Binance CEO Denies “November” Rumor on Binance U.S. Launch

Binance CEO, Changpeng Zhao was recently quoted by crypto-media sites on the tentative launch of its US branch. CZ told Cheddar that, while the situation is still “in a flux”, the platform can be expected to go live “in a month or two.”
Numerous media outlets chose to draw a timeline and took the safe side. Since, its already mid-August and he said, “a month or two”, reports around its launch in ‘November’ started spreading like a virus.
Nevertheless, outlets can’t be blamed for the situation as well. Binance U.S. twitter account and Catherine Coley from Binance U.S. re-tweeted Cheddar’s report which iterated the same fact.

Now you know I meant it when I said I was busy. Thanks for your patience! https://t.co/PkJ1U1wYt3
— Catherine Coley (@cryptocoley) August 16, 2019

However, CZ has chastened the crypto media websites for creating news for a November launch. He said,
I never said November… Gotta love how interpretations (or misinterpretations) become “news”.
Moreover, while we haven’t received any further details from him or Catherine on the tentative dates. The flow of things suggests that the launch might be much sooner than November.
The U.S. has put stringent regulation for the operation of Exchanges. While things were unclear in the past, CZ stated that it has improved a lot. He also added,
“We want to be fully compliant. Before we didn’t feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market.”
Binance U.S. is expected to add 30 cryptocurrencies, while Binance’s international division currently lists about 150 coins. Trading will be limited to the entire of US, expect New York for now. Binance is yet to procure the BitLicense from NYDFS.
Do you think Binance U.S. will be launched alongside Bakkt? Please share your views with us. 
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Source: CoinGape

CZ: Binance will Resume US Operations within a Month or Two

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CZ: Binance will Resume US Operations within a Month or Two
In a recent interview Changpeng Zhao, also known as CZ, commented that he believes that Binance should resume operations in the US within “a month or two”.
CZ: Binance will Resume US Operations within a Month or Two

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Source: CoinSpeaker

New Harmony Mainnet Network Upgrade Is on Its Way

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New Harmony Mainnet Network Upgrade Is on Its Way
The Harmony network has just carried a network upgrade increasing, the number of nodes from 600 to 800. Moreover, it is possible that Harmony will be officially listed on Coinbase in the future.
New Harmony Mainnet Network Upgrade Is on Its Way

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Source: CoinSpeaker

Binance Launches Crypto OTC Desk; CEO Quotes Avengers – Find Out Why

Binance has built a massive ecosystem in providing crypto-related products services. Starting with an exchange in 2017, it quickly became the largest Exchange in the game and now has launched a plethora of products. From (Decentralized Exchange) DEX and to an online crypto academy and Charity Foundation, Binance offers it all.
Binance has now launched a crypto OTC-like (Over-the-Counter) trading feature – Block Trading. It will offer a personalized way for users to trade large block sizes (above 10 BTC orders).
According to the blog post, while Block Trading is similar to OTC desk in pre-determining the price of purchase orders, it is a lot faster than the traditional OTC desk. Moreover, Binance plans offer almost all altcoins on its platforms.
The Blogspot noted,
“as part of that ecosystem we are in touch with traders who can provide extremely competitive pricing and liquidity in not only BTC but also in altcoins – and not just the likes of XRP, BNB, and ADA, but also less liquid coins such as MANA, AION, and ENJ.”
Due to the lower volume at times, a significantly large order has a tremendous effect on the market. It has taken this initiative to avoid FUD and FOMO in the market as well.
The main purpose of an OTC desk is to establish trust between the buyer and seller apart from the price. The OTC desk also acts as escrow for the time the orders are being executed. Binance plans to offer almost instantaneous settlements between both the accounts.
 
Job Openings at Binance
CEO Changpeng Zhao has also announced vacancy for positions at Binance. Binance is hiring for their Product team. Among others, they are looking for UI Designers (Senior), Product Managers and UX Researchers for their platform. Find out details here. CZ was very excited to make the announcement on the job openings and said, He said,

“never thought I would say something like that on Twitter, but … whatever it takes to get the best team”

Will the Block Trading desk be good for the industry? Please share your view with us. 

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Source: CoinGape

Crypto Exchange CEO Dons ‘Hawaiian Short Pants’ at Expansion Meeting

Silicon Valley workers have often projected a casual image when it comes to clothing. During the early 2000s, entrepreneurs in a pair of Jeans and T-shirt set out to change the world. And, indeed they have.
More often than not, even interviewers have to choose between putting on a tie or not for an event with one of the Silicon Valley executives. Cryptocurrencies seem to have taken everything a step further. Recently, Jeremy Allaire, the CEO of Circle which manages Poloniex crypto Exchange donned a ‘Hawaiian red shorts’ over a formal jacket and tie at a meeting with Officials from Bermuda.
Nevertheless, the credit also goes to Binance CEO, Changpeng Zhao, who has earlier worn blue short pants at the meeting with Bermuda Officials.

Who wore it better? @cz_binance or @jerallaire pic.twitter.com/efShZPpXNp
— Charlie Shrem (@CharlieShrem) July 22, 2019

Bermuda Expansion for Poloniex Exchange
Circle is the parent company of Poloniex Exchange. It has procured a license and launched a subsidy in Bermuda. Circle is one of the leading crypto firms which has also released a stablecoin – USDC. It has also received significant investment from Goldman Sachs until 2016.
They plan to serve non-US Poloniex customers with our new Bermuda operations. Poloniex is one of the oldest and regulated cryptocurrency Exchange. Currently, Poloniex has existing operations in the US, Ireland, the UK, and Hong Kong.
Bermuda enacted the Digital Assets Business Act of 2018 which provides for a complete regulatory framework for establishing and operating Cryptocurrency Exchanges. This is also prosperous for the British island territory. Edward David Burt MP, the premier of Bermuda noted,
…Circle will begin hiring immediately to grow their Bermuda office to more than 30 people over the next two years.
The lack of a regulatory framework for cryptocurrencies in the developed countries has often motivated the crypto entrepreneurs to look for help outside. This fact was reiterated recently by Venture Capitalist, Tim Draper at an interview. He said that the companies are moving to countries like Malta and elsewhere because of the delay and negative stance that Governments have currently held.
Do you think that the regulators should expedite their regulatory process or the market share of crypto is still lower? Please share your views with us. 
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Source: CoinGape

Binance Jersey Launches Their Own GBP-Backed Stablecoin

Popular cryptocurrency exchange, Binance’s CEO, Changpeng Zhao has shown his “false disapproval” for stablecoins on Friday, while he called them “the worst nominal in crypto”.
Changpeng Zhao, who’s Binance exchange alternate between the top and second-largest cryptocurrency exchange by both daily trading volume and adjusted volumes took to his Twitter handle on Friday evening to made a jest of the set of assets, whose price were tagged to more stable currencies like the U.S. Dollars, declaring that they were the worst nominal in the cryptocurrency space.
However, as one may have noticed, no one better has access to the statistics relating to the individual and or collective performances of assets traded on an exchange better than the CEO himself, which would have been his major source of reference.
As the crypto billionaire made his comparisons, he compared on the grounds of asset performances against bitcoin over a period of six months. According to him, BTC price vacillated between a period of six months while the so-called stable coins had fallen against bitcoin by around 3 times within the same period, thereby concluding that nothing was stable about them.
In Zhao’s words…,
“Stable coin is the worst misnomers in crypto. There is nothing stable about it.
While 1 BTC still = 1 BTC “stablecoins” have dropped by 3x in value against BTC in the last 6 months.”
By definition, a stablecoin is one of a set of cryptocurrencies which has a fiat reserve. They are designed for a greatly reduced volatility. Sometimes, these reserves can be in the form of a bond or tradable physical assets like gold. In many cases, fiat-backed stablecoins are usually pegged to their backing fiat currency in the ratio one-to-one (1:1). In this kind of relationship, then, a single unit of the stablecoin coin has exactly the same value has a single unit of its corresponding fiat currency backing. For example, Tether(USDT) is backed by the U.S. dollar and currently trades at $1.00078 with a -0.71% 24-hour change in price.
In the meanwhile, stablecoins appeared not to be the only topic of discussion at the time. Changpeng Zhao had other important issues to discuss. He concluded that the exchange had just launched its Binance Great Britain Pounds (BGBP) on Binance Jersey. In this new system, Brits are enabled to deposit Great Britain Pounds directly on the exchange form their Jersey subsidiary.
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Source: CoinGape

Binance Jersey List Their Own GBP-Backed Stablecoin

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Binance Jersey List Their Own GBP-Backed Stablecoin
Binance Jersey has listed a proprietary GBP-backed stablecoin that confirmed that the major industry player had its sights on imminently issuing its own fiat-pegged assets, starting with a cryptocurrency 100% backed by the British pound.
Binance Jersey List Their Own GBP-Backed Stablecoin

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Source: CoinSpeaker

We Will Always Expect Crypto Exchanges to Act Like Our Banks

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We Will Always Expect Crypto Exchanges to Act Like Our Banks
Instead of trying to change human behaviors which is one of the most challenging things we could do, maybe we ought to try and change how exchanges are not able today to fully secure our funds?
We Will Always Expect Crypto Exchanges to Act Like Our Banks

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Source: CoinSpeaker

Binance Coin Breaking News: Falling Market Cap and Price

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Binance Coin Breaking News: Falling Market Cap and Price
Unusual as it may seem, Binance Coin (BNB) lost $1.5 billion market cap in just 24h. No, there is no witchcraft involved – rather, it all comes down to Binance’s decision on chopping the number of tokens in circulation.
Binance Coin Breaking News: Falling Market Cap and Price

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Source: CoinSpeaker

Binance Crypto Exchange Eyes Coming to South Korea

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Binance Crypto Exchange Eyes Coming to South Korea
It is expected that quite soon Binance will launch its crypto exchange in South Korea. The company is already looking for a Compliance Officer to work in Seoul.
Binance Crypto Exchange Eyes Coming to South Korea

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Source: CoinSpeaker

Binance Coin [BNB] Slips Down at #8 Rank on CMC – Here’s How CZ Responds

The native token of Binance crypto exchange has slipped down to an 8th spot on the graph of Coinmarketcap (CMC). While other cryptocurrencies are running upward, Binance Coin (BNB) followed the backward path.
Binance Coin Slips From 6th Spot to 8th Spot on CMC
One of the largest crypto exchange, Binance has recently celebrated its two years anniversary and had finally launched the long-awaited feature, Margin Trading for eligible traders. However, on July 11, 2019, the exchange has announced that it completed the eighth Binance Coin (BNB) token burn event.
In addition, it had also stated that the exchange is intending to burn team allocated BNB tokens, counting 808,888 BNB. This comes in a wake of the company’s commitment of burning 100 million BNB tokens wherein team’s allocation counts at 40% of the total supply.
On the day of Binance’s anniversary (July 14, 2019), BNB was valuing the market capitalization of $4.1 billion, resting as a sixth-biggest crypto asset on Coinmarketcap.
Comparatively, BNB sided down to the eighth spot, losing its major value and counting with the market cap of $3,076,609,022. At the time of writing, BNB is trading at the value $28.18 against US Dollar and showing the decline of 0.27 percent over the past 24 hours.
Crypto Market | Coinmarketcap
CZ’s Responds to Declining Volume
The effect of BNB’s declining value can be quickly captured at the Twitter handle of Binance’s CEO CZ who posted a tweet, observing, “CMC just gave an 80M BNB haircut. He apparently adds that CMC’s calculation of circulating supply works well for mining coins and not projects with burn (BNB).

CMC just gave an 80M BNB haircut. They way CMC calculate Circulating Supply works only for mining coins, it does not work for projects with burn, unlocked team allocations, etc.
Oh well, more room for $BNB to grow. 🙂 pic.twitter.com/ogSCCCvDEb
— CZ Binance (@cz_binance) July 16, 2019

It’s worth to note that, Tether dethrone BNB at sixth spot and EOS at the 7th spot. At the current time, Bitcoin and other leading altcoins are experiencing a positive movement their volumes whereas BNB is the only asset with a negative remark of 0.27 percent over the past 24 hours (under the top 10 cryptocurrencies on CMC)
BNB Marketcap | Coinmarketcap
Featured Image – Shutterstock
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Source: CoinGape

Time to Sell Your BNB? Price Drops 7% Following Token Burn

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Time to Sell Your BNB? Price Drops 7% Following Token Burn
Since the token burn, BNB price has dropped from around $32 per token, to close to $28.3 per token at press time, according to CoinMarketCap. This is a drop of around 7%.
Time to Sell Your BNB? Price Drops 7% Following Token Burn

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Source: CoinSpeaker

CZ Binance: Retail Investors are Steering The Crypto Price Rally

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CZ Binance: Retail Investors are Steering The Crypto Price Rally
Contrary to popular belief, retail investors are still playing a major role in directing Bitcoin’s price action, thinks Binance CEO ChangPeng Zhao. He states that this growth is partly due to increased margin trading availability.
CZ Binance: Retail Investors are Steering The Crypto Price Rally

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Source: CoinSpeaker

Binance CEO Responds to Concerns Around BNB Supply and New Token Burn Process

Binance concluded its token burning process on Friday, 12th July 2019, as it destroyed over 808,888 BNB tokens. The value of the tokens burned is $25.2 million at press time. It represents the 20% quarterly profit of the Exchange.
The design of the Binance [BNB] coin is such that Binance will burn about 100 million coins from the initial 200 million. The Binance Team allocated itself 40% of the supply, i.e. 80 million coins. Including the last token burn, Binance has completed the burn of 12.5 million tokens.
Binance [BNB] Coin Burn Transaction Details (Source) Larry Cermak, the director of Research at The Block, noted that while reducing the supply implies a price jump, the case is different with Binance. Binance will now burn from the initial 80 million tokens allocated to its team, to complete the burning process.
Also Read: CZ Focusing On BUIDL, Binance Completes Its 6th Edition of BNB Coin Burn
Note: there are about 187.5 million tokens in the supply currently. However, overall it is a zero-sum game. This is because the team will burn an equivalent amount of token that it is actually earning from the trading fees. So essentially the burnt tokens are just replaced by the earned tokens.
Moreover, as Cermak noted, Binance will now burn the tokens based on trading volume and on the profits. He tweeted,
Binance removed any mentions of burning 20% of profit from its whitepaper and from its website. In yesterdays announcement, it said “we’ll still burn BNB based on trading volume” – not based on profit.
Furthermore, according to him, the change has been brought to address regulatory compliances primarily in the US. However, the CEO Binance, Changpeng Zhao feels differently, according to him the regulatory assumption is “wrong”. He said,
The main reason is there is no longer a need to worry about the team unlock and dump. Not possible now.
Cermak also pointed at the classification of Binance as a security or a cryptocurrency. While CZ and the Binance team have always reaffirmed BNB as a legitimate cryptocurrency. Its nature of being associated with an Exchange also points to it being ‘financial security.’
Also Read: Margin: Binance Signs Up 10k New Customers, CZ Praises Retail Traders
Moreover, the Securities Exchange Commission (SEC) in the US has often tried to lay guidelines to separate the security tokens from utility tokens. Moreover, Binance has had to change its strategy in the US considerably and has opened a separate Exchange there. Hence, it evidently raised suspicion around the price of Binance [BNB] Coin and its future.
However, Changpeng Zhao noted in the retweet that the points raised above only add fuel to FUD and have no basis. He said,
Pretty good thread with numbers, up until 6. The hypothesis that it is regulatory related is all wrong. 7 [securitization doubts] onwards is FUD.
The details of the change in the burning process are compiled in the blog post – here. Hence, while the new age tokenized world continues to baffle the people, the team’s conviction has been unshaken. The price of BNB at 13: 15 hours UTC is $31.17.
Do you think that Binance [BNB] Coin is clear as a cryptocurrency under all regulatory rules? Please share your analysis with us. 
The post Binance CEO Responds to Concerns Around BNB Supply and New Token Burn Process appeared first on Coingape.
Source: CoinGape

Futures launch by end of July; Smart contracts on Binance chain to follow, says CEO Changpeng Zhao

The world’s largest cryptocurrency exchange in terms of volume, Binance, successfully launched Margin Trading on its platform on July 12. Since its release, 10,000 users have signed up for margin trading accounts. In an AMA carried out by Changpeng Zhao aka CZ, the Binance CEO informed viewers about the performance of Margin Trading and people’s […]
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Source: AMB Crypto