Binance, touted to be the largest cryptocurrency exchange in the world, has dropped to the ninth position in terms of average daily transaction volumes, according to a new report. The exchange based in the “blockchain island” of Malta relinquished its hold on the top spot for the first time in 2019.
The recent Exchange Review report for April 2019, published by Crypto-Compare, sported a surprise leader when considering crypto-to-crypto exchanges on the basis of average daily volume. FCoin, with an average daily volume of $1.56 billion, beat Binance and OKEx.
FCoin, the Hong Kong-based exchange was absent from not only the top 5, but also the top 10 in the past month. However, a seemingly positive month surged it to the apex on the CryptoCompare report. OKEx took the second spot, while BitMart, ZB and Bitforex completed the top 5.
Binance fell to the ninth spot, with an average trade volume of under $580 million, down by whopping $200 million, when compared to its March numbers. Two exchanges, FCoin and OKEx, amassed over $1 billion in daily trade volume, whereas in March, only OKEx could manage a 10-digit average daily volume.
FCoin held over $35 billion in total monthly volume. The same metric for the exchange was under $10 billion a month prior, which is a massive 300 percent increase. OKEx also held just about $35 billion. However, the month on month increase was not substantial as the exchange held $31.21 billion in monthly volume in March. Binance’s total monthly volume placed it on the fourth spot, holding over $27 billion in volume for April.
The Maltese exchange, for the first time in 2019, made way for its counterparts from Hong Kong. FCoin, LBank, and HitBTC, the three HK exchanges in the top 10, defied the Maltese giants, with a total average daily volume of $2.71 billion.
When fiat-to-crypto exchanges were analyzed, the tale remained the same. Bithumb, recovering from its March hack, and Upbit held the top 2 spots, while Coinbase overtook Bitfinex for the third spot, following the latter’s NYAG-Tether fiasco. Bithumb accounted for over $430 million in daily volume, while Upbit only amassed $164 million.
Exchanges like Coinsbit, Kraken, Bitstamp, STEX, Yobit, and Bitbank completed the top 10. The country composition is fairly mixed, with South Korea and the USA the only countries with two representatives in the top 10.
However, these numbers should be taken with a pinch of salt, given rampant exchange volume fudging. Revealed by the likes of The Tie, Messari Crypto, Bitwise Asset Management and CoinGeek, several cryptocurrency exchanges fake their volume by “wash trading,” in order to increase their popularity in the cryptocurrency industry.
Binance Jersey To Compensate Hacker Who Got Hold Of Its Domain Name And Twitter Account
Binance Jersey will issue a security bug bounty to the white hat hacker who got hold of its domain name and twitter account.
On August 16, Binance Jersey confessed that a hacker was successful in compromising its website’s domain name and also gaining access to its twitter handle, @BinanceJE. The hacker even went ahead to shoot out a few tweets using the compromised twitter handle.
How He Did It
Although the behind-the-scenes intricacies of hacking are pretty complex, the whole process, at least as understood by many, seems simple. By just conducting a crafty social engineering, the hacker was able to compromise the domain name’s service provider and get hold of the domain name. He also got access to the Binance Jersey’s twitter account.
However, Binance Jersey was able to regain control of its internet domain name within a few minutes of the hacker, but the twitter handle took a few hours to retake. However, the good news is that the hacker was actually a white-hat hacker with no malicious intent. He contacted the company and was co-operative during the recovery process.
Binance Jersey has since announced that it plans to award the hacker a bug bounty for helping it identify the security flaws that, if exploited by someone with malicious intent, could have cost the company millions of dollars.
The company has also confirmed that no funds or data were affected by the hack. The tweets posted by the white hacker via the Binance Jersey twitter profile have since been deleted.
BNB Is Still Strong
Despite this incident, Binance Coin, the crypto created by Binance Exchange, hasn’t been affected. At the time of this writing, BNB trades at around $27.70, with a total market cap of $4.3 billion and a 24-hour trading volume totaling around $173 million.
Binance Jersey to Reward Hacker Who Compromised Its Domain Name
Cryptocurrency exchange Binance will compensate the white hat hacker who compromised Binance Jersey’s Internet domain name and Twitter account.
Binance Jersey Twitter and domain compromised
In a post published on Aug. 16, crypto exchange Binance Jersey announced that a white hat hacker was able to gain access to the @BinanceJE Twitter account (the official Binance Jersey profile) and the platform’s Internet domain name. Still, the company was able to recover the domain name within a few minutes, and the Twitter handle in some hours.
Per the announcement, the hacker obtained access “by social engineering the email domain name service provider,” and then posted a few tweets from the company’s official account, deleting them later. Furthermore, the hacker was reportedly cooperative and open during his communication with the exchange’s security team, which allowed for the quick recovery of the Twitter account. The firm notes:
“We were able to restore the domain name within a few minutes and the Twitter handle a couple of hours later. We will issue a security bug bounty to the white hat hacker, as well as investigate the incident further with our service provider. […] All funds on Binance.JE are safe. No data was compromised.”
Screenshot of one of the tweets | Telegram channel Diddycarter’s ANN Channel
In one of the tweets from another account, reportedly controlled by the same hacker, they asked Binance CEO Changpeng Zhao to contact them personally. At press time, all of the hacker’s tweets have been deleted from Binance Jersey’s Twitter profile.
As Cointelegraph recently reported, the native token of crypto exchange Binance soared around 11%, despite the fresh rumors of a possible Know Your Customer data leak affecting exchange’s users.
Binance to Enter the US Market in A Month or Two: CZ
Binance is finally looking set to put its feet in the crypto market of United States. After hard work of more than 3 months the company is now prepared enough to make a debut in this huge cryptocurrency market within a month or two. This was revealed by none other than company’s CEO Changpenz Zhao (CZ) himself in a recent interview.
Binance is in the midst of an aggressive expansion plan that aims to cover every major cryptocurrency market. As part of these plans, it was obvious that they decided to set up an office in the US to provide their services. Having a physical presence is necessary to provide fiat-to-crypto trading services in the United States, as per the requirements of Fin Crimes Enforcement Network (FinCEN). There are some other requirements too, and Binance has been working to fulfill them as well. When CZ was asked yesterday by online news outlet Cheddar about what’s going on with all those things, and when do they plan to launch Binance in the US, here’s what he told:
“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”
The first time when we heard about the American plans of Binance was back in June when they had launched the service in partnership with local trading service provider BAM. However, they had to halt their services soon as regulators had reservations regarding their operations in the country. Here’s what CZ told about the BAM partnership in yesterday’s interview:
“The partnership with BAM Trading Services will help us navigate the US regulatory environment. Now we have our partner, we want to take this opportunity and explore the market.”
When asked about the regulatory ambiguity of US, he said:
“I think the US is one of the most developed markets because I think it has good regulations in the traditional finance space. Crypto is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market […] in a large market it is harder to regulate.”
Concluding his remarks, he said that he believes the US will come up with positive regulatory framework for crypto. He cited the regulations of country’s traditional financial service providers as an example, and said that he believes the things will improve in future.