Binance exchange, the world’s largest cryptocurrency exchange, suffered a hack of 7000 BTCs worth $40 million, a hack that targeted the exchange’s hot wallet. Following the hack, the exchange shutdown operations temporarily and suspended withdrawal and deposit services. After a long wait, Binance CEO Changpeng Zhao aka CZ, had announced the resumption of services earlier this week.
In a recent tweet, CZ said,
A new requirement to be logged in while confirming the withdrawal mail was added. It caused a small conflict while using the app so it will be rolled back shortly.”
The exchange’s native coin, Binance coin [BNB], saw tremendous growth over the past few days and as Binance gets back on its feet, the community grows stronger. The exchange also announced that it will convert all ERC20 BNB tokens to their new native BEP2 tokens. CZ announced,“@Binance will convert all the ERC20 $BNB tokens in our hot & cold wallets to native BEP2 tokens. To achieve this, all the ERC20 BNB tokens in our hot & cold wallets will be burned and equal amounts of BEP2 tokens will be sent from the creator address to our new BNB cold wallet”
Binance coin [BNB] noted significant growth over the past few days. However, it was falling by 3.88% over the past hour, at press time. It was valued at $25.78 with a market cap of $3.63 billion. The 24-hour trading volume of the coin was noted to be $454 million as the coin noted seven-day growth of 26.91% and 1.69% over the past day.
Binance Strives For Singapore Market Expansion
As it stands now, Singapore is one of the new frontiers of the crypto industry. The country has recently opened its doors to the crypto industry by introducing the new Payment Services Act. The policy itself plans on regulating the crypto industry, particularly payments via crypto, as well as crypto trading. It will use regulations that were created by using the country’s traditional fiat regulations as a guideline.
Today’s Regulated Crypto Frontier
Any party that shows interest in opening a crypto business within Singapore’s borders must first apply for the appropriate licenses within it. Of the various licenses, one must get a money-changing license, a standard payment institution license, as well as a significant payment institution license.
As Bloomberg had reported on the 17th of February, 2020, Binance is planning on doing just that. Binance, being one of the world’s largest exchanges with a headquarters in Malta, already has various offices spread across Asia, and holds an aggressive expansion doctrine. The CEO of Binance, Chanpeng Zhao, commented on the matter as a whole. He explained that Binance had already submitted the relevant application rather quickly. He further said that Binance’s Singapore arm remains in close touch with the country’s regulators and that they are open-minded for change.
One of Many Binance Expansions
More than likely, Binance will have to create a new entity altogether to cater to Singapore’s clients, much like it had done with the US. With compliance being different with every country, it’s easier to create a country-specific entity rather than completely restructure the company’s entire business model.
As it stands now, Binance isn’t the only entity to try and push for the new authorizations in Singapore. Two other exchange operators have come forward to toss their hat in the Singapore ring. The first is Liquid, an exchange operator that is situated in Tokyo, Japan. The second is Luno, a London-based exchange.
Binance has been making a very aggressive expansion since its inception. If you open news about an exchange expanding into a country, the odds of it being Binance tends to be higher than other exchanges. For the most part, the company’s expansion policy has only done it good, with the exchange itself already known for its massive selection of crypto to choose from.
Singapore is simply the latest target in a modernizing world, with crypto taking its place as a staple in the finance industry as a whole.
Binance Applied For Operating License In Singapore, Confirms CEO Changpeng Zhao
Changpeng Zhao, the CEO of Binance, has confirmed that his company applied for an operating license in Singapore. This comes less than a month since the Asian country introduced a comprehensive regulation for businesses dealing with digital assets.
Binance Applies For License in Singapore
The largest cryptocurrency exchange by trading volume has applied for an operating license in Singapore. Binance CEO, CZ, confirmed the news in a phone interview with Bloomberg. He said that the local regulators have been open-minded and outlined his company’s quick reaction:
“We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”
As of earlier this year, Singapore introduced the Payment Service Act 2019 (PSA). Essentially, all cryptocurrency-related businesses and exchanges based in the country called Digital Payment Token (DPT) services, come under its supervision. Anti-money laundering (AML) and counterterrorist-financing (CTF) rules apply for them, as well.
Therefore, such businesses are required to first register and then apply for a license to operate in the country.You Might Also Like:
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When introduced, the Monetary Authority of Singapore’s Assistance Managing Director, Loo Siew Yee, said that the PSA provides a “forward-looking and flexible regulatory framework for the payments industry.” Additionally, he said that it will bring more security and safety to the system, thus raising the trust.
The company has been active lately in terms of developments. Binance Future has added numerous new trading pairs. One of the most intriguing came earlier this month when the firm launched the BNB/USDT perpetual contract. This allowed users not only to long BNB on the regular spot exchange but to also short it with leverage of up to 50x.
In other news, the company added peer-to-peer (P2P) trading for the Russian Ruble. As of recently, customers can transact with no fees on the exchange’s P2P platform. This came as a continuation of Binance’s acceptance of the Ruble. The Russian currency is supported on the company’s primary platform since February 2nd.
Binance Further Adds BUSD Trading Against CNY, VND, and RUB For Zero Transaction Fees
- Binance is one of the tops and most trusted crypto exchange platforms with more than 100 crypto coins on the exchange list.
- The Peer to Peer (P2P) platform offers its users an open marketplace to trade cryptocurrencies with other traders on multiple formats and methods.
- Binance CEO Changpeng Zhao said the Binance team has further plans to regulate the BUSD for global use on its P2P platform.
Binance is one of the tops and most trusted crypto exchange platforms with more than 100 crypto coins on the exchange list. It has now added the BUSD, a US Dollar derived stable coin along with the other trading pairs, BUSD is now available for transaction against Chinese Yuan (CNY), Vietnamese Dong (VND) and Russian Ruble (RUB) with no transaction fees to these pairs available on both mobile app platform and website platform.
The Binance exchange platform is integrated with peer to peer (P2P) feature for the highest level of security. The Peer to Peer (P2P) platform offers its users an open marketplace to trade cryptocurrencies with other traders on multiple formats and methods and has supported CNY, VND, and RUBS for the top crypto coins including Bitcoin and other altcoins on the Binance P2P platform.
Binance P2P has shown stable growth doing transactions over 250 Million USD in terms of trading volume since its launch in October 2019. BUSD is a stable coin not only for the crypto investors who use it as a hedging tool but also to the new traders and investors who look forward to investing in cryptocurrency in a safe, risk-free method.
Binance CEO Changpeng Zhao said the Binance team has further plans to regulate the BUSD for global use on its P2P platform. As of now, the Binance exchange platform supports BUSD trading with zero transaction fees giants more than twenty cryptocurrencies, and users can earn interest through the lending of BUSD.
BUSD was issued by the joint action of Binance and Paxos and has been under regulatory lenses of the New York Department of Financial Services (NYDFS). The P2P platform allows users to access cryptocurrency in consumer to consumer (C2C) business model or Business to consumer (B2C) model.