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Binance’s CEO Made A Serious Bitcoin And Crypto Warning

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Bitcoin has been rallying hard so far this year, boosted by both the world’s biggest tech companies taking an interest in bitcoin and cryptocurrenciesand the vague assumption that institutional demand for bitcoin has arrived and is outpacing retail demand.

The bitcoin price has climbed over 200% so far this year, rising from around $3,500 per bitcoin at the beginning of the year to highs of almost $14,000 as bitcoin and cryptocurrency fever returns after sweeping the world in late 2017.

However, the chief executive of Binance, the world’s largest bitcoin and cryptocurrency exchange by volume, has warned that institutional demand for bitcoin may not be driving the latest rally as much as some had thought—and the already extreme volatility could be about to get even worse. 

“We have not seen institutions

growing faster,” Binance’s chief executive Zhao Changpeng, who’s often known simply as CZ, told Bloomberg, a financial newswire. “What we’ve seen is a pickup in both places. The number of institutions coming into this industry has not increased that tremendously in 2019 yet.”

According to CZ, retail investors still account for about 60% of trading volume on Binance, about the same percentage as last year, though both have increased.

Margin trading, where traders can borrow against their deposits on an exchange, may also be having an effect on the bitcoin price as investors have a larger pot of funds to speculate with. Earlier this month Malta-based Binance allowed traders to borrow up to three times their deposit, while rival bitcoin exchange Bitfinex is allowing loans of 100 times deposits. 

Binance

Weibo Kick Justin Sun Off Platform For Violating Community Provisions

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  • Justin Sun has just had is account on Weibo deleted this week.
  • The co-founder of Binance, Yi He also lost his account.
  • The Chinese social network believed it was right to delete both of the businessman’s accounts on the platform.

Just

in Sun, the founder and CEO of TRON has just had is account on Weibo deleted this week. Sun wasn’t the only one who has his profile deleted thought as the co-founder of Binance, Yi He also lost his account.

Why Did This Happen?

According to CCN, the Chinese social network believed it was right to delete both of the businessman’s accounts on the platform. This was because the two allegedly violated community provisions. 

If you’ve ever had you’re account deleted on Weibo then you’ll likely be familiar with the following message but if you were to go on Sun or Yi He’s account, you would be greeted with this:

“The account has been blocked due to violations of laws and regulations and the relevant provisions of the Weibo Community Convention.”

Following this, the TRON community was worried that the deletion of their CEO’s account was going to have an impact on the price or in one way or another on the TRON network. In an attempt to calm everyone down, Sun took to Twitter saying he would fix the issues quick and efficiently.

“TRON is super safu! Just follow me on @justinsuntron. We have a direct channel to Weibo and will get this resolved asap.”

Scams

As previously reported by CryptoDaily, according to the DigiByte (DGB) founder Jared Tate, TRON is actually just a government scam. On top of this, he adds that the token’s listing on the Binance.US platform threatens to undermine faith in American regulatory bodies. Tate reacted this way to recent news that Binance.US would be giving TRON a listing.

Tate was very clear saying, “If American regulators allow @BinanceAmerica to continue operating let alone list the biggest scam in crypto history fronted by the Chinese government to dupe unknowing American citizens there will be an unprecedented loss of faith in our lawmakers.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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CZ Binance Offers a Hand to Jack Dorsey, Says He Must Launch Decentralized Social Media ASAP

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After Twitter’s chief announced his Bluesky project, Justin Sun had his account on Chinese Twitter closed – now CZ says Binance will help build Bluesky-

As reported by U.Today, the head of Twitter is working on a new project for building a decentralized protocol that could be used by social media, which he intends to also use for Twitter – Bluesky.

They say that whatever happens, always happens on time – now the Chinese government shuts down Justin Sun’s account on the largest local social media Weibo (the Chinese Twitter) and the head of Binance encourages Dorsey to get on with Bluesky.

He says the community may need decentralized social media real soon. He also offers to help with that. The Weibo accounts of CZ and Binance are still active, unlike that of Justin Sun.

Jack Dorsey eager to decentralize Twitter

A day ago, U.Today wrote about a new ambitious project of the Jack Dorsey to make his company decentralized. In a series of tweets, among other reasons for that he cited a necessity to clamp down on fake news and misleading information that is often spread via his social media venue.

A top Twitter executive Parag Agrawal already is already hiring a team to work on the project.

CZ wants to see Bluesky up and running

The chief of Binance known as CZ is up for this project to be implemented, especially after the recent news of Justin Sun’s account of Weibo shut down. The latter is

the result of the recent public statement made by Xi Jinping about embracing blockchain but not crypto.

Now, CZ urges Jack Dorsey to get on with the development and offers him a hand.

Tron CEO invites his Chinese fans to follow him on Twitter

After getting his Weibo account shut down, Justin Sun posted a tweet, inviting Chinese-speaking Tron users to follow him on Twitter instead of Weibo.

Sun explains that English is the main language of this social network, however, they can use the local embedded translation service to understand what everyone writes about.

Bluesky under fire of criticism

Some, however, are unhappy with Jorsey’s initiative to decentralize Twitter for fear it will get even more centralized. One of them is the founder of Atlantic Financial and Chainstone Labs, Bruce Fenton.

Taking into account the goal of Dorsey to get rid of fake news and misleading info, Fenton’s concern about people getting banned on Twitter and this platform being quite biased already, may seem justified.

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Binance expands its fiat options, making way for crypto mass adoption

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  • Binance enters partnership deal with P2P platform for buying Bitcoin for fiat.
  • The development may support cryptocurrency mass adoption in the future.

The Malta-based cryptocurrency exchange Binance has entered a partnership deal with Paxful, the P2P platform for buying Bitcoins. In the future, the alliance will allow Binance users from 167 countries to purchase Bitcoins for fiat. 

Paxful works with several cryptocurrency trading platforms, but service Virtual Bitcoin Kiosk will be available only for Binance customers. Initially, they will be able to by Bitcoin on Paxful with ten fiat currencies: US Dollar, Russian Ruble, Vietnamese Dong, Columbian Peso, Indonesian Rupee, British Pound, Mexican Peso, Canadian Dollar, Euro, and Argentine Peso.

Currently, buying Bitcoin for fiat option is available for Binance customers in Argentina and Brazil due to the partnership deal between the cryptocurrency exchange and Latamex, a platform for fiat gateways in Latin America.

Latamex/Settle Network is the largest digital assets Settlement network across LATAM (Latin America) for exchange and cross-border payments. Binance has partnered with Latamex to provide easier access and more options to people throughout regions for the purchase of cryptocurrency with fiat in a fast and secure manner.

A push for mass adoption

In the long run, this development may bode well for the cryptocurrency industry as

it makes a case for broader mass adoption. Once people are offered simple procedures that do not require extensive knowledge about the way cryptocurrency works, they are more likely to buy their first Bitcoin and join the industry. In other words, closer integration with traditional finance makes digital assets more accessible for a broad public. 

Binance partnership with Paxful will bring Bitcoin to people in 167 countries, which may translate in the strong growth of demand and pave the way for Bitcoin’s price increase. 

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Source: fxstreet

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