## What's Binance? The simple answer is that it is a cryptocurrency exchange. 

A [crypto exchange](/news/article/what-is-a-cryptocurrency-exchange) is a fundamental part of the crypto ecosystem as it enables the movement of cryptocurrencies, creating the crypto economy. An exchange in the crypto space functions like a stock exchange in traditional finance. It assists crypto investors, traders, and users to sell, buy, and trade their digital assets. 

This article focuses on Binance, its key features, and how to get started. 

## What’s Binance? 

For those investors wondering "what's Binance", it is a centralized exchange established in 2017 by [Changpeng Zhao](/news/article/cz-binance-founder), who currently serves as its CEO, and Yi He in China. Currently, the exchange is set up in the Cayman Islands following China’s cryptocurrency ban. 

Binance is the leading crypto exchange by trading volume as well as revenue. The exchange facilitates transactions worth over $1 trillion annually. 

## What's Binance good for? 

- Trading Assets: Users can buy crypto assets using fiat currency, sell them for fiat currency and trade their digital assets for other digital assets on the Binance exchange. 
- [Crypto wallet](/news/article/best-crypto-wallets): Binance also provides users with a crypto wallet. Like a physical wallet, users can store their digital coins in the wallet safely and use them when they want to trade. 
- Crypto staking: The exchange also offers crypto-staking services to its users. This enables users to deposit and lock their assets for a given period during which they gain interest. For some blockchains, staking assists in building the chain, and users who stake are rewarded in crypto. 
- Binance Launchpad: This is a service created for crypto developers to launch their new cryptocurrencies through an Initial Coin Offering ([ICO](/news/article/what-is-an-ico)). 
- Low Transaction Fee: Similar to other financial institutions, Binance also charges a fee for transactions to generate revenue. However, in the crypto industry, Binance prides itself on having the lowest transaction fees. 
- To get even lower transaction fees, users can pay in Binance Coin (BNB), a token native to the Binance ecosystem, which accords them up to a 25% discount on trading fees. 
- High Liquidity: Binance also has the highest liquidity among all crypto exchanges. This allows a user to sell all their digital assets and withdraw all their funds. 

## How to get started 

Once we've answered the question "What's Binance", we need to look at getting started. It is a simple process: 

### Step 1: Registration 

To get into Binance, a user is required to [register on the website](https://accounts.binance.com/en/register), with their email and a strong password. Users can also reinforce the security of their accounts by setting up a 2-factor authentication (2FA) service. 

### Step 2: Account Verification 

To access full privileges on the exchange, users are required to verify their accounts by providing Know-your-customer (KYC) documents to ascertain their identity. These documents include a government-issued ID, a driver's license, or a passport. Verification helps to secure your account further and ensures compliance with regulations. 

### Step 3: Purchase Crypto 

Once the account is set up, users can purchase crypto using their fiat currencies. To do this, users can deposit their fiat currency into their exchange wallet, which is automatically created once an account is created. They can then use these funds to [buy a cryptocurrency](/news/article/best-crypto-currency-2023) of their choice. 

### Step 4: Trading 

After creating an account and depositing funds, users are now prepared to initiate trades. Binance offers three primary types of [trade](/news/article/best-tools-for-trading-crypto) orders: market order, limit order, and stop-limit order. 

A market order is executed instantly, as it involves trading an asset at the prevailing market price. 

A limit trade is where an asset is bought or sold at a price the trader sets. This trade takes time because the trader's price must be met. 

A stop limit order is a trade that occurs once the price set by the trader for an asset is reached by the market. While the trade is more risk-averse, it is not guaranteed to happen because the asset may never reach the set price. 

What's Binance? A Beginner's Guide

His story is one of the humble beginnings to great success for Binance founder billionaire Changpeng (CZ) Zhao, a Chinese-born immigrant in Canada. 

From doing odd jobs that included flipping burgers at McDonald's to selling his apartment to go full throttle into Bitcoin, his mind-boggling story shows the power of hard work and persistence. Here's how CZ built the world's largest cryptocurrency exchange in just a few months. 

## The launch of a crypto leader 

The story of CZ Binance, his launch of a cryptocurrency exchange in July 2017, and its rise to the pole position globally after just 180 days is a testimony of the power of resilience. The computer science graduate from McGill University in Montreal, Canada, stormed the investment world by building Bloomberg's Tradebook and a state-of-the-art trading software for Tokyo Stock Exchange. After learning about Bitcoin (BTC) in 2013 while playing poker, CZ went all-in and sold his apartment to invest in BTC and remained steadfast even when the price plummeted from $600 to $200 soon after his purchase. 

Changpeng Zhao worked several jobs, including serving as a technology leader of Blockchain, a cryptocurrency wallet provider, and crypto marketplace OKCoin. Armed with $15 million from an Initial Coin Offering (ICO), CZ combined his education, love for crypto, experience, and the tech performance he had learned about high-frequency trading platforms to build cryptocurrency exchange Binance. Nonetheless, his persistence was out to test during Binance’s early days, significantly when the price of BNB, Binance’s native token, plummeted below the ICO price.  

CZ’s response to these teething problems was converting Binance into a [decentralized exchange](https://www.binance.com/en/blog/all/binance-dex-launches-on-bnb-chain-invites-further-community-development-327334696200323072) with an agile global workforce offering users unique benefits, including low fees and high volumes. Binance has, in a relatively short time, overcome enormous challenges and become a leading brand name in the crypto sphere, offering numerous unique products even as competitors fall by the wayside. Against all odds, Binance took just six months from its launch to become the world’s leading cryptocurrency exchange in trade volumes, a position it holds to date. 

## CZ Binance’s formative years  

Zhao’s compelling story begins when he arrives in Canada from China with his parents at 12. As his father pursued a doctorate and his mother did sewing jobs, CZ worked odd jobs at McDonald’s and Chevron, besides thriving in math competitions while in high school and later proceeding to University before joining the world of Fintech. Looking back at his life, you can’t fail to recognize the two huge factors that significantly contributed to the CZ Binance success story.      

## 1.   Geography 

CZ found himself at the right place and time in more ways than one. His parents relocated to Canada at a time when the country was a great launch pad, especially for young and talented young people from Asian countries. 

Armed with a university degree when he returned to China in his mid-20s, Zhao integrated the best of Asian and North American practices to penetrate the Shanghai tech scene at the beginning of the century. The additional math and coding skills he learned from his dad only became an extra feather in his cap.    

## 2.   The Dad  

The senior Zhao, the next significant factor that shaped CZ Binance, was a brilliant academic who, unfortunately, became a victim of the Cultural Revolution and remained on the periphery of the University for lacking proper English skills. 

Motivated by his father's dilemma and lessons gained from reading Robert Kiyosaki's bestseller "Rich Dad Poor Dad", CZ resolved to take a different path. The negative experiences that CZ's father endured must have been significant in shaping the future of the CEO of the world's largest cryptocurrency exchange. 

## A strong belief in the crypto ecosystem 

For CZ Binance, attaining and maintaining the pole position within the crypto space didn't become an end in itself. Everything about Zhao shows he saw launching the crypto exchange as the first step among many within the nascent crypto ecosystem. CZ has used emerging setbacks within the crypto space as a window of opportunity to provide solutions and services as the market demands. 

Some of the most significant moves include the development of the [BNB Chain](/news/article/bnb-chain-security-system) blockchain and transforming the initial crypto exchange into Binance DEX, a decentralized cryptocurrency exchange. As one of the pioneers that popularized the concept of decentralized exchanges, many would have expected Binance DEX to disrupt the platform’s operations. However, CZ’s team saw a chance to trail the blaze by creating an evolutionary and flexible option in the face of a dynamic crypto-landscape.   

## Conclusion 

There's clear evidence that Zhao's ethos of disruption isn't about to stop, when you consider the platform's other creations like Margin and Futures trading, [Binance NFT](/news/article/binance-nft-marketplace-explained), and other crypto services that give it a competitive edge. 

CZ Binance has a personal drive, stamina, and initiative that extend to his entire team, which has seen Binance serving over 180 territories and in more than 40 countries. 

CZ Binance: From Burgers to Bitcoin Billionaire 

[Binance](/news/article/binance-linked-to-bitzlato) is a renowned cryptocurrency exchange that has gained popularity among crypto traders for its user-friendly experience and low fees. The exchange has expanded its offerings to include NFT, providing a platform for people to buy and sell a variety of NFTs, including art, gaming, sports, entertainment, and collectables. 

However, it's important to note that this trading platform is exclusively accessible to Binance account holders and unavailable to US residents. This is due to regulatory requirements. For US residents, the exchange has a separate platform called Binance.US, which currently does not facilitate NFT trading. 

## Binance NFT marketplace features 

The platform enables its users to trade NFTs through its app or web browser with lower fees than many other competitors in the market. It offers a diverse selection of NFTs, specifically emphasising gaming-related items. 

#### Blockchain 

The platform facilitates three distinct blockchains - Binance Smart Chain (BSC), Ethereum (ETH), and Polygon. Recently, it [announced ](https://www.binance.com/en/support/announcement/binance-nft-marketplace-now-supports-polygon-network-eac85f662fb94fe69742584b36cb75d8)its integration with the Polygon network and mentioned that only selected ERC-721 collections are currently available. 

Although Ethereum is widely recognised as the most prevalent NFT blockchain, its high gas fees have increased the popularity of alternatives like Binance Smart Chain. Overall, deposits and withdrawals of NFTs are feasible from either of the three crypto networks. 

#### Services 

Binance NFT marketplace provides users a platform to buy and sell digital tokens. The platform enables pre-approved artists to mint their NFTs, although this feature is not presently accessible to regular users. The users can participate in auctions, purchase mystery boxes or opt for fixed prices while trading on the marketplace. The marketplace also features premium auctions, including five masterpieces from the Hermitage museum and a range of exclusive moments from the Associated Press. 

#### Supported wallets 

When purchasing NFTs, buyers must consider a safe storage location for their digital assets, where wallets come into play. Binance supports several non-custodial wallets, including WalletConnect, [MetaMask](/news/article/how-to-withdraw-from-metamask), and Binance Chain Wallet. 

While some investors may choose to store their NFTs on the platform where they bought them, known as a custodial wallet, Binance claims that its custodial wallet is highly secure and backed by the Secure Asset Fund for Users (SAFU), an insurance fund created by the platform. 

#### Payment method 

To trade NFTs on this marketplace, users are required to have Binance Coin (BNB), Binance USD (BUSD), Ethereum (ETH), or MATIC. It is important to note that direct purchase of NFTs using cash is not yet possible; however, depositing fiat money and converting it to cryptocurrency is relatively straightforward. 

#### Fees 

Transaction fees can be incurred for trading, depositing, withdrawing, or purchasing NFTs on the platform. Various factors, such as the current market conditions and the network status, determine the fee amount. 

While depositing NFTs to the platform, the gas fees depend on the blockchain used by the user. For trading, the platforms charge flat 1% of transaction fees. 

The minting fee for each [NFT](/news/article/nft-farming-explained) produced on the Binance Smart Chain is 0.000001 BNB. The amount of minting fees may vary based on the current market value of BNB. 

The platform reimburses its original creators with a 1% royalty fee every time their created NFTs sell.  

## NFT range available on the platform 

Binance NFT marketplace is a platform that acknowledges the significance of creators in the developing NFT ecosystem and strives to enhance value for all types of creators. The platform has adopted a creator-first approach to achieve this, offering some of the industry's most competitive transaction fees. Notably, Binance NFT's curated "Premium Event" collections provide artists with a 90% share of the purchase proceeds, setting a new benchmark for NFT rewards. 

The marketplace offers various NFTs across categories: premium, art, sports, gaming, entertainment, collectables, and NFT for Good. Binance's NFT for Good collection aims to raise funds for charitable causes. 

As of the beginning of 2022, more than 1,000 artists were onboarded on the platform, and more than 2.5 million NFTs have been listed. Users can filter their searches based on category, file, sale, and currency. The price is displayed in the user's native currency, eliminating the need for converting BNB, ETH, or [MATIC](/news/article/polygon-announce-hard-fork) into other currencies. 

Binance strongly focuses on gaming NFTs and claims to be the largest gaming NFT platform. The platform provides an IGO for new gaming projects, allowing early access to buying land or in-game items. 

Additionally, the Binance NFT marketplace offers mystery boxes for sale, which could contain a common or super rare NFT. Since the contents of the mystery box are not revealed until opened, purchasing them involves a certain amount of risk. 

## Platform perks 

The Binance NFT marketplace offers its users a handful of trading perks using its platform.  

#### Low fees 

The [Binance NFT marketplace](https://www.binance.com/en/nft/home) applies a fixed 1% fee for every transaction, which is comparatively lower than many other leading NFT marketplaces. While users are required to bear the gas fees associated with the transactions, which can be substantial on the Ethereum blockchain, they can minimise these fees by selecting the Binance Smart Chain. New purchasers seeking cost-effective NFTs can obtain items for as little as $1; however, it's essential to note that many less expensive NFTs are game-related. 

#### Ease of use 

A significant benefit of linking to a prominent cryptocurrency exchange is that new NFT purchasers are relieved of the concern of selecting the correct cryptocurrency and transferring it to an external digital wallet. The Binance platform manages all aspects, including depositing traditional currency and converting it to cryptocurrency. Moreover, Binance offers a comprehensive collection of NFT educational resources, such as webinars, that facilitate the process. 

#### Big-name collaborations 

The platform has the advantage of being able to attract high-profile projects. The previous year, the company launched premium auctions in collaboration with esteemed institutions such as the Hermitage museum and the Associated Press. The Associated Press collection showcased noteworthy news events from the past century, such as the fall of the Berlin Wall and the first human spaceflight. 

In addition, Binance established partnerships with prominent fashion labels, including Vogue [Singapore](/news/article/circle-paxos-crypto-approval-singapore), Balmain Paris, and Jimmy Choo, as well as renowned figures in the music and entertainment industries. 

## Bottom line 

The Binance [NFT marketplace ](/news/article/largest-nft-marketplace-2023)has gained immense popularity by capitalising on the trend of non-fungible tokens. Since its launch in June 2021, it has established itself as a leading NFT marketplace in the industry, alongside Opensea and others. 

The marketplace operates on a dual-chain architecture, which increases liquidity and enables regional and established artists to expand their reach through Binance's extensive user base and network effect. Users can access the marketplace using their Binance wallet account and view Ethereum-based NFTs on the same network as Binance.com. 

binance nft logo in front of pink image of cryptocurrency assets

Binance NFT Marketplace Explained

Binance, the world's largest cryptocurrency exchange, is set to suspend British pound sterling deposits and withdrawals for all users by 22 May, 2023. Binance GBP deposits and withdrawals for new users were halted on 13 March, 2023.

## What led to the Binance GBP suspension decision?

According to a Binance spokesperson, Paysafe, [the cryptocurrency exchange’s fiat partner](/news/article/kraken-crypto-exchange-plans-bank-launch) for GBP deposit and withdrawal services via debit/credit card and bank transfers, "will no longer be able to provide these services from 22 May, 2023".

As of Monday, these services have been suspended for new users.

That means new Binance users [CANNOT deposit and withdraw](/news/article/binance-suffers-1bn-outflows) in the fiat currency. How soon Binance will tie up with a new fiat partner for GBP deposit and withdrawal services is yet to be seen.

Given that there are still a couple of months until the suspension kicks in, it is likely that the centralised exchange (CEX) will announce a new partner by then. At the time of writing, Binance is exploring alternatives and insists that fewer than 1% of its user base will be [affected by this decision](/news/article/binance-linked-to-bitzlato).

It is worth noting that all “other methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto” [on the cryptocurrency exchange](/news/article/bestchange-find-the-best-crypto-rates) remain “unaffected”.

That means existing users from the UK can avail themselves of GBP and all other fiat currency options until 22 May. If the crypto exchange does not find a solution to this dilemma, UK users will have to resort to other fiat currency options post-suspension.

If a Binance UK user wishes to convert their US dollar (USD), for example, to GBP, they can use services such as XE.com.
 
![binance.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/binance_f54589d340.png)

Source: [XE.com](https://www.xe.com/)

XE.com is an international money transfer service that is simple to use. With real-time exchange rates, low fees, and quick transfers to over 170 countries in more than 100 fiat currency options, you can trust the [service to convert any fiat currency](/news/article/dai-to-gbp) you withdraw on Binance to GBP.

To utilise the service, create an account with your email address, enter the recipient’s bank details, address, and payment information, double-check the entered details, obtain the expected delivery date, and send your money transfer! Of course, solutions like XE.com are a last resort.

The popular crypto exchange should be able to sort out the GBP situation soon.


red image of binance trading app and bitcoins on a table

Binance GBP Deposits and Withdrawals Suspended

Peculiar to Proof-of-Stake (PoS) networks, crypto staking has become a popular means for holders to put their idle digital assets to use and earn passive income. Since there's good money to be made, this article explains what to consider when choosing the best platform to earn staking rewards besides proposing a few select ones.

## Understanding crypto staking 

[Crypto staking](/news/article/what-is-staking-crypto) imitates a regular savings account where users lock up their cryptocurrency for a specific time to secure the network. The platforms use the staked funds to process transactions and strengthen themselves from attack. Stakers, for their effort, earn staking rewards, a portion of the transaction fees made by the platform. Through staking, users of a particular blockchain unite to ensure the blockchain's integrity and security.

## How to stake crypto 

The process of staking crypto is usually similar for most PoS cryptocurrencies:

### Step 1: Buy a PoS cryptocurrency

### Step 2: Choose a digital wallet that supports staking (MetaMask and Atomic are good examples) for the coin you want to stake.  
 
### Step 3: Transfer your cryptocurrency to your digital wallet. (It’s safer using your wallet instead of the ones offered by exchanges).

### Step 4: Stake directly to a validator or join a staking pool

### Step 5: Start earning rewards. The system automatically adds your rewards to your staked amount, enabling you to earn more the in the next earning round.  

Considerations when choosing the best crypto staking platform
It would help to consider the following factors before deciding on the best staking service provider.

The number of stakeable coins: The greater the number of stakeable coins, the more avenues for generating passive income, meaning you can spread your risk across many tokens. 

APR on Offer: The Annual percentage return (APR), also known as annual percentage yield (APY), should be a key consideration. The higher the APR, the more income you generate. 

Fees: Research the fees charged when looking for the best crypto staking platform and weigh your options carefully since some offer zero fees for staking.

Security: The security of your cryptocurrency is paramount. Before signing the dotted line, determine if the platform is regulated by any global body and its security measures.  

## Best crypto platforms for staking

Since most native exchanges offer users a chance to earn passive income from staking, we will introduce five leading platforms so you can choose the best crypto staking platform for you.

1.  Crypto.com 
The Singapore-based [Crypto.com](https://crypto.com/earn) runs a crypto staking pool and allows users to stake on several leading coins, including Bitcoin (BTC), Cardano (ADA), Ethereum (ETH), its native token Cronos (CRO) and at least 40 others. The platform offers flexible and locked staking and charges 2.99% staking fees. The most notable features include the following: 

•	Deep liquidity.

•	A wide variety of assets.

•	Higher earnings if you stake Cronos.

•	Access crypto at the actual cost.

•	Lock-up period of up to 90 days.

•	APR – 14.5%.

2.  Binance Earn 
Launched in 2017 and considered the largest cryptocurrency exchange worldwide, Binance trades more than $65 billion daily and is loved by crypto users globally. It runs a crypto staking platform called [Binance Earn](https://www.binance.com/en/defi-staking) that offers DeFi, locked and flexible staking, and doesn’t charge staking fees. Some features include: 

•	Supports most PoS coins.

•	High-interest rates.

•	Different deposit options.

•	Lockup period up to 90 days maximum.

•	Supported coins: Most PoS coins.

•	APR is variable.

•	Interest distributed daily.

•	High-level security.

3.  Kraken 
The US-based [Kraken](https://pro.kraken.com/) cryptocurrency exchange is popular as it’s built to attract newbies and expert cryptocurrency investors, offering many tradable digital assets. Kraken provides a sizeable crypto staking library allowing users to earn from at least 12 coins. The platform offers an option to pay staking rewards in fiat currencies like the USD and Euro. Key features:    

•	Offers cryptocurrency and fiat staking.

•	Off-chain staking available.

•	Efficient staking experience.

•	Flexible and locked staking.

•	Interest paid twice weekly.

•	Variable staking fees.

•	Supports 12 PoS coins.

•	APR – Variable.

4.  eToro 
Staking is free for members of various [eToro](https://www.etoro.com/crypto/staking/) clubs, but the earnings vary based on the particular membership plan. The staking rewards are split according to membership category: Bronze - 75% of the yield, Silver, Gold, and Platinum – 85%, while Diamond and Platinum+ earn 90% of the yield. APR is between 5 and 6.25%. The eToro platform currently supports three cryptocurrencies for staking, namely Ethereum (ETH), Cardano (ADA), and Tron (TRX). Features include:

•	High yield ratio.

•	High-level security.

•	Social trading capabilities.

•	Locked staking.

•	Variable staking fees.

•	Interest paid monthly.

5.  Gemini 
[Gemini exchange](/news/article/gemini-staking-support-launches) is a state-of-the-art crypto staking platform offering staking rewards of up to 8.5% APR besides allowing staking for stablecoins. The platform provides zero transfer and withdrawal fees, with no minimum staking amount or hidden costs. Some notable features include:    

•	Supports over 40 coins.

•	Offers cold storage.

•	Regulated by New York State Department of Financial Services.

•	No staking fees.

•	Variable APR.

•	Interest paid monthly.

## Conclusion

This guide has discussed crypto staking, choosing the best platform, and a rundown of the leading platforms and the coins they allow staking on. If you're going to put your hand into your pocket to trade, do more research and only put in an amount you can afford to lose.


Best Crypto Staking Platform Review

Bankrupt cryptocurrency lender Voyager Digital has been granted [court approval](/news/article/voyager-review-binance-deal) to sell more than $1 billion of its assets to Binance US, according to a [Bloomberg report](https://www.bloomberg.com/news/articles/2023-03-07/binance-us-approved-to-buy-voyager-after-judge-spurns-regulators#:~:text=Voyager%20Digital%20Ltd.%20won%20court,the%20approximately%20%241%20billion%20deal.) on 7 March.

US bankruptcy judge Michael Wiles granted the approval after four days of arguments presented by the company and the United States Securities Exchange Commission.
According to the judge's decision, the trading platform will close the sale and issue repayment tokens to impacted customers, giving them back approximately 73% of what they are owed.

Arguments from the SEC that redistributing funds to [Binance](/news/article/stop-minting-binance-stablecoin) US from Voyager would violate US securities laws were rejected. However, Peter M. Aronoff, a lawyer with the Department of Justice, said at the hearing that the federal officials are considering appealing Wiles' decision. The ruling comes days after 97% of 61,300 Voyager account holders favored the current Binance US restructuring plan.

## Voyager to decide on completing sale or liquidating on its own

The trading platform now has the option to complete the sale or liquidate on its own and turn over the proceeds to account holders, depending on how it views the ongoing federal investigations of Binance in the US.

The decision will also be influenced by Voyager's bankruptcy court dispute with [Alameda Research](/news/article/ftx-funds-political-donations-to-be-recovered), the sister company of FTX, which is demanding that Voyager hand over what was originally lent out. The company has agreed to reserve $445 million if it loses that dispute.

Customer payouts will be affected by Voyager's bankruptcy court dispute with Alameda Research and its decision to sell its assets to Binance. Brian Tichenor, the lead investment banker, said in a court hearing that if the approved restructuring plan is executed, customers will receive about $100 million more than if the trading company liquidated on its own.

The price of VGX tokens increased 32.9% to $0.50 in the four hours of the news before cooling off to $0.46 at the time of writing, according to CoinGecko data.


Binance US Cleared to Buy Voyager Assets 

Before we examine USDC vs USDT, we need to understand what stablecoins are and how they operate.

Every cryptocurrency token has a level of volatility, from Bitcoin to Shiba Inu. Cryptocurrencies are susceptible to both exhilarating price increases and sudden, precipitous declines in the same way that traditional assets are.

Stablecoins have emerged as a reliable method for investors to keep their money in the cryptocurrency ecosystem despite the wild price swings that have been occurring recently.

Stablecoins, coins pegged to a real-world asset, most commonly a fiat currency, offer protection against the price volatility to which other coins are prone. Both USD Coin (USDC) and Tether (USDT), pegged to the US dollar, have emerged as the most prominent stablecoins.

They have maintained their position at the forefront of the market and can be found in the most important cryptocurrency exchanges, wallets, and applications. It is helpful to have an understanding of how each stablecoin operates before making a decision regarding which one is the most suitable for your requirements.

#What are stablecoins

A cryptocurrency whose value is backed by an external asset, such as the US dollar, is known as a stablecoin. For a significant portion of their early existence, Bitcoin and other early cryptocurrencies could only be traded for other cryptos or traditional currencies.

If you wanted to trade your coins for something else, there was no mechanism for holders of cryptocurrencies to switch to a fiat-backed asset without first leaving the ecosystem of cryptocurrencies entirely. Stablecoins are what made this possible in the first place. 

Stablecoins [are utilized by many crypto traders](https://www.moonpay.com/learn/cryptocurrency/what-is-the-difference-between-usdt-and-usdc) so that they may continue to participate in the ecosystem by keeping an asset that maintains its value. You may swap them whenever you want, 24 hours a day, without going to your bank to withdraw cash first.

Bitcoin was designed to be less volatile than other digital currencies. As long as the backing ratio is accurate, the value of these tokens will never change and will always remain the same.

#Why are so many stablecoins pegged to the USD?

The most widely used stablecoins in circulation today are USDT and USDC, with market capitalizations in the multi-billion dollar range. However, they are not the only ones doing this.

Binance has its stablecoin, known as BUSD, and Dai, also known as DAI, is a cryptocurrency built on Ethereum and developed to operate only on those networks. Both of these coins will always be worth $1, just like USDC vs USDT, but it does not mean they are interchangeable. The coin you choose to buy will depend on the blockchain and applications with which you intend to engage.

In 2014, Tether Limited of Hong Kong became the first company to produce USDT to bridge the gap between cryptocurrencies and fiat currencies. Tether provided users with access, for the very first time, to a platform-agnostic, blockchain-based US dollar that held many of the technical advantages of Bitcoin, Ethereum, and other crypto assets, including their high liquidity but none of their volatility.

This was made possible by Tether's use of the Ethereum blockchain. Tether has built a permissionless mechanism to send crypto-dollars to anyone with speed, transparency, and a low cost. This opens up the use case of cryptocurrencies to include remittances, payments, and more. Tether has accomplished this by tapping into the best of both worlds.

As soon as it was made available to the public, hundreds of cryptocurrency trading pairs began listing against USDT, providing the token with an early mover advantage in the market for stablecoins. There are 74.7 billion USDT tokens circulating across the most important blockchains, including Bitcoin, Ethereum, EOS, Algorand, Tron, and many more.

It is possible to buy or trade for hundreds of different cryptocurrencies using USDT on cryptocurrency exchanges, making it the most popular trading pair in the crypto market. Anyone can use USDT to conduct transactions that are not only inexpensive but also speedy, and they can earn interest on decentralized financial protocols.

It also provides a method for businesses to accept cryptocurrency payments denominated in fiat money, allowing them to do so without assuming the market risk typically associated with accepting payments in the form of more volatile cryptocurrencies.

USDT has maintained a position among the top five cryptocurrencies regarding market capitalization and trade volume, frequently surpassing the daily trades conducted in Bitcoin.

## Stability of the USDC vs USDT

Because of how USDT was developed, its dollar value will almost always remain constant at $1. Although there is a remote possibility that the price could shift by a few cents here and there, the market tends to quickly correct itself to back to its original $1 price point.

Coinbase and Circle collaborated in 2018 to create the stable cryptocurrency USDC. Its price, pegged at $1 and not adjusted, is the same as that of USDT and any other token backed by USD. The Centre Consortium oversees the technical and financial standards for the stablecoin and ensures transparency surrounding a true 1-to-1 backing.

The Centre Consortium is also in charge of the governance of the coin. This indicates that $1 and other cash equivalents are kept in reserve for every created USDC.

A supply of 34.6 billion USDC is circulating, while an equal monetary amount is held in reserve. To facilitate the expansion of the USDC ecosystem, Circle has made it possible for Circle's licensed and regulated financial institutions to become Circle members and issue USDC tokens. 
You may buy or trade USDC on [virtually all leading cryptocurrency exchanges and providers](/news/article/crypto-exchange-gemini-cuts-staff). Similar to USDT, USD Coin can be sent and received by any wallet or exchange compatible with the ERC-20 standard used by Ethereum.

USDC vs USDT: Understanding the Stablecoins

## What are the best tools for trading crypto?

The cryptocurrency market has financially empowered the masses since its origin. Yet, these assets remain highly volatile and risky investments. Moreover, the rising scams in the industry have also increased the troubles of investors, especially novice ones. 

How do you excel at crypto trading to gain better profits? An easy way around it is to use the right tools to make informed decisions. There are varying types of crypto trading software that you can leverage to upgrade your trading skills. 

Here's a thorough guide on the top tools for trading cryptocurrencies that will help you develop technical investment strategies.

## Best tools for trading crypto - Exchanges

A trusted exchange is a foremost requirement for a dependable crypto strategy. Being the source of buying and selling cryptocurrencies, these platforms must be safe and secure. Therefore, it's advisable to choose one diligently. Also, various exchanges offer an array of features, making them all-in-one platforms for crypto trading.

Here you can get an idea of some of the [best crypto exchanges](/news/article/best-exchanges-for-crypto-uk) on the market.

1.	[Coinbase](https://www.coinbase.com/)
Coinbase is one of the most trusted exchanges in the industry. Plus, it can work as a complete platform for your buying and selling needs. It supports 200+ cryptocurrency pairs and offers a secure hot wallet for daily trades. Coinbase Pro also allows you advanced trade options to manage your portfolio with an intuitive UI. 

In addition, it has an Earn program through which you can earn modest amounts as interest. Although the exchange fees are slightly higher, Coinbase is an easy-to-use, beginner-friendly option with advanced features.  

2.	[Binance](https://www.binance.com/en)
Another industry leader among cryptocurrency exchanges is Binance. In terms of its trading volume, it is the world's largest exchange. Compared to Coinbase, it offers much more advanced trading features, including interactive charts, varying types of orders, trade history, and various other features.

The exchange offers more than 350 crypto tokens which help in portfolio diversification. It also has cheaper exchange rates that start at as low as 0.1%.

3.	[Coinmama](https://www.coinmama.com/)
Suppose you are just starting as a trader and looking for a beginner-friendly option. In that case, the [Coinmama exchange](/news/article/coinmama-review) can also be a good option. It has been working in the industry since 2013 and is a credible platform. Currently, it offers only 16 cryptocurrencies but includes all the popular ones like [BTC](/coins/btc), [ETH](/coins/eth), [LTC](/coins/ltc), [DOGE](/coins/doge), AAVE, and others.  

It claims to be the world's friendliest exchange. The reason is that buying and selling crypto is relatively straightforward on Coinmama. Besides, it has a quick procedure for registration. However, it's pretty limited as it does not have advanced trading features like Coinbase or Binance. 

## Finest platforms for trading crypto 

Trading platforms are one of the best tools for trading crypto as they allow you to handle multiple exchange accounts. These tools save you from the hassle of changing windows for monitoring markets on different platforms. You can manage more than one exchange profile in one place. This way, you can easily monitor the market and conveniently make trades. 

Below are the top crypto trading platforms:

1.	[Coinigy](https://www.coinigy.com/)
Coinigy is one of the frontrunners among trading platforms. It supports cryptocurrency markets of more than 45 exchanges, including both Coinbase and Binance. Moreover, you will get several intricate trading features like multiple price chart layouts, insightful indicators, and no limits on trades. 

2.	[Shrimpy.io](https://www.shrimpy.io/)
Shrimpy.io is another good option that you can use with several exchanges. It helps you to keep tabs on your accounts in 16 markets. Though it supports lesser markets than Coinigy, it offers several other features. These include automated trades, copying experienced traders, portfolio management, backtesting investment strategies, and performance tracking. 

3.	[Kubera](https://www.kubera.com/)
Another option for managing your profiles on different exchanges is Kubera. Being one of the best portfolio trackers in 2022, Kubera is a web-based solution that works well for both traditional and digital assets. You can add several wallets to it and conveniently monitor and manage them in one place. It currently offers support to 20+ exchanges. 

## Best tools for trading crypto - Wallets

Exchange wallets often are not considered secure as they are custodial. On a custodial wallet, the private key of your accounts is under the possession of exchange. This makes your assets vulnerable to potential cyberattacks on the exchange. You can also check out the [top 7 picks for the best crypto wallets](/news/article/best-crypto-wallet-uk-top-picks). 

If you do not prefer exchange wallets, here are some safer options. 

1.	[MetaMask](https://metamask.io/)
MetaMask is one of the safest browser-based wallets. Its extension is available for various browsers, including Google Chrome, Microsoft Edge, Brave, and Firefox. MetaMask supports ERC-20 tokens as well as ERC-721 non-fungible tokens. 

Additionally, it can easily be integrated with several DApps and blockchain games. 

2.	[Ledger Nano X](https://shop.ledger.com/products/ledger-nano-x)
Ledger Nano X is a trusted cold wallet. You can keep over 150,000 tokens in this hardware. Besides, it gives you complete control over your assets as you can store your private keys. So, it can be the ideal choice if you need a wallet for your long-term investments.   

## Best technical analysis tools for cryptocurrency

Technical analysis tools are the backbone of your crypto investment strategies. They give you all the essential market insights for trading decisions, using various indicators and visually presenting market sentiment and behaviour for you. All the graphs and charts help you hone your technical analysis.

Here's a list of some of the leading technical analysis tools for trading crypto:

1.	[MetaTrader 4](https://www.metatrader4.com/en)
MetaTrader 4 is one of the most advanced tools for analysing digital and conventional assets. It offers many technical indicators that help you in assessing the market easily. Most seasoned traders opt for this, but beginners may find it difficult to navigate.

2.	[TradingView](https://www.tradingview.com/)
TradingView is another handy tool for doing crypto analysis. It is known for providing technical insights on both traditional and digital assets. A wide range of exchanges and DeFi platforms use this software for charting. Besides, its 72+ insightful indicators allow you to make informed decisions. 

3.	[Cryptowat.ch](https://cryptowat.ch/)
Cryptowat.ch by Kraken exchange is another crypto analysis tool that you can use for free. It is an easy-to-use option to assist you in visualising more than ten charts on a single screen.

## Best crypto trading bots

Learning technical analysis is a steep task that requires practice and time. But crypto rookies often want to directly indulge in trades without going through the learning curve. This can be highly risky as there are some trading bot scams that you need to look out for. However, legit trading bots can solve many problems for you.

Crypto bots are sophistically designed AI-based tools that can make informed decisions for you. Also, these bots can automate your trade procedures and require minimal supervision.

Try out the following best crypto trading bots to get an idea of what AI can do for you! 

1.	[Pionex](https://www.pionex.com/en)
Pionex is a highly acclaimed crypto trading bot in the market. In total, it offers 16 types of trained models for automating trades. It includes a DCA bot, copy trading bot, and several others. Using this tool, you can run your investment strategies on autopilot. 

Also, if you do not want complete automation, you can customise it for different parts. 

2.	[Bybit](https://www.bybit.com/)
Another best tool for crypto trading on autopilot is ByBit. It is an exchange, but is also known for its copy trading bot, through which you can copy others' strategies. There are numerous seasoned traders on Bybit whom you can follow and copy. As a beginner, it helps you to learn the ins and outs of the cryptocurrency market while making trades.

3.	[Zignaly](https://zignaly.com/)
Zignaly app also proves to be a viable option for automated trading. It offers bots of several types for your trade and investment needs; you can develop your own strategy or can adopt a third party's solution. Moreover, it can be integrated with numerous exchanges and trade platforms. Zignaly's most prominent feature is its Bitcoin copy trades. 

## Best tools for trading crypto - Price tracking websites

Crypto trading requires you to keep track of market data and live prices all the time. For this reason, you must know the right websites to give you authentic insights. Among these websites, the following two are the most popular options: 

1.	[CoinMarketCap](https://coinmarketcap.com/)
CoinMarketCap is the most followed website for tracking live prices of cryptocurrencies. It maintains a list of coins based on their market capitalisation and provides all the related data. This includes total supply, circulating supply, total value locked, price history, traded volume, all-time highs and lows, etc. The website also provides data for crypto exchanges.  

2.	[CoinGecko](https://www.coingecko.com/)
The second-most popular cryptocurrency price tracking website is CoinGecko. It presents cryptocurrency stats in an organised way, which makes it easier for you to follow market data. 

## Best tools for trading crypto - Total Value Locked (TVL)

The total value locked in a DeFi platform is a significant indicator of its credibility. It is the amount that the developers deposit for the project. Several instances in the industry have occurred where project founders did not deposit TVL and escaped with rug pull. 

That's why the locked amount gives investors assurance about the platform's security.

### [DeFi Llama](https://defillama.com/)

DeFi Llama is one of the finest platforms in this regard. It provides stats for more than 800 DeFi platforms and covers 80+ blockchains. Llama allows you to track TVLs of L1 blockchains, NFT projects, and decentralised apps. 

Best tools for buying and selling crypto - News aggregators
News aggregators are also among the best tools for trading crypto as they provide all the market happenings in one place. 

There are various news websites in the industry, which makes it difficult to find what's authentic. This is where a news aggregator can be quite handy.

1.	[CryptoPanic](https://cryptopanic.com/)
CryptoPanic is one of the top crypto analysis websites, which presents all the news in one place. Its dashboard has different filters that allow you to see customised news for price actions, ICOs, and other events. 
 
2.	[FAWS](http://faws.com/)
FAWS is quite similar to CryptoPanic. However, it offers a more user-friendly interface, which makes it better for user experience. 
 
3.	[Moni Talks](/news)
Monitalks.io is a crypto community. The news section provides the latest updates and insights on the market. It also offers a newsletter free subscription for users to stay informed about the latest crypto market trends. The website also provides informative content that helps you stay up to date with the digital world.

## Bottom line

Cryptocurrency trading without assistance is a risky venture. Whether you are starting or a seasoned trader, you need to use crypto tools to grow as a trader. This thorough guide looked at various types of best tools for trading crypto. Leveraging these tools will help you learn patterns and develop a concrete investment strategy.


Best Tools for Trading Crypto in 2023

New York-based Paxos Trust Company, a well-regulated blockchain platform that has been contributing to the building of a new and open financial system, has been ordered by the NYDFS (New York Department of Finance Services) to stop minting Binance stablecoin (BUSD), according to a company statement [released](https://www.prnewswire.com/news-releases/paxos-will-halt-minting-new-busd-tokens-301744964.html) on Monday, 13 February. 

The issuance of new BUSD tokens will cease on 21 February, the [crypto](/news/article/the-future-of-crypto-in-the-next-5-years) company stated. Paxos added that it would continue to manage BUSD dollar reserves and that tokens already in circulation will still be pegged 1:1 with the US dollar-denominated reserves. The [crypto](/news/article/is-crypto-dead) firm will continue to redeem existing tokens until at least February 2024.  

## Why is Paxos stopping the minting of Binance stablecoin?
 
The crypto firm made this decision on the back of regulatory pressure from the [Securities and Exchange Commission](https://www.reuters.com/technology/binance-stablecoin-backer-ordered-stop-issuing-token-binance-ceo-2023-02-13/) (SEC), which has labelled BUSD and most stablecoins as security. The agency believes Paxos should have registered the digital currency as such.

Aside from the SEC's stance, Paxos decided to act on the instructions of the NYDFS because it violated some of its obligations related to periodic risk assessments and failed to do thorough due diligence checks on its relationship with the BUSD token as well as the crypto firm Binance.

News of the issuance of BUSD tokens stopping has rattled several stakeholders of the digital currency, especially investors.

Many traders and investors made several withdrawal requests leading BUSD to suffer one of its worst days after around $873 million in net outflows (total amount of coins withdrawn from the wallets of exchanges) were tracked by Nansen, a data provider, on 13 February.

In the process, BUSD reached a yearly high in trading volume on the same day, with approximately [$13.1 billion](https://coinmarketcap.com/currencies/binance-usd/historical-data/) exchanged within the period. BUSD tested a day low of $0.9988 but recovered to close the day at $0.9994 and was exchanging hands for $0.9999 in the early hours of 15 February. 

Despite the negativity currently surrounding the use of BUSD, the stablecoin has maintained its number three spot on the log of the [largest stablecoins by market cap](https://coinmarketcap.com/view/stablecoin/), with more than $15 billion. 

While it still trails the US Dollar Coin (USDC) from Circle and the US Dollar Tether (USDT) from Tether Limited in market cap, it commands a higher market value than DAI, TrueUSD (TUSD), Pax Dollar (USD), Gemini Dollar (GUSD), and Fei USD (FEI).


paxos logo over image of laptop and word 'ban'

'Stop Minting Binance Stablecoin' NYDFS Orders

The US SEC (Securities and Exchange Commission) is looking to file a lawsuit against crypto firm Paxos. Regulators have notified the firm that it is infringing on investor protection laws. The [Wall Street Journal said](https://www.wsj.com/articles/crypto-firm-paxos-faces-sec-lawsuit-over-binance-usd-token-8031e7a7?mod=latest_headlines) that the lawsuit relates to one of Paxos’ stablecoins, Binance USD (BUSD). 

The SEC believes that the stablecoin issuer has not registered its BUSD token as a security. It may be misleading for the investors and comes under violation of laws.

## SEC served Paxos a Wells Notice over BUSD

The financial watchdog has also served the stablecoin firm with a Wells Notice. The regulators serve this notice to warn that they may take enforcement action against the firm. 

After receiving the letter, firms usually have to respond within 30 days with a Wells Submission. The submission is a legal brief in which defendants can provide a counterargument. If the argument is valid, the charges can be dropped.

In the Binance USD case, it would be interesting to see how Paxos responds to the Wells Notice.

## What’s Binance's stance on the matter?

Cointelegraph [reported](https://cointelegraph.com/news/stablecoin-issuer-paxos-to-face-sec-lawsuit-over-binance-usd-report) that a spokesperson from Binance shared their views on the matter. The spokesperson says that “Paxos issued and owned" the BUSD token with Binance licensing. 
In addition, they said that the token is authorised and regulated by the Financial Services Department of New York. The token is registered as a "1 to 1 backed stablecoin".

The representative said that stablecoins offer various use cases for investors by protecting them from volatility. They also believed that a lawsuit against BUSD would restrict millions of investors from accessing it. However, the spokesperson assured that Binance is currently closely monitoring the situation.

SEC recently released its annual plan for crypto regularisation in the US. It also [charged the Kraken exchange](/news/article/crypto-tumbles-as-kraken-suspends-staking) for offering securities. This means the SEC is looking to intensify its operations for crypto enforcement.


red iamge of BUSD tokens and Paxos logo floating around

BUSD Probe of Paxos Planned by SEC

According to [Chainalysis research](https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/), Binance crypto exchange processed almost $346M in illicit Bitcoin (BTC) funds for seized cryptocurrency exchange Bitzlato.

Bitzlato's Russian co-founder Anatoly Legkodymov was arrested in Miami last week on charges of operating the platform as an unlicensed money exchange business and processing $700M in illegal funds.

Reportedly, Legkodymov admitted to catering to "known crooks" through the medium of the cryptocurrency exchange. On 18 January, 2023, he was charged by the US Justice Department for fueling a "high-tech axis of cryptocrime”.

## Binance's role in Bitzlato's money laundering spree

Between May 2018 and September 2022,[ it is reported ](https://www.fincen.gov/sites/default/files/shared/Order_Bitzlato_FINAL%20508.pdf)that Binance was among Bitzlato’s top three Bitcoin-receiving counterparties, the others being Hydra, a Russia-connected darknet market, and “TheFiniko”, the supposed Russia-based Ponzi scheme.

In the same period, the seized cryptocurrency exchange’s top three Bitcoin-sending counterparties were Hydra, LocalBitcoins, a VASP incorporated in Finland, and “TheFiniko”.

According to the US Treasury's Financial Crimes Enforcement Network (FinCEN), each of these sending/receiving counterparties is associated with illicit activities, and a majority of them have substantial ties and/or operations in Russia.

It is evident that Binance is the only [high-end cryptocurrency trading platform](/news/article/guide-to-binance-uk) among Bitzlato’s top sending/receiving counterparties.

According to Chainalysis research, Binance crypto platform moved more than 20,000 BTC, worth about ~$346M at the time, across 205,000 transactions, between May 2018 and the time of Bitzlato’s closure (last week).
Around $175M worth of Bitcoin was transferred from the seized trading platform to the crypto exchange in this period, making it the largest receiving counterparty of Bitzlato.

Nearly $90M of these transfers took place after August 2021. What adds interest to this is that the Binance crypto exchange had enforced mandatory user identification at this point to combat financial crimes.

Furthermore, in a blog last year, Binance said this would help tackle ["the funding and laundering of money from illicit activities"](/news/article/binance-news-dea-uses-exchange-to-track-cartels). Moni Talks could not confirm whether the identification check was enforced in dealings with the seized cryptocurrency platform.

It is worth noting that Binance is providing assistance to international law enforcement in the quest to support the Bitzlato investigation. Currently, it is unclear whether the trading platform's financial dealings with Bitzlato are under judicial review.

The news has been met with a downturn in crypto markets, as top cryptocurrencies have tumbled in price.


Red image of bitzlato logo and falling binance coins

Binance Crypto Exchange Linked to Bitzlato

Beginning on February 1, 2023, SWIFT will no longer handle the transfer of fiat money from bank accounts to cryptocurrency exchanges if [the value of the transaction is less than $100,000](https://techstory.in/swift-will-no-longer-process-fiat-currencies-transactions-below-100k-to-crypto-exchange/). This action will prevent crypto access for hundreds of thousands, if not millions, of clients.

Binance, the world's biggest cryptocurrency exchange in terms of the volume of cryptocurrency trading, was one of the first crypto exchanges to tell its users of the development that occurred this week.

## Binance announces impact of SWIFT crypto restrictions

Binance has stated that this decision will impact only Signature Bank customers. The statement on the SWIFT crypto development was issued to Asia Markets. It said that one of the fiat banking partners, Signature Bank, had informed Binance that as of February 1, 2023, they would no longer support any cryptocurrency exchange customers who bought or sold an amount less than $100,000.

[Binance said that as a direct consequence of this change](/news/article/binance-news-dea-uses-exchange-to-track-cartels), certain customers would no longer be allowed to utilize SWIFT bank transfers to buy or sell cryptocurrency with or for USD for sums less than $100,000.

The previous week, Signature Bank disclosed that it would be taking steps to lessen its exposure to several cryptocurrencies. Concerns about restricting access to cryptocurrencies are becoming more widespread.

Although it is the largest and most important financial network in the world, SWIFT, or Society for Worldwide Interbank Financial Telecommunication, is somewhat of a secretive Belgian-based cooperative.

SWIFT is responsible for the daily settlement of trillions of dollars’ worth of international money transactions. Following the commencement of hostilities in Ukraine in 2014, the US and its allies disconnected Russia from the SWIFT network.

This development brought SWIFT back into the news cycle. Due to the gravity of the situation, the French finance minister likened the decision to shut off Russia's access to SWIFT to the use of a nuclear financial option.

It is, however, still a mystery why institutions involved in stopping SWIFT transfers have moved to release what would become a crypto-nuclear option for millions of people who do not have a minimum of $100,000.

The European Central Bank (ECB) is planning to begin testing a digital currency this year, with the possibility of a complete deployment by 2026. One idea suggests this could be a precursor to central bank digital currencies.


Yellow image of phone doing crypto payment with Swift logo overlayed

SWIFT Crypto Restrictions Leave Users in Dark

## After initial court approval, Voyager seeks national security review of Binance deal
Adding to the list of ambiguities amidst the recent crypto events, a court has given Voyager approval to sign a deal with Binance worth almost $1bn. However, Voyager is still seeking a positive response from a national security review of the agreement.

The court looked at the Voyager Binance deal on 10 January, as Voyager signed an "asset purchase agreement" with Binance. Michael Wiles, a US bankruptcy Judge, dealt with the proceedings.

This isn't Voyager's first time trying to sign a deal with a major crypto player. Its first attempt to sell its assets was to FTX. However, [that deal was opposed](/news/article/voyager-lending-ftx) by CFIUS (the Committee on Foreign Investment in the US), as FTX was in a state of bankruptcy itself and couldn't afford the deal any longer. Voyager was extremely vigilant this time to ensure the CFIUS didn't oppose this transaction with Binance.

## Terms of the Voyager Binance deal
The Voyager Binance deal includes a few significant terms to keep in mind. The biggest one is that Binance would have all Voyager customers transferred to Binance. This would allow customers to withdraw and use their crypto - something they haven't been able to do with Voyager since last July.

In return, Voyager will receive $20m from Binance as a cash payment. This sale is extremely important for not just Voyager, but its ex-customers too. If the deal breaks down and CFIUS blocks the transactions, Voyager will be forced to sell off all of its crypto possessions to repay customers. This would result in a lower amount than if the Binance deal gets the go-ahead.


The company in bankruptcy estimates its customers would [receive around 51%](https://news.bloomberglaw.com/bankruptcy-law/voyager-customers-projected-to-recover-50-on-crypto-claims) of their crypto’s worth if the Binance deal works out.

## Background of Voyager’s bankruptcy

Voyager wasn't the first crypto exchange to file for bankruptcy last year. The [Terra and Luna debacle](/news/article/terra-luna-collapse) was a massive hit for the crypto industry and resulted in an almost domino-like downfall for many big-name crypto players.
Initially, FTX was Voyager's main candidate to sell its assets to. However, FTX was in a rut and unable to follow through with the deal. The fact that the owner of FTX was arrested amid allegations of fraud was also a red flag for Voyager’s attorneys.


red image of stock market with Binance and Voyager logos overlayed

Voyager-Binance Deal Approved by Court

In Binance news, a US Drug Enforcement Administration (DEA) investigation has found that a drug cartel operating in several countries used Binance to move millions of dollars in illegal profits.

## DEA tracks Cartel using exchange in latest Binance news

According to a [Forbes](https://www.forbes.com/sites/thomasbrewster/2022/12/19/mexican-drug-gang-money-laundering-over-binance-crypto-exchange/) report, popular crypto exchange Binance is the subject of a DEA investigation alleging that a Mexican-based international drug cartel used the exchange to funnel millions of dollars in profits.

The report said that the DEA, with help from Binance to identify the suspects, was able to track the gang, which dealt in methamphetamine and cocaine. The gang had operations in the US, Mexico, Europe, and Australia.

The report noted, "Between $15 and $40 million in illicit proceeds may have been funnelled through Binance".

The investigation began in 2020 following a search warrant. Several DEA informants using the crypto exchange localbitcoins.com communicated with users who offered crypto for cash.

The method used by the gang was as follows: a user sends [BTC](/coins/btc) or USDC to the seller's account and then meets in person to take the cash. The DEA identified the Mexican national as Carlos Fong Echavarria.

The report mentioned that the suspect misrepresented the source of the funds, claiming they were coming from family eateries and cattle farms. The arrest was made in 2021 after DEA agents confirmed that the account was used to launder funds.

Matthew Price, Binance's senior director of investigations, told Forbes that the blockchain was key.

He said this was an example of where blockchain transaction transparency "works against criminal actors", adding, "The bad guys are leaving a permanent record of what they're doing."

## Binance under the spotlight

The exchange has been under the spotlight lately. However, its CEO, Changpeng Zhao, reaffirmed in a recent [tweet](https://twitter.com/cz_binance/status/1605828931105435648?s=20&t=V_WM8ww3-B-TTZrIrpbaOA) that "crypto is not a good tool for illicit activities, unlike cash".

In a May blog post, Binance [said](https://www.binance.com/en/blog/ecosystem/crypto-and-money-laundering-an-inconvenient-truth-421499824684903925) that the exchange had helped the US Drug Enforcement Agency seize over 100 accounts connected to illegal drug dealers.

A recent [Reuters report](https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/) also noted that Binance might be the subject of a probe by the US Department of Justice. However, a company spokesperson said any DOJ investigation is fueled by false insinuations.



red image of money laundering with binance logo

Binance News: DEA Uses Exchange to Track Cartel

The largest crypto exchange, [Binance](https://www.binance.com/en), suffers massive withdrawals as the platform experiences outflows of more than $1 billion in 24 hours.

Currently, it is surrounded by [FUD](/news/article/ftx-vs-binance-liquidate-funds) and rumours that are affecting its position in the market. 

Binance CEO and co-founder Changpeng Zhao (CZ) took to Twitter to clarify the situation. He said his firm saw more than $1.14 billion of withdrawals on Tuesday. He further stated that these outflows were not the highest they processed and called it "business as usual." Meanwhile, customers are continually removing their assets from their accounts.

![binance1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/binance1_b1ba9c605d.png)
 
## Binance suffers highest daily withdrawals since June

Analysis by blockchain analytical firm [Nansen](https://www.nansen.ai/) shows that this is the highest level of withdrawals in a day for Binance since June. The report also claims that the total withdrawals for the exchange have been more than $3 billion.

![binance2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/binance2_5f30c95f24.png)

[Source](https://twitter.com/nansen_ai/status/1602618067598442503)

It is contrary to the figure that CZ announced on Twitter. It could be an act of downplaying the situation like FTX previously did. Nonetheless, Binance is currently fighting against investor jitters in this crypto winter.  

## FUD in the market

Since the collapse of Sam Bankman-Fried’s FTX, FUD has taken over the market. On Tuesday, Sam was [arrested for fraud](/news/article/former-ftx-ceo-sbf-arrested), considered one of the largest-scale financial scandals in US history. The FTX contagion has spread over the entire crypto market. It has damaged many digital asset firms like [BlockFi](/news/article/ftx-collapse-blockfi-suspend-withdrawals), [Gemini](/news/article/gemini-crypto-exchange-falls-prey), and [Genesis](/news/article/genesis-brokers-owes-gemini). 

Moreover, an ongoing investigation for money laundering against CZ’s firm is also making headlines. According to a [report](https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/), the US Justice Department is contemplating filing a case against the exchange’s executive body, including CEO CZ.

People are hesitant to invest and are withdrawing their assets in panic. As Binance suffers, the market is continually seeing a [downward trend](/news/article/crypto-market-crashing). Amid this scenario, outrageous outflows from the largest exchange signify a long winter.


red image of woman holding binance coin. 

Binance Suffers $1 Billion in Withdrawals

I am here to tell you about two famous crypto card offerings from [Nexo](https://nexo.io/) and [Binance](https://www.binance.com/en) and which one you should pick.

Crypto cards are becoming famous among people as there is a rapid growth of popularity in cryptocurrency. Now people have the option to purchase anything they like with cryptocurrencies. But what are crypto cards, you might wonder?

Crypto cards are just like any regular bank debit or credit card used to pay for goods or services and earn crypto cashback. These cards are issued by crypto exchange companies partnering with the card payment companies like Visa or Mastercard.

## Nexo card

Nexo was founded in 2018 by Antoni Trenchev and others and claims to manage $15 billion worth of assets. 

The card was launched on 13 April, 2022, by partnering with Mastercard. You can use this card like a credit card without selling your crypto assets stored in your account. To put it in simple words, Nexo gives you fiat money to spend on goods and services, but instead of converting your crypto balance to fiat, it uses them as security for you to pay later. The card is accepted in 92 million stores globally where Mastercard is authorized, enabling users to spend up to 90% of the value of their crypto holdings in currency.

## Additional Features of Nexo card:

•	You earn up to 2% rewards/cashback on every transaction or ATM withdrawal.

•	It is available with Android or IOS, where you can control the card's settings.

•	You can pay interest in Crypto or fiat money.

•	Credit interest starts with 0% APR.

![nexo 1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/nexo_1_cf897ec697.png)
  
## Binance Card

[Binance](/news/article/guide-to-binance-uk), founded by Changpeng Zhao in 2017, is one of the largest cryptocurrency exchanges. The card was launched in early 2022 by partnering with Visa and offers a crypto debit card. Crypto debit card converts your crypto balance into merchant's currency in real-time when you buy any item. This means you need to have an adequate balance in your account wallet when using your card. Binance card is accepted in more than a 60+million stores worldwide. 

## Additional Features of Binance card:

•	You earn up to 8% BNB cashback on every transaction.

•	It is supported by Google Pay and Samsung Pay.

•	Lowest fees in the market.

•	Hold cryptocurrency and only exchange it when you swipe your card.

![nexo card 2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/nexo_card_2_11326f3a3b.png)
  
Both crypto cards have various features depending upon the need. I hope this helps you to decide which one to choose.


Nexo Card or Binance Card?

[Sam Bankman-Fried](/news/article/bankman-fried-crypto-hack-fix) has vanished from the Bloomberg Billionaires Index after his estimated personal wealth fell nearly 94% in a single day to $991.5 million.

Bankman-Fried was worth an estimated $15.2 billion before his company's cash crunch, but according to Bloomberg, $14.6 billion was lost overnight. SBF became one of the crypto industry's darlings due to his rapid rise to financial success and eccentric personality.

## Binance to acquire Sam Bankman-Fried’s FTX

With the market moving as it is, it may take some time for bulls to recover, especially since the circumstances surrounding FTX's insolvency and whether or not CZ can bail out SBF remains unclear.

[FTX](/news/article/ftx-uk-warning) was reportedly seeking funding from Silicon Valley and Wall Street billionaires to cover the bank run on its exchange, according to [Semafor](https://www.semafor.com/article/11/08/2022/before-deal-with-rival-ftx-scoured-wall-street-silicon-valley-billionaires-for-1-billion-lifeline). This is surprising given that SBF previously stated that FTX's client holdings are not invested anywhere. However, it appears that one of the world's largest exchanges was looking for $5-6 billion to cover the liquidity crisis.

Meanwhile, Binance CEO CZ announced his intention to purchase FTX after concerns about the Bahamas-based exchange's apparent insolvency grew, causing withdrawals to slow and FTT tokens to plummet. However, they have signed a non-binding letter of intent, which means CZ can back out of the deal if FTX's problems are more severe than anticipated.

Prior to this, CZ announced on Sunday his plan to [sell off his remaining FTT token holdings](/news/article/ftx-vs-binance-liquidate-funds), which he acquired as part of his exit from FTX.

## What does this mean for cryptocurrency?

Even if [Binance](/news/article/guide-to-binance-uk) acquires [FTX](/news/article/what-is-ftx), antitrust laws may apply, and it is still being determined whether both entities can proceed with the merger.

Furthermore, FTT's bleeding appears unabated (down 70% for the day), which may make the exchange unappealing for acquisition, especially if most customers have already left.

Suppose this turns out to be another case of retail suffering massive losses. In that case, regulators may be compelled to impose stricter rules, further restricting the freedom crypto has relished in recent years.


Sam Bankman-Fried lost $14.6 billion overnight

The CEO of [Binance](/news/article/guide-to-binance-uk) tweeted on Sunday that he will sell the remaining FTX token holdings he acquired as part of his exit from Alameda's sister company, FTX, last year.

## FTX vs Binance: Binance to sell off FTX token holdings

The exchange plans to sell off its FTX token holding. Changpeng "CZ" Zhao did not specify how much of the token holding his company would sell. 

The company received the funds in FTT as part of its exit from an early equity position in FTX that it had held since 2019. According to Zhao, FTX purchased Binance's stake in the company for $2.1 billion in FTT and BUSD—the stablecoin native to Binance's exchange.

The decision comes after weeks of criticism directed at [Sam Bankman-Fried](/news/article/bankman-fried-crypto-hack-fix), for regulatory plans he put forth in a blog post recommending DeFi restrictions. He has since agreed to revise his regulatory stance.

Due to market conditions and limited liquidity, CZ expects the liquidation to take several months. He also stated that it would be done in a way that attempts to minimise the market impact on FTT.

According to CoinGecko, [FTX](/news/article/ftx-uk-warning) native token has dropped 9.5% in the last day to $23.03 from $25.55, bouncing off a drop of around $22 on Sunday.

According to Etherscan, 22,999,999 FTT, worth $584 million, were transferred from a wallet to Binance's exchange on Saturday. As per CoinGecko, this is the equivalent of 17% of the circulating supply of the token. CZ confirmed that the funds were transferred as part of the exchange's plan to liquidate its stance in its holdings.

## FTX CEO response to rumours

Caroline Ellison, CEO of Alameda Research, responded to the rumours on Saturday by [tweeting](https://twitter.com/carolinecapital/status/1589264375042707458) that Alameda had more than $10 billion in assets "not reflected" on the leaked balance sheet. Ellison said that Alameda had unnamed hedges in place and had already given back the majority of their outstanding loans.

In a Sunday Twitter thread, Zhao stated that liquidating its position in FTT was not intended to be a dig at its competitor.

Caroline Ellison [offered](https://twitter.com/carolinecapital/status/1589287457975304193?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1589287457975304193%7Ctwgr%5E0c48a34558db0fa0aa1e49b2de077b6568e651f4%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2022%2F11%2F06%2Fbinance-sells-holdings-of-ftx-token-as-alameda-ceo-defends-firms-financial-condition%2F) to purchase Binance's remaining FTT for a fixed price of $22 if Zhao also wanted to "minimise the market impact" of the move.

Binance has been the most active exchange in terms of FTT volume in the last 24 hours. According to CoinGecko, Binance accounted for 6.3% of FTT's trading volume, or $95.4 million, in the previous 24 hours.

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