Tag: Binance

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Crypto News

Binance, Poloniex, and Huobi Crypto Exchanges Hold More Tether (USDT) Than Bitfinex

The Binance, Poloniex and Huobi exchanges currently own more Tether (USDT) than Bitfinex, although this exchange platform shares the same CEO as Tether Limited, the stable currency issuer.

Binance, Poloniex, and Huobi possess more Tether (USDT) than Bitfinex, the issuer of this stable coin

Bitfinex, thus, positions itself as the sixth USDT holder, according to data released by CNBC’s Ran Neuner on his Twitter account, noting that Binance is the platform with the highest amount of Tether (USDT), after the stable coin’s treasury. He adds that this situation could mean that Bitfinex has lost many customers or that its clients are exchangingTether for other cryptocurrencies.

Neuner’s statistics are based on an analysis published on October 19th by the firm Element Group which evaluated the situation of the most popular stable coin in the market.

The analysts of the before-mentioned firm highlight the lack of information of the Bitfinex exchange regarding its situation and that of Tether and draw attention to the latest movements made by Bitfinex, which has transferred a large part of Tether (USDT) tokens to the Tether treasury.

Bitfinex crypto exchange is experiencing a bleak period, according to some analysts

“Since October 3rd, Bitfinex has sent a total of 690 million Tether tokens from Bitfinex’s Tether wallet to the Tether Treasury. That has reduced the current supply from about $2.8 billion to $2.1 billion in a short time. Therefore, Bitfinex has spent considerable resources to defend the Tether bond and, in the absence of this buying pressure, it is likely that Tether (USDT) has crashed even further and provokes, even further, the sale in the wider cryptocurrency market,” Element Group reported.

The firm speculates that this situation could be related to the problems that Tether (USDT) and Bitfinex appear to be experiencing in securing a stable banking relationship. That is based on information published at the beginning of October that Noble Bank was looking for buyers and had lost several of its clients, including Tether and Bitfinex.

Fears suggest that the USDT stable coin does not have sufficient support or that Bitfinex is in a state of insolvency.

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Crypto News

Binance Cryptocurrency Exchange Platform Plans To Launch Its Own Bank, The “Founders Bank”

The world’s largest cryptocurrency exchange, Binance, is considering launching its own decentralized, jointly owned banking institution. The news was announced in a statement issued by the same company last week. The “Founders Bank” project will be based in Malta, as the small island has positioned itself as one of the most crypto- friendly countries in the world.

According to Bloomberg, Binance has chosen to take a 5% stake along with other anchor investors. This cooperation amounts to approximately 155 million dollars. In simpler terms, the project reflects an effort to unite and relate cryptocurrencies market with conventional banking.

To achieve this, the cryptocurrency exchange platform must obtain the corresponding permits on the island of Malta, but it appears that this will not be a problem since the authorities have taken this initiative with considerable enthusiasm.

The biggest drawback for the Binance own bank would be the European Central Bank (ECB)

Malta’s Deputy Minister of Financial Services, Silvio Schembri, noted with delight the fact that his nation had been chosen as the location for the “first community-owned bank in the world.”

Now, since Malta is a Member State of the European Union, it seems that the most challenging thing will be to get approval from the European Central Bank (ECB). As we all know by now, the ECB has been against some initiatives involving cryptocurrencies, such as the idea of a crypto-funded state.

Binance’s “Founders Bank” will conduct its fundraising offering through the Neufund blockchain-based platform and issue its own legally binding capital tokens. According to Binance, the sales will be carried out under German regulations in collaboration with one of the leading stock exchanges in Europe.

It is no coincidence that Malta is hosting this project

Binance was forced to migrate from Japan and Hong Kong due to strict regulatory measures. Being now located in Malta, it is no surprise that this is the location for these and other initiatives the world’s leading cryptocurrency exchange platform will deploy.

Malta, on the other hand, a member of the European Union, is competing with destinations like Gibraltar and Switzerland for the attention of cryptocurrency-related firms around the world.

Binance’s decision to launch its own bank, “Founders Bank,” to blend cryptocurrencies with traditional banking comes as a counter-attack against the banking institutions which consider cryptos as a threat to fiat money.

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Crypto News

Binance Cryptocurrency Trading Platform To Donate $1 Million For The Flood Victims In Japan

Changpeng Zhao, CEO of the Binance cryptocurrency trading platform, announced a couple of days ago that the platform he leads would donate $1 million to help flood victims in western Japan.

Binance cryptocurrency trading platform to donate $1 million to help flood victims in western Japan

CZ, as Zhao is known on social networks, made this initiative public through his Twitter profile, where he also clarified that the amount of the donation would be given to the equivalent exchange rate that is most convenient for those affected, be it bitcoin (BTC), Binance Coin (BNB) or in the Japanese fiat currency, the Yen.

In the tweet, CZ took the opportunity to call on the other cryptocurrency exchange platforms to join the initiative and “help our friends in need.”

Shortly after Zhao’s announcement, Binance posted on its website and social networks ways to join them for this charitable cause, which may be anonymous or disclosed, according to donor preference. Donations can be made in Ethereum (ETH) or any ERC20 token.

However, the public’s receptivity to this initiative has been excellent, both on social networks and in the fundraising itself. According to EtherScan.io, an Ethereum (ETH) block explorer, the donation account has so far received 47 transactions, totaling more than 197 ETH, about $100,000.

Binance raised to the occasion to help those people in need

Japan has been severely affected by the extreme rains that have been falling since last Thursday, July 5th. According to news portals, the total number of fatalities and missing persons so far is between 70 and 90 people. In the meantime, rainfall in western Japan region is expected to continue as a result of the monsoon season.

The cryptocurrency trading platform behind this project dedicated to helping the victims of the floods, Binance, is one of the exchanges of cryptos with the highest volume of transactions in the cryptocurrencies ecosystem.

Therefore, it is common to see it among the first places when studying the movements in the market of cryptos such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and so on.

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Crypto Markets News

Binance Cryptocurrency Exchange Expects Profits Of $1 Billion In 2018

Binance, the renowned cryptocurrency exchange platform, anticipates that its revenues will grow to $1 billion by the end of 2018, according to Binance CEO Changpeng Zhao during an interview with Bloomberg from today, July 6th.

Binance cryptocurrency exchange platform ranked the first today in cryptocurrencies trading volumes

Talking about how Binance platform is recouping after a stressful week in which tradings were momentarily suspended, Zhao revenues estimations defy the idea that the profits of cryptocurrency exchanges are dependent on the cryptos prices. For example, although Bitcoin (BTC) is under $7,000 for nearly a month and a half now, Binance’s profits for the first half of the year was around $300 million, according to Zhao.

Binance, which consistently ranks at the top of the world’s most significant daily cryptocurrencies trading volumes, is now #1 with approximately $1.2 billion in transactions in the last 24 hours.

Binance profits estimations encourage the company to extend its operations around the world

The tremendous gains of $1 billion, estimated by Binance for this year, are fuelling an aspirational expansion agenda that will shortly include Binance’s emergence on markets such as Uganda and Bermuda. That after Binance cryptocurrency exchange platform moved its headquarters to Malta, a crypto-friendly country, to avoid strict cryptocurrency regulations, earlier this year.

On the other hand, there are currently approximately 10 million users on the platform, according to Zhao, Binance CEO.

Binance expansion plans are not devoid of competition, too, as other major cryptocurrency exchange platforms, such as Huobi and Coinbase, are also entering new markets. For example, just yesterday, Huobi rolled out in Australia and planned to commence operations in London in the Q3 2018, while services in the United States will also begin in the foreseeable future.

Coinbase, in the meantime, is considering moving its headquarters to Japan and is still waiting for a US banking license.

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Crypto Markets

One Syscoin (SYS) Sold For 96 Bitcoin (BTC) On Binance This Morning

The Binance cryptocurrency exchange platform stopped all transactions early this morning after the acquisition of a single $0.25-valued Syscoin (SYS) with 96 Bitcoin (BTC) on its marketplace.

Syscoin blockchain was attacked

Both Syscoin (SYS) and Binance have confirmed from official Twitter accounts that the Binance platform has stopped all operations due to an attack targeted on the Syscoin blockchain.

As a precaution, after observing strange trading behavior matched by atypical blockchain activity, we have requested that swaps suspend the SYS deposit/withdrawal transactions today. Investigated #Syscoin Blockchain is safe. We have notified the cryptocurrency exchange to reopen the transactions. Information about the details will be given tomorrow.

Syscoin

The reports show that 1 billion Syscoins (SYS) have been extracted from a single source, despite the total potential supply of coin being 888 million. The company has not yet found exactly what it is. However, the team confirmed that an attack was taking place on the blockchain. Syscoin (SYS) team also asked all the cryptocurrency exchange platforms that list SYS to stop Syscoin (SYS) operations until the problem was solved.

Binance halted the operation after 1 Syscoin (SYS) was sold for 96 Bitcoin (BTC)

The Syscoin blockchain attack caused one of the world’s largest cryptocurrency exchange platform, Binance, to halt all the tradings.

One Syscoin (SYS) current value is $0.25, at the moment of this article, while this morning, 1 SYS was selling for 96 BTC, approximately $643,000.

These bizarre sales have led to a massive pumping of Syscoin (SYS), and this caused a shock to the entire market, with an increase of 85% in SYS, according to the CoinMarketCap, until transactions were suspended.

For now, neither the Binance nor the Syscoin (SYS) attack on Syscoin blockchain is associated with the suspicious sale of money on the Binance exchange.

Binance

If it turns out that the unprecedented sale is due to an attack on Syscoin blockchain, we can see many similar cyberattacks aimed at exploiting security vulnerabilities in cryptocurrencies subcodes and wallets in the future.

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