Binance users support 0-fee trading despite CZ's wash trading concerns
CZ is open to implementing the changes regardless of the challenges that a new system would bring, as he said, “Let’s see what the poll say. We listen to our users.” Both traditional and crypto investors consider trading fees as one of the most significant liabilities when it comes to investing over exchanges. So no wonder when Changpeng “CZ” Zhao, the founder and CEO of Binance, asked investors about their interest in trading on the crypto exchange with no fees, the response was a resounding yes despite the inherent risks pointed out by the entrepreneur.Binance stands as the biggest....
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The simultaneous purchase and sale of crypto assets is called wash trading. Read this guide to understand the purpose of a wash trade. Why is wash trading a problem for the NFT space?NFT wash trading is a problem for investors, the global community, collectors and traders because these participants use less liquid nonfungible tokens to manipulate the price of an asset.Due diligence has become more difficult as investors have been forced to rely on measurable statistics, making wrong investment decisions. To encourage NFT investments and prevent NFT scams, discrepancies in the data must be....
The SEC asserts that the defendants unlawfully gleaned more than $700,000 through a wash-trading scheme that targeted exchanges offering market maker rebates. The U.S. Securities and Exchange Commission has filed a complaint against two Robinhood users over an alleged wash-trading-based arbitrage scheme that utilized meme stocks.According to a Sept. 27 complaint, defendants Suyun Gu and Yong Lee took advantage of differing trading fee schedules offered by different retail brokers and exchanges to extract arbitrage while wash-trading.By trading between venues that offer rebates to market....
Findings from Chainalysis shows the NFT space to be prone to wash trading, but most traders are not profiting. Nonfungible tokens (NFT) have taken the world by storm, resulting in mainstream interest and greater adoption of cryptocurrency. According to blockchain analysis firm Chainalysis, NFT popularity skyrocketed in 2021. Chainalysis’ “NFT Market Report” shows a minimum of $44.2 billion worth of cryptocurrency sent to Ethereum smart contracts associated with NFT marketplaces and collections last year. The report notes that this number was $106 million in 2020.While impressive,....
The Solana layer-1 blockchain network has risen to third place all-time in total NFT sales and now sits just behind Ronin and Ethereum, each of which have a commanding lead. The Solana network is gaining traction among nonfungible token (NFT) traders as total sales have surged past $1.6 billion, making it the third most active blockchain by NFT sales volume.Data from NFT transaction tracker CryptoSlam confirm that total sales on Solana has reached the milestone. Solana’s visibility among traders is clear as it has also ranked second behind Ethereum (ETH) in total sales over the last 30....