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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, LCX Collaborate to Launch Fiat-to-Cryptocurrency Exchange in Liechtenstein

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Binance, the world’s leading cryptocurrency exchange by volume, has partnered with Liechtenstein Cryptoassets Exchange (LCX) to create and launch a cryptocurrency trading platform that allows users to trade directly against fiat currencies such as the euro.

The Malta company announced Binance LCX as the forefront of their trading operations in the Central European economy. This newly established joint venture will allow cryptocurrency users to trade their crypto-assets for Swiss francs (CHF) and euros (EUR). Binance will be overseeing operations and management of the technology platform, while its unification with LCX will be responsible for managing customer support and regulatory compliance.

Just over a year ago, Binance did not exist. It wasn’t until the end of July 2017 when the Binance ICO gave the firm its first presence in a competitive trading market. The company’s ability to handle larger volumes and its choice of being bankless had put it on the top ten crypto exchanges list at an early stage. Binance now leads the list and has recorded 85 percent ICO returns for its token sale participants already.

“I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike,” said a confident Changpeng Zao, CEO and founder of Binance. “I hope Binance LCX will drive new standards for usability and compliance for the blockchain industry, and we are very excited to bring the relevant experience and best practices to grow our team at Liechtenstein.”

LCX, as an individual organization, is “an exchange made for professional investors offering crypto custody, an advanced trading platform for security tokens and other crypto assets.” The company hasn’t released its whitepaper, but it appears “well-backed,” should the sheer presence of some high-profile names, including Wikipedia’s Founder Jimmy Wales, in its advisory list be considered.

LCX is reportedly looking to obtain a MiFID II license in line with the Liechtenstein Banking Act. The exchange will also be applying for permits under the Liechtenstein Blockchain Act, a holistic initiative by the Government of Liechtenstein to build legal security for cryptocurrency and blockchain businesses.

The Binance LCX partnership has attracted support from Adrian Haslet, the Prime Minister of Liechtenstein, indicating strong political and regulatory backing for this initiative. Haslet said:

“We welcome Binance LCX to Liechtenstein. Blockchain technologies are laying the basis for an entirely new industry. We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other Blockchain companies to provide exceptional services here in Liechtenstein.”

The Binance token value (BNB/USD), as of the time of writing, had risen approximately four percent on the news.

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Binance LCX Officially Launched Fiat to Crypto Exchange

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Binance LCX has released a new announcement yesterday, August 16. According to their statement, the joint venture of LCX (Liechtenstein Cryptoassets Exchange) and Binance is launching a new exchange that will allow exchanging fiat currencies to cryptos.

Binance LCX Launches A New Exchange Platform

The platform will be based in Liechtenstein and will allow euros (EUR) and Swiss Francs (CHF) to be exchanged for several major cryptocurrencies. In time, the exchange will add many more trading pairs, as soon as they receive regulatory approvals.

The platform will be supported by Binance itself, while Binance LCX will be responsible for leading customer support, communicating with the government, and handling regulatory compliance.

So far, Liechtenstein seems more than pleased with this move, according to the statement by the country’s Prime Minister, Adrian Hasler. He said that the country’s future legal framework will surely provide Binance LCX with a stable foundation. Furthermore, he hopes that the other blockchain firms will be equally as capable of benefiting while they operate from Liechtenstein.

While the large part of Europe still mistrusts cryptos, Liechtenstein has become known as a blockchain and crypto-friendly country. In fact, it is working on improving these technologies by working on their development, similarly to Switzerland itself. Not only that, but Liechtenstein also introduced a new blockchain-related law quite recently.

The law will provide both, businesses and their customers with regulatory and legal certainty in order to make working with cryptocurrencies safe and profitable for everyone involved. Additionally, Hasler also mentioned that he believes that these technologies hold great potential. In fact, the entire country shares this view and believes that blockchain can be a major base for various economic applications.

Through the blockchain tech, numerous financial solutions can be achieved, and its potential goes far beyond covering payment transactions. Additionally, Hasler believes that blockchain can also offer use cases in various industries and even general applications.

The platform will be supported by Binance itself, while Binance LCX will be responsible for leading customer support, communicating with the government, and handling regulatory compliance.

So far, Liechtenstein seems more than pleased with this move, according to the statement by the country’s Prime Minister, Adrian Hasler. He said that the country’s future legal framework will surely provide Binance LCX with a stable foundation. Furthermore, he hopes that the other blockchain firms will be equally as capable of benefiting while they operate from Liechtenstein.

While the large part of Europe still mistrusts cryptos, Liechtenstein has become known as a blockchain and crypto-friendly country. In fact, it is working on improving these technologies by working on their development, similarly to Switzerland itself. Not only that, but Liechtenstein also introduced a new blockchain-related law quite recently.

The law will provide both, businesses and their customers with regulatory and legal certainty in order to make working with cryptocurrencies safe and profitable for everyone involved. Additionally, Hasler also mentioned that he believes that these technologies hold great potential. In fact, the entire country shares this view and believes that blockchain can be a major base for various economic applications.

Through the blockchain tech, numerous financial solutions can be achieved, and its potential goes far beyond covering payment transactions. Additionally, Hasler believes that blockchain can also offer use cases in various industries and even general applications.

Liechtenstein Takes Care of Europe

Another important development includes the lending institution from Liechtenstein, Bank Frick, which started offering cold storages and direct investments in five cryptos in March of this year. The coins that they support include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP, and Litecoin (LTC).

The service wishes to meet the needs and requirements of professional participants of the crypto market, as well as major financial intermediaries. The fact is that crypto-related services are much-needed in Europe. Because of this, Hubert Büchel, the bank’s Chief Client Officer, believes that this is the right move and that Bank Frick is more than capable of satisfying the needs of clients from all over Europe.

As for Binance LCX, there is still much work that needs to be done, mostly regarding the communication with the country’s government and ensuring that all regulations are properly met. The exchange is also filling the empty spots within its team, all with the goal of providing the best professional service to their target audience.

Not only that, but the location will allow the exchange to serve pretty much the entire Europe, as well as all visitors to the continent. Blockchain Act Liechtenstein will provide all legal responsibilities, and by all intents and purposes, the exchange is ready to revolutionize the crypto dealings in Europe.

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Binance Argues it Does Not Charge 400 Bitcoin For Listing, CEO Clarifies

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Changpeng Zhao, the CEO of Binance, has officially stated that the company does not charge 400 bitcoin ($2.5 million) to list cryptocurrencies on its platform.

Legitimacy of the Claim

Last week, cryptocurrency researcher Christopher Franko claimed that Binance, the world’s largest digital asset exchange, has been charging cryptocurrencies a listing fee of 400 BTC to integrate them on its exchange.

Franko cited a screenshot of an email with the address [email protected], an address which allegedly said that it costs 400 BTC to list Expanse, his blockchain project, on the exchange.

However, on August 12, CZ released an official statement refuting the claims of Franko, saying that the exchange does not list cryptocurrencies for 400 BTC or even 4,000 BTC without conducting due diligence and putting them through a rigorous verification process.

The statement of CZ read:

“We don’t list shitcoins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more listed with no fee. Question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project! Focus on your own project!”

“Also, the email Franko showed is a spoofed/scam email, not from Binance. Binance never quote fees in email, and not in BTC. Project owners should be able to spot email spoofing, those who can’t should not issue a coin. The communication process/method tells a lot about a coin,” he added.

As a commercial company and an exchange, similar to the way major stock markets require listing fees and maintenance costs prior to listing new assets, it is appropriate for Binance and any other cryptocurrency exchange to accept a listing fee to integrate a cryptocurrency into its platform.

The amount of the fee involved in the listing process is irrelevant, whether that is 4 BTC, 40 BTC, 400 BTC, or 4,000 BTC, as blockchain projects that see merit in the listing, even with a high fee, will take the offer, and that is how the free market works. If there is enough demand and low supply, the price of a product inevitably goes up.

But CZ stated that Binance does not blindly accept listing fees to integrate cryptocurrencies, which is important for the users of Binance, as it demonstrates that even for a large amount of capital, the exchange does not list cryptocurrencies that are not legitimate.

Is CZ Speaking the Truth?

binance cryptocurrency exchange volume chart
Binance, which launched just 13 months ago, is the world’s largest cryptocurrency exchange. | Source: CoinMarketCap

Earlier this week, in an interview with local publications, blockchain project operators in South Koreaspoke up about the black market of cryptocurrency listings, in which brokers charge $2 million to $5 million for guaranteed listings.

These offers are illegal, and cryptocurrencies that pay for these services are also a part of an illicit group of operations. Several blockchain operators reached out to the top three exchanges in the world, including Binance, OKEx, and Huobi, all of which claimed that they do not accept listing fees and that cryptocurrencies will have to use proper channels to be listed, meaning that these brokers, who are charging multi-million dollar listing fees, are operating independently without the authorization of exchanges.

Conclusively, it is appropriate for cryptocurrency exchanges to charge high listing fees, given the high demand from the market. But, as CZ emphasized, and other blockchain operators in leading markets have said, major cryptocurrency exchanges like Binance are following proper protocols to list digital assets.

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