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Binance Now Accepting Fiat Through Alipay, WeChat

Binance is now accepting fiat through Alipay and WeChat, opening up the exchange to peer-to-peer (P2P) crypto transactions from China. The move follows a September announcement concerning the exchange’s intention to add over-the-counter (OTC) trade options for an additional fiat on-ramp.

Although an expected development, the move was first disclosed on Twitter and later confirmed by Binance CEO Changpeng Zhao on Wednesday. For now, bitcoin-for-fiat trades are only available

One of the largest social media apps globally, WeChat currently has over 1.1 billion active users according to Statisa. Payment application Alipay has over 900 million users as well, per the China Daily.
Since the 2017 banning of cryptocurrency exchanges by the People’s Bank of China (PoBC), P2P trading has predominated in China. Earlier this year, CoinDesk reported that P2P exchange Hodl Hodl had reconfigured its security preferences to sidestep China’s Great Firewall.
Binance CEO Changpeng Zhao image via Binance

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Binance

Binance Now Supports Deposits and Withdrawals in Hong-Kong Dollars

Cryptocurrency exchange Binance has opened a fiat gateway for Hong Kong dollars.

Launched thanks to its partnership with Epay, Binance said on Monday that users can deposit and withdraw Hong Kong dollars from today for trading against supported cryptocurrencies.

Binance already supports euros and pounds sterling through Epay, a payments provider founded in Hong Kong in 2014.

The latest addition is something of a coup for the exchange, as banks in the jurisdiction are notoriously averse to offering accounts to cryptocurrency companies.

The local Gatecoin exchange closed last spring pointing the finger at a funds freeze by a payments processor after having difficulties finding banking for some time. While the firm attempted to survive using other payments services from outside of Hong Kong, it put down its eventual closing to not having ever got the frozen funds back.

Binance has been rapidly rolling out new fiat gateways in a push to serve local markets globally, having been a purely crypto-to-crypto trading platform until last autumn.

It most recently added 15 fiat currencies through a partnership with Israeli payments provider Simplex, and has previously added the national currencies of nations such as Russia, Ukraine, Nigeria and India.


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Binance Not Green Lit To Operate In Malta

  • There has never been a major crypto platform that has been given the green light by The Malta Financial Services Authority.
  • This includes one of the biggest platforms in the world, Binance.

There has never been a major cryptocurrency platform that has been given the green light by The Malta Financial Services Authority (MFSA). This recent announcement was mainly aimed at one of the biggest platforms in the world, Binance.

Last week, a public statement was issued by MFSA which highlighted that the platform “is not authorized by the MFSA to operate in the cryptocurrency sphere.”. It was also noted that despite live media reports, Binance isn’t actually based in Malta.

Big publications in the country have been referring to the platform as a Malta-regulated crypto business and even the MFSA itself has made similar statements before as it has previously highlighted:

“Following a report in a section of the media referring to Binance as a ‘Malta-based cryptocurrency’ company, the Malta Financial Services Authority (MFSA) reiterates that Binance is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.”

It was further emphasised that operating a crypto related business in the nation requires a license by the MFSA under the Virtual Financial Assets Act.

It is well known that Binance is officially located in China. A police raid was supposedly done on the alleged offices for the platform which sent the cryptocurrency markets into extreme volatility however, the exchange has denied tonight reports as they stated at the time:

“The Binance team is a global movement consisting of people working in a decentralized manner wherever they are in the world. Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down.”

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Changpeng Zhao Advises Against Investments In Bitcoin SV Due To Craig “Satoshi” Wright Being A Fraud

  • Changpeng Zhao took to Twitter to indirectly advise his followers against investing in Bitcoin SV or any other scheme from the self-acclaimed inventor of Bitcoin, Dr.Craig Wright.
  • The cryptocurrency exchange gained fame for adopting a trans-mining model but paused all buys, sells, and withdrawals while revealing a shortage in assets worth $130 million.

CEO of cryptocurrency giant Binance, Changpeng Zhao took to Twitter to indirectly advise his followers against investing in Bitcoin SV or any other scheme from the self-acclaimed inventor of Bitcoin, Dr.Craig Wright. Zhao calls Wright a fraud and tells his followers that any form of investment into a fraud would never end well.

Zhao used one of his previous calls in 2018 on the fraudulent Fcoin, which recently admitted insolvency. The cryptocurrency exchange gained fame for adopting a trans-mining model but paused all buys, sells, and withdrawals while revealing a shortage in assets worth $130 million.

Zhao had predicted that Fcoin was a pyramid scheme back in mid-2018, claiming that he suspected something fishy when Fcoin founder Zhang Jian called his exchange a “better invention than Bitcoin”.

This seemed like the first indication of a scam to Zhao when he called out the company for being a pyramid scheme on Chinese social media websites.

Now Zhao sees something similar happening with all the developments around Craig Wright, who has been seen by many as a compulsive liar who keeps claiming himself to be the inventor of Bitcoin, Satoshi Nakamoto.

Although Wright has failed to provide valid proof in court repeatedly, over time, he has gathered a significant fan following having convinced a number of prominent members of the Bitcoin community that he really is Nakamoto including one of Bitcoin’s earliest lead developers Gavin Andresen.

Bitcoin SV, a hard fork of Bitcoin Cash has been seeing large gains recently, preforming exceptionally in the market as court proceedings in the Wright-Kleiman case saw major developments.

Wright was asked to transfer 50% of his Bitcoin holdings that he had mined on the first few blocks of the chain, which is known to have been mined by the anonymous Satoshi Nakamoto.

If Wright managed to prove ownership of the first Bitcoin ever mined and made the transfer to the late Kleiman’s estate, this would send ripples through the cryptocurrency world as it might prove him to be Satoshi truly.

During this period of development, Bitcoin SV saw massive jumps in price as the public got excited at the potential of right being Satoshi. With the cryptocurrency even briefly becoming the 4th largest cryptocurrency by market cap.

But the hype soon dropped as time passed and Wright was unable to show any proof in the court of the Bitcoin. Wright is also doubted by many as simply being a con man, trying to take credit for one of the largest innovations in currencies the world has ever seen.

Wright has, time and time again, failed to present valid proof of him being Satoshi and has only been able to make repeated “claims” of his identity. Such behavior has seemed dubious to many, and it seems apparent as to why industry giants like Changpeng Zhao advise against investments on Wright or into BSV.

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