Connect with us

Crypto Exchange

Amid Global Crackdown on Binance, Singapore Regulator MAS to Follow Up Soon

Published

on

  • MAS said that it reviewing the status of several crypto firms in Singapore and whether or not they are following strong investor protection measures.
  • Binance is also seeking a license from the MAS to legitimize its operations in Singapore.
Crypto exchange Binance is facing increasing pressure from regulators worldwide. After U.K’s FCA curtailed all Binance operations last week, Singapore’s topmost regulator – Monetary Authority Services (MAS) – has decided to follow up soon amid the rising global crackdown.

On Thursday, July 1, the regulator noted that MAS is currently reviewing Binance’s application to provide crypto token services in the country. Currently, Binance Asia Services Pte. has a grace period through which it can operate in Singapore.

However, in a word with Bloomberg, MAS noted that a number of other firms are undergoing similar assessments along with Binance. The regulator noted:

“We are aware of the actions taken by other regulatory authorities against Binance and will follow up as appropriate”.

MAS has said that as it continues its review process, the companies can continue with their operations. The MAS, however, has said that it will be applying “robust standards” in assessing the applications. It will look at the company’s ability to implement strong measures against any kind of illicit fund flows. MAS said that many applications have dropped out as they could establish the requirements of the regulators set through last year’s Payment Services Act.

Binance Seeking Singapore License

Crypto exchange Binance is now seeking a license to legitimize its operations in Singapore. along with Binance, there are other peer players like New York-based Gemini and Hong Kong-based Crypto.com seeking a license from the MAS.

Advertisement

Clarifying its position, Binance sent an email to Bloomberg noting that Binance Asia Service is a separate legal entity and doesn’t offer any of its services and products via Binance Markets Ltd or Binance.com. Binance’s Singapore entity has been backed by Vertex Ventures holdings and focuses on expanding its footprint in the Asian country. In the email, Binance added:

“It is important to note that we take a collaborative approach in working with regulators and we take our compliance obligations very seriously. “We are actively keeping abreast of changing policies, rules and laws in this new space.”

Speaking of this development, noted Chinese journalist Colin Wu stated: “Singapore’s attitude is obviously to protect Binance. Binance rejected Sequoia Capital’s investment and accepted Singapore’s state-owned capital investment before. In fact, many founders of China’s cryptocurrency industry are based in Singapore”.

Apart from Singapore and the U.K, Binance has also been under the regulatory watch of Germany and Japan.

Advertisement

News Source

Binance

Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance

Published

on

A small-cap altcoin is shooting into the stratosphere after earning support from the global crypto exchange Binance.

The governance token Tranchess (CHESS) officially began trading today.

News of the coin’s listing triggered a 185% rise in the price of the asset – from $2.77 to $7.91. Its value has since settled to $5.09 at time of publishing.

Advertisement

CHESS is listed in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.

According to Binance Research,

“Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS. 

Advertisement

The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.”

Tranchess recently raised $1.5 million from Binance Labs, Three Arrows Capital, and other crypto venture firms.

News Source

Advertisement
Continue Reading

Binance

Binance proposes a real-time token burning mechanism to boost BNB value

Published

on

  • Binance has proposed the BEP-95 aimed to burn a percentage of transaction fees as a deflationary measure.
  • BEP-95 will occur alongside the quarterly token burn and well after the 100 million token supply is achieved.

Binance Smart Chain (BSC) is taking further steps to incorporate an additional deflationary mechanism to increase token valuation. As announced today, Binance (BNB) is introducing a new Binance Evolution Protocol (BEP) known as BEP-95. The BEP stands out from the network’s occasional token burns since it introduced a real-time burning mechanism.

According to Binance, a fixed portion of gas fees collected by validators in each block will be sent to the burn address. The ratio initially set at 10 percent, is adjustable according to changes proposed by the Binance community. BSC validators get to vote on community proposals, where voting power is based on staked BNB.

For a proposal to be reviewed by the validators, it has to receive a minimum deposit of 2,000 BNB (mainnet). All BNB is returned to holders after the finalization of the voting process. A proposal that wins is that which gathers 50 percent of the total voting power on the mainnet. Binance notes that voted-upon parameters are implemented immediately.

Details of Binance BEP-95 token burning mechanism

BEP-95 became relevant as it speeds up the BNB token burn, and makes the network increasingly decentralized. The BNB supply cap is about 168 million tokens and Binance intends to burn until 100 million tokens remain in circulation. This will take about 5-8 years to complete, according to Binance. The network’s most recent quarterly burn wiped out over 1 million tokens, worth about $639 million, from circulation.

Advertisement

However, the latest update from its blog now says the BEP-95 burn “will continue functioning” even after the above target is attained. With the burn, Binance expects the intrinsic value of the BNB token to increase in tandem with demand. The network notes that validators and delegators may receive fewer tokens from staking, but the “fiat-denominated value of their rewards may increase.” Moreover, BNB has multiple use cases that benefit all holders of the token.

Currently, BEP-95 is in the draft stage and the network is yet to give a specific date for its implementation.

Several blockchains use the crypto-burning mechanism to create token scarcity and a subsequent increase in token value. Ethereum, for instance, uses the EIP-1559 for this purpose. 

Advertisement

BNB price action

BNB, the fourth-largest cryptocurrency by market cap, was trading at $494 at press time, according to our data. The token has gained 0.8 percent in the day, and 4.8 percent week-over-week. Similar to other digital assets, BNB has rallied fueled by the Bitcoin-led gains. Crypto investor and YouTuber Lark Davis expects “good things” for the BNB price following its launch of a $1B growth fund.

News Source

Advertisement
Continue Reading

Crypto Exchange

Google warns crypto investors of Youtube scams amidst high hacking

Published

on

  • Google warn crypto investors to be weary of Youtbe scams.
  • Google says hackers impersonate crypto influencers to run scams on YouTube.
  • YouTube, a hotbed for crypto scams.

Google’s Threat Analysis Group has warned crypto investors to beware of cryptocurrency scams on Youtube as phishing and impersonation on the video-sharing platform surges.

The Google group noted that a group of hackers is taking over Youtube, rebranding popular Youtube channels of well-known crypto or tech companies. “The channel name, profile picture, and content are all replaced with cryptocurrency branding to impersonate large tech or cryptocurrency exchange firms,” the group said, adding that hackers would live stream videos promising crypto giveaways in exchange for “initial contributions.”

According to the Google group, if these hackers don’t rebrand, they sell pages to the highest bidder depending on how many subscribers the channel has. They note that fake Youtube pages sell anywhere from $3 to $4,000.

The Google group notes that a group of hackers recruited in a Russian-speaking forum are actors behind the campaign.

Advertisement

Crypto investors should be warned as YouTube remains a hotbed for crypto scams

The video-sharing platform so many times has been used as a tool to dupe unsuspecting crypto investors. In December, American crypto exchange Gemini exposed two fake YouTube channels that were pretending to be from the exchange.

“These scam accounts are not our company. We have reported these accounts to YouTube,” Gemini tweeted.

Funny enough, it was not the first time Gemini was being impersonated on Youtube.

Advertisement

Crypto scams have been well perpetrated on the platform that the video giants ban crypto content on its platform. Authorities in the UK also warned young crypto investors with campaigns on Youtube and TikTok against being victims of crypto scams.

The cycle of crypto scams across all platforms is one that may never end. As much as crypto exists, crypto scams would remain a thing. The rise in crypto scams recently has been attributed to the surge in price and adoption of cryptos globally. It is safe to say that with crypto prices going up and more people, corporate organizations adopting cryptos, more scammers will be threatening the burgeoning space.

News Source

Advertisement
Continue Reading