Binance Futures Introduces Updates to Taker Program, Offering Fee Discounts

Binance Futures, the futures trading platform of cryptocurrency exchange Binance, has recently unveiled updates to its Taker Program. These updates aim to offer enhanced benefits to eligible users who engage in trading activities on the platform.

Effective from April 30, 2024, at 00:00 (UTC), eligible users will be able to enjoy a taker fee discount of up to 20% on eligible USDT-margined perpetual and delivery contracts. Additionally, users can take advantage of a promotional taker fee rate of 0.0136% when trading eligible USDC-margined perpetual contracts. This promotional fee rate will be available until July 1, 2024, at 23:59 (UTC).

To participate in the Taker Program, users must reach a total futures trading volume of 100,000,000 USDT equivalent within the last 30 days. Once eligible, users can submit an application for the program at any time. The assessment for eligibility will be conducted during the weekly review of the Taker Program.

Users who have previously applied for the Taker Program are not required to resubmit the application form. Their eligibility will be assessed automatically. The taker fee discount and promotional fee rate will become effective on the following Tuesday at 00:00 (UTC) after the weekly review.

Based on their weekly trading volume and volume share on BTC and ETH pairs, users can qualify for higher taker fee discounts on eligible USDT-margined perpetual and delivery contracts. The table below provides an overview of the fee tiers and their corresponding discounts.

It is important to note that from March 26, 2024, at 00:00 (UTC) to July 1, 2024, at 23:59 (UTC), users who qualify for the Taker Program and achieve a minimum 0.5% weekly taker volume share on USDC-margined perpetual contracts will receive a fee tier upgrade one level higher than their actual qualification. Alternatively, users can qualify for a higher fee tier and corresponding taker fee discount on eligible USDT-margined perpetual and delivery contracts based on their weekly trading volume and volume share on BTC and ETH pairs.

To illustrate, let’s consider User A, who achieves a weekly taker volume of 3,500M USDT equivalent, a 2% weekly taker volume share on BTC and ETH pairs, and a 0.4% weekly taker volume share excluding BTC and ETH pairs on USD‚ìà-M perpetual and delivery contracts from April 22, 2024, at 00:00 (UTC) to April 28, 2024, at 23:59 (UTC). Based on their weekly USD‚ìà-M futures taker volume share on BTC and ETH pairs, User A qualifies for Fee Tier 3.

Consequently, User A will enjoy a 20% taker fee discount on trades made on USDT-margined perpetual and delivery contracts starting from April 30, 2024, at 00:00 (UTC)to July 29, 2024, at 23:59 (UTC). Furthermore, User A will also benefit from the promotional taker fee rate of 0.0136% when trading eligible USDC-margined perpetual contracts during the same period.

Binance Futures continues to enhance its trading experience by providing users with fee discounts and promotional offers through the Taker Program. These updates aim to incentivize traders and provide them with a competitive advantage in the cryptocurrency futures market.

Image source: Shutterstock

Bitcoin Transaction Fees Experience Significant Drop Following Record High

Transaction costs for Bitcoin, the most popular cryptocurrency in the world, dropped significantly after reaching a record high. This decline, which followed the Bitcoin halving, has drawn interest from the cryptocurrency community. Let’s examine this development’s specifics.

Bitcoin Transaction Fees Plunge: The average charge for Bitcoin transactions has dropped significantly, only one day after hitting a record high of $128 on April 20. The average charge for medium-priority transactions was $8–10 as of April 21. The reduction in prices is a welcome development for Bitcoin users who were previously burdened with exorbitant transaction fees.

Record-Breaking Fees During the Bitcoin Halving: The fourth Bitcoin halving took place on April 20th, which also corresponded with a spike in fees. The halving of block height 840,000 was a significant event in the network’s history. The Bitcoin miner ViaBTC received a fee of 37.7 BTC ($2.4 million), which broke all previous records for the network’s 15-year history. This charge demonstrates the volume of activity and demand that the price reduction produced.

Comparing Bitcoin to Ethereum: Due to the spike in transaction costs during the halving, Bitcoin accrued fees of $78.3 million. This sum more than 24 times above Ethereum’s fees, highlighting the supremacy of Bitcoin with regard to transaction costs. Bitcoin is clearly the most popular cryptocurrency when it comes to transaction volume and costs, as seen by this comparison.

Sustained High Fees and Later Decline: Up until about block 840,200, there were higher-than-usual block fees, but they have subsequently decreased to about 1-2 BTC. This drop in costs suggests that levels will once again be more doable for Bitcoin users.

Effect on Bitcoin’s Price: It’s interesting to note that the price of the cryptocurrency was not significantly affected by the Bitcoin halving event. Bitcoin has increased by a meagre 1.5% after the split, hitting $64,840. Price stability indicates that the market has taken the halving’s impacts into account and is making the necessary adjustments.

Image source: Shutterstock

Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration

Binance, the leading players in the cryptocurrency trading industry, has been hit with a class-action lawsuit in Canada. The Ontario Superior Court of Justice has given the green light to the lawsuit, which alleges that Binance violated securities laws by selling crypto derivative products to retail investors without proper registration [1].

The plaintiffs, represented by Christopher Lochan and Jeremy Leeder, argue that Binance’s actions were in violation of the Ontario Securities Act and federal law. They claim that Binance failed to register as required by securities law and neglected to file a prospectus for the derivative products it sold to Canadian investors [2].

The certification motion for the class-action lawsuit highlights the significant presence of retail investors in cryptocurrency derivatives trading in Canada. According to the Ontario Securities Commission (OSC), over 50% of Canadian crypto owners hold at least $5,000 worth of cryptocurrency [2]. This underscores the potential impact of the lawsuit on a large number of investors.

The plaintiffs seek damages and the rescission of the unlawful derivatives trades conducted on the Binance platform. They argue that Binance’s failure to comply with registration requirements and file a prospectus renders the sales illegal and voidable [2].

Regulators have previously classified crypto contracts as securities or derivatives, bringing the marketing of such contracts under securities law. This classification has led to increased scrutiny of platforms like Binance, which offer crypto derivative products to retail investors [2].

Binance’s history with Canadian investors has already attracted regulatory attention. Despite previous pledges to cease doing business with local investors in 2021 and agreements with the Ontario Securities Commission (OSC) in 2022, Binance is still under investigation for possible violations [2]. The outcome of this lawsuit could have significant implications for the cryptocurrency industry, particularly in terms of regulatory oversight and investor protection.

It is estimated that tens of thousands of Canadian users were affected by Binance’s alleged violations. The plaintiffs argue that Binance’s actions not only violated securities laws but also had a direct impact on retail investors who purchased the crypto derivative contracts from the platform starting on September 13, 2019 [3].

Image source: Shutterstock

SEC Seeks $5.3B Judgment Against Terraform Labs and Do Kwon

The United States Securities and Exchange Commission (SEC) has initiated legal proceedings against Terraform Labs and its co-founder, Do Kwon, by submitting a demand for the company to pay civil fines and disgorgement in the amount of billions of dollars. The SEC has filed a petition in response to a judgement in a civil matter, and the purpose of the move is to hold Terraform Labs and Kwon responsible for the alleged violations they have committed.

Disgorgement and Civil Penalties: The Securities and Exchange Commission (SEC) has demanded that Terraform Labs and Kwon pay roughly $4.7 billion in disgorgement and prejudgment interest. Disgorgement is the process of repaying earnings that were obtained by dishonest means, while prejudgment interest is a kind of compensation for the time worth of money. Moreover, the Securities and Exchange Commission is requesting a total of $520 million in civil penalties, with Terraform Labs being responsible for $420 million and Kwon being responsible for $100 million.

possible Solutions: Terraform Labs and Kwon have both submitted their briefs in the civil case, in which they propose several possible solutions to the problem. In their proposal, Terraform Labs suggested a maximum civil penalty of $3.5 million, whereas Kwon suggested a penalty of $800,000. The SEC’s proposed sums are much higher than these estimates, which are substantially lower.

The Securities and Exchange Commission (SEC) is contemplating the imposition of further measures to deter future breaches, in addition to the disgorgement and civil penalties that have already been imposed. The Securities and Exchange Commission has requested that Kwon be prohibited from acting as an officer or director of a securities company. In addition, the Securities and Exchange Commission is attempting to get a “conduct-based injunction” in order to guarantee that Terraform Labs and Kwon would not commit breaches of a similar kind in the future.

The importance of SEC enforcement is shown by the fact that the SEC has filed a request for disgorgement and civil penalties against Terraform Labs and Do Kwon. This action demonstrates the regulatory agency’s dedication to safeguarding investors and prosecuting those who violate securities laws. By ensuring that both people and businesses are held responsible for their activities, the Securities and Exchange Commission (SEC) strives to preserve the integrity of the financial markets and to encourage fair practices.

Image source: Shutterstock

Binance to Phase Out Deposits on BNB Beacon Chain (BEP2)

n a recent announcement, Binance stated that users are strongly encouraged to deposit their BEP2 B-tokens into their Binance accounts before the complete sunset of the BEP2 network in June 2024. By doing so, users will be able to withdraw their B-tokens via the native network or other networks supported by Binance.

BEP2 is a token standard on the Binance Chain, which is a blockchain developed by Binance. It allows users to create and issue their own tokens. However, as the BNB Chain team prepares for the sunset of the BEP2 network, Binance will gradually phase out support for deposits on the BNB Beacon Chain.

The decision to stop processing deposit requests for BEP2 tokens (excluding B-tokens) is part of Binance’s efforts to streamline its operations and focus on the development and support of other token standards, such as BEP20. BEP20 tokens are compatible with the Ethereum Virtual Machine (EVM) and have gained popularity within the decentralized finance (DeFi) ecosystem.

While deposits for all BEP2 tokens will be supported until May 15, 2024, users are advised to stay updated through Binance’s official announcements for any changes or additional details. Binance will continue to provide updates and support to ensure a smooth transition for users during this phase-out period.

It’s important for users to note that the sunset of the BEP2 network does not affect the trading or withdrawal of already deposited BEP2 tokens. Only deposits will be gradually phased out. Binance remains committed to providing a secure and efficient platform for cryptocurrency trading and will continue to explore innovative solutions to meet the evolving needs of its users.

Image source: Shutterstock

Binance Futures to Introduce USDC-Margined BOME, TIA, and MATIC Perpetual Contracts with Up to 75x Leverage

In an announcement made on the Binance Support Center, Binance Futures revealed that the BOMEUSDC Perpetual Contract will be launched on April 25, 2024, at 07:00 (UTC) with up to 50x leverage. Additionally, the TIAUSDC Perpetual Contract will be introduced at 07:15 (UTC) with the same leverage, followed by the MATICUSDC Perpetual Contract at 07:30 (UTC) with up to 75x leverage.

The underlying assets for these contracts are the BOOK OF MEME (BOME), Celestia (TIA), and Polygon (MATIC) cryptocurrencies, with settlement in USDC. The tick size for BOMEUSDC is 0.000001, for TIAUSDC it is 0.0001, and for MATICUSDC it is 0.0001.

Funding rates for these perpetual contracts will be capped at +2.0000% / -2.0000% for BOMEUSDC and TIAUSDC, and +0.4500% / -0.4500% for MATICUSDC. Funding fee settlements will occur every four hours for BOMEUSDC and TIAUSDC, and every eight hours for MATICUSDC.

Traders can enjoy trading these perpetual contracts 24/7, and the Multi-Assets Mode is supported, allowing users to trade across multiple margin assets, subject to applicable haircuts. Binance has also announced that starting from April 3, 2024, users will benefit from zero maker fees and a 0.017% taker fee for all trades on USDC-margined futures contracts.

It’s important to note that Binance may adjust the specifications of these futures contracts, including funding fees, tick size, maximum leverage, initial margin, and maintenance margin requirements, based on market risk conditions. Traders are advised to refer to the Binance Terms of Use and the Binance Futures Service Agreement for more information on the perpetual contracts.

With this new offering, Binance continues to expand its range of trading options, providing users with increased flexibility and opportunities to trade various cryptocurrencies with leverage. Traders can access the Binance Futures platform via the Binance website or the Binance mobile app.

Image source: Shutterstock

Worldcoin Announces Circulating Supply Update and Sales to Trading Firms

In a recent announcement on the Worldcoin blog, it has been revealed that World Assets Ltd., a subsidiary of the Worldcoin Foundation, plans to sell WLD tokens from the World Assets treasury to meet the growing demand for orb-verified World IDs and support the expansion of the Worldcoin network.

The majority of the currently circulating 193 million WLD tokens have been claimed by over 5 million individuals with orb-verified World IDs and through user grants in more than 160 countries. To facilitate the sale of WLD tokens, World Assets will be conducting private placements with select institutional trading firms operating outside of the United States.

These private placements will span a period of up to 6 months and will include measures to prevent the flow of WLD tokens sold outside the US back into the country. For instance, trading firms involved will be restricted from reselling WLD tokens to individuals or on digital asset trading platforms accessible to US persons. Additionally, a 40-day lock-up period may be implemented to restrict the resale of WLD tokens by trading firms, subject to legal and commercial considerations.

World Assets aims to negotiate with multiple trading firms, fostering competition among them to ensure the execution of private placements at prices close to prevailing market rates for WLD tokens, accounting for the aforementioned restrictions.

Under current market conditions, World Assets anticipates selling between 0.5 million and 1.5 million WLD tokens per week on average. This represents less than 0.1% to 0.4% of the weekly trading volume, leading to a corresponding increase in the circulating supply of WLD tokens.

It is important to note that World Assets may deviate from the outlined plans, and readers should refer to the Disclaimer provided in the Worldcoin Whitepaper for further details. Additionally, engaging with crypto products like WLD tokens carries inherent risks, and individuals are advised to review the Important User Information available on the Worldcoin website.

Please be aware that the availability of Worldcoin (WLD) tokens is restricted to certain territories, and they are not intended for individuals, companies, or organizations located in the United States or other restricted territories. However, World ID, TFH’s World App, and other associated functionalities within the Worldcoin ecosystem remain accessible in the United States.

For more information and updates, you can subscribe to the Worldcoin newsletter on the official website.

Image source: Shutterstock

Anticipated Return of $9B Mt. Gox-era Bitcoin May Spur Market Anxiety

The potential return of over $9 billion worth of Mt. Gox-era Bitcoin in the coming weeks could unsettle the market and exert negative price pressure on Bitcoin, according to analysts at K33 Research. Earlier this week, some creditors of the now-defunct Mt. Gox crypto exchange shared updates on their claims, providing information about the amount of cryptocurrency and fiat owed to them, as well as completed repayment dates.

Mt. Gox Creditors Could Receive Payments Next Month

The new updates suggest that creditors might start receiving their Bitcoin as soon as next month, as noted by K33 Research analysts Anders Helseth and Vetle Lunde in an April 23 market note. The outstanding debt to Mt. Gox’s 127,000 creditors amounts to over $9.4 billion in Bitcoin, $72 million in Bitcoin Cash, and $445.8 million in fiat currency (69 billion Japanese yen).

Helseth and Lunde caution that the release of Bitcoin may not necessarily result in immediate selling pressure. However, they emphasize that the substantial “overhang” of 142,000 BTC and 143,000 BCH could “spook the market” . Bitcoin is currently trading at just over $66,700, with recent volatility attributed to changing tensions in the Middle East and the Bitcoin halving that occurred on April 20.

Mt. Gox’s Troubled History

The Mt. Gox creditors have been eagerly awaiting the return of their funds for over a decade since the exchange’s collapse in February 2014 due to a series of undetected hacks. In January, the Mt. Gox trustee initiated contact with creditors to verify their identities and the crypto exchange accounts that would be used for repaying the owed Bitcoin and Bitcoin Cash. Some creditors had already begun receiving Japanese yen repayments by December of last year, and further fiat transfers were reported in March.

While the final repayment deadline for base repayments, early lump-sum repayments, and intermediate repayments is currently set for October 31, 2024, it remains subject to potential changes.

Potential Impact on Bitcoin’s Price

The return of Mt. Gox coins has the potential to significantly impact Bitcoin’s price in the coming weeks. The sheer quantity of 142,000 BTC and 143,000 BCH involved could unsettle the market, creating what analysts refer to as an “overhang”. This overhang could potentially put negative price pressure on Bitcoin, as investors may anticipate a flood of Bitcoin hitting the market.

Conclusion

The anticipated return of over $9 billion worth of Mt. Gox-era Bitcoin could potentially unsettle the market and negatively impact Bitcoin’s price. Creditors of the failed Mt. Gox crypto exchange have reported updates on their claims, suggesting that Bitcoin repayments could begin as early as next month. The sheer quantity of Bitcoin involved could create an “overhang” and potentially impact Bitcoin’s price in the coming weeks. Traders and investors will be closely watching the market for any signs of increased volatility or selling pressure.

Image source: Shutterstock

BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests

Cryptocurrency enthusiasts can now participate in the highly anticipated BounceBit (BB) Megadrop, an event organized by Binance, one of the leading cryptocurrency exchanges. This unique opportunity allows users to engage in the Megadrop by subscribing to BNB Locked Products or completing Web3 Quests.

Starting from April 26, 2024, at 00:00:00 UTC, participants can take part in the BounceBit Megadrop until May 12, 2024, at 23:59:59 UTC. By locking their BNB in BNB Locked Products, users increase their chances of earning attractive rewards. Regular snapshots of the subscription amounts will be taken, and the Locked BNB Scores will be calculated based on these snapshots.

To further enhance the excitement, participants can also choose to complete engaging Web3 Quests to earn additional rewards. The first Web3 Quest, titled “Stake 0.0001 BTCB to BounceBit” (Tutorial), will be available from May 13, 2024, at 06:00:00 UTC.

Binance is set to list the BounceBit (BB) token on May 13, 2024, at 10:00:00 UTC. Traders will have access to various trading pairs, including BB/BTC, BB/USDT, BB/BNB, BB/FDUSD, and BB/TRY. It’s important to note that the token will carry a Seed Tag.

The BounceBit Megadrop boasts a total token reward of 168,000,000 BB, representing 8% of the maximum token supply of 2,100,000,000 BB. The initial circulating supply upon listing will be 409,500,000 BB, accounting for 19.5% of the maximum token supply.

The rewards calculation is based on a user’s Total Score, which is determined by multiplying the Locked BNB Score by the Web3 Quest Multiplier and adding the Web3 Quest Bonus. The Locked BNB Score is influenced by the average locked BNB amounts for different durations, ranging from 30 to 120 days. The Web3 Quest Multiplier is set at 1.5, and there is a Web3 Quest Bonus of 1,000.

To participate in the BounceBit Megadrop, individuals must log into their Binance accounts and either subscribe to BNB Locked Products or complete the designated Web3 Quest(s) through the Megadrop feature on the Binance App. It is essential to have an active Binance Web3 Wallet to successfully complete the quests.

Once the Quest Period ends, participants can view their Megadrop rewards in their Binance Spot Wallet. It’s important to note that external wallets imported to the Binance Web3 Wallet will not be counted for the Megadrop. Only wallets created within the Binance Web3 Wallet are eligible for participation.

For more detailed information on BNB Locked Products, including APRs and subscription limits, interested individuals can refer to the Binance website. Additionally, the BounceBit (BB) Project Links, such as the website and whitepaper, provide further insights into the project.

Participants should be aware that joining the BounceBit (BB) Megadrop may require completion of identity verification in eligible jurisdictions, and some features of the Megadrop may be subject to regional restrictions.

Don’t miss out on the thrilling opportunity to take part in the BounceBit (BB) Megadrop on Binance. Whether through subscribing to BNB Locked Products or completing Web3 Quests, participants can earn attractive rewards and be part of this innovative crypto event.

Image source: Shutterstock

NVIDIA Acquires GPU Orchestration Software Provider Run:ai for $700 Million

In a move to bolster its AI workload management capabilities, NVIDIA has entered into a definitive agreement to acquire Run:ai, a prominent provider of Kubernetes-based workload management and orchestration software. With AI deployments becoming increasingly complex and distributed across multiple infrastructures, efficient resource utilization has become a priority for enterprises.

Run:ai offers an open platform built on Kubernetes, the popular orchestration layer for modern AI and cloud infrastructure. The platform supports various Kubernetes variants and integrates seamlessly with third-party AI tools and frameworks. By leveraging Run:ai’s technology, enterprise customers can efficiently manage and optimize their compute infrastructure, whether on-premises, in the cloud, or in hybrid environments.

The acquisition allows NVIDIA to provide its customers with a centralized interface to manage shared compute infrastructure, simplifying access to complex AI workloads. It also offers functionalities such as user management, resource allocation control, and monitoring of resource utilization. Run:ai’s platform enables pooling of GPUs and sharing of computing power, allowing for efficient GPU cluster resource utilization.

As part of the acquisition, NVIDIA plans to continue offering Run:ai’s products under the same business model. The company also intends to invest in the development of Run:ai’s product roadmap, aligning it with NVIDIA’s DGX Cloud AI platform. NVIDIA DGX server and workstation customers, as well as DGX Cloud users, will gain access to Run:ai’s capabilities, particularly for generative AI deployments across multiple data center locations.

Run:ai has been a close collaborator with NVIDIA since 2020, and the acquisition further strengthens their partnership. Omri Geller, CEO of Run:ai, expressed excitement about joining NVIDIA and continuing their journey together.

The acquisition of Run:ai aligns with NVIDIA’s commitment to providing comprehensive solutions for AI infrastructure management. By combining their expertise, NVIDIA and Run:ai aim to empower customers with enhanced GPU utilization, improved management of GPU infrastructure, and greater flexibility in their AI deployments. The acquisition reflects NVIDIA’s dedication to advancing AI technology and supporting enterprises in their AI initiatives.

Image source: Shutterstock

Exit mobile version