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Good news: Portugal is licensing crypto exchanges

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  • Portugal is giving licenses to crypto exchanges
  • This may signal growing acceptance for digital assets in Europe
  • Other governments like Malta have licensed exchanges

The crypto community has a new reason to celebrate – even as the market struggles against the bears. It appears that some countries in Europe are beginning to get enlightened in matters crypto. Apparently, Portugal is finally issuing licenses to exchanges to legally operate within its borders. The first two exchanges to get licensed are Mind the Coin and Criptoloja.

According to a statement issued by the Portuguese Central Bank (Banco de Portugal) on its official website, the two exchanges are listed as Virtual Assets Services Providers. The license allows them to handle transactions relating to digital assets and fiat as well between the digital assets.

Licensing means acceptance

It’s noteworthy that the exchanges, especially Criptoloja, submitted their request for registration by the Central Bank in September 2020, meaning that the review process has taken a whole 9 months. In this case, it can only be assumed that the top bank embarked on a rigorous research to determine whether the licensing of crypto exchanges on Portuguese soil would be fit.

Now that a decision has been reached to license the exchanges, it’s fair to also assume that this is a rather mild gesture by the Portuguese government signaling its willingness to accommodate the crypto industry. That’s much unlike other governments like China that have been running miners and exchanges out of their countries.

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Crypto exchanges in Europe

A more critical look at digital assets in Europe reveals that Portugal isn’t really the first country to show some love for cryptos. Malta has been a major supporter of digital assets, even going ahead to accommodate headquarters of some of the most popular industry heavyweights within its borders. From the look of it, it seems that the exchange business is about to boom in Europe as more countries dish out licenses to interested entities.

Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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