Binance head CZ sat down for his latest edition of his famous AMA where he addressed numerous rumors and questions around Binance.
He said that while the arrival of institutional demand is one of the most cited reasons by cryptocurrency proponents for this year’s rally, individual investors are still playing a key role in driving the dramatic price gains. While both institutional and retail trading is growing at Binance, individual investors account for about 60% of trading volume which is the same proportion as the last year. This growth comes in part thanks to greater availability of margin trading.
Expanding on this, CZ said:
“So far, there’s more than $15 million borrowed for margin trading, so clearly there’s a very strong demand for that, and we’re happy to finally push the product out, and have more people use it.”
He even said that there is a possibility of a Future launch:
“The simulation market price will roughly follow the real Bitcoin price, which is the real contract price. We will do a simulation first. Then, in 10 to 20 days, we’ll make the futures testnet live.”
He was proud of the fact that the Binance DEX has been received with open arms by the crypto community.
“I think Binance DEX offers many many advantages. I mean in terms of technology, it is faster, cheaper etc, etc but also in terms of economics, when a project is on Binance, we help it market and provide a lot of service around it, which also helps promote the growth of our Binance DEX.”
Binance team is all set to burn off all the BNB tokens that were allocated to them in order to burn a mountainous 100 million BNB in total. CZ said that rather than linking BNB with market projects or holding BNB buybacks, the Binance team will be burning all of their tokens first, all the 2.4 billion USD.
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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.