On Wednesday (September 11), Catherine Coley, the CEO of Binance.US, Binance’s upcoming trading platform for its customers in the U.S., announced that user registration will be open on September 18, and that from this date it will be possible to deposit funds (BTC, ETH, XRP, BCH, LTC, and USDT).
As Coindesk reported on June 13, Binance announced on that day that it was planning to set up Binance.US in partnership with a U.S. company called BAM Trading Services (“BAM”). It said that the operator of this platform would be BAM, but the wallet and matching engine would be supplied by Binance.
Then, on August 9, Coley published a blog post to provide an update on the work being done to prepare for the launch of Binance US. One of the things she mentioned was that Binance US was using a “Digital Asset Risk Assessment Framework” to choose blockchain projects that have “a real chance of making the world more efficient” and that are compliant with “applicable legal requirements.”
Coley also noted that her team was evaluating 30 coins/tokens against this framework: ADA, ATOM, BAT, BCHABC, BNB, BTC, DASH, EOS, ETC, ETH, HOT, IOTA, LINK, LOOM, LTC, MANA, NANO, NEO, PAX, REP, RVN, TUSD, USDC, USDT, VET, WAVES, XLM, XRP, ZIL, and ZRX.
On September 6, the Binance.US CEO published another blog post in which she provided some new information about her company.
Here were some of the main highlights:
- There is a “Know Your Customer” (KYC) process in place when registering a new account. Users will need to provide a valid state/federal ID (such as a passport or a driving license) and their social security number.
- Binance.US will be available in most U.S. states (but this list will probably not include New York state at launch).
- Users can deposit funds as soon as they have gone through the KYC process.
- Access to the exchange will initially be via the Binance.US website; later on, a mobile app (for iOS and Android) will be provided.
Well, today, we had another important announcement from Coley, this time telling us which digital assets Binance.US has chosen to support initially and the date (September 18) that user account registration will be open.
In her blog post, Coley explained that during this “initial registration phase,” it will be possible to “sign up for a Binance.US account and select the tier of verification required to achieve your desired withdrawal limits,” and that once a user has been verified, it will be possible to “make deposits across the initial selection of digital assets.” The list of supported trading pairs will be announced shortly after registration opens.
If you are disappointed that your favorite cryptoassets are not included in the list of assets initially supported by Binance.US, do not worry too much since Coley assures us that the exchange “will be continually adding to the selection of digital assets available for verified users to deposit and eventually trade on Binance.US.”
Note that “verifying your account in this initial phase will allow you to trade on our digital asset marketplace as soon as trading commences.
Binance Unveils Phase Four of Its Lending Products
Binance, the leading digital currency exchange in the world in terms of trading volume, is all set to unveil the phase four of its Lending Products. The exchange made an official announcement detailing the launch date, time and format in an official blog post dated September 16, 2019.
As per the announcement, the Binance Lending Products’ 4th phase will be launched on September 18, 2019, at 6 am of the UTC zone. With this launch, Binance will make lending products with the fixed-term of 14 days’ available to users.
Users must note that the subscription period will begin from 6 am (UTC) on September 18, 2019, and run till September 19, 2019, 0:00 am. The duration of interest calculation is slated to start from September 18, 2019, 6 am and end on October 2, 2019, at 6 am (UTC).
The time of interest payouts is immediately after the loan term maturity, whereas the format of the subscription is on a first-come-first-serve basis, revealed the blog post.
According to the announcement, the digital assets to be included in the fourth phase are Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Ethereum Classic (ETC).
While the annual interest rate for BNB is 10 per cent with a lot size of 10 BNB and individual cap of 500 BNB, Bitcoin is available at 3 per cent annual rate of interest with the individual cap of 20 BTC and a lot size of 0.01 BTC. ETH and ETC are available for 6 per cent and 7 per cent annual rate of interest with the individual cap of 150 ETH and 1,000 ETC, respectively. Their lot sizes are 1 ETH and 1 ETC. USDT, on the other hand, has an annual interest rate of 10 per cent with 100 USDT lot size. The individual cap of USDT is 5,000,000.
Binance has also provided the total subscription cap, as well as interest at maturity per lot, for each of these digital assets in its official announcement to make it easier for users.
CZ Provokes Unintended Panic Following An ‘Attacker’ On New Futures Platform
“A market maker from a smaller futures exchange tried to attack @binance futures platform. NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that.”
Just above is a tweet recently posted by the CEO of Binance, Changpeng Zhao in dispelling the concerns that a bad actor had just attacked the freshly-launched bitcoin futures platform.
This month alone has seen Binance form one of the two major BTC futures offerings to hit the market in September. The other being the Bakkt platform due on 23rd September, comes from the institutional trading platform, Bakkt.
The above quote was just the first in a series of tweets from the Binance CEO who initially warned that the platform’s futures were under attack from one of its own market makers.
“The attacker is a well-known account that trades with @binance,” CZ said. He continued, saying they “started their own futures exchange a few months ago. This was the 2nd attempt they tried. Shame!”
The attacker had reportedly crushed under the BTC/USD order book from $10,324 to $10,024, in what CZ said was the second such attempt at an attack.
The futures platform was launched in an invite-only setup mode following a user testing period earlier in the month. Two platforms were initially available with users voting for their preferred choice.
Aside from the criticism’s of both options’ technical characteristics, uptake was brisk with open interest reaching $150 million last week.
We still don’t know who specifically CZ is talking about but a few hours after the accusations came forward from the CEO, it was confirmed that everything was a big misunderstanding.
“Had a chat with the client. It was an accident, due to a bad parameter on their side. Not intentional. All good now.”
Binance CEO: Bitcoin Futures Platform ‘SAFU’ After Attack False Alarm
The CEO of cryptocurrency exchange Binance has dispelled fears a bad actor had attacked its newly-launched Bitcoin futures platform.
Technical error crashed Bitcoin price
In a series of tweets on Sept. 16, Changpeng Zhao, also known as CZ, initially warned that the exchange’s futures were under attack from one of its own market makers.
The perpetrator allegedly crashed the BTC/USD order book from $10,324 to $10,024, in what Zhao said was the second such attempt at an attack.
Binance launched its futures platform in invite-only mode following a user testing period earlier this month. Two platforms were originally available, with users voting for their preferred choice.
As Cointelegraph reported, despite criticism of both options’ technical characteristics, uptake was brisk, with open interest reaching $150 million last week.
CZ: Only “attacker” lost money
In the event, the attack turned out to be a false alarm, originating from a technical error on the market marker side.
The entity remains unknown, Zhao only revealing it was also an operator of Bitcoin futures. Due to Binance’s own settings, meanwhile, the $300 dip did not liquidate other traders’ positions; only the accidental attacker lost funds.
“NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that,” he confirmed.
Binance forms one of two major Bitcoin futures offerings to hit the market this month. The other, due on Sept. 23, comes from institutional trading platform Bakkt.