Trust Wallet, the foremost self-custody Web3 wallet with a trusted user base of more than 140 million individuals, has incorporated Binance Link, the authorized fiat-to-cryptocurrency gateway of Binance. This integration aims to simplify the acquisition of digital assets and improve the overall user experience. This combination provides a smooth experience with direct entry to peer-to-peer (P2P) services and strong fiat-to-crypto solutions, all within Trust Wallet’s effective environment. This merger enables millions globally by streamlining crypto transactions and broadening access to digital assets.

With Binance Connect, Trust Wallet users can now reach over 300 cryptocurrencies at competitive rates, backed by Binance’s unmatched liquidity and market presence. This amalgamation simplifies the traditional-to-cryptocurrency process, enabling transactions through credit and debit cards, bank transfers, Binance wallet balance, and Binance P2P trading.

Through this fusion, Trust Wallet is empowering users to utilize a wide array of cryptocurrency services from reputable partner merchants, lowering barriers and facilitating millions to engage with the realm of Web3.

Trust Wallet presently sustains seven traditional on-ramp solutions, and the inclusion of Binance Connect enhances Trust Wallet’s functions, providing its users with a smooth, economical, and convenient method to purchase, sell, and manage cryptocurrencies directly within the wallet.

Key Advantages of Binance Connect Integration:

Global Accessibility: Binance Connect broadens on-ramp coverage to underserved regions, giving users worldwide more avenues to acquire cryptocurrencies.

Seamless Onboarding: Binance KYC-verified users experience swifter access to P2P and traditional services within Trust Wallet, eliminating the necessity for supplementary verifications.

Cost Effectiveness: P2P transactions via Binance Connect are generally more cost-effective than conventional payment methods, further encouraging cryptocurrency adoption. Competitive person-to-person transaction charges enhance the availability of cryptocurrency and promote regular utilization.

Strong Currency Backing: The inclusion backs up more than 100 fiat currencies, over 300 cryptocurrencies, and more than 300 payment alternatives, encompassing both customary and unconventional choices.

Eowyn Chen, Chief Executive Officer of Trust Wallet, underscored the importance of this inclusion:

“At Trust Wallet, we continuously strive to make Web3 available to all. Through our partnership with Binance Connect, we are streamlining the transition into the on-chain realm, especially for individuals in areas where conventional financial infrastructure pathways are lacking. This amalgamation is a transformative development for enabling self-directed wallet users worldwide.

“Trust Wallet’s incorporation of Binance Connect exemplifies the impact of cooperation in progressing the Web3 environment,” stated Thomas Gregory, Vice President of Fiat at Binance. “Collectively, we are streamlining the user interface for millions globally, providing smooth transactions that enhance the accessibility of digital assets, particularly in areas where conventional financial systems encounter constraints. “

Trust Wallet customers can initiate utilizing Binance Connect promptly by designating it as their favored payment option in the application. From establishing the wallet to finalizing transactions, the procedure is user-friendly and smooth, irrespective of proficiency level.

Binance and its creator, Changpeng Zhao, have submitted a request to dismiss the amended accusation by the U. S. Securities and Exchange Commission (SEC).

In a November. . . In a court submission, Binance and Zhao’s legal representatives contended that the SEC has only marginally recognized a previous court decision that specified that cryptocurrency is not inherently categorized as a security. They asserted that the SEC’s broader legal action conflicts with a prior court ruling that differentiated cryptocurrency from securities. The discussion brought to light the SEC’s stance fails to consider the logical consequences of that decision, indicating that the resale of digital assets on the secondary market does not constitute securities transactions following the initial distribution of the assets by their developers.

The defendants also contended that the revised complaint lacks a solid legal basis for distinguishing between assets involved in investment contracts and the investment contracts themselves.

The submission indicated:

“Assets – whether oranges, beanie babies, or crypto assets – do not remain investment contracts indefinitely just because they were initially offered and sold to customers as part of a bundle of promises and expectations that collectively meet the criteria for ‘investment contracts’ under the Howey test. “

Binance further elaborated that token sales on exchanges are typically impersonal. When one party initiates a purchase order and another initiates a sell order, the transaction is finalized through matching software without direct interaction. In such instances, purchasers do not possess a rational anticipation that their capital is being utilized in a collaborative initiative intended to produce earnings. Lacking this anticipation, the transaction does not satisfy the conditions of an investment agreement according to securities legislation.

Consequently, Binance is aiming to have the amended lawsuit dismissed and is requesting the exclusion of certain sections of the SEC’s sought-after remedies.

Binance has made an official statement regarding rumors about the upcoming launch of a separate token for Moonbix.

Amid rumors that Binance is about to launch “Moonbix Coin,” the exchange confirmed that the Moonbix development team is not launching a “Moonbix Coin” or any similar token.

Binance stated that they currently have no plans to issue a separate token for MoonBix, and therefore, all information circulating online is false, and users should take caution.

“We have noticed some rumors spreading about the launch of a ‘Moonbix Coin.’ To clarify, our development team is not introducing any such coin and has no plans to launch a token related to the game. Therefore, any news about a ‘Moonbix Coin’ is false. Please be cautious and make sure to check updates directly from our official channels. User safety remains our top priority. Always stay alert, informed, and double-check any news,” Binance declared.

Moonbix is a gold mining game that operates on the Telegram mini app. It is Binance’s latest game project.

Although it only launched in mid-September, the project has already attracted over 15 million players, making it one of the hottest mini-games on Telegram.

On September 18, Binance also warned its community that many scam projects using names similar to Moonbix are currently circulating.

$DOG or $MAGA or #BabyDoge ???

The founder of the world’s largest crypto exchange has been sentenced to four months in prison for allowing criminals to launder money on his platform.

Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.

Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.

Prosecutors had sought a three-year sentence for the former Binance boss.

At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put “Binance’s growth and profits over compliance with US laws and regulations”, according to the Verge.

US officials said in November that Binance and Zhao’s “wilful violations” of its laws had threatened the US financial system and national security.

“Binance turned a blind eye to its legal obligations in the pursuit of profit,” said Treasury Secretary Janet Yellen.

“Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.”

Commonly called “CZ”, Zhao has a $33 billion fortune, according to Forbes magazine.

Nigerian authorities are currently investigating the company, registered in the Cayman Islands, as well.

Tigran Gambarayan, who is in charge of financial crime compliance at Binance, denied money laundering charges in a Nigerian court in early April.

Fellow executive Nadeem Anjarwalla, detained in Nigeria alongside Mr Gambarayan in February, escaped custody in March.

Zhao’s sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for fraud committed at his rival crypto platform, FTX.

Binance, the world’s largest cryptocurrency exchange, received a long-awaited regulatory license in Dubai. 

Binance received its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity, unnamed people familiar with the matter told Bloomberg on April 18.

The Virtual Assets Regulatory Authority’s (VARA) final requirement for granting the VASP license was for Zhao to give up his voting power in Binance FZE, the Dubai-based unit of the exchange, according to unnamed people familiar with the matter.

While Binance’s current CEO, Richard Teng, confirmed receiving the license, he said that Zhao giving up his voting power was “pure speculation”, in a statement shared with Cointelegraph:

“That’s pure speculation. Again, we don’t comment on media speculation… Our relationship, our dealings with regulators are confidential.”

The full regulatory license signals a significant win for Binance, which has been under regulatory scrutiny since the FTX collapse.

In November 2023, Binance agreed to pay a $4.3-billion settlement to United States authorities to settle federal charges related to a lack of Anti-Money Laundering (AML) protocols violating the Bank Secrecy Act.

Binance co-founder Zhao pleaded guilty to one felony count, namely for failing to maintain adequate AML protocols, and resigned as part of the plea deal. Zhao’s sentencing is set for April 30. He faces up to 18 months in prison.

Why did Binance’s Dubai unit sever ties with Zhao?

Dubai’s VARA officials wanted to ensure that they didn’t interfere with Binance’s recent settlement with U.S. authorities, which forced Zhao to step down from his position as the CEO of Binance.

This was the main reason for VARA requiring Zhao to cede his voting powers in Dubai FZE. After Zhao’s voting control was surrendered, VARA took a stringent look at the products that the exchange planned to offer in Dubai, according to people familiar with the matter.

Despite receding voting rights, Zhao remains the ultimate beneficial owner of Binance FZE’s Abu Dhabi-based parent company.

Gaining a full license in the United Arab Emirates has been a focal point for Binance’s future operations, according to Alex Chehade, Binance Dubai’s general manager, who told Cointelegraph:

“Binance identified that the senior leadership of the UAE wanted to establish the region as a focal point for Web3. They’re trying to diversify away from fossil fuels, and they see [crypto] as a great driver for doing so.”

Binance received a preparatory minimal viable product license from VARA in September 2022, which enabled the exchange to offer a range of digital asset services for qualified retail and institutional investors.