The 24-hour trading volume of major cryptocurrency exchange Binance’s futures markets has exceeded $150 million denominated in Tether (USDT).
On Sept. 10, a Reddit user published their findings on Binance’s futures markets performance. Over the past 24 hours of trading, the figures reached notable volumes in the Bitcoin (BTC)/USDT pairing, bringing the daily trading volume to over $151 million in USDT.
Closed testing mode
Binance initially launched two futures testnet platforms named Futures A and Futures B on Sept. 2, inviting users to participate in a 10,000 Binance Coin (BNB) trading competition. During the competition, Binance said it would provide all participants with 100,000 USDT tokens in simulated funds on both Binance futures platforms, for testing purposes only.
Following the platform’s launch, the team at Seychelles-registered crypto exchange BitMEX accused Binance of plagiarizing BitMEX documents as part of its futures testnet launch. BitMEX’ post included screenshots of Binance’s overview of the Auto Deleveraging system for its new futures contracts, in which the text is practically identical to that of BitMEX.
Binance comes in for criticism
Subsequently, on Sept. 6, Binance took some heat as the Twitter account known as doublejump said both the options currently under consideration by Binance lacked essential features. The account summarized:
“Platform A is unusable because of its contract size granularity, but does have a nice interface and decent specifications otherwise. Platform B is not documented well and has an unwieldy leverage system.”
In response, a Binance spokesperson told Cointelegraph that “minimum contract size granularity is actually 0.001, @doublejump […] accidentally thought it was 1 BTC,” and added:
“Need to correct this point. Platform A does allow transactions below 1 BTC (in lots of 0.001 BTC) but the web UI has some major input validation issues, probably causing issues with my European localized system which does not use a period to separate decimals.”
Per the exchange’s recent announcement, Binance’s United States branch Binance.US is expected to launch in coming weeks.
CZ Binance Bashes Crypto News Outlet ‘The Block’ for Spreading FUD
- CZ goes at ‘The Block’ crypto media outlet for writing FUD about Binance and for publicly defending their fake news.
Today, the chief executive of the Binance exchange, CZ, commented on the article published by The Block on November 21, in which the author wrote that the Chinese authorities had shut down Binance’s office in Shanghai. The article states:“Binance’s Shanghai office, which once hosted some of the exchange’s top executives, abruptly closed its doors in recent weeks, forcing employees to either work remotely or relocate to Singapore, several sources close to the matter told The Block.
According to sources, the cryptocurrency exchange’s Shanghai office was recently raided by local police. Sources said many of Binance’s executives along with as many as 100 other employees worked at the office.”
CZ criticizes spreading FUD in the crypto sphere
CZ says that Binance did not have an office in Shanghai or anywhere in China, accusing The Block of spreading FUD.
The Block responded that despite the official reaction from CZ, they trust their sources and insist that their report was accurate.
The community is getting angry
This brought a whole wave of indignation against the aforementioned news outlet. Many on Twitter are suggesting blocking The Block (making a pun on the outlet’s name).
Justin Sun, CZ eager to donate to fighting against FUD
CZ suggests that crypto startups when raising funds for their projects, leave some money to fight with FUD spreading. Tron CEO Justin Sun has supported CZ, saying he is prepared to donate 100 BTC for that purpose. CZ says he is willing to donate that much too.
Image by Twitter
Binance Coin Price on a Continual Downswing; Holds a Strong Bearish Outlook
- BNB coin has been exhibiting a slithering trend since the past 6 months with negligible traces to rise beyond
- BNB/USD 1-month movement shows a moderate fall comparatively, while a long-term movement is indicating only a plunge throughout
- The intraday movement of Binance Coin also indicate a plummeting trend, which rightly confirms the selling pressure that the coin is holding
Binance Coin (BNB) recorded an all-time high 6 months back in the month of June when it was soaring at $43.39 on the exchange of Binance. Since then, it has been on a continual downslide and marked the bottom at $14.33.
Binance Coin Price Analysis:
Analyzing the daily movement of BNB/USD over the past 6 months, since June it the coin has been only seen slipping cumulatively after mounting at $43.
After the collapsing trend observed in June, the month of August remained quite subtle as seen, the price remained above the falling trend, until the last week of the previous month.
The current trading price of Binance Coin has no support from the daily short-term or long-term moving averages, as it trades at $17.29, at the time of penning down. The daily short-term and long-term MAs such as 9-day, 49-day, and 100-day remain above the current price trend, which shows the selling pressure that BNB coin withholds.
Also, since the last week of the previous month, BNB coin made frequent attempts to rise above the resistance that it is facing at $24 but couldn’t really make through it. Currently, it is facing an upside rejection above $20 for the past 2 days and above $21 since past 2 months, with a few hits in the previous week.
The MACD of Binance Coin is running bearishly as the signal line crossed the MACD line and is moving towards zero, while the RSI lies at 32.76, being inclined towards the oversold region as the price is hitting the lows.
Binance’s Bug Bounty Rewards Event to Identify Security Threats
In its latest announcement, Binance has announced a Bug Bounty Reward event in next month to ensure a robust and invincible security system.
The new Reward program is an addition to the previous program, which will run from November 22 to December 22, 2019.
Binance has ventured with Bugcrowd to make its system secured from potential vulnerabilities. As part of the program, Binance runs occasional Bug bounty Bonus reward events for its platform. Researchers can earn multiple bonuses, as part of the event just by signing the program.
What is the Bug Bounty Program?
Binance strives to provide maximum security to its users on its platform. To make the Binance ecosystem bug proof and secure, Binance is committed to provide a consistent security valuation program.
Encompassing these efforts, it has associated with Bugcrowd to find the security loopholes and its vulnerability impact on their system. The Big bounty program was launched in April 2018 along with Bugcrowd to enhance the security of the Binance exchange.
The Bug Bounty program, in partnership with Bugcrowd, has been operational for one and a half years and has opened the research gates to the researchers to find the possible security threats in the system.
New Offers in Bug Bounty Program
The bounty program offers the reward money depending on the severity of the security issue. It also mentions the terms and conditions of the program.
The latest announcement comes as an extension of the previous bounty program after March 2019, which had offered up to $10,000 BNB worth of $100,000 as bonuses then.
Apart from the above offers, it additionally offers $5000 as a bonus for identifying and reporting the potential vulnerabilities.
As per the bonus program:
For two consecutive, valid reports—Bonus awarded is 50%
For three consecutive, valid reports—Bonus awarded is 75%
For four or more consecutive, valid reports—Bonus awarded is 100%
The bonus amount varies from $200 to $10, 000, with the severity of the security threat and its potential impact on the business and the system. More severe the impact more is the bonus!
If one identifies three vulnerabilities worth of $600, he is capable of earning a total number of $600+ $600 *1.5+$600*1.75 = $2,550
The bonus amount is based on the technical severity of the reported vulnerabilities, ranging from $200 to $10,000. If you report three valid vulnerabilities worthy of $600, you can earn a total of $600+$600*1.5+$600*1.75=$2,550 for the bug bounty.
|Technical Severity||Bonus Range|
|P3 -Moderate||$600 – $1500|
|P4 – Low||$ 200 – $ 600|
The top three researchers will bag additional rewards following,
First price—$5000 in BNB plus exclusive Binance hoodie
Second price—$2,500 in BNB plus exclusive Binance hoodie
Third price—$1000 in BNB plus exclusive Binance hoodie
San Francisco based Bugcrowd is the highly skilled group of ethical hackers, which helps organizations to track and manage security disclosers.
Bugcrowd has a vast network of highly skilled security experts across the globe. Bugcrowd so far has identified and removed 80 security threats from the Binance system.