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On November 8, 2023, Binance released its Web3 Wallet, providing secure and streamlined access to the decentralized blockchain world, keeping the management of your Web3 assets directly within Binance.

Binance users have long requested better Web3 management, so now it's here, let's dive into Binance's Web3 wallet and see whether it is worth using.

Binance's Web3 Wallet is a non-custodial (aka self-custodial) cryptocurrency wallet that enables you to store, send, receive, and swap tokens across multiple blockchains. It integrates Web3 capabilities into the Binance app, making decentralized finance (DeFi) more accessible to its users.

Some key features and benefits of Binance's Web3 Wallet include:

Overall, Binance's Web3 Wallet furthers the adoption of DeFi and Web3 services by bringing you an easy-to-use self-custody wallet experience.

If you already use Binance regularly, I'd say it's worth checking out its Web3 Wallet. The integration with the Binance app (you can't access the Web3 wallet in the Binance web version) makes transferring funds between your exchange account and wallet quite easy. I like how I can access my Web3 wallet directly in the Binance app without downloading a separate app or extension.

The setup process was quick and painless. Backing up Binance's Web3 Wallet to iCloud or Google Drive gives some extra security (though you should only do this if you're sure your cloud accounts are equally secure!). The wallet's Emergency Export feature, which lets you regain access to assets independently if you can no longer access your Binance account, is also worth a specific shout. It's not a feature I've seen on any other Web3 wallet.

Of course, security is always a concern when dealing with crypto wallets. Binance's Web3 Wallet uses multi-party computation (MPC) to split the private key into shares across your device, cloud storage, and Binance's servers. With two of the three in your control, that should give you peace of mind.

Binance's Web3 Wallet supports various coins and tokens across blockchains like Ethereum, BNB Chain, Polygon, etc. You can use it to hold and transact with various cryptocurrencieseven beyond what is listed on Binance. The intuitive interface also makes sending, receiving, and swapping tokens a breeze.

One of my favorite features is the built-in swap service. It finds the best rates by aggregating prices across multiple DEXs and CEXs. From the look of things, you probably will get way better swap rates than using individual decentralized exchanges directly. The swap should also be instant and seamless since it uses Binance Bridge under the hood.

That said, I do wish the Web3 Wallet was more platform-agnostic rather than being tied to Binance. It would be nice if I could use Binance's Web3 Wallet independently without a Binance account. But for Binance users, it's a no-brainer choice for a cryptocurrency wallet.

Overall, Binance's new Web3 Wallet is neat and worth checking out. The convenience, great features, and tight integration make it a compelling crypto wallet.

Binance's new Web3 Wallet brings some sweet benefits to the table. So, if you're already on team Binance, you can also give its new Web3 Wallet a test drive. It may become your go-to for all things crypto and decentralized finance.

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What Is Binance's New Web3 Wallet & Is It Worth Using? - MUO - MakeUseOf

In a recent interview, during World Blockchain Summit in Dubai, Alex Chehade, executive director and general manager of Binance, shared insights about the companys journey, its role in the cryptocurrency market, and the significance of regulation in the crypto landscape.

Binance, which operates as a VARA regulated exchange, has quickly made its mark in the cryptocurrency world. Established just over six years ago, Binance is celebrated for being one of the pioneering crypto exchanges, quickly becoming the most successful in the second wave of crypto exchanges.

With permissions for exchange and brokerage for qualified retail and institutional investors, Binance is poised to expand its offerings even further. By the end of the year, they hope to obtain an FFP (Financial Facility Provider) licence, making their platform accessible to retail users as well.

The company has played a pivotal role in shaping the crypto market, accounting for approximately 50 per cent of swap transactions. This significant market presence has made them a household name for crypto enthusiasts and investors alike. Binances ambition, however, goes beyond dominating the crypto space. It aims to become a regulated entity in multiple markets, with the United Arab Emirates, specifically Dubai, being a key focus.

One of the central themes in Chehades interview is the importance of regulation in the crypto world. He emphasised that institutions require regulatory governance to facilitate their participation in the crypto market.

While some sophisticated hedge funds and proprietary trading firms have entered the crypto arena, mainstream adoption is contingent on regulatory assurance. Financial institutions, with their compliance and risk teams, need a level of governance and transparency that aligns with their expectations.

Regulatory compliance and audits of the system are paramount in establishing trust, and Dubais progressive regulatory environment is poised to facilitate this shift.

Dubai, according to Chehade, is on the cusp of becoming a major trading hub. The citys regulations are poised to attract institutions, making it a favourable jurisdiction for the establishment of crypto-related businesses. Furthermore, Dubai is positioning itself as an infrastructure hub, a web three hub, and a strategic time zone bridging Asia, Europe, and Africa. These factors are all contributing to Dubais emergence as a central player in the crypto landscape.

The conversation shifted to the current saturation of crypto and blockchain events. With a proliferation of events happening daily, it can be challenging to discern which are truly valuable. He acknowledges this saturation but notes that the established players are continuously improving to remain competitive. Events with a legacy and a track record of improvement stand out from the crowd. As the crypto space matures, its expected that events will become more refined and targeted, catering to the evolving needs of the industry.

Regarding Binances expansion, Chehade reveals that the company is already operating in the Middle East with licences in Abu Dhabi, Dubai, and Bahrain. It considers these licences sufficient for the region, with the capability to serve other countries effectively. Binances global strategy revolves around establishing a presence in key jurisdictions that can cater to multiple markets, emphasising efficiency and scalability in their approach.

In conclusion, Binance, with fast growth and strong presence in the crypto market, is a testament to the rapid evolution of the cryptocurrency landscape. The companys commitment to regulatory compliance and its strategic focus on Dubai reflect its ambition to lead the way in bridging the gap between the traditional financial industry and the crypto world.

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Binance: A Key Player in the Evolving Crypto Landscape - The Fintech Times

[1/5]Zhao Changpeng, founder and chief executive officer of Binance speaks during an event in Athens, Greece, November 25, 2022. REUTERS/Costas Baltas/File Photo Acquire Licensing Rights

WASHINGTON, Nov 3 (Reuters) - Onetime crypto poster child Sam Bankman-Fried was on Thursday found guilty of defrauding customers of his now-bankrupt crypto exchange FTX, in a high-profile criminal case that rocked the industry.

But he's not the only one in regulators' sights. As token prices plummeted last year, the sector saw other stunning meltdowns that put several industry moguls into authorities' crosshairs.

Investigations are not necessarily an indication of wrongdoing, and charges may not result in convictions. All the executives below have denied wrongdoing.

Changpeng "CZ" Zhao

The U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Zhao in June for allegedly operating "a web of deception." Binance and Zhao were also sued by the U.S. Commodity Futures Trading Commission in March for operating what the regulator alleged were an "illegal" exchange and a "sham" compliance program.

The SEC alleged that Binance artificially inflated its trading volumes, diverted customer funds, failed to restrict U.S. customers from its platform and misled investors about its market surveillance controls.

The company has said the SEC's lawsuit was "unjustified by the facts, by the law, or by the Commission's own precedent." Zhao, a billionaire who was born in China and moved to Canada at the age of 12, called the CFTC's complaint "unexpected and disappointing" and said it contained an "incomplete recitation of facts."

Do Kwon

A South Korean national, Do Kwon co-founded Terraform Labs and developed the TerraUSD and Luna currencies. The market value of TerraUSD and Luna was once estimated at more than $40 billion, and their downfall precipitated a wider collapse in token prices.

Kwon faces multiple charges of fraud in the U.S. and was arrested in Montenegro earlier this year for allegedly forging documents, authorities said. The SEC has also filed civil charges against Kwon and Terraform Labs, accusing the two of "orchestrating a multi-billion dollar crypto asset securities fraud."

Kwon has denied forging documents, according to a Montenegrin court press release. In an Oct. 30 court filing, Terraform said the "SEC is evidentiarily no closer to proving that the defendants did anything wrong."

Alex Mashinsky

The founder and former CEO of crypto lender Celsius Network's company filed for bankruptcy in July 2022.

He has pleaded not guilty to U.S. fraud charges that he misled customers and artificially inflated the value of his company's proprietary crypto token. In January, New York state's attorney general sued Mashinsky, also alleging fraud. A lawyer for Mashinsky at the time said he denied those allegations and "looks forward to vigorously defending himself in court."

Mashinsky also faces lawsuits from the SEC, the CFTC and the U.S. Federal Trade Commission (FTC) that allege he touted Celsius as safe even as the company took increasingly risky steps to deliver promised returns of as much as 17%.

Barry Silbert

Silbert is the boss of crypto group Digital Currency Group whose subsidiary Genesis Global Capital filed for bankruptcy in January.

He was sued by New York Attorney General Letitia James last month along with Genesis and DCG, alleging that they defrauded customers of more than $1 billion.

Silbert called the allegations baseless and said he would fight the lawsuit in court.

"Last year, my and DCG's goal was to help Genesis weather the storm... and position Genesis for success going forward. It is unfortunate that this lawsuit omits that fundamental fact," he said.

Stephen Ehrlich

Stephen Ehrlich's Voyager Digital is another casualty of last year's crypto meltdown. The CFTC and the FTC have accused him of misleading customers about the safety of their assets while taking "excessive risks" that led to the crypto lender's demise.

Ehrlich has said he was being used as a "scapegoat for the bad actions of others at different companies."

"Having spent nearly my entire career working in regulated markets, including more than 10 years at public companies, I have never had a single blemish on my record," he said in a statement last month.

Justin Sun

The SEC in March charged Chinese cryptocurrency entrepreneur Justin Sun and his companies including the Tron Foundation with fraud, accusing him of artificially inflating trading volume for his companies' crypto tokens and concealing payment to celebrities to promote those tokens.

Sun said in a post on social media platform X that the complaint "lacks merit."

Source: Reuters stories

Reporting by Niket Nishant and Hannah Lang; editing by Michelle Price and Anil D'Silva

Our Standards: The Thomson Reuters Trust Principles.

Niket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.

Hannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.

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The other crypto bosses in US authorities' crosshairs - Reuters

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Binance's open interest up by 10% as Bitcoin trading fervor hits 3 ... - CryptoSlate

Cryptocurrency exchange Binance has released its twelfth proof of reserve report, providing transparency into its reserves during a period of market instability. The latest report, with a snapshot date of November 1st, 2023, was calculated and verified by independent Chinese journalist Colin Wu.

The proof of reserve report aims to reassure users that Binance has sufficient cryptocurrency reserves to cover all customer balances and liabilities. This has become increasingly important amidst recent volatility and uncertainty in crypto markets that have led to liquidity issues at some exchanges.

Binance USD (BUSD)

USD Coin (USDC)

Litecoin (LTC)

XRP

Solana (SOL)

Chainlink (LINK)

Binance utilizes Merkle Tree cryptography to generate these reports. All customer net balances are consolidated into a Merkle Root, which acts as a cryptographic seal summarizing account balances on the snapshot date. An independent auditor then verifies that the balances match the exchanges liabilities.

For now, the transparency reports offer traders peered insights into the exchanges inner financial workings during turbulent times. The community had lost trust in centralized exchanges following the collapse of FTX in 2022. Reports like proof-of-reserves are a light at the end of the tunnel to ensure that there are enough reserves to back the customer balances.

Milk Road Writer

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

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Binance Releases 12th Proof of Reserve Report Is It Enough to ... - Milk Road