Stepping up efforts to minimize the inherent risks of trading cryptocurrency, major crypto exchange Binance has announced it would restrict access to derivatives products to Hong Kong users. The official announcement reads:
“Users from Hong Kong will have a 90 days’ grace period to close their open positions. During the grace period, no new positions may be opened.”
However, Binance’s proactive means to restrict Hong Kong users was not supported by a date of when the restrictions will be imposed. To provide clarity behind Binance’s latest restrictions, CEO Changpeng Zhao said the move is aimed to be a “proactive measure” for establishing “crypto compliance best practices worldwide.”
Zhao also summarized Hong Kong-related developments, stating:
“New Binance users from Hong Kong can no longer open futures accounts and we will wind-down access for existing users.”
While Binance’s proactive ban on Hong Kong users may tend to protect new users, the development seems to be more in line with China’s increased crackdown on crypto business with no exception on exchanges, mining or token offerings.
Binance continues to face regulatory challenges across multiple countries for allegedly offering a platform for illegal trades. In an effort to keep doors open for business, Binance is reportedly on a quest to stop offering high-risk services. As of the latest, the crypto exchange announced the suspension of derivatives trading in Europe, starting with Germany, Italy and the Netherlands.
As Cointelegraph reported, the move signaled Binance’s proactive steps toward harmonizing crypto regulations. However, the Securities Commission Malaysia asked Binance to shut operations within its region completely. Binance was reportedly operating within the Malaysian jurisdiction despite no authorization from the government.
Adding to the mix, Germany’s financial watchdog, the Federal Financial Supervisory Authority, aka BaFin, has also warned Binance of facing heavy fines on the grounds of selling shares in Germany in the form of “share tokens” without offering the necessary prospectuses.
Binance to Support the Incoming Polkadot Parachain Slot Auction
- Binance exchange will support the Polkadot (DOT) parachain slot auction.
- The company plans to start the event in November, this year.
- Doing this will help Polkadot achieve its ecosystem development.
Amid the waves blowing around the incoming Polkadot (DOT) parachain slot auction, Binance exchange has also announced that they are ever-ready to support the Polkadot’s parachain event.
With this synergy, Binance emphasized that it will soon start its Polkadot parachain slot auction program mainly in November 2021. Additionally, the month set to begin the event by the Binance team moves in line with the proposed Polkadot parachain slot auction date.
Meanwhile, Binance didn’t officially give the exact day and time that it will start the event. At the moment, the only news we have is that the team aims to start the parachain event in November.
To clarify, Binance intends to do its part and what it can to help influence Polkadot towards achieving its ecosystem development milestone. In turn, doing this will also push up the growth and adoption of the Polkadot parachain slot project to the mainstream.
Also, for further info about the event, the Binance team noted that they will keep their eyes on it and provide the community with more updates.
Until then, the team assured that the community should expect a separate announcement in no time and more details than what they have disclosed now. In addition, Binance advised that the community should stay tuned as they are bringing more initiatives ahead.
Binance Angels Helped a Crypto User Recover Nearly $100,000
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Binance Angles, volunteers who support the leading cryptocurrency exchange’s community and projects, have helped a cryptocurrency user recover nearly $100,000 in the USDC stablecoin after the user sent the funds to the wrong address.
According to a post Binance published the user, identified only as Damien, sent 98,000 USDC on the Binance Smart Chain to the USDC contract address instead of to his own address on the exchange, leading to a loss of funds.
After the user conducted thorough research to find out what could be done, he went into despair and contacted Binance’s French-speaking community on Telegram. The community of over 23,000 is moderated by Binance Angels, who informed Damien there was a chance: Binance’s BNB Pioneer Burn Program.
The BNB Pioneer Burn Program
Binance’s pioneer burn program is a new initiative meant to help users restore funds they have lost due to honest errors on the Binance Smart Chain. Under the program, Binance covers the lost funds of eligible users by using money that was meant to be used on Binance’s quarterly token burns.
Damien was fortunate enough to see his case meet all of the criteria of the Pioneer Burn Program, meaning that in just 24 hours after his mistake was made, he received the 98,000 USDC back from the cryptocurrency exchange.
Binance’s blog post details that to be eligible for the program, users’ lost tokens must either be “BNB, “wrapped” tokens (e.g. WBNB), or “pegged” tokens (e.g. BTCB) supported via the Binance “Token Canal” Project,” and have to have been transferred to the BEP20 contract addresses verified on BSCScan so the loss can be publicly justified and recognized as moving the asset out of circulation.
The loss also has to be above $1,000 in value, but smaller than the amount of BNB that is projected to be burned during the upcoming quarter.
Binance Angels, it’s worth noting, are community volunteers who share their knowledge of the cryptocurrency space and of the Binance ecosystem with its community, and help users navigate everything that’s out there.
These volunteers don’t just help users, but also help translate and proofread content, manage both online and offline communities, and provide feedback on Binance’s features to help the exchange improve.
They are rewarded through exclusive invites to Binance events as either VIP guests or organizers, through meeting with the Binance team, and by attending behind-the-scenes meetings with them. Binance Angels also received limited-edition swag, and exclusive gifts.
Binance Coin Price Analysis: BNB is bullish for the next 24 hours
- Binance Coin price analysis is bullish today.
- BNB/USD broke above $460 after slight retracement yesterday.
- Closest resistance at $510.
The price of Binance Coin is presently bullish, as previous resistance at $460 was breached today, pushing BNB higher. As a result, we expect BNB/USD to rise further over the next 24 hours.
Binance Coin price movement in the last 24 hours: Binance Coin breaks $460, continue higher in the next 24 hours.
The price of Binance Coin is presently bullish, as a recovery in its price was seen after yesterday’s retracement, pushing the price back to higher prices. As a result, we expect BNB/USD to rise further over the next 24 hours. The market closed today at $470 for a gain of $9 in the last 24 hours.
A look at BNB/USD in the 4H chart shows that yesterday, the Binance Coin price dropped to a low of $450 and went into consolidation. Recovery was seen soon after, pushing the price higher and breaking above resistance at $460.
This week, however, the price broke above $460 and the 200 SMA (red). The break was supported by a rise in trading volume from yesterday’s low of $124 million to today’s high of $163 million. This has resulted in BNB/USD rising by close to 10% today, and we expect it to rise further over the next 24 hours.
The nearest resistance is seen at $510 (the price of Binance Coin on August 23), while support is found at $450. Over the day, we predict a break of this level will take place, pushing the price to $500.
BNB/USD 4-hour chart: BNB shows bullish movement
On the 4-hour chart, we can see bullish momentum still strong, indicating we will see further upside today.
Binance Coin’s price action has shown considerable bullish momentum over the last several weeks. On October 1, BNB/USD rose to a new high of $450.
Binance Coin (BNB) recovered Monday, establishing a higher low of $395 before spiking Tuesday again. The previous swing high was broken, allowing BNB to reach the next resistance at $460.
Binance Coin fell to test the $440 prior swing high barrier as support, with a little reaction following. Any additional selling yesterday was not apparent, so BNB/USD went back on a bullish trend over the previous 24 hours.
Binance Coin Price Analysis: Conclusion and
The market of Binance Coin today is showing promise of further gains in the next 24 hours despite poor sentiment across cryptocurrencies. Several new records for cryptocurrency prices have the nearest been set over the past few weeks, but now the market is slowing down, with trading volumes dropping dramatically. This is likely to affect Binance Coin prices soon have the as well.