As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by Binance’s latest move to rebalance its Tether holdings across multiple networks. This is not an uncommon practice among exchanges, as it helps maintain liquidity and security. However, the scale and scope of this operation are quite impressive, involving a variety of blockchains like Ethereum, Tron, Avalanche, NEAR, EOS, and CELO.
One of the globe’s leading cryptocurrency trading platforms, Binance, has shared an important update about forthcoming transfers involving Tether (USDT) across various networks.
Over the coming days, Binance announced via a tweet that they will be carrying out a Tether token exchange starting from November 6th on various networks such as Ethereum (ETH), Tron (TRX), Avalanche (AVAX), NEAR, EOS, and CELO. This move is aimed at ensuring the best liquidity and security levels across these platforms by rebalancing their holdings.
Effective immediately, Binance will be performing a Tether token swap across various networks like Ethereum, Tron, Avalanche, Near Protocol, EOS, and Celo over the coming days as part of their balancing strategy. If you notice transactions entering or leaving our hot wallet during this period, it’s simply due to this routine operation. Rest assured, your funds continue to be secure with us.
— Binance (@binance) November 6, 2024
During this timeframe, you may observe transactions going into and out of Binance’s active wallet, but rest assured, this activity is a scheduled token exchange. Binance wants to clarify that your funds’ safety remains unchanged by this process.
In its tweet, Binance reassured users that their funds remain safe and unaffected by the action.
Beginning now, Binance will be performing a Tether token exchange over the coming days on networks such as Ethereum, Tron, Avalanche, Near Protocol, EOS, and Celo. This is being done to rebalance our holdings. If you notice transactions entering or leaving our hot wallet, it’s part of this regular process. Binance assures you that your funds are secure.
Binance makes fresh attempt to dismiss SEC case
More recently, the legal representatives for Binance and its ex-CEO Changpeng “CZ” Zhao submitted a fresh petition to have the charges brought by the Securities and Exchange Commission (SEC) dismissed.
Previously mentioned, Binance made a motion on Monday to discard the revised lawsuit that the SEC filed last month.
Binance contends in its filing that the SEC, in its Amended Complaint, seems to honor the court’s decision that cryptocurrencies aren’t inherently classified as “securities.” However, the SEC appears unwilling to acknowledge the logical implication of this ruling: that transactions involving secondary market sales of these assets, made well after they were initially distributed by their creators, are not instances of “securities” trades.
In their legal submission, Binance has asked the court to dismiss the Securities and Exchange Commission’s (SEC) demand for restitution from both the cryptocurrency exchange and its previous CEO, Mr. Zhao.
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2024-11-07 20:29