Binance's CEO, Richard Teng, recently urged the crypto community to be more cautious with their investments, highlighting the importance of independent research.
While many in the community showed support for the reminder, others took the opportunity to criticize Binance. One user accused the platform of promoting risky and low-value memecoins to its massive user base.
In a separate post, Teng also shared Binance’s success in reducing illicit transactions on the platform. The company, in collaboration with other major players, managed to lower the proportion of illegal crypto transactions to a mere 0.14%.
Binance credited its proactive measures, including real-time monitoring and the recovery of stolen assets, for this achievement.
Binance’s ongoing efforts in compliance were also in the spotlight. The platform invested significantly in building a robust compliance team, which helped secure over 20 regulatory approvals globally.
Additionally, Binance launched initiatives like the Risk Sniper channel on Binance Square to better protect users from scams and fraud. These actions resulted in the recovery of millions of dollars in stolen funds and the blacklisting of thousands of malicious wallets.
Bitcoin-focused investment firm Strategy Inc. (formerly MicroStrategy) is facing mounting legal pressure as at least five law firms have filed class-action lawsuits over the company’s $6 billion in unrealized Bitcoin losses.
Digital banking platform SoFi Technologies is making a strong return to the cryptocurrency space, relaunching its crypto trading and blockchain services after stepping away from the sector in late 2023.
Digital assets are gaining ground in corporate finance strategies, as more publicly traded companies embrace cryptocurrencies for treasury diversification.
Ripple has been dealt another legal blow after a federal judge rejected its attempt to ease court-imposed restrictions and penalties stemming from its long-standing battle with the U.S. Securities and Exchange Commission (SEC).