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Binance to assist Ukraine to potentially legalize cryptocurrencies

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  • Binance signed an MoU with the Digital Transformation Ministry of Ukraine.
  • Binance will assist in developing “transparent and effective mechanisms” for digital asset transfer 

Binance recently announced that the company has signed a memorandum of understanding (MoU) with the Digital Transformation Ministry of Ukraine. They will jointly work together to establish “the potential legal status of virtual assets and currencies in the country.” In the company’s official blogpost, Binance stated that it will assist with the development of “transparent and effective mechanisms for the transfer of rights to any virtual assets or currencies using blockchain technology as well as beneficial conditions for investments and business in Ukraine.”

Mykhailo Fedorov, Ukraine’s Vice Prime Minister and the Minister of Digital Transformation, spoke on the matter saying:

At last, Ukraine is finally in a situation where the executive, legislative authorities and market have come to an understanding of the regulation of the Ukrainian cryptocurrency market. By the end of this year, the Ministry of Digital Transformation, together with Members of Parliament and representatives of commercial companies, plan to finish work on the relevant bills and present them to our parliament. The Ministry intends to create a comfortable, competitive environment for the crypto industry in Ukraine.

Fedorov further added:

By signing the Memorandum with Binance, we open Ukraine to one of the largest cryptocurrency exchanges in the world and let Binance legally start their

business here. Thanks to this step, both Ukrainians and global cryptocurrency companies will be able to operate in Ukraine openly and transparently. In addition, we welcome Binance’s willingness to provide us with advisory assistance as the experience of one of the leading world players in this field is very useful for us at the stage of forming the legislative framework and the conditions for market regulating.

CEO of Binance Changpeng “CZ” Zhao said:

The legalization of cryptocurrencies and corresponding adoption of progressive legislation in this sphere can become one of the key drivers in stimulating positive growth in the Ukrainian economy as well as attract additional investments to the country… 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

source:.fxstreet

Binance

Binance’s 10th burn [$38.8M] is the third highest recorded BNB burn

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Binance, although close to a monopoly in the cryptocurrency market, will not achieve it; the reason for this is the ever-changing landscape and new entrants with amazing products. However, even with these new entrants gaining traction, Binance hasn’t lost its foothold in the space. It is one of the world’s largest cryptocurrency exchanges today. With its 10th BNB burn complete, Binance has burnt $38.8 million worth of BNB, reducing its market cap forever.

Binance’s 10th BNB burn

Binance announced its 10th successful quarterly burn in a blog today, and with it, a total of 2.216 million BNB tokens worth $38.8 million were burnt from October to December 2019. Binance has been burning BNB for over 10 quarters now [3+ years]; the goal of this would be to achieve a total circulating supply of 100 million from its initial supply of 200 million.

Over the course of 10 burns, this burn constituted the 3rd highest burn in terms of USD [$40.3 million worth BNB was the highest burn] and the 2nd highest burn, in terms of BNB.

Source: Binance

A cumulative burn of 8.45% of BNB’s total supply has been vanquished, as of today, leaving users with 187.536 million BNB in total supply. This leaves another 87.536 million BNB to be burnt in the upcoming quarterly burns.

The ‘Burn’ Logic

Burning tokens, although not similar, can

be compared to stock buybacks in the traditional world since both of these effectively increase the price of existing tokens. The reduction of the total supply constricts the ones that are in circulation while the demand remains the same; the burn mechanism induces a negative supply shock, which ultimately leads to an increase in price, something that is quite similar to stock buybacks which increase the EPS.

Binance first announced its BNB burn program 2 years ago, while it was still on the Ethereum blockchain. While burning tokens vary from exchange to exchange, the underlying mechanism remains the same. Binance’s burn depends on the trading volume that occurs in a quarter; for the 10th burn, it was October to December 2019. Similarly, the first burn took away 986,000 BNB.

Perhaps, the burn mechanism reached a wider consensus in the crypto-space due to Bitfinex’s LEO token burns/buyback. Unlike Binance, Bitfinex sought to reduce the supply of LEO tokens by buying the tokens back based on the consolidated revenues [27%] of iFinex. However, for LEO tokens, the buyback will continue until 100% of these tokens are redeemed.

At press time, however, Binance’s BNB token seemed to be under a momentary surge, same as other altcoins, after they started surging in mid-December. Now that the BNB token has halted its slide downwards following a 72% collapse from its all-time high, the 10th burn might have an effect on BNB in the next few days.

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BINANCE COINS (BNB) WORTH $38.8 MILLION NOW ‘OUT OF CIRCULATION’

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The Rundown

  • Binance Performs its 10th Quarterly Token Burn
  • Will it Affect BNB’s Price?

Binance carried out its 10th token burn, removing ~$38.8 million worth of BNB from circulation, forever.

BINANCE PERFORMS ITS 10TH QUARTERLY TOKEN BURN

The malta-based crypto exchange, Binance, has just carried out its 10th quarterly token burn, removing $38.8 million worth of its tokens (2,216,888 BNB) from circulation, forever. According to the exchange’s founder and CEO, Changpeng Zhao, this is the 2nd biggest burn when it comes to the coins’ USD value, and also the third-biggest burn in terms of BNB.

Zhao also pointed out that this was the fourth consecutive quarter in which the USD value of BNB burn grew. As some may remember, the 9th BNB burn took place in mid of October last year, when the exchange burned 2,061,888 BNB, which was equal to $36,7000,000 million, as compared to the current $38.8 million.

Binance reported the 10th successful BNB burn yesterday, January 17th. In the announcement, CZ pointed out that,10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

The 10th quarterly burn represented the first full quarter that we factored in the performance of our most recent new products.

By that, CZ means Binance’s margin trading, launched in July; lending, launched in August; and futures, launched last September.

He also noted that Binance made an effort to increase its

fiat-to-crypto options by adding support for 24 global fiat currencies to its exchange. He admitted that Binance Coin is still quite far away from its ATH, which it reached in June 2019. He says,

But I don’t worry about it as much, because we view BNB as a long-term play, and many in the Binance community continue to use and hold BNB.

WILL IT AFFECT BNB’S PRICE?

Token burning is a common practice in which the token issuer removes a certain amount of existing cryptocurrency from circulation. This is done by token creators, who buy the coins back from the community, and permanently lock it away.

Tokens are burnt usually for deflationary purposes. The Malta-based exchange had already announced quarterly token burn plans when the coin was initially launched, to keep the supply to 100 million BNB,

The exchange-based crypto asset’s current circulating supply is 187,536,713 BNB. However, after 10 token burns that were performed so far, the total supply has dropped down to 155,536,713 BNB. In other words, there are still over 55.5 million BNB that Binance will burn in future token burns, in an attempt to reduce the number of circulating tokens. BNB price could grow as a result.

At the time of writing, BNB is priced is at $17.75, after seeing a 1.49% drop in the last 24 hours. On the day of the burning, January 17th, BNB price grew from $17.17 to $18,03. However, the coin’s price was unable to breach the resistance level at $18. Even so, it was strong enough to handle the rejection and only drop by around $0.60 before returning and attempting to breach the resistance for the second time, once again unsuccessfully.

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$38 Mln in BNB Destroyed in Token Burn – CZ of Binance Spreads Word

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Another quarterly token burn has been conducted by the Binance crypto behemoth. This time, 2.2 mln BNB was incinerated (that’s equal to $38.8 mln).

The people laughed till she said “Burn!”

This is the tenth coin burn Binance has conducted on a quarterly basis, having taken another large portion of BNB out of circulation and reducing the current supply – this is supposed to increase the coin’s value.

The head of Binance, CZ, has spread the word about it, taking to his Twitter page.

BNB 1

Image via Twitter

The BNB token has been widely used by Binance, including IEOs on its LaunchPad, on which several big token sales were conducted throughout 2019, starting with BitTorrent and MATIC.

Criminal money laundered in banks and via Binance

Binance remains the crypto exchange with the largest trading

volume. However, a recent research made by Chainalysis says that such major exchanges as Huobi and Binance assist criminals in laundering their funds.

In a recent tweet the Weiss Ratings agency reminded the audience that last year criminals sent around $2.8 bln in Bitcoin to crypto exchanges, as per the study from Chainalysis. The company stated that half of that amount went to Binance and Huobi.

However, Weiss Ratings suggests that much more money is laundered via traditional banks and that this study by Chainalysis should not be taken as prejudice against Bitcoin and crypto overall.

“In 2019, criminal entities moved a total of $2.8 billion in #BTC to #crypto exchanges, according to a study from #Chainalysis#Binance and #Huobi together received over 52% of that total. Numbers sound big until you realize criminals launder TRILLIONS every year – using banks.”

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