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Binance destroys over 1.68 million BNB tokens in its latest burn

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Crypto exchange Binance announced Monday that it has burned over 1.68 million BNB tokens in its 18th burn. The burned tokens are worth nearly $800 million at current prices, but the actual dollar amount of the burn isn’t known as Binance recently implemented a new system for its BNB burns. Until last month, Binance had been burning BNB tokens on a quarterly basis based on revenues it generated during a period. But the exchange recently implemented a new procedure, called …

Binance partners with Thai billionaire for crypto exchange in the country

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Binance has teamed up with Gulf Innova Company — a wholly-owned subsidiary of Thailand billionaire Sarath Ratanavadi’s Gulf Energy Development Public Company — to set up a crypto exchange in the country. Gulf Energy announced the news in a letter to the Stock Exchange of Thailand on Monday, saying that it foresees “rapid growth” in Thailand’s digital infrastructure and that Binance’s partnership will help develop that infrastructure. Gulf Energy established Gulf Innova last month to enter the digital infrastructure industry. At the time, the …

January Research and Analysis Report

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January 11, 2022, 2:09AM EST • 1 min read Join The Block Research for exclusive research like this Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem. Learn More Already a Research Member? Login Here

Pakistan government contacts Binance over $100 million scam investigation

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The Federal Investigation Agency (FIA) of Pakistan has sent an inquiry to Binance as part of a criminal investigation into a scam that allegedly used Binance wallets and integrated applications to defraud about $100 million from Pakistani users.  Head of FIA Cyber Crime Zone Sindh Imran Riaz tweeted a letter sent to Binance’s Cayman Islands office and Humza Khan, the general manager at Binance Pakistan, dated Jan. 6, 2022.  “As reported to this office by number of complainants, an online …

Binance-owned exchange WazirX targeted by India’s government for alleged tax evasion

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Tax authorities in Mumbai announced Friday that they had uncovered goods-and-services tax evasion by the Binance-owned crypto exchange WazirX. According to a statement from the GST Mumbai East Commissionerate of Mumbai Zone, “while investigating the business activities of cryptocurrency exchange WazirX have detected GST Evasion of Rs 40.5 Crores. The Commissionerate has also recovered Rs 49.20 Crores in Cash pertaining to GST evaded, interest and penalty.”  That amount equates to more than $6 million. WazirX was acquired by crypto exchange Binance …

Ontario securities regulator slams Binance after crypto exchange claims it can continue operating there

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Binance users in Canada are getting mixed signals on whether the exchange can or cannot operate in the country. On December 29, Binance users in the province of Ontario began flagging updates they had been receiving from the exchange. The updates, which representatives for Binance have confirmed as authentic to The Block, say that they no longer need to close accounts by the end of December.  After being contacted by The Block regarding those updates, the Ontario Securities Commission released a …

A look at the crazy hiring spree crypto firms went on this year

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Quick Take Boosted by higher prices and a war chest of venture capital, crypto firms expanded aggressively in 2021. We collected data from 27 crypto firms to find out how many people they hired this year. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.

Crypto exchanges saw over $14 trillion in trading volume this year

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Centralized crypto exchanges, which hold customers’ private keys unlike decentralized exchanges, reported more than $14 trillion in trading volume in the year 2021, according to The Block Research. That figure is a massive 689% increase compared to 2020 trading volumes, based on data as of December 24. Last year, centralized crypto exchanges facilitated over $1.8 trillion in trading volumes. All these numbers are from The Block’s Legitimate Index, which takes volume data from the largest exchanges that are known to …

Binance to help Dubai WTC establish a crypto regulatory framework

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Crypto exchange Binance announced Tuesday that it has signed a memorandum of understanding with the Dubai World Trade Centre authority to help it establish a crypto regulatory framework. Binance said it will share its experience in collaborating with global regulators with the authority to aid the development of “progressive” crypto regulations. “The goal is to assist crypto exchanges, businesses that offer blockchain and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed …

Binance Singapore halts licensing push amid investment in Hg Exchange

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Binance Asia Services (BAS), the Singapore-based Binance entity, is set to cease its licensing efforts in the country, the crypto exchange service announced on Monday. Today’s news confirms previous speculation that the company might withdraw its license application while seeking a new global headquarters. BAS had been exempted from holding a license under the country’s Payment Services Act while the Monetary Authority of Singapore (MAS) reviewed its application. Tweeting on Monday, Binance CEO Changpeng Zhao clarified that Binance’s investment in …