Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Binance => Topic started by: densuj on October 05, 2018, 07:13:00 AM
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The Journey of Changpeng Zhao: How China's Crackdown Propelled Binance to the World's Largest Crypto Exchange
While many domestic cryptocurrency exchanges collapsed during China’s regulatory clampdown in 2017, Binance, is, however, thriving and on the way to becoming one of the largest cryptocurrency exchanges in the world. https://btcmanager.com/the-journey-of-changpeng-zhao-how-chinas-crackdown-propelled-binance-to-the-worlds-largest-crypto-exchange/
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Binance Reveals Decentralized Exchange Platform, Hints It Could Replace Current Platform
Binance took a big step towards becoming a decentralized exchange today when it revealed a “rough, pre-alpha” demo version of DEX, Binance’s new decentralized exchange platform.
The platform could eventually take over from Binance’s current, centralized exchange platform, which currently handles more trading volume than any other exchange in the world.
In a video walk-through of the exchange, Binance CEO Changpeng Zhao described the demo release as a “small step” for the Binance Chain project but a “big step” for Binance overall. Zhao claims that Binance “will transition from being a company to a community,” and sees decentralized technology as the way of the future.
The Binance decentralized exchange is built on the Binance Chain, a public blockchain project first announced by the exchange in May.
“As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets,” Binance announced back in May.
The long-term goal of Binance Chain is to launch a high-performance, easy-to-use, liquid blockchain platform capable of supporting Binance’s trading activities.
“Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.”
Binance Coin (BNB) is currently an ERC20 token on the Ethereum blockchain. As we’ve seen with other projects, the coin could begin its life as an ERC20 token before eventually transitioning to become its own token on its own blockchain.
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Binance Uganda Exchange will start accepting deposits on Wednesday 17 October.
Today the exchange added Know Your Customer procedure.
Initially, the exchange will support trading in pairs of Bitcoin (BTC) and Ethereum (ETH) with Ugandan shilling (UGX). Other pairs will be added in the future. During the first month, users will be exempt from paying trade commissions.
Binance Uganda uses technology developed by Binance. It is capable of processing 1.4 million transactions per second and provides 24 hours customer support. Registration for Binance Uganda is open from June 28th.
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Binance is a cryptocurrency exchange.CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the cryptocurrency wallet’s team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.
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the world’s largest cryptocurrency exchange by volume, Binance, announced a partnership with blockchain surveillance company Chainalysis. According to the exchange, Chainalysis has implemented a compliance solution that meets regulatory guidelines worldwide.
Binance and Chainalysis have joined forces to create a compliance solution for trading operations. The collaboration will further ensure that Binance exchanges comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. The co-founder of Chainalysis, Jonathan Levin, explained during the announcement that all cryptocurrency businesses face the challenge of “earning the trust of regulators, financial institutions and users.”
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Binance has frozen all WEX’ accounts
The accounts were frozen on October 25, but this became known only a few days later from a tweet from the head of Binance Changpen Zhao.
Shortly before this, Twitter-user John James wrote that funds from WEX cold wallets come to Binance, which means that the latter contributes to the laundering of money stolen from users.
Measures were taken in response to requests from WEX users, who have not been able to withdraw their funds for a long time. They managed to track the movement of funds in the Ethereum blockchain and came to the conclusion that the 25 transactions that arrived at Binance from August to October were sent from WEX-related wallets.
According to WEX users who applied to Binance, the first transaction at 485 705 ETH was performed on July 29 last year. According to Etherscan, it was produced from a previously owned BTC-e address. From September 2017 through January 2018, another 480,000 ETH were sent via 32 transactions to another WEX wallet, as well as other addresses. After that, funds from one of these addresses gradually entered the wallet of the Binance exchange.
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Binance (BNB), the world’s number one cryptocurrency exchange by 24-hour trading volume has joined forces with Refinitiv, a U.S-based financial technology firm, to integrate the latter’s “World-Check” know-your-customer (KYC) software into its trading platform.
Binance Integrates Refinitiv’s “World-Check” for KYC
In a bid to become more regulatory compliant and curb the activities of bad actors on its platform, Binance crypto exchange and bitcoin trading venue is integrating Refinitiv’s “World-Check” software for its know-your-customer operations.
Per the team, World-Check uses information from authoritative sources in 200 countries to verify people’s data and has reportedly been “stress tested with over 100 regulators and financial institutions” across the globe.
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Binance just added Paxos Standard (PAX) to the Stablecoin Market (USDⓈ).
The following trading pairs will now be active in the new market effective November 29th at 1pm UTC.
BNB/PAX
BTC/PAX
ETH/PAX
XRP/PAX
EOS/PAX
XLM/PAX
The firm behind the stablecoin is also known as Paxos and plans to modernize finance by digitizing assets to solve existing settlement risks associated with traditional methods. Paxos is the first regulated Trust Company with blockchain expertise.
The PAX stablecoin is backed 1:1 by US dollars held in FDIC-insured US banks. Constant auditing assures that the bank balances match the supply in the crypto markets.