Kalakshar US

When more than 8,000 subreddits went dark for 48 hours earlier this week to protest Reddit’s forthcoming API changes, there were signs the action had an immediate effect on the platform. On the morning of the first day of the protest, Reddit suffered a “major outage” affecting its desktop and mobile websites, as well as mobile apps. Days later, company CEO Steve Huffman went on a media offensive where he attempted to cast aggrieved users and moderators, many of whom give countless hours of their free time to make Reddit the vibrant platform it is today, as unreasonable. “These people who are mad, they’re mad because they used to get something for free, and now it’s going to be not free,” he said in an interview with The Verge.

But beyond those signs, it was hard to tell how much of a practical effect the protest had on the website’s traffic. Now we have a better idea. According to data provided to Engadget by internet analytics firm Similarweb, the impact was small but noticeable. On the day before the blackout began on June 12th, Similarweb logged more than 57 million daily visits to Reddit across desktop and mobile web clients. By the end of the first day of the protest, daily visits were below 55 million. Then, at the end of June 13th, Similarweb recorded fewer than 52 million daily visits to Reddit. Compared to the website’s average daily volume over the past month, the 52,121,649 visits Reddit saw on June 13th represented a 6.6 percent drop.

Over that same time period, Similarweb recorded a more dramatic decrease in the amount of time Reddit users were spending on the platform. The day before the protest began, an average session on the website was about eight minutes and 31 seconds long. A day later, that metric fell to seven minutes and 17 seconds, or the lowest that stat has been in the past three years. Reddit did not immediately respond to Engadget’s comment request.

Looking forward, a temporary drop in daily traffic is unlikely to affect Reddit’s near-term prospects. But as many subreddits continue to protest the company’s plans and its leadership contemplates policy changes that could change its relationship with moderators, the platform could see a slow but gradual decline in daily active users. That’s unlikely to bode well for Reddit ahead of its planned IPO and beyond.

This article originally appeared on Engadget at https://www.engadget.com/reddits-average-daily-traffic-fell-during-blackout-according-to-third-party-data-194721801.html?src=rss 

The Securities and Exchange Commission and Binance have come to an agreement that will allow the cryptocurrency exchange to continue operating in the US until a lawsuit filed by the SEC earlier this month is resolved. The regulator sued Binance and founder Changpeng Zhao, better known as CZ, on June 5th, alleging the company had artificially inflated trading volumes, mixed and diverted customer assets and failed to restrict US investors from trading on Binance.com when they were supposed to stay on a separate US system.

After announcing the charges, the SEC sought to freeze Binance’s US assets. The regulator said the move was necessary to protect customer funds and prevent the company from potentially moving money abroad. Binance, meanwhile, argued an asset freeze would put it out of business in the US. On Tuesday, the judge overseeing the litigation ordered the two sides to come to a compromise that would safeguard customer assets. 

In a court filing seen by The New York Times, the SEC said Friday that Binance had agreed to move all assets belonging to US customers stateside. Additionally, the company’s US operation is prohibited from providing access or control of domestic assets or funds to Binance’s international operation or Zhao. Until the ligation is resolved, Binance.US is “solely” allowed to transfer assets “to make payments for expenses or to satisfy obligations incurred in the ordinary course of business.” Additionally, the exchange is required to create new customer wallets which its international employees can’t access. The deal still needs approval from Judge Amy Berman – and won’t resolve the SEC lawsuit even if it’s put in place.

“Given that Changpeng Zhao and Binance have control of the platforms’ customers’ assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets,” the SEC said Saturday. “Further, we ensured that US customers will be able to withdraw their assets from the platform while we work to resolve the alleged underlying misconduct and hold Zhao and the Binance entities accountable for their alleged securities law violations.”

Zhao took to Twitter on Saturday morning to comment on the deal. “Although we maintain that the SEC’s request for emergency relief was entirely unwarranted, we are pleased that the disagreement over this request was resolved on mutually acceptable terms,” he posted. “User funds have been and always will be safe and secure on all Binance-affiliated platforms.”

The SEC’s lawsuit against Binance is part of a broader crackdown by the watchdog against the crypto industry. At the end of last year, the agency accused FTX founder and former CEO Sam Bankman-Fried of carrying out an alleged multi-year scheme to defraud investors. One day after suing Binance, the SEC filed a complaint against Coinbase, the largest crypto trading platform in the US, alleging the company had failed to register as a broker, national securities exchange or clearing agency.

This article originally appeared on Engadget at https://www.engadget.com/binance-reaches-deal-with-sec-to-avoid-us-asset-freeze-164802356.html?src=rss