Over 80% of recent Binance token listings are bleeding red

Over 80% of recent Binance token listings are bleeding red

Over 80% of newly listed cryptocurrencies are in the red on Binance, the world’s largest cryptocurrency exchange in terms of trading volume.

More than 80% of the tokens listed during the past six months have fallen in value since their listing, raising concerning implications for investors looking for the newest cryptocurrencies.

From the 31 analyzed tokens, only five coins have appreciated, including Memecoin (MEME), Ordi (ORDI), the Solana-based Jupiter (JUP) token, Jito (JTO) and Dogwifhat (WIF), according to pseudonymous crypto researcher Flow’s May 17 X post:

Binance tokens listed during the past six months. Source: Flow

The fact that over 80% of newly-launched tokens are in the red signals a challenging market environment, according to Anndy Lian, intergovernmental blockchain expert and author of NFT: From Zero to Hero.

Lian told Cointelegraph that the current state of the cryptocurrency market has been described as calm, with certain altcoins still trending despite a general lack of momentum overall. He added:

“Many of the projects listed on Binance may have a longer period of growth, the growth may not be instant like the previous bull market.”

However, the new tokens on Binance are listed with an average fully diluted valuation of over $4.2 billion despite not having a real user base. This can significantly limit their upside potential, according to pseudonymous researcher Flow:

“More often than not, tokens launching on Binance are not investment vehicles anymore – all their upside potential is already taken away. Instead, they represent exit liquidity for insiders who capitalize on retail lack of access to quality early investment opportunities.”

Memecoins: the flavor of the month for retail investors

Despite having no venture capital backing, the Ordi token was the most profitable, up over 261% since its launch, while controversial memecoin Dogwifhat took second place, with an over 117% price increase.

Retail interest was the main factor driving memecoin growth, which can operate independently from the altcoin market segment, according to Lian, who told Cointelegraph:

“Since some of them are long-term hodl, many of the retail investors swarmed to memecoin. You can see that from the performance of MEME and WIF. In fact, if you looked the the trading volume. Six of the top trading coins are memes.”

Further showcasing the hype around memecoins, Pepe hit a new all-time high of above $0.000010 on May 13, a day after Keith Gill — the man widely credited with kicking off the 2021 GameStop short squeeze — returned to social media.

Capitalizing on the retail hype, one savvy Pepe trader turned $3,000 into $46 million within a month during Pepe’s rise to its recent all-time high.

 

Source: https://cointelegraph.com/news/over-80-binance-token-listings-loss-red

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Nigerian Court Rules Binance Must Provide Resident Traders’ Data to EFCC

Nigerian Court Rules Binance Must Provide Resident Traders’ Data to EFCC

A Nigerian federal high court has ordered Binance Holdings Limited to provide the Economic and Financial Crime Commission (EFCC) with comprehensive data and trade history of all Nigerians trading on its platform.

Justice Emeka Nwite gave the interim ruling on February 29, 2024, following an ex-parte motion raised by Ekele Iheanancho, the EFCC’s legal attorney.

Data to Unravel Money Laundering by Nigerians on Binance

According to local news outlet Punch, the court interim order was granted to allow the EFCC to investigate alleged money laundering violations and terrorism financing activities processed by Nigerians on Binance.

 

This means the anti-financial crime agency has the legal backing to request and access Nigerian traders on the exchange and conduct investigations.

Nonetheless, it is worth noting that Justice Nwite’s ruling stemmed from an ex-parte motion filed by the EFCC, which was based on specific sections of the Nigerian constitution.

This includes Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the EFCC Act, 2004. Other are Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

The highlighted legal provisions mandated the report of suspicious transactions to the Nigerian authorities and penalties for non-compliance.

The ex-parte motion filed by the EFCC claimed that Binance trading activities in the Nigeria region feature obvious elements of criminality.

An Affidavit was also filed by Hamma Bello, an operative of the anti-graft agency and member of its Special Investigation Team (SIT) within the Office of the National Security Adviser (ONSA). This was in support of the motion brought forward by the EFCC.

According to local news media, the filed document stated that the EFCC received intelligence on money laundering and terror financing on Binance. This led to the commencement of a thorough investigation by the EFCC.

Nigeria Trading Volume On Binance Capped at $21.6 Billion for 2023: The Looming Danger

Bello further stated that Binance’s request and compliance to release detailed data on Nigerian traders on Binance is of the utmost public interest and national security.

According to him, “The team uncovered users who have been using the platform for price discovery, confirmation, and market manipulation, which has caused tremendous distortions in the market, resulting in the Naira losing its value against other currencies.”

 

Bello reiterated that the damage caused by the Binance was clearly explained to the representatives of the exchange.

It could be recalled that the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, accused Binance of facilitating $26 billion of illicit funds in Nigeria in 2023.

Meanwhile, the crypto exchange has proceeded to release trading volume data by Nigerians for 2023, which is capped at $21.6 billion.

 

This was closely followed by a request to delist the Naira on March 5 to mitigate depreciation.

As the case unfolds, crypto enthusiasts, investors, and experts in Nigeria believe the exchange won’t succumb to Nigeria’s court demands.

This is because an act of meeting the demands of the court would go against the ethos of cryptocurrency and decentralization.

 

Dialogue or Sanction: Will Crypto Win?

Case observers believed the potential exit of Binance from Nigeria looms and could affect the growth of cryptocurrency and blockchain technology in the country.

 

According to Anndy Lian, a blockchain expert, Nigeria had the world’s highest proportion of crypto users.

Between June 2022 and June 2023, it had a 9% year-over-year growth of $56.7 billion in crypto transactions.

However, these figures could drop if the world’s largest crypto exchange by trading volume restricts trading operations in Nigeria.

While the Nigerian government and the EFCC believe this will help the Naira gain more value, citizens have shared concerns about basic blame games and lost priorities.

If a dialogue between both parties does not happen soon, Nigerian traders may have to look for other alternatives for their trading needs.

Source:https://www.economywatch.com/news/nigerian-court-rules-binance-must-provide-resident-traders-data-to-efcc

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Binance Team Rebuffs Any KYC Data Leaks On Dark Web

Binance Team Rebuffs Any KYC Data Leaks On Dark Web

In the latest development, a github hack leak revealed that Binance’s users’ data might be facing some threats with a large amount of KYC information now available on the dark web platforms. This led to a major buzz in the market forcing the Binance team to respond.

Binance Security Team Assures Saftey

In response to recent concerns raised by users, Binance’s security team has diligently evaluated the situation, as is customary for all potential threats. The team has conclusively confirmed that there is no indication of a leak from Binance systems, and user accounts remain secure.

Binance assures its users that their accounts are safeguarded against various potential risks. The exchange has incorporated multi-layered security measures in place, including Multi-Factor Authentication (MFA), biometrics, and authenticators.

Binance extends its appreciation to users who bring potential bugs and security issues to their attention. The proactive reporting also allows the platform to thoroughly investigate any concerns and, where necessary, take prompt action to enhance user protection. Furthermore, as the cryptocurrency landscape evolves, Binance said that it remains committed to maintaining the highest standards of security for its user base.

Last week, Binance also initiated quick action after freezing $4.2 million worth of XRP, stolen from co-founder Chris Larsen’s account. Binance CEO Richard Teng has affirmed his support for Ripple’s investigations and commitment to closely monitoring the external wallets of the exploiter.

Addressing the Rising Crypto Scams

Last week, Binance raised alarms about a troubling resurgence in cryptocurrency scams exploiting the current market conditions. Notably, scammers are exploiting the identities of industry figures such as Yi He, Binance’s co-founder, and Anndy Lian, a prominent blockchain author.

Impersonators have created deceptive LinkedIn profiles using Yi He’s identity to approach potential victims, offering token listings on Binance in exchange for significant payments. Yi He also emphasized her minimal involvement with LinkedIn and non-participation in listing discussions, urging caution against false claims of insider connections.

Additionally, Anndy Lian disclosed WhatsApp scams where fraudsters impersonate Binance staff, enticing individuals to join cryptocurrency groups with false promises of passive income.

 

Source: https://coingape.com/binance-team-rebuffs-any-kyc-data-leaks-on-dark-web/?utm_source=sidebartabnews

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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