of the water. A Binance spokesperson told Cointelegraph that users can "take great confidence" in their security efforts. The exchange isn't just playing defense on its own turf. They're going after bad actors across the crypto space. It's about building trust in digital assets as a whole. Jimmy Su, Binance's security chief, says they're all about the users. "We've built a crypto user-focused culture," he explained. This approach shapes everything they do. Su pointed out a key challenge. When the market heats up, newbies flood in. These rookies are prime targets for scammers. High prices mean bigger losses when things go south. Binance didn't pull this off alone. They teamed up with industry players and users. It's a collaborative effort to keep the crypto world safe. Most of the recovered funds came from external hacks and thefts. About 80%, to be precise. The rest were from scams outside Binance's platform. The exchange is casting a wider net. They're working with more third-party services to track and recover stolen funds. It's paying off big time. In other Binance news, there's been a shuffle in the political arena. David Plouffe, once an adviser to Binance, has jumped ship. He's now working on Kamala Harris's 2024 campaign. Plouffe's no stranger to high-stakes politics. He was Obama's campaign manager and senior adviser. After leaving the White House in 2013, he dipped his toes in crypto. Now he's back in the political game, but his exact role in Harris's campaign isn't clear yet.

Bitcoin took a nosedive on Monday, briefly touching $49,000, before going up to $57,000. This sparked a massive sell-off across crypto markets. Binance, the world's biggest crypto exchange, saw net inflows of $1.2 billion in 24 hours [Tuesday]. Binance CEO Richard Teng shared this data from Defi Llama. He called it one of the highest net inflow days in 2024. Teng tweeted: "Amid the macroeconomic climate and yesterday's market downturn, #Binance recorded a net inflow of US$1.2 billion in the past 24 hours, according to @DefiLlama's CEX Transparency metrics." Bitcoin has since clawed its way back to around $55,000 by midday (UTC) on August 6. As of August 7, it's trading at $56,700. Some experts reckon Bitcoin could hit $60k again soon. Anton Toroptsev, Marketing Director at Bitget, thinks it'll be a quick rebound. "By the middle of this week," he says, BTC might hit $58,000. By week's end, it could be back at $60k or higher. So, what caused Bitcoin to tank? CryptoQuant points to macro headwinds and a broader market sell-off. Bitcoin hit $49,000, its lowest since February 14. CryptoQuant's weekly note highlights some recent macro issues. These include higher interest rates in Japan and worse-than-expected U.S. unemployment data. The Middle East turmoil and U.K. riots didn't help either. These factors have spooked traders. Many closed long positions in crypto futures markets. Sellers took charge. Not all trading platforms could handle the chaos. Robinhood had to pause its overnight trading. They blamed issues with Blue Ocean ATS, their third-party execution venue. Robinhood announced this on X (formerly Twitter). It's a bit of a bummer for night owls looking to trade. Despite the drama, Binance's massive inflows suggest many traders see opportunity in the dip. It's been a wild ride, but crypto markets are nothing if not resilient. The coming days will show if Bitcoin can keep up its recovery. For now, it seems the crypto crowd isn't easily fazed by a bit of market turbulence.

India's tax authorities have dropped a bombshell on Binance. The crypto giant faces a whopping $86 million bill for unpaid taxes. The Directorate General of Goods and Service Tax Intelligence (DGGI) is behind this massive demand. It's targeting Binance under the Goods and Services Tax (GST) framework. Binance isn't alone in this mess. Other offshore crypto exchanges are in the crosshairs too. They were all banned in India earlier this year for not playing by the rules. But here's the kicker: Binance wants back in. In April, they said they'd pay up to restart operations in India. A local source spilled the beans to The Times of India. They said, "Binance reportedly earned at least Rs 4,000 crore from transaction fees charged to Indian customers. Detailed investigation revealed that the earnings of these fees were credited to the account of a Binance Group Company — Nest Services Limited — based in Seychelles." This tax demand is a first for India. No crypto exchange has faced such a bill before. Indian authorities tried to reach Binance via email. They sent notices to offices in Seychelles, the Cayman Islands, and Switzerland. Binance ghosted them at first but later hired a local lawyer to sort things out. India's crypto tax rules are no joke. There's a 1% tax on every transaction and a 30% tax on profits. Local exchanges like WazirX and CoinDCX play ball, but offshore platforms have been slacking. Binance thought they could get away with a $2 million fine. Boy, were they wrong. The $86 million demand aims to recoup fees from Indian users. India's not messing around. They're using these taxes to prevent money laundering. Other foreign exchanges like Huobi, Kraken, and KuCoin might be next in line for similar treatment. This isn't Binance's only tax headache. They're fighting similar battles in other countries, including Nigeria. It's a tough spot for Binance. Pay up or stay locked out of one of the world's biggest markets. The crypto world is watching to see what happens next.

Binance Coin (BNB) has seen a massive 6,000% surge in trading volume since June. This explosion comes on the heels of several key developments in the Binance ecosystem. And of course, their is a "small" input of the infamous legal battle between Binance and SEC that was quietly dismantled recently. BNB is currently trading at $579. It's up 3% in the last 24 hours and 0.9% over the week, according to Coingecko. The SEC's decision to end its probe into Binance's stablecoin issuer is a major factor driving this increase. This move has cleared up a lot of legal mumbo-jumbo that's been hanging over Binance. The company sees it as a big win for rebuilding trust with investors. Adding fuel to the fire, former Binance CEO Changpeng Zhao (CZ) is set to be released from house arrest next month. CZ has been teasing a new project that he claims could offer a 100x return. Talk about hype! These events have created a perfect storm of optimism. It's sent BNB trading through the roof. Despite the recent trading frenzy and positive developments, the Binance-backed BNB Chain has faced adoption challenges. Market watchers have spotted a mismatch between Binance's actual support and the BNB Chain's marketing efforts. To boost the BNB Chain's success, Binance needs to tackle these issues head-on. Supporting meme coins and other innovative ideas could add value to the chain and attract more users. Industry experts reckon that overcoming these hurdles could unlock massive potential for the BNB Chain. By aligning its marketing with real support, Binance could strengthen the chain's credibility and build a more robust ecosystem. Looking ahead, BNB's price outlook remains cautiously optimistic. CoinCheckup data suggests a potential upswing in the next week. This could mean either a reversal or continuation of the current market momentum. In the longer term, BNB's value could increase by 62% in the next three months. This aligns with the overall positive sentiment and growing investor confidence. The crypto prediction platform also forecasts a 60% price rally over the next year. With favorable market conditions and recent positive developments in the Binance ecosystem, things are looking up for BNB. The removal of legal roadblocks and the BNB Chain's readiness for wider adoption set the stage for Binance's expansion in the coming quarters. It's been a wild ride for Binance and BNB. But with legal troubles in the rearview mirror and CZ gearing up for his next big move, the crypto world is watching closely. Will BNB keep its momentum, or is this just another crypto rollercoaster? Only time will tell.

Memecoins are crushing it in 2024. Binance Research says they're the hottest thing in crypto right now. The research arm of the top crypto exchange dropped a bombshell. Memecoins are driving crypto awareness this year. They've outperformed all other sectors. "Memecoins have driven a significant amount of activity among traders and captured a notable amount of attention within the crypto community," Binance Research stated. "Considering that memecoins have been the top performing sector year-to-date and have returned a staggering 279%, it is hardly surprising that it has been a sector that has garnered much interest." Two blockchains are spearheading the memecoin surge. They are Coinbase's Ethereum layer-2 chain Base and Ethereum rival Solana. AI-related crypto projects are also turning heads. They've sparked considerable consumer interest. DeFi is making a comeback in 2024. It's not messing around. Binance Research noted, "2024 has seen a substantial influx of capital into Decentralized Finance ('DeFi'), driving the TVL (total value locked) up 72.8% year-to-date ('YTD') to US$94.1B, from US$54.4B at the year's start." This surge has boosted nearly every DeFi sector. Major and niche markets alike are reaping the benefits. New protocols are emerging. They're bringing previously inaccessible financial primitives on-chain. Looking ahead, Binance highlights two more crypto sectors to watch. These are real-world asset tokenization and the growing Bitcoin ecosystem.