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Weekly Overview | US Powel says more rate rises to come | US Data hints at a slowdown
Today, we will discuss the latest market trends and important developments that can impact your investments. We've seen some concerning signs of a global economic slowdown, including the weakening Purchasing Managers' Index (PMI) in the US. The upcoming central bank meetings in Portugal will provide insights into their plans to address these challenges.
#interest rates#global economy#cost of inflation#forex trading#interactive brokers#pre market#commodity market#binance futures#chart patterns#fyers web#fed funds rate#my forex funds#demat account#metatrader 5#significant advancements#worldwide economic deceleration#central bank conferences#inflationary statistics#escalating prices#Youtube
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Buy Verified Binance Account
Buy Verified Binance Account Features:
➤ Support for many of the most traded cryptocurrencies Convert. This is the easiest way to trade. Classic. It’s simple to use
➤ Futures on USES. USDA margined without expiration and leverage up to 125x. Futures on COIN – M
➤ Tokens can be leveraged up to 125 times, with or without expiry dates.
➤ Binance Earn. All-in-one Investment Solution Binance Pool.
➤ Binance is supported in more than 160 countries.
➤ Less time and lower fees
➤ Email and password login
➤ Other login information.
➤ Recovery information.
➤ A new and completely fresh account
➤ 100% verified account
➤ 24/7 customer support.
➤ 7/24 Instant Delivery.
24 Hours Reply/Contact:-
➤Gmail : [email protected]
➤Skype: usaseobiz
➤Telegram:@usaseobiz
➤WhatsApp : +1 (856) 661-7982
Why Choose Binance?
Overview Of Binance And Its Feature Highlights
Binance is one of the most popular cryptocurrency exchanges globally, operating in over 100 countries. It was founded in 2017 by changpeng zhao and has grown to be a market leader in the industry. Some of the features that make binance stand out are:
Availability of over 600 cryptocurrencies: Binance offers access to a wide range of digital assets, including the most famous coins like bitcoin, ethereum, and ripple, as well as the trending ones.
User-friendly interface: Binance is designed with a user-friendly interface, making it easy for beginners to navigate the platform and execute trades easily.
High liquidity: Binance’s high trading volumes make it one of the most liquid exchanges in the market, ensuring that traders can always find a match for their orders.
Advanced trading tools: Binance offers a range of advanced trading tools like limit orders, stop-loss orders, and margin trading for advanced traders.
Benefits Of Using Binance
Trading on binance comes with several benefits, including:
High-security measures: Binance employs state-of-the-art security measures, including two-factor authentication, cold storage, and security audits, to ensure the safety of its users’ funds.
Lower trading fees: Binance charges some of the most competitive trading fees in the industry, with a 0.1% fee for trades. Users also get lower fees when they use binance’s native coin, binance coin (bnb).
Fast trade execution: Binance’s trading engine is designed to handle a massive amount of transactions per second, ensuring fast trade execution and quick order fills.
Supports multiple languages: Binance is available in multiple languages, making it accessible to people from different regions and facilitating global adoption.
Provides educational resources: Binance offers educational resources for newcomers to the cryptocurrency space, including articles, videos, and webinars, to help them understand how the market works and how to trade successfully.
If you’re looking for a secure, user-friendly, and feature-rich cryptocurrency exchange, binance is the perfect choice for you. Join the millions of traders who trust binance and start trading today!
How To Create A Binance Account
Buy Verified Binance Account: How To Create A Binance Account
Are you interested in creating your own binance account? Binance is one of the world’s largest cryptocurrency exchanges and a popular platform for buying and selling cryptocurrencies. If you want to create a binance account, follow this step-by-step guide.
Step-By-Step Guide On Creating A Binance Account
Go to binance.com and click on the ‘register’ button located at the top right-hand corner of the screen.
Enter your email address and create a secure password.
Solve the captcha security puzzle, and then click on the ‘register’ button.
Binance will send you a verification email. Go to your email inbox and find the verification email, then click on the link provided.
Once you have followed the link, binance will prompt you to complete a kyc (know your customer) verification process, which will require you to provide personal information such as your name, address, date of birth, and identification documents such as a passport or driver’s license.
After submitting your verification, binance will check your information and approve your application if the information you provided is correct.
After approval, you can start using binance to buy and sell cryptocurrencies.
Required Information And Verification Process
Binance requires every new user to complete a kyc verification process. The verification process involves providing personal information and identification documents. The following information is required:
Full name
Address
Date of birth
Identification documents (passport, driver’s license, national id, or any government-issued id)
Your uploaded documents will typically be processed within 24-48 hours. It’s worth noting that binance may require additional documents or information to approve your account, so be prepared to provide any necessary information promptly.
Tips For Account Safety
Binance takes security seriously, and there are several steps you can take to maximize your account’s safety:
Enable 2-factor authentication (2fa) to add an additional security layer to your account.
Always use a strong, unique password and avoid reusing passwords across multiple platforms.
Avoid sharing your account login details with anyone, and don’t fall for phishing scams that ask you to provide your account information.
Use reputable anti-virus and anti-malware software on your computer and mobile devices.
Creating a binance account is a simple, yet necessary process for anyone interested in trading cryptocurrencies. By following these guidelines, you can set up your account with ease and ensure that it is secure.
How To Verify Your Binance Account
The Importance Of Verifying Your Binance Account
Verifying your binance account is crucial for a variety of reasons, including:
Ensuring the security of your account against potential hacking and fraudulent activities.
Avoiding any service disruptions or deposit/withdrawal interruptions.
Gaining higher withdrawal limits for increased flexibility in trading cryptocurrencies.
Step-By-Step Guide On Verifying Your Binance Account
Follow these easy steps to verify your binance account:
Log in to your binance account and click on the “account” tab.
Click on the “verify” button and select your country of residence.
Choose the type of identification document you possess and input the required information.
Upload a clear and legible photo of your identification document, along with a selfie of yourself holding the same document.
Wait for the verification process to complete (usually within 15 minutes).
Additional Verification Requirements For Higher Withdrawal Limits
If you want to have access to higher withdrawal limits, you will need to complete additional verification requirements. These include:
Providing proof of residential address (i.e. Utility bill, bank statement, etc. Dated within the last three months).
Submitting a video verification (in some countries).
Once you complete these steps, you will be able to enjoy higher withdrawal limits. It is important to monitor your account and continue to comply with all regulations to ensure continued access to binance’s services.
The Benefits Of Buying A Verified Binance Account
If you’re looking to engage in cryptocurrency trading, you cannot ignore the importance of having a binance account. Binance is one of the world’s largest cryptocurrency exchanges, catering to millions of customers globally. While opening a binance account is a straightforward process, the issue of verification can cause unnecessary headaches.
This is when buying a verified binance account can save you time and effort.
The Advantages Of Buying A Verified Binance Account From A Reputable Seller
Buying a verified binance account from a reputable seller can offer you numerous benefits, such as:
Immediate access to the platform: A verified binance account allows you to sign in and start trading immediately. You don’t have to wait for the verification process to complete, which can take several days.
A higher deposit and withdrawal limit: A verified account comes with a higher deposit and withdrawal limit that enables you to carry out more significant trades.
No limit on cryptocurrency withdrawals: Non-verified accounts have restrictions on cryptocurrency withdrawals. A verified account, on the other hand, comes with no such restrictions.
Enhanced account security: By buying a verified account, you can rest assured that the account is secure, backed by superior security features and software updates.
24/7 account support: Reputable sellers offering verified binance accounts provide round-the-clock account support to cater to your needs at any time of the day.
When buying a verified binance account, it is imperative to analyze and choose the right seller carefully. You should ensure that the seller you choose eliminates the risk of scams and frauds by providing clear verification policies.
The advantages of buying a verified binance account from a reputable seller are plenty. Not only does it offer you immediate access to the platform, but it also provides an enhanced security feature, higher withdrawal and deposit limits, and 24/7 account support.
With the right seller, it’s a decision that can streamline your cryptocurrency trading process.
Frequently Asked Questions Of Buy Verified Binance Account
What Is A Verified Binance Account?
A verified binance account is one that has undergone a thorough kyc process, which involves submitting personal identification documents.
Can I Buy A Verified Binance Account?
Yes, you can purchase a verified binance account from verified account sellers, but it’s important to be careful and choose a reputable seller.
Why Should I Buy A Verified Binance Account?
Buying a verified binance account allows you to avoid the lengthy and often complicated kyc process and start trading almost immediately.
Is It Safe To Buy A Verified Binance Account?
Buying a verified binance account is safe as long as you choose a reputable seller with positive reviews and a proven track record.
How Much Does A Verified Binance Account Cost?
The cost of a verified binance account varies depending on the seller and the level of verification, but it typically ranges from $100 to $500.
What Are The Risks Of Using A Purchased Binance Account?
The risks of using a purchased binance account include potential fraud, account suspension, and loss of funds. Only use reputable sellers to minimize these risks.
24 Hours Reply/Contact:-
➤Gmail : [email protected]
➤Skype: usaseobiz
➤Telegram:@usaseobiz
➤WhatsApp : +1 (856) 661-7982
#buyverifiedbainanceaccounts#bainanceaccount#oldbainanceaccount#newbainanceaccount#bainanceaccountsell
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Buy Verified Binance Account
Buy Verified Binance Account Features:
➤ Support for many of the most traded cryptocurrencies Convert. This is the easiest way to trade. Classic. It’s simple to use
➤ Futures on USES. USDA margined without expiration and leverage up to 125x. Futures on COIN – M
➤ Tokens can be leveraged up to 125 times, with or without expiry dates.
➤ Binance Earn. All-in-one Investment Solution Binance Pool.
➤ Binance is supported in more than 160 countries.
➤ Less time and lower fees
➤ Email and password login
➤ Other login information.
➤ Recovery information.
➤ A new and completely fresh account
➤ 100% verified account
➤ 24/7 customer support.
➤ 7/24 Instant Delivery.
24 Hours Reply/Contact:-
➤Gmail : [email protected]
➤Skype: usaseobiz
➤Telegram:@usaseobiz
➤WhatsApp : +1 (856) 661-7982
Overview Of Binance And Its Feature Highlights
Binance is one of the most popular cryptocurrency exchanges globally, operating in over 100 countries. It was founded in 2017 by changpeng zhao and has grown to be a market leader in the industry. Some of the features that make binance stand out are:
Availability of over 600 cryptocurrencies: Binance offers access to a wide range of digital assets, including the most famous coins like bitcoin, ethereum, and ripple, as well as the trending ones.
User-friendly interface: Binance is designed with a user-friendly interface, making it easy for beginners to navigate the platform and execute trades easily.
High liquidity: Binance’s high trading volumes make it one of the most liquid exchanges in the market, ensuring that traders can always find a match for their orders.
Advanced trading tools: Binance offers a range of advanced trading tools like limit orders, stop-loss orders, and margin trading for advanced traders.
Benefits Of Using Binance
Trading on binance comes with several benefits, including:
High-security measures: Binance employs state-of-the-art security measures, including two-factor authentication, cold storage, and security audits, to ensure the safety of its users’ funds.
Lower trading fees: Binance charges some of the most competitive trading fees in the industry, with a 0.1% fee for trades. Users also get lower fees when they use binance’s native coin, binance coin (bnb).
Fast trade execution: Binance’s trading engine is designed to handle a massive amount of transactions per second, ensuring fast trade execution and quick order fills.
Supports multiple languages: Binance is available in multiple languages, making it accessible to people from different regions and facilitating global adoption.
Provides educational resources: Binance offers educational resources for newcomers to the cryptocurrency space, including articles, videos, and webinars, to help them understand how the market works and how to trade successfully.
If you’re looking for a secure, user-friendly, and feature-rich cryptocurrency exchange, binance is the perfect choice for you. Join the millions of traders who trust binance and start trading today!
How To Create A Binance Account
Buy Verified Binance Account: How To Create A Binance Account
Are you interested in creating your own binance account? Binance is one of the world’s largest cryptocurrency exchanges and a popular platform for buying and selling cryptocurrencies. If you want to create a binance account, follow this step-by-step guide.
Step-By-Step Guide On Creating A Binance Account
Go to binance.com and click on the ‘register’ button located at the top right-hand corner of the screen.
Enter your email address and create a secure password.
Solve the captcha security puzzle, and then click on the ‘register’ button.
Binance will send you a verification email. Go to your email inbox and find the verification email, then click on the link provided.
Once you have followed the link, binance will prompt you to complete a kyc (know your customer) verification process, which will require you to provide personal information such as your name, address, date of birth, and identification documents such as a passport or driver’s license.
After submitting your verification, binance will check your information and approve your application if the information you provided is correct.
After approval, you can start using binance to buy and sell cryptocurrencies.
Tips For Account Safety
Binance takes security seriously, and there are several steps you can take to maximize your account’s safety:
Enable 2-factor authentication (2fa) to add an additional security layer to your account.
Always use a strong, unique password and avoid reusing passwords across multiple platforms.
Avoid sharing your account login details with anyone, and don’t fall for phishing scams that ask you to provide your account information.
Use reputable anti-virus and anti-malware software on your computer and mobile devices.
Creating a binance account is a simple, yet necessary process for anyone interested in trading cryptocurrencies. By following these guidelines, you can set up your account with ease and ensure that it is secure.
Step-By-Step Guide On Verifying Your Binance Account
Follow these easy steps to verify your binance account:
Log in to your binance account and click on the “account” tab.
Click on the “verify” button and select your country of residence.
Choose the type of identification document you possess and input the required information.
Upload a clear and legible photo of your identification document, along with a selfie of yourself holding the same document.
Wait for the verification process to complete (usually within 15 minutes).
Additional Verification Requirements For Higher Withdrawal Limits
If you want to have access to higher withdrawal limits, you will need to complete additional verification requirements. These include:
Providing proof of residential address (i.e. Utility bill, bank statement, etc. Dated within the last three months).
Submitting a video verification (in some countries).
Once you complete these steps, you will be able to enjoy higher withdrawal limits. It is important to monitor your account and continue to comply with all regulations to ensure continued access to binance’s services.
Risks Of Buying An Unverified Binance Account
To better understand what you are getting into, let’s take a closer look at the major risks involved:
Unauthorized access: If you buy an unverified binance account, the initial owner can still have access to it. The owner can use your account for illegal activities or access your sensitive information, causing you both legal and financial problems.
Monetary loss: Because there is no assurance that your unverified account has not been hacked, your funds are not secured. You will run the risk of losing all of your hard-earned crypto money, which can be devastating.
Fraudulent activities: Unverified accounts are not monitored by binance authorities so who knows if your seller has used or continues to use it for fraudulent activities such as money laundering. If this happens, you may get implicated and face legal action.
Avoiding Scam Websites
It’s understandable to feel anxious when it comes to trusting someone else, especially when it comes to trading cryptos. To ensure that you are not being scammed by purchasing an unverified binance account, follow these steps:
Verify the seller’s identity by checking their online reputation and conducting due diligence on their past transactions.
Use only a reputable intermediary or escrow service to complete your transaction.
Ensure that the seller uses a verified binance account, which is safeguarded and validated by the platform.
Keep your purchase as a private affair, and never reveal your account details to anyone else.
Remember, the verification process of opening and using a binance account is in place to protect both the platform and the users. When you sidestep this process, you put yourself at risk. Always exercise caution and purchase a verified binance account.
The Benefits Of Buying A Verified Binance Account
If you’re looking to engage in cryptocurrency trading, you cannot ignore the importance of having a binance account. Binance is one of the world’s largest cryptocurrency exchanges, catering to millions of customers globally. While opening a binance account is a straightforward process, the issue of verification can cause unnecessary headaches.
This is when buying a verified binance account can save you time and effort.
The Advantages Of Buying A Verified Binance Account From A Reputable Seller
Buying a verified binance account from a reputable seller can offer you numerous benefits, such as:
Immediate access to the platform: A verified binance account allows you to sign in and start trading immediately. You don’t have to wait for the verification process to complete, which can take several days.
A higher deposit and withdrawal limit: A verified account comes with a higher deposit and withdrawal limit that enables you to carry out more significant trades.
No limit on cryptocurrency withdrawals: Non-verified accounts have restrictions on cryptocurrency withdrawals. A verified account, on the other hand, comes with no such restrictions.
Enhanced account security: By buying a verified account, you can rest assured that the account is secure, backed by superior security features and software updates.
24/7 account support: Reputable sellers offering verified binance accounts provide round-the-clock account support to cater to your needs at any time of the day.
When buying a verified binance account, it is imperative to analyze and choose the right seller carefully. You should ensure that the seller you choose eliminates the risk of scams and frauds by providing clear verification policies.
The advantages of buying a verified binance account from a reputable seller are plenty. Not only does it offer you immediate access to the platform, but it also provides an enhanced security feature, higher withdrawal and deposit limits, and 24/7 account support.
With the right seller, it’s a decision that can streamline your cryptocurrency trading process.
24 Hours Reply/Contact:-
➤Gmail : [email protected]
➤Skype: usaseobiz
➤Telegram:@usaseobiz
➤WhatsApp : +1 (856) 661-7982
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The US crypto business is having an identity crisis, which could become an existential one. Are cryptocurrencies commodities, like gold and pork bellies? Or securities, like stocks and futures? The Securities and Exchange Commission, America’s top financial regulator, is so convinced that cryptocurrencies are the latter that it’s suing one of the world’s largest crypto exchanges, Coinbase, for breaking securities laws. The SEC has instigated an aggressive campaign of “regulation by enforcement,” going after companies for all kinds of alleged violations and insisting that they register with the agency—something crypto businesses say is all but impossible.
But another regulator, the Commodity Futures Trading Commission, has also sued one of the industry’s biggest players, Binance, alleging it has broken commodity trading laws.
The confusion over what crypto is and who sets its rules has left the industry on edge. On Wednesday, senators Cynthia Lummis and Kirsten Gillibrand—a Wyoming Republican and New York Democrat, respectively—will unveil a new version of their proposed regulatory regime for the fintech industry, which hopes to settle the question.
While there’s plenty new in the revamped Lummis-Gillibrand Responsible Financial Innovation Act, its centerpiece is a measure that would classify most cryptocurrencies as commodities, putting them under the purview of the CFTC. It’s a clear rebuke to the SEC, which, Lummis and others say, is stifling innovation in financial technologies.
“The domestic industries really are trying to comply, for the most part, and they’re just getting the cold shoulder,” Lummis says. “That’s not how we regulate in this country.”
The content of the legislation seeks to prevent a repeat of the apparent failings in the crypto industry, which led to a series of high-profile collapses in the industry over the past two years that have left many investors with losses.
According to a person with knowledge of the act, the legislation, if passed, would compel crypto exchanges to keep their customers’ assets in third-party trusts and stop them from so-called “proprietary trading”—essentially, trading with their own funds on their own exchange. It would also give the CFTC the power to supervise “material affiliates” of exchanges—such as Alameda Research, the sister company of the collapsed FTX exchange, whose founder, Sam Bankman-Fried, is awaiting trial on fraud charges. FTX allegedly lent large amounts of customer funds to Alameda to cover its investment losses, ahead of a liquidity crisis on the exchange that led to its downfall.
The act also bans “rehypothecation,” which essentially outlaws lenders’ ability to finance digital assets with collateral already pledged for different loans, the person says.
The SEC and other agencies were consulted on the content of the legislation, according to Lummis, who still worries they’ll try to kill the measure. “They have seen it. We asked them to tweak it, and we’ve incorporated some of their changes,” she says. “After all of our efforts to reach out to them and work with them, I do not want them to come in at the last minute to put their kibosh on this.”
The proposal comes at a point where there is significant animosity toward SEC chair Gary Gensler within the Republican-controlled House. Republicans have even introduced a bill meant to dilute Gensler’s power by adding a sixth SEC commissioner and killing the chair position altogether. But lawmakers admit that they’ve created the space for the regulator to act—often unilaterally—on crypto because of inaction on the subject in Congress.
“The reason [Gensler] is having this opportunity is because Congress hasn’t acted,” says Senator John Boozman of Arkansas, the top Republican on the Agriculture Committee.
After the senators drop their bill Wednesday, the hard legislative work begins. Digital assets fall under the jurisdictions of numerous committees—Banking (which Lummis serves on), Agriculture (one of Gillibrand’s committees), and Finance. Even the Environment Committee wants a say on crypto mining. That’s just in the Senate.
Each of these committees comes at crypto from a different angle. Take the Senate Banking Committee. Its Democratic chair, Sherrod Brown of Ohio, has focused on risks to consumers, while Senator Elizabeth Warren, a Massachussettes Democrat, has found the issue a bridge to the other side. Last year she teamed up with first-term senator Roger Marshall, a Republican from Kansas, on the Digital Asset Anti-Money Laundering Act of 2022, which would place crypto firms under the Bank Secrecy Act—a 1970 law that requires financial institutions to monitor and report money laundering, among other regulations critics say would crush the crypto industry.
That measure hasn’t been introduced in this 118th Congress, possibly because Gensler and the Department of Justice are all but implementing the bipartisan legislation in real time. Even as industry leaders, investors and their congressional allies accuse the SEC of crippling crypto, what’s become clear in recent months is, if Congress fails to act, again, securities regulators will aggressively go it alone.
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Introduction : Brief overview of cryptocurrency investing.
Best Cryptocurrency to Invest in 2023: A Comprehensive Guide
Investing in cryptocurrencies can be both exciting and daunting. With the market constantly evolving, it's crucial to stay informed about the best options for potential investments. In this guide, we'll explore the landscape of cryptocurrency investments, highlighting the top choices and offering insights into the factors that influence their performance.
Introduction
Cryptocurrency has become a buzzword in the financial world, with investors seeking opportunities in the decentralized digital assets. As the market continues to expand, it's essential to navigate through the various options and make informed decisions.
Understanding Cryptocurrency
At its core, cryptocurrency is a digital or virtual form of currency that uses cryptography for security. Unlike traditional currencies, cryptocurrencies operate on decentralized networks based on blockchain technology, ensuring transparency and immutability.
Factors Influencing Cryptocurrency Investments
Market Trends and Analysis
The cryptocurrency market is known for its volatility, influenced by various factors such as market demand, technological advancements, and macroeconomic trends. Analyzing these trends provides valuable insights for investors.
Regulatory Factors Affecting Investments
Government regulations play a significant role in shaping the cryptocurrency landscape. Understanding the regulatory environment is crucial as it can impact the legality and acceptance of specific cryptocurrencies.
Best Cryptocurrencies to Invest In
Bitcoin
As the pioneer of cryptocurrencies, Bitcoin remains a prominent choice for investors. Its historical performance and market dominance make it a relatively stable option, especially for those new to the crypto space.
Ethereum
Beyond being a digital currency, Ethereum is known for its smart contract capabilities, enabling the creation of decentralized applications (DApps). Its potential for future growth is tied to the continued development of the Ethereum ecosystem.
Binance Coin
Operating within the Binance ecosystem, Binance Coin has gained popularity due to its various use cases, including transaction fee discounts and participation in token sales on the Binance Launchpad.
Cardano
Cardano stands out for its focus on sustainability and scalability. With a unique consensus algorithm and a commitment to research-driven development, Cardano offers features that set it apart from other cryptocurrencies.
Solana
Solana boasts impressive speed and scalability, making it a preferred choice for developers. Projects built on Solana benefit from its efficient and low-cost transactions.
Risks and Challenges
While the potential for high returns exists, cryptocurrency investments come with inherent risks. Market volatility, security concerns, and regulatory uncertainties are challenges investors must navigate.
Tips for Successful Cryptocurrency Investing
Diversification of the Portfolio
Diversifying your investment portfolio helps spread risk. Consider allocating funds across different cryptocurrencies to minimize the impact of poor performance in a single asset.
Research and Staying Informed
In the ever-evolving cryptocurrency market, staying informed is crucial. Regularly conduct research, follow market trends, and stay updated on news that may influence your investment decisions.
Risk Management Strategies
Implementing risk management strategies, such as setting stop-loss orders and defining an exit strategy, can help protect your investment from sudden market fluctuations.
Future Trends in Cryptocurrency
As technology advances, new trends emerge in the cryptocurrency space. Keep an eye on developments such as decentralized finance (DeFi), non-fungible tokens (NFTs), and other innovative applications that could shape the future of the market.
Case Studies
Learning from the experiences of successful cryptocurrency investors can provide valuable insights. Additionally, understanding the mistakes made by others can help you avoid common pitfalls.
Frequently Asked Questions (FAQs)
Is cryptocurrency a safe investment?
While the potential for high returns exists, cryptocurrency investments come with risks. It's essential to conduct thorough research and only invest what you can afford to lose.
Which cryptocurrency is the most stable?
Bitcoin is often considered a more stable option due to its long history and market dominance.
How do I diversify my cryptocurrency portfolio?
Diversification involves allocating funds across different cryptocurrencies to minimize risk. Consider a mix of established and promising projects.
What are the security risks associated with cryptocurrency?
Security risks include hacking, fraud, and the potential for technological vulnerabilities. Using secure wallets and practicing good cybersecurity habits is crucial.
How often should I review my cryptocurrency portfolio?
Regularly review your portfolio to stay informed about market trends and adjust your strategy based on changing conditions.
Conclusion
Navigating the world of cryptocurrency investments requires a combination of research, risk management, and a forward-looking perspective. By understanding the factors influencing the market and exploring the best cryptocurrency options available, investors can make informed decisions that align with their financial goals.
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Is Binance Facing the Same Fate as FTX? Bankruptcy Looming?
Binance, the world's leading crypto exchange, is going through a rough patch that's eerily similar to what happened before FTX went under. There's growing skepticism that Binance might share the same fate as the now-defunct FTX exchange. Things started to go south for Binance after a string of legal challenges and probes raised questions about its future. On June 5, the SEC filed charges against both Binance US and its CEO, CZ, for securities violations, with 13 different counts. At the same time, the CFTC is looking to ban trading on the platform, and there are reports that the Justice Department is investigating how Binance manages potentially illegal funds. Regulatory pressures aren't just coming from the U.S.; they're global. Binance pulled its license application in Austria following increased scrutiny, and Belgium's top
Read more on Is Binance Facing the Same Fate as FTX? Bankruptcy Looming?
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6 Experimental And Mind-Bending Buying Bitcoin Techniques That You will not See In Textbooks
https://facebook.com/GoPickUpCoin
https://gpucoin.wordpress.com/
If you're ready to learn how to put money into Binance Coin proper now - the step-by-step walkthrough will present you the way to complete the process with eToro. You'll have to have the "Show all belongings" field checked up for viewing the listing of all out there cryptocurrencies to deposit. Step 3: Deposit fiat funds: Deposit fiat money resembling USD or AUD to start out buying Polygon MATIC among other cryptocurrencies. Yes. Buying bitcoins from regulatory compliant bitcoin exchanges is risky as a result of you have to belief they are going to handle your documents with privacy and security. This is maybe, with the exception of Bitcoin - resulting from its dominance of the market.
Cash App
Easy and fast signups - can get started in as little as a 5 minutes
John Carvalho (@BitcoinErrorLog) November 2, 2021
Choose XRP and then specify how much you want to buy
Amid market volatility, the on-chain motion of the world’s most valuable digital asset elevated. Customers make and alternate the worth of a forex that varies over time within the inventory market. ICO Alert has helped over 800 different initiatives obtain their goals by means of a phased consulting strategy. This technique - which is called dollar-value averaging, permits you to buy Binance Coin over an extended period of time, so you'll be able to cease being attentive to quick-term pricing traits. In this article, we will reveal some necessary facts about Binance Coin and the place to purchase Binance Coin if you're willing to invest in cryptocurrency.
How To Buy Btc With Credit Card
The above steps are the summary of buying Binance Coin with a Credit card or Debit Card instantly. Buy using quite a lot of cost methods: Coinmama is one among the first exchanges to help shopping for cryptos utilizing not only credit score and debit playing cards, but in addition Apple Pay and direct bank switch. If you want to skip this step to a later date, you can accomplish that on the proviso you are not buying more than €2,000 (about £1,600) price of Binance Coin. Your ultimate step to changing into a bona fide bitcoin trader is to know when to purchase, sell or hold - or as crypto stans say, HODL (see below).
Best Way To Buy Bitcoin
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Where Can I Buy Btc
The actual diamonds are often mistaken to be utterly transparent however they don't seem to be. Some, such as Riot Blockchain (RIOT), are in the business of mining Bitcoin. Well i'll prefer to introduce you to a fast growing enterprise which is Cryptocurrency business (BITCOIN) where you may make investments. Which means you should buy Polygon with Bitcoin. You should purchase BNB at the click of a button. That is essential, as this discounted entry price is on supply regardless that the fundamentals of BNB haven’t changed.
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What is binance and types of trading & how to make money from it
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What is binance and types of trading & how to make money from it
bywebcallon-March 09, 2023
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what is binance
Binance is a global cryptocurrency exchange that was founded in 2017 by Changpeng Zhao, a former software developer at Bloomberg Tradebook. It has quickly become one of the most popular exchanges in the world due to its wide range of features and user-friendly interface. Binance is headquartered in Malta and has offices in various countries around the world.
One of the key features of Binance is its vast selection of cryptocurrencies. It currently supports over 500 different coins and tokens, making it one of the most comprehensive exchanges in the market. This allows users to access a wide range of investment opportunities and diversify their portfolio across different cryptocurrencies.
Binance also offers a variety of trading options, including spot trading, margin trading, and futures trading. Spot trading involves buying and selling cryptocurrencies for immediate delivery, while margin trading allows users to trade with borrowed funds, giving them the opportunity to increase their profits or losses. Futures trading involves trading contracts that allow traders to speculate on the price of a cryptocurrency at a future date.
In addition to trading, Binance offers a range of other services, including staking, savings, and lending. Staking involves holding cryptocurrencies in a wallet to support the network and earn rewards. Savings allows users to earn interest on their cryptocurrency holdings, while lending allows them to earn interest by lending their cryptocurrency to other users.
Binance also has its own cryptocurrency, Binance Coin (BNB), which can be used to pay for trading fees on the platform. BNB has become one of the most popular cryptocurrencies in the market, with a market capitalization of over $40 billion.
One of the key strengths of Binance is its security measures. The platform uses a variety of security features to protect user funds, including two-factor authentication, SSL encryption, and cold storage. Binance also has a Secure Asset Fund for Users (SAFU) that provides an extra layer of protection in case of security breaches or other unexpected events.
Another advantage of Binance is its user-friendly interface. The platform is designed to be easy to use, even for beginners, and offers a range of educational resources to help users learn about cryptocurrencies and trading. Binance also has a mobile app that allows users to trade and manage their portfolio on the go.
Despite its many strengths, Binance has faced some challenges in recent years. In 2019, the platform suffered a security breach that resulted in the theft of over $40 million worth of cryptocurrency. Binance responded quickly to the breach and was able to recover the stolen funds, but it highlighted the need for strong security measures in the cryptocurrency industry.
Binance has also faced regulatory scrutiny in some countries, including the United States and Japan. In 2021, the Financial Conduct Authority (FCA) in the UK banned Binance from operating in the country, citing concerns about its compliance with anti-money laundering (AML) regulations. Binance has since made efforts to improve its AML policies and has been working to address regulatory concerns in other countries.
In conclusion, Binance is a comprehensive and user-friendly cryptocurrency exchange that offers a wide range of trading options and services. Its vast selection of cryptocurrencies, security measures, and educational resources make it an attractive choice for both beginner and experienced traders. However, like any cryptocurrency exchange, it also faces challenges and risks, including security breaches and regulatory scrutiny. As with any investment, it is important for users to do their own research and carefully consider the risks before investing in cryptocurrencies.
Binance has grown rapidly since its launch in 2017 and has become one of the largest cryptocurrency exchanges in the world. According to CoinMarketCap, Binance is currently ranked as the 4th largest exchange by trading volume, with a 24-hour trading volume of over $12 billion at the time of writing.
Binance has also expanded its offerings beyond just cryptocurrency trading. In 2020, the exchange launched Binance Card, a debit card that allows users to spend their cryptocurrency holdings at merchants that accept Visa. Binance has also launched its own blockchain, Binance Chain, which is designed to facilitate the issuance and trading of digital assets.
Binance has also been active in the cryptocurrency industry through its various initiatives and investments. In 2019, the exchange launched Binance Labs, a blockchain incubator that invests in early-stage blockchain projects. Binance has also invested in other blockchain companies and projects, including Polkadot, Terra, and Oasis Labs.
Another notable feature of Binance is its customer support. The platform offers 24/7 customer support via live chat, email, and social media, which has earned it a reputation for being responsive and helpful. Binance also has a large community of users and supporters, with over 3 million followers on Twitter and over 2 million members in its official Telegram group.
In terms of fees, Binance is known for having some of the lowest trading fees in the industry. The platform charges a flat fee of 0.1% for spot trading and 0.04% for futures trading, with further discounts available for users who hold BNB. Binance also has a referral program that allows users to earn commission by referring new users to the platform.
Overall, Binance is a popular and well-established cryptocurrency exchange that offers a wide range of features and services for traders and investors. While it faces some challenges and risks, it has demonstrated a commitment to security, innovation, and customer support that has earned it a loyal following in the cryptocurrency community.
Binance has a strong focus on innovation and has been at the forefront of developing new products and features in the cryptocurrency space. In 2020, the exchange launched Binance Smart Chain, a blockchain platform that enables the creation of decentralized applications (dApps) and the execution of smart contracts. Binance Smart Chain has gained significant traction in the decentralized finance (DeFi) space, with a growing number of dApps being built on the platform.
Binance has also been active in the crypto lending space. In 2019, the exchange launched Binance Lending, a platform that allows users to lend their cryptocurrency holdings to other users and earn interest. Binance Lending has since expanded to offer a range of lending products, including flexible and fixed-term loans.
In addition to its lending platform, Binance has also launched a peer-to-peer (P2P) trading platform. P2P trading allows users to buy and sell cryptocurrencies directly with each other, without the need for a centralized exchange. This can be particularly useful in countries where cryptocurrency exchanges are restricted or banned.
Binance has also been actively involved in promoting cryptocurrency adoption and education. The exchange has launched a range of educational resources, including articles, videos, and webinars, to help users learn about cryptocurrencies and blockchain technology. Binance has also launched several initiatives aimed at promoting cryptocurrency adoption, such as the Binance Charity Foundation, which uses blockchain technology to facilitate charitable donations.
One area where Binance has faced criticism is in its listing process for new cryptocurrencies. Some critics have accused the exchange of prioritizing profit over due diligence, leading to the listing of some questionable cryptocurrencies. Binance has responded by implementing stricter listing requirements and conducting more thorough due diligence on new listings.
Overall, Binance is a dynamic and innovative cryptocurrency exchange that has become a major player in the industry. While it faces some challenges and criticisms, it has demonstrated a commitment to security, innovation, and customer support that has helped it attract a large and loyal user base.
Binance has a user-friendly interface that is easy to navigate, making it an attractive option for both novice and experienced traders. The platform also offers a range of advanced trading tools, such as advanced charting, technical analysis, and trading indicators. These tools allow traders to conduct detailed analysis and make informed trading decisions.
Binance also offers a range of order types, including limit orders, market orders, stop-limit orders, and trailing stop orders. These order types allow traders to execute their trades with greater precision and control.
Another feature of Binance is its margin trading platform. Margin trading allows users to trade with borrowed funds, enabling them to increase their potential profits (as well as their potential losses). Binance offers up to 125x leverage on select cryptocurrencies, which can be particularly attractive to experienced traders.
Binance also offers a range of security features to protect its users' funds and personal information. These include two-factor authentication (2FA), anti-phishing measures, and SSL encryption. Binance also has a Secure Asset Fund for Users (SAFU) that acts as an emergency insurance fund in the event of a security breach or hack.
Finally, Binance has a wide range of supported cryptocurrencies, including many of the most popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, as well as a range of smaller and emerging cryptocurrencies. This makes it a one-stop-shop for users who want to trade a variety of cryptocurrencies on a single platform.
Overall, Binance offers a wide range of features and services that make it a popular and well-regarded cryptocurrency exchange. While it is not without its challenges and criticisms, it has demonstrated a commitment to innovation, security, and customer support that has helped it become a major player in the industry.
Types of trading in binance
Binance offers several types of trading for its users, including:
Spot Trading: This is the most common type of trading on Binance. In spot trading, users buy and sell cryptocurrencies at the current market price. The user's order is matched with an existing order on the exchange's order book.
Margin Trading: Binance offers margin trading, which allows users to trade with borrowed funds. This means users can increase their profits (as well as their losses) by trading with leverage. Binance offers up to 125x leverage on select cryptocurrencies.
Futures Trading: Binance also offers futures trading, which allows users to trade cryptocurrencies at a predetermined price at a future date. This type of trading is typically used by more experienced traders who want to hedge against price fluctuations.
Options Trading: Binance also offers options trading, which allows users to buy and sell options contracts based on the price of an underlying cryptocurrency. Options trading can be used for hedging, speculation, or generating income.
OTC Trading: Binance also offers over-the-counter (OTC) trading for large volume trades. This type of trading is typically used by institutional investors or high-net-worth individuals who want to avoid affecting the market price of a cryptocurrency.
Leveraged Tokens: Binance offers leveraged tokens that allow users to gain exposure to the price movements of cryptocurrencies without having to manage their own leveraged positions. Leveraged tokens can be bought and sold on Binance like any other cryptocurrency.
Staking: Binance offers staking services for select cryptocurrencies. Staking involves holding a certain cryptocurrency in a wallet for a certain period of time to earn rewards. Binance offers staking rewards to users who hold certain cryptocurrencies on the exchange.
Binance Launchpad: Binance Launchpad is a platform that allows users to participate in initial coin offerings (ICOs) and other token sales. Binance Launchpad offers users the opportunity to invest in promising new blockchain projects before they are available on other exchanges.
Binance Savings: Binance Savings allows users to earn interest on their cryptocurrency holdings. Users can deposit their cryptocurrencies into Binance Savings and earn interest on a daily, weekly, or monthly basis.
Binance Pool: Binance Pool is a mining pool that allows users to mine cryptocurrencies and earn rewards. Binance Pool supports several cryptocurrencies, including Bitcoin and Ethereum.
Overall, Binance offers a wide range of trading options and services that cater to the needs of different users. Whether you're interested in spot trading, margin trading, futures trading, options trading, or staking, you can find a trading type that suits your needs on Binance.
how to make money from binance
There are several ways to make money from Binance. Here are some strategies that you can consider:
Trading: Trading cryptocurrencies on Binance can be a profitable way to make money. You can buy low and sell high to make a profit. Binance offers a wide range of trading types, including spot trading, margin trading, and futures trading, which can help you maximize your profits.
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What is the best exchange, OKX or Binance?
Binance and OKX are among the most talked-about crypto exchanges in the world. After reading this post, you will be able to choose the exchange that is most suitable for you.
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Binance Review
Binance is a name you may have heard of even if you're new to crypto. Binance was established in the year 2017 and is the most popular crypto exchange by trading volume. There are currently over 28 million users.
Binance allows traders to experience huge trading volumes and liquidity, as well as low costs. It also offers an advanced trading platform.
Security, Fees, and other features of Binance
Binance has accounts that are tier-based, meaning traders can boost their VIP level by achieving the highest volume of transactions or having the native BNB tokens. In addition to the very lower cost of trading, Binance also offers a few trading pairs for absolutely no cost.
Concerning security, Binance follows industry standards and is attentive to its fund security. The exchange was hacked by a hacker in January 2019, resulting in a loss of $40,000. These funds were later returned.
Products from Binance Available
Binance is the home of the most number of products across the entire crypto industry. It will require a different article to list all the offerings. So, here are some of the most intriguing products of Binance.
A top-of-the-line trading platform.
Futures market that includes over 130 cryptocurrency assets.
You can leverage your tokens as high as 4x.
A launchpad with great IDO/ICO events.
Solid NFT market.
Binance Card for crypto spending
Earn an income that is passive with Binance.
OKX Review
OKX was launched in 2016 as one of the first cryptocurrency exchanges. It has made significant strides. The exchange was previously known as OKEX. The year 2022 was when OKX changed its name to OKX and revamped its platform.
Instead of being merely a trading exchange, OKX functions as a one-stop shop for everything crypto-related like the DeFi metaverse, DeFi, and Web3 projects. OKX is a fantastic choice for traders because it offers a range of crypto-related products as well as a high-performance trading platform. It also permits you to trade with no KYC.
Features, Fees, And Security Of OKX
Traders can select from several types of accounts on their KYC level and requirements. OKX provides high security and keeps 95% of client funds in cold storage.
OKX Products Offered
OKX offers a wide range of products that will satisfy all types of traders. Below are some of the most frequently used products offered by OKX.
Crypto trading is powered by an advanced platform.
Wide variety of kinds of trading orders.
OKX Earn provides passive income for cryptocurrency.
Dive into the world of DeFi metaverse, DeFi, and Web3 projects.
Take part in Polkadot & Kusama Slot Auctions.
Take advantage of integrated walled and trading bots.
OKX Vs. Binance
After you've gone through the report It's time to find out which one is the best about various criteria including security, user experience, and costs. Let's look at the offered products.
OKX Vs. Binary: Products Available
Both exchanges provide products with more in common than differences. Binance has greater financial support for crypto assets and offers a wider range of products. OKX however, has a better trading experience and a stronger self-custodial web3 account. While we like to place Binance as the best in this category, OKX is not that far from the top.
OKX vs. Binary: User-Friendliness
Newer traders will find it difficult to use the interfaces of both platforms due to the large range of products and features that are available. However, if you're an experienced trader who knows the ropes The user experience is likely to be better on both of the platforms. It's difficult to decide which platform is better in this case, therefore we referred to it as an "equal".
OKX vs. Binance: Fees
Both exchanges are renowned for their low-cost structures. In the beginning, the fees for the taker and maker are 0.1%. OKX charges 0.08% for both takers and makers, and 0.1 percent, respectively. Binance is the clear winner, despite significantly lower trading charges. It offers zero fees for trading with stablecoin BTC pairs, BUSD spot trading charges, and complete fiat banking services.
OKX vs. Security
A similar approach to security measures can be seen in both of these top-tier cryptocurrency exchanges. It's impossible to go wrong if security is your primary security concern.
Conclusion
Both Binance and OKX are among the largest crypto exchanges in the world. With both exchanges, you won't be disappointed. Binance is a good choice for traders who want better access to money. OKX is the best option for traders looking for KYC trading and more efficient bot implementation.
FAQs
Which is the better option, OKX or. Binance?
The demands of the trader will determine which exchange is the best. Binance is the largest cryptocurrency exchange. OKX has many impressive features. Doing research is the best method to find out what functions best.
Is Binance secure?
Binance, an exchange that is highly regulated has a global service, and has earned the trust of millions of customers. It also has great security features and even an insurance fund to safeguard clients' funds.
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Oct. 7 (UPI) -- Hackers stole 2 million Binance BNB cryptocurrency tokens -- worth roughly $570 million -- according to a Friday statement from the BNB Chain.
Binance CEO Changpeng "CZ" Chao tweeted that the issue "is contained now" and users' funds "are safe."
"There was an exploit affecting the native cross-chain bridge between BNB Beacon Chain and BNB Smart Chain known as "BSC Token Hub," a BNB Chain statement said. "A total of 2 million BNB was withdrawn. The exploit was through a sophisticated forging of the low-level proof into one common library."
BNB Chain said it was able to "minimize the loss." The vast majority of funds remain under control, according to BNB Chain.
BNB's value dropped more than 3% Friday morning to $285.36 a coin, according to CoinMarketCap data.
BNB Chain said in a blog post that governance votes will be taken on what to do about the hacked funds and to set up a "White hat program" offering $1 million for each bug found in the BNB Chain system, as well as whether or not to establish a bounty for catching hackers that would pay up to 10% of recovered funds.
BNB Chain also said a new "on-chain governance mechanism" will be introduced to defend against future possible attacks.
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Mercedes keep logos of crisis-hit crypto brand FTX on their F1 cars in Brazil | 2022 Brazilian Grand Prix
Mercedes plans to continue carrying the branding of its troubled sponsor FTX at this weekend’s Brazilian Grand Prix.
The cryptocurrency exchange suffered a collapse in value this week after users began withdrawing their funds en masse. Up to £5.1 billion ($6bn) is reported to have been taken out in the space of three days.
A potential rescue deal involving rival cryptocurrency exchange Binance, which sponsors Alpine, fell apart on Wednesday. That has raised serious concerns over the future of FTX.
Mercedes announced in September last year it had formed a “long-term relationship” with the cryptocurrency exchange which would “span multiple race seasons with the FTX logo being featured prominently on both the cars and the drivers.” It has carried their logos since then.
The FTX logos appear on the nose, cockpit and rear wing end plates of Mercedes’ W13 cars (pictured above in Mexico). One of its noses was spotted without its usual FTX decal at the Interlagos circuit on Thursday, but RaceFans understands the team intends to display the FTX branding as usual when practice begins at the circuit tomorrow.
FTX also launched a range of Non-Fungible Tokens (NFTs) in conjunction with Mercedes at the Miami Grand Prix earlier this year. FTX founder and CEO Sam Bankman-Fried, who said last year the Mercedes deal would “continue amplifying our position as the leading global cryptocurrency exchange”, today apologised for the company’s troubles in a lengthy social media post.
“Right now, we’re spending the week doing everything we can to raise liquidity,” he said. “I can’t make any promises about that. But I’m going to try. And give anything I have to if that will make it work.”
“At the end of the day, I was CEO, which means that I was responsible for making sure that things went well,” he added. “I, ultimately, should have been on top of everything. I clearly failed in that. I’m sorry.”
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Cryptocurrency has a serious problem: The party’s over. Fresh dollars from naive retail buyers aren’t coming in anymore after the crashes in May and June, despite a round of advertising during the Super Bowl in February reaching every consumer in the United States. Without those fresh dollars, the holders can’t cash out.
Crypto trading firms hold large piles of assets whose “market cap”—their alleged mark-to-market value—supposedly adds up to a trillion dollars. But this number is unrealizable nonsense because the actual dollars just aren’t there. Everyone in the system knows it. What to do?
The regulated U.S.-based exchanges are just the cashier’s desk for the wider crypto casino. The real trading action, as well as price discovery, is on the unregulated offshore exchanges. These include Binance, OKX, and Huobi. Until Tuesday, Nov. 8, they also included Sam Bankman-Fried’s FTX, which cut off customer withdrawals around 11:37 a.m. UTC on Nov. 8 and then revealed around 4 p.m. UTC that it was suffering a “liquidity crisis.” FTX is just the latest casualty in a series of collapses that began with Terraform Labs’s UST stablecoin; that took out Celsius Network, Voyager Digital, and many other crypto trading firms; and that is now gradually driving the price and trading volume of cryptocurrencies to what they should be: zero.
FTX desperately sought more funding, but to no avail; at press time, FTX had been shut down by its Bahamian regulator and put into liquidation, as well as was filing for bankruptcy in the United States and Bankman-Fried has resigned as CEO. But the fall of FTX has been particularly remarkable in part because its founder was unusually feted.
Sam Bankman-Fried, often referred to as SBF, was born in 1992 to parents who were both academics at Stanford University. After gaining a physics degree at the Massachusetts Institute of Technology, he was introduced to the “effective altruism” quantified charity movement by “longtermist” William MacAskill, and he took a job at quantitative trading firm Jane Street in 2014 with the aim of “earning to give,” a buzzword among effective altruists who believe that the most effective way to do good is to make a lot of money first—even in ethically dubious ways—in order to give it away.
After three years at Jane Street, Bankman-Fried started his own cryptocurrency hedge fund, Alameda Research, during the 2017 bitcoin bubble. He has said that he made the money to start FTX from an arbitrage opportunity. In 2018, bitcoin cost more in Japan than it did in the United States; everyone could see this, but for unclear reasons, only Alameda was in a position to exploit it.
FTX was founded in May 2019. Alameda could trade there and served as the exchange’s market maker. In most regulated markets, this would not be allowed because of the obvious conflicts of interest and the incentives to trade against your own customers—but offshore crypto is unregulated. FTX rapidly became very popular, offering complex products such as options trading, perpetual futures, and tokenized stock market shares, and it was perfectly placed for the 2021 crypto bubble, when bitcoin rocketed to $69,000, the volume of trade soared, and ordinary people the world over were sold hard on getting into just a bit of crypto. FTX did not allow U.S. customers but started a separate exchange, FTX US, in May 2020.
During the 2021 crypto bubble, Bankman-Fried started promoting himself as a billionaire public thinker with big ideas and a deliberate mystique. He posed for the front covers of Fortune and Forbes. He was invariably photographed in shorts, a T-shirt, and untied shoes. He reportedly said, “I think it’s important for people to think I look crazy.” This worked on the venture capitalists, such as Sequoia Capital, which bought his pitch—hook, line, and sinker—with a writer on its website saying: “And, since SBF is obviously a genius, I should simply assume that, compared with me, SBF will always be playing at level N+1.”
High-profile visitors would be scheduled to arrive when Bankman-Fried was asleep in the office beanbag. He spoke to the media about his charitable mission—even if the charities’ goals sometimes seemed odd, such as fighting risks from hypothetical future artificial intelligences.
FTX marketed itself heavily. It got Larry David to do a Super Bowl ad this year in which his character’s skepticism turned out to be completely correct. Bankman-Fried bought a 7.6 percent share in popular day-trading brokerage Robinhood. FTX sports sponsorships included the Miami Heat’s FTX Arena, MLB umpire patches, the Mercedes-AMG Petronas Formula 1 racing team, and athletes such as quarterback Tom Brady. FTX even advertised in fortune cookies. FTX worked hard to paint itself as a trustworthy, fully capitalized institution run by smart and sensible people—even as it was operating almost entirely outside any regulation and was a hollow shell.
But Bankman-Fried was also keen to sell himself as a philanthropist. Bankman-Fried formed a super PAC, Protect Our Future, to lobby for political candidates in the 2022 U.S. midterm elections, spending over $39 million. Several million dollars went to sponsoring his fellow effective altruist Carrick Flynn in a Democratic primary for the House of Representatives, but Flynn lost his primary to Andrea Salinas.
Bankman-Fried aggressively lobbied in Washington, D.C., for the Commodity Futures Trading Commission to control crypto in the United States. He was photographed with its commissioner, Caroline Pham. Bankman-Fried’s policy proposals upset many of his fellow crypto institutions, most notably offshore crypto exchange Binance and its CEO, Changpeng Zhao, who felt that Bankman-Fried was setting the rest of the industry up for failure.
Bankman-Fried’s media promotion served to distract attention from what was going on inside FTX. Occasionally, warning signs would leak: His Forbes billionaire list entry included a cautionary note that most of his claimed wealth “was tied up in ownership of about half of FTX and a share of its FTT tokens.”
FTT was the internal trading token of FTX—like supermarket loyalty points for frequent traders, who could get discounted trading fees and free withdrawals. The token was also traded in the wider crypto market. On Nov. 2, a balance sheet was leaked showing that a third of Alameda’s claimed assets were a large volume of FTT. It was as if the Tesco supermarket chain was solvent only if you counted its own made-up Clubcard points as assets. Alameda had also used this pile of FTT as collateral for loans from outside companies.
Binance had been an early investor in FTX. It divested in July 2021; FTX paid Binance for its share in $2.1 billion of FTT and stablecoins. On Nov. 6, when FTT was at $25, Zhao started dumping Binance’s FTT holding on the open market. Alameda offered to buy Binance’s FTT at $22, but Binance continued dumping.
Bankman-Fried had always maintained that Alameda and FTX were separate entities, but the market considered them closely entwined. The possibility of trouble at Alameda led FTX users to withdraw funds as fast as possible—a bank run. FTX paused all withdrawals on Nov. 8.
A few hours later, Binance and FTX announced that Binance would buy FTX to resolve its “liquidity issues”—pending due diligence. Zhao announced the next day that FTX’s books showed that, rather than just a lack of liquidity, the exchange was insolvent by at least $6 billion. The Bahamas, where FTX is incorporated, has frozen all assets and has appointed a provisional liquidator.
Alameda’s liabilities included substantial loans from FTX. It came out later that FTX had lent over $10 billion in customer assets to Alameda and had accepted FTT—its own internal-trader loyalty points—as collateral. Alameda had been in a hole months before, when the crash in May of Terraform’s UST had quickly been followed by the collapse in June of Celsius Network and Three Arrows Capital. Bankman-Fried had bailed out Alameda with customer funds, secured by Alameda’s FTT holding. FTX and Alameda worked in tandem as a risky shadow bank, using customer funds.
Bankman-Fried was quick to reassure customers that FTX US was not affected and that it was “fully backed 1:1.” FTX US was also attempting to buy the remains of the bankrupt Voyager Digital—another victim of Three Arrows Capital—though the deal is on hold until the status of FTX US is sufficiently clear; withdrawals are operating, but deposits have been blocked. The Texas State Securities Board had previously wanted to stop FTX US’s purchase of Voyager on the grounds of problematic activity by the international branch of FTX.
It’s clear now that FTX and Alameda had been hollow shells for many months, even as Bankman-Fried was presenting himself to legislators as a serious regulation-minded crypto proprietor. But there is no reason to presume any other crypto institution is any healthier while the fresh dollars aren’t coming in. In May 2021, FTX’s erstwhile savior Binance appeared to be trading against its own customers. Binance was also used by Iran to evade sanctions with bitcoin. There was, after all, no regulator to stop the exchange from doing anything it felt like.
Legislators have occasionally proposed rules for sensible crypto trading in the United States. The problem for regulation is that the cryptocurrency industry is intrinsically all but unregulatable as long as the trading volume and price discovery happen in the unregulated offshore casinos and the U.S. entities in reach of the law are just the cashier’s desk for the casinos. This is how the crypto world likes it: a trash-fire trading environment, but being able to cash out with real dollars. This is why it bitterly fights the faintest regulation, every time.
This is not just a concern for consumers but a concern about broader financial stability. The Financial Stability Oversight Council’s 2022 Report on Digital Asset Financial Stability Risks and Regulation covers in detail the collapses of UST-Luna and Three Arrows Capital, as well as the cascade of failures that ensued.
The upside for regulators is that the collapse of cryptocurrency didn’t affect the wider economy. The consequences for retail investors in Celsius Network and Voyager Digital were horrifying, but the wider economy hasn’t been put at systemic risk—yet.
The cryptocurrency collapse will be easy to unwind: The crypto traders will go broke, and everyone in crypto will finally admit to their losses. Sequoia Capital has marked its FTX investment down to $0—and deleted from its website its previous hilarious paean to Bankman-Fried’s mysterious genius. The crash victims that FTX was going to bail out, such as BlockFi, have realized their rescuer is not coming.
The crypto bag-holders all actually lost their money long before, when they bought the bitcoins. In the time since, they’d been telling themselves and everyone else that their magic beans were worth money and never mind the lack of buyers. But this was not the case. The beans were always worthless, and the only way to make money from them was to sell them off before other people caught on.
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HK crypto industry innovates with complex product strategies
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– The Securities and Futures Commission (SFC) remains conservative on widening access to more complex products and strategies.
– Some funds are pushing the envelope for more complex products and strategies.
– The SFC is concerned about investor protection and ensuring that investors understand the risks involved in more complex products and strategies.
– The SFC is also concerned about ensuring…
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