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Binance Expands to Jersey on the Road to European Dominance

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Binance is the world’s largest cryptocurrency exchange by trading volume. The company is already rapidly expanding its presence across Europe and the rest of the world. In its latest move, the company signed a memorandum of understanding with Digital Jersey. Another major step in the right direction toward global expansion of cryptocurrency.

Binance is on a Roll

Over the past few months the Binance exchange has made several headlines. The company has set up a headquarter in Malta due to the country’s favorable cryptocurrency and blockchain regulation. Compared to Asian countries, European nations are almost welcoming companies like Binance with open arms. Harsh regulation will drive companies away, and they will take their multi-billion dollar business with them.

Malta isn’t the only European country which shows a keen interest in cryptocurrency. The island of Jersey, while relatively unknown to most, is looking to make a splash as well. This effort is spearheaded by the Digital Jersey organization. The economic development association wants to put Jersey at the forefront of digital excellence.

Additionally, the country’s infrastructure lends itself to cryptocurrrency activity. With its working spaces, training courses, events, and fiber broadband internet access, Jersey is evolving quite quickly. This new collaborationwith Binance will be beneficial to Digital Jersey as well. The association wants to build a blockchain infrastructure which can transform the island into a global hub for financial activity.

Another License on the Horizon

As part of this expansion, Binance will seek to obtain a license and a banking permit. Especially this latter part is of great interest. Opening up more fiat currency gateways for cryptocurrency enthusiasts can only be considered to be a good thing. This venture will also benefit Digital Jersey, as CEO Tony Moretta explains:

“Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges back in 2015. We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction. We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills programme and support the growth of new start-ups in this area.”

For Binance, supporting GBP transactions is a major part of its global expansion plans. Jersey is also close to the UK and Western Europe, which helps the company solidify its market position. The exchange also plans to create around 40 additional jobs to boost the local economy in Jersey. All of this will help bring cryptocurrency to people around the world in the coming years. It is another example of how cryptocurrency is evolving as an industry.

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Binance leads IEO performance as exchange’s Launchpad token sales outpace competing platforms

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Binance, the largest cryptocurrency exchange in the world, is firmly establishing itself as the top dog in the initial exchange offering [IEO] market. Following the launch of several successful tokens via their launchpad, competing platforms are nowhere in sight.

With BitTorrent [BTT] and the Matic Network [MATIC] shooting for the moon, Binance has strengthened its position as a big player in the IEO space, among competing platforms backed by the likes of OKEx, Huobi Global Kucoin, and Bittrex.

According to data released by Ceteris Paribus, Binance registered a whopping 501 percent return from their token sales. Most of their token sales have been successful, with MATIC, BTT, and Fetch AI [FET] offering 870 percent, 869 percent and 128 percent return, respectively.

Source: Twitter

Similarly, the current Return on Investment [ROI] for the tokens was 13.8x [BTT], 11.0x [MATIC], 3.3x [CELR], and 3.2x [FET].

Binance’s rival Maltese exchange, OKEx, took the second spot, amassing 272 percent returns on their token sales, the most notable of which were from Blockcould [BLOC], recording 399 percent return and Allive [ALV] with 145 percent increase. Their ROI stood at 5.7x and 2.4x, respectively.

Huobi Global took the third spot, despite having the token Top Network [TOP] enjoying 417 percent returns with 3.8x ROI, while Newton [NEW] accounted for 106 percent increase with an ROI of 2.3x.

Source: Twitter

Matic is undoubtedly the hot topic in terms of token sales via IEOs, with many notable crypto-influencers stating that any correction would not thwart Binance’s long term ambitions for the token.

Jonathan Habicht, Founder of BlockFyre, chided the “dump” that pushed the coin’s price down by 41.72 percent and foretold that it would “start pumping again.” He added that Binance will push the token till it enters the “top 50,” thus portraying the prowess of their IEO.

The BlockFyre Founder added,“The $Matic dump was brutal but I have a feeling that it will start pumping again.

Don’t take my word for it but I believe, Binance will not let this thing go until its in the top 50. They want to showcase that their IEOs are successful.
Wouldn’t buy the dip though, too risky.”

At press time, the Matic Network occupied the 87th spot on CoinMarketCap, the crypto-market aggregator. The MATIC token surged by 22.6 percent over the past 24-hours, while the seven-day price gain was in the region of 235.44 percent. Its market capitalization stood at $65.28 million.

Interestingly, apart from BTT, MATIC, CELR, and FET recorded similar performances, when measured against the top cryptocurrency, Bitcoin, as the below charts reveal.

Source: Reddit

Source/ambcrypto

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Binance CEO CZ Is Suing VC Giant Sequoia for Reputational Damages

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Binance founder and CEO Changpeng Zhao is taking a unit of Sequoia Capital back to court after the VC investor’s case against him was dismissed.

The crypto exchange mogul, nicknamed CZ, claims Sequoia Capital China hurt his reputation and prevented him from raising money at favorable valuations and wants the VC giant to compensate him.

According to a filing submitted on May 20 to the High Court in Hong Kong and obtained by CoinDesk, Zhao has sent an application via his attorneys for a hearing before the court chambers on an order for “immediate summary of assessment of damages.”

A hearing for the case, HCMP 2770/2017, will take place on June 25, according to information availableon the court’s website, between Zhao and SCC Venture VI, a company incorporated as a special purpose vehicle of Sequoia Capital China.

The application demands an inquiry be held to determine if Zhao “has sustained any and what damages” resulting from the injunction order Sequoia obtained on Dec. 27, 2017, which prevented Zhao from raising capital from other investors until March 1, 2018.

If it’s decided that “any such damage has been sustained,” Zhao asks that Sequoia pay him the amount determined at the inquiry. (He did not suggest an amount.)

Zhao stated in the new filing:

“The injunction order has caused loss to me for which I am entitled to reasonable compensation by Sequoia. In particular, I have suffered i) a loss of chance to raise capital through successive rounds of financing at increasing high valuations; and ii) damage to my reputation.”

Sequoia Capital China has not responded to CoinDesk’s request for comment as of press time.

Zhao’s punch-back follows a December 2018 decision by the Hong Kong International Arbitration Centre, which dismissed all of Sequoia Capital’s claims that Zhao had breached an exclusivity agreement when negotiating Binance’s Series A equity financing.

‘Abuse of process’

The case began when Sequoia Capital obtained the December 2017 injunction order in an ex parte or unilateral procedure without notifying Zhao and subsequently filed a notice for arbitration in January 2018 as a claimant against him.

Sequoia accused Zhao of breaching exclusivity by talking to IDG Capital when still in discussions with Sequoia for the Series A round.

Three months later, following an April 11 hearing, a Deputy High Court Judge ruled in a judgment on April 24 that Sequoia “was wrong to pursue the ex parte application without notice to Zhao,” since there was no explanation or evidence as to why no efforts were made to involve both parties.

“I agree that the use of the ex parte procedure without notice to D. [Defendant, Zhao] was an abuse of process,” the judge said. “If the Injunction were not already spent, I would have set it aside on that basis alone.”

The parties then proceeded with the arbitration in the following months in 2018 with the submission of various evidence before a three-member tribunal at the Hong Kong International Arbitration Center.

According to a final decision made on Dec 12, 2018, the Tribunal dismissed Sequoia’s claims that Zhao had breached exclusivity based on the findings that the discussion with IDG Capital was, in fact, for a Series B round financing.

“The Tribunal finds that that the negotiations with IDG were not in respect of a ‘rival transaction’ to the Series A Financing but were in respect of a proposed Series B financing transaction which was not in competition with the Series A Financing and which did not become a Series A Financing,” the Tribunal stated in its decision.

source:coindesk

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Binance Reports Higher Order Volume than in December 2017 Peak; Is another Bull Run here?

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The year 2017 is an important one in the history of cryptocurrency and Bitcoin in particular. It was the year when Bitcoin reached its all-time high price and several peaks were recorded then including order volume on Binance. However, the exchange through the CEO Changpeng Zhao has just announced that they are seeing higher order volume than they did at the end of 2017 which was the highest until now.

 

Another bull run in sight?

It is quite obvious that the higher order volume recorded on Binance at the end of December in 2017 was an indication that a bull market was coming, hence the correlation. Now that the order volume even exceeds that of 2017, could it be a suggestion that a nigger bull run may be around the corner? Only the order volume exceeds that of the December 2017/January 2018 peak though.

The exchange also reported that the trade volume is only 1/3 of the peak while Bitcoin and Ethereum prices are at 1/3 and 1/5 of the peak prices respectively. The remaining altcoins are at lower fractions of their peaks during the 2017 bull run. Some Twitter users who reacted to the announcement say the increased volume suggests that the ecosystem is maturing and Binance has to brace up to handle the pressure of an impending massive bull run.

Many other 2017 trends repeating

Binance has just announced its own repetition and surpassing of 2017/2018 peak for order volume. Several other such patterns have also been reported such as increased transaction fees for Bitcoin to $4 which was last observed in December 2017 and was found to characterize bull markets. The number of confirmed Bitcoin transactions also reportedly reached 2017 high at the end of April this year. All these repeated patterns raise several questions among cryptocurrency enthusiasts, but the most important may be whether the market is gearing up for another massive bull run that may exceed that of 2017.

-News Source

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