Why binance Is Trending Today?

Former Binance CEO and co-founder Changpeng Zhao has been pardoned by outgoing U.S. President Donald Trump. This pardon comes amidst speculation about Zhao's potential return to Binance and the crypto industry. Trump's decision has sparked debates about potential conflicts of interest, as Zhao had previously aided Trump's family in their crypto ventures. Zhao was convicted for money laundering and served time in prison before the pardon. Some analysts predict that Zhao's return could significantly impact the crypto market, while critics argue that Trump's pardon is politically motivated.

Trump pardoned Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, after he admitted to allowing money laundering on the platform. The pardon comes amidst a broader debate about the regulation of cryptocurrencies and was seen by some as an attempt to end the Biden administration's "war on crypto." Zhao, also known as CZ, had served a four-month prison term before the pardon. Following his pardon, Binance Coin saw an 8% increase in value.

Binance, the world's largest cryptocurrency exchange, incurred significant losses after a sudden depeg incident involving its synthetic asset, USDe. The depeg, which occurred due to market conditions and an oracle issue on Binance, led to a market crash and massive liquidations. Binance subsequently reimbursed users to the tune of $283 million. Meanwhile, OKX CEO and Ethena founder defended their tokens, arguing that the incident was not a true depeg but rather a result of market manipulation or low liquidity. Tether's CEO praised USDT's stability, contrasting it with the depegged low liquidity tokens.

PayPay, a popular Japanese mobile payment service, has partnered with Binance, the world's largest cryptocurrency exchange, to introduce crypto payments into everyday consumer spending in Japan. This collaboration aims to boost Japan's cryptocurrency market, with XRP, a popular cryptocurrency, potentially reaching $3.2 by the end of October, thanks to this alliance.

PayPay, a digital payments company backed by SoftBank, has acquired a 40% stake in Binance Japan, a major cryptocurrency exchange. This strategic move aims to merge crypto and cashless payments, expanding PayPay's presence in the crypto market. The acquisition will leverage PayPay's extensive network to facilitate smoother crypto payments in Japan.

Paxos, a blockchain company, has agreed to pay a $48.5 million settlement to the New York Department of Financial Services (NYDFS) due to compliance failures in its partnership with Binance. The settlement follows an investigation into Paxos' anti-money laundering (AML) procedures and oversight of the stablecoin Binance USD (BUSD). This penalty is one of the largest ever imposed on a cryptocurrency company by a U.S. regulator, signaling a shift in the enforcement of crypto regulations.

Binance Appoints Gillian Lynch as Head of Europe and UK

Gillian Lynch, former Gemini executive, appointed as Binance's Head of Europe and UK Operations.