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GNS Token Soars 66% After Listing on Binance Platform

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Crypto Exchange - Investors King

A decentralised exchange token, Gains Network, (GNS) soars by more than 66% after listing on Binance platform.

Binance added GNS on Thursday and promptly jumped from around $7.50 before the listing to a new all-time high (ATH) of $12.48, representing a 66.4% increase.

Launched in November  2022, GNS is up a staggering 259% since the beginning of the year. The 142nd-ranked crypto asset by market cap has since retraced to $11.14, though it is still up 45.33% in the past 24 hours as of the time of writing this report. 

GNS, which is a Polygon and Ethereum (ETH)-based utility project developed “gTrade”, a decentralised trading platform that offers leverage trading up to 150x on crypto assets, 1,000x on forex, 100x on stocks, and 35x on indices.

Investors King understands that GNS was listed in the exchange’s innovation zone, where young and highly volatile tokens are defined, making it a very risky asset to trade. 

According to Binance, the Innovation Zone is a dedicated trading zone where users are able to trade new, innovative tokens that are likely to have higher volatility and pose a higher risk than other tokens.

Although GNS recorded an impressive performance, the question however, is if GNS can sustain its impressive rally in the coming days. 

At the time of writing, the weighted sentiment for GNS was positive, indicating a good response from the investors while the social buzz has also picked up in the last couple of days, signifying momentum for the new token. 

Meanwhile, an unknown crypto trader makes more than $100,000 in less than an hour after GNS is listed on Binance

On-chain data uncovered that only thirty minutes before being listed on Binance, the trader purchased Gains Network (GNS) tokens worth $208,335. 

Following its listing, GNS experienced a remarkable surge of 51%, jumping from $7.92 to $12.01—allowing the trader to turn his (her) investment into profits of over one hundred thousand dollars in less than an hour.

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Cryptocurrency

Crypto Money Laundering Down by 29% in 2023

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According to recent findings from blockchain research firm Chainalysis, cryptocurrency money laundering activities experienced a significant downturn in 2023, dropping by 29% compared to the previous year.

In the report released on Thursday illicit funds laundered through cryptocurrency exchanges plummeted from $31.5 billion in 2022 to $22.2 billion in 2023.

Chainalysis attributed this decline to a general reduction in both legitimate and illicit crypto transaction volumes throughout the year.

The research platform highlighted that centralized exchanges remained the primary destination for funds originating from illicit sources, a trend that has persisted over the past five years.

However, there was a notable shift in the distribution of illicit funds, with an increasing proportion flowing into decentralized finance (DeFi) protocols.

The report suggested that this shift was influenced by the transparency inherent in DeFi platforms, making them less favorable for concealing the movement of funds compared to traditional exchanges.

Furthermore, Chainalysis noted changes in the methods used for laundering illicit cryptocurrency.

The report observed a significant rise in funds being channeled through cross-chain bridges from addresses associated with stolen funds.

Also, there was a notable increase in funds originating from ransomware attacks being directed towards gambling platforms and bridge protocols.

In terms of concentration, the report highlighted that 109 exchange deposit addresses received over $10 million worth of illicit cryptocurrency each, collectively receiving $3.4 billion in illicit funds in 2023.

This represents a considerable increase compared to 2022 when only 40 addresses received similar amounts.

The findings underscore evolving trends in cryptocurrency laundering and signal a growing sophistication in illicit financial activities within the digital asset space.

Regulatory bodies and law enforcement agencies continue to grapple with emerging challenges posed by crypto-related crimes as the landscape evolves.

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Binance Reaffirms Commitment to Fraud-Free Trading Amid Nigeria’s Currency Concerns

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In response to growing concerns about exchange rate manipulation in Nigeria, Binance, one of the world’s leading cryptocurrency platforms, has issued a resolute statement reaffirming its commitment to maintaining a fraud-free trading environment.

The announcement comes amidst reports of heightened tensions regarding the devaluation of the Nigerian currency and suspicions of illicit activities on digital asset platforms.

Binance emphasized its dedication to providing users with a market-driven, transparent, and manipulation-free platform.

The company stressed its unwavering responsibility to safeguard users against fraudulent behavior and ensure the integrity of the trading ecosystem.

Binance asserted that any users found engaging in malicious or manipulative activities would face swift removal from the platform in line with its zero-tolerance policy for market manipulation.

The cryptocurrency exchange also highlighted its ongoing investment in enhancing processes and tools aimed at preventing fraudulent practices.

Measures include setting upper limits for advertisements, implementing rigorous ad screening procedures, and increasing deposit requirements for merchants posting ads.

As industry leaders, Binance reiterated its commitment to working closely with stakeholders to promote innovation while prioritizing user protection.

The platform assured users of its adherence to strict global security protocols across all products and services offered.

Binance’s statement underscores its proactive stance in addressing concerns related to market manipulation, emphasizing transparency, accountability, and the preservation of market integrity in Nigeria’s evolving cryptocurrency landscape.

Meanwhile, there were unconfirmed reports that the Nigerian government is considering blocking Binance and other cryptocurrency platforms amid concerns over alleged forex market manipulation and illicit financial activities.

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Nigeria Mulls Blocking Binance, Crypto Platforms Over Forex Manipulation

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Nigeria’s government is contemplating the drastic step of blocking Binance and other cryptocurrency platforms amid concerns over alleged forex market manipulation and illicit financial activities.

According to officials familiar with the matter, the move comes as the Nigerian currency experiences an unprecedented depreciation to an all-time low of N1,800 against the dollar in the parallel market.

Presidential and regulatory sources have cited reports indicating that currency speculators and money launderers are exploiting platforms like Binance to orchestrate criminal activities, which are believed to be contributing to the naira’s weakening.

Binance, a prominent digital assets platform, facilitates peer-to-peer transactions, allowing users to advertise their interest in buying or selling currencies.

Despite a warning issued by Nigeria’s Securities and Exchange Commission (SEC) in September 2023, cautioning against Binance’s operations as illegal, the platform continued to operate, drawing significant patronage, especially among urban youths and suspected speculators and money launderers.

Officials have raised concerns not only about economic sabotage but also about national security implications as these platforms are reportedly used by criminal groups for activities such as ransom payments.

Law enforcement sources have described the exploitation of digital asset platforms as a sophisticated scheme against the Nigerian economy, involving the manipulation of forex values through fake deals to influence market dynamics.

A senior executive at the Central Bank of Nigeria (CBN) emphasized the troubling trend of the naira’s depreciation, attributing it to artificial devaluation caused by speculative sites like Binance.

The potential ban on Binance and other crypto firms could follow actions taken by other countries like Malaysia, France, and Malta, which have implemented restrictions on such platforms due to similar concerns.

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