We’re always looking to build a better Binance. As part of our vision to increase the freedom of money around the world, we’re holding ourselves to the highest standards when it comes to protecting our users and staying atop the evolving regulatory landscape. Here’s what you need to know about our latest initiatives as we continue to implement global compliance programs to build a sustainable path forward for the crypto industry.
Four years ago, we launched Binance with a simple yet enduring vision – to increase the freedom of money for people around the world. Our approach was simple – to focus unwaveringly on our users and always act in their best interests.
This user-focused approach resonated with a diverse and global audience, giving us a chance to build one of the industry’s largest and most passionate crypto communities.
Much has changed since we first started our journey.
Today’s crypto industry is no longer the nascent field that primarily attracted tech-savvy first adopters and speculative participants.
Traditional institutions and longtime holdouts are now exploring or offering crypto services of their own. Adoption is climbing all over the world, powered by a combination of bull markets and innovation.
Despite these developments, our goals at Binance remain the same – we want to help bring crypto to more people around the world.
Today’s compliance and regulatory landscape marks a historic moment for the blockchain and crypto industry. Like all innovative industries that have come before it, from manufacturing and pharmaceuticals to Big Tech and ridesharing, the blockchain and crypto industry is now reaching a critical new stage of development.
We see the regulatory process as an amazing opportunity for proactive companies like Binance to pave the way forward for the industry.
We firmly believe that by working alongside regulators and policymakers to develop clear regulatory and legal frameworks, engaging in active self-regulation and putting our users first by protecting their interests, we can help welcome the next billion users to the world of crypto.
I would like to take this opportunity to share some of the active steps we are taking to shape our robust compliance program and protect our users.
Mastering crypto compliance
Compliance and cooperation go hand-in-hand. In many ways, they resemble two sides of the same coin – you can’t have one without the other.
The process of compliance requires proactive players within the industry to come together with regulators and policymakers to build rules and operating frameworks, organize the industry’s values and create a foundation for sustainable growth.
In this regard, we have committed to the following.
- Growing our compliance team – To help maintain compliance in operating jurisdictions around the world, we grew our compliance team by 500% in 2021 so far and plan to double the team’s size by the end of the year.
- Bringing on strategic advisors – We onboarded key compliance advisors, including appointing Rick McDonell and Josée Nadeau, former FATF executive secretary and head of the Canadian delegation respectively. In addition, we brought on Max Baucus, former United States senator and ambassador to China, to provide high-level regulatory guidance.
- Practicing self-regulation – We hold ourselves to the highest standards in line with our commitment to compliance. This month, we proactively restricted derivatives product offerings to Hong Kong users in order to help create a more sustainable blockchain ecosystem.
- Localizing operations and businesses – We aim to be regulated and apply for crypto exchange-related operating licenses in more local jurisdictions than any other blockchain ecosystem. From Binance.US to Binance Singapore, we work to maintain fully regulated entities using the Binance brand.
- Deploying industry-leading RegTech tools – To ensure compliance with global ‘travel rule’ regulations, Binance was one of the first exchanges to deploy CipherTrace Traveler, a regulatory technology tool designed to “help Binance continue to meet the highest standards for global anti-money laundering compliance,” according to CiperTrace CEO Dave Jevans. CipherTrace Traveler joins several other KYC and RegTech solutions in our compliance arsenal.
- Maintaining know-your-customer (KYC) compliance – We have proactively furthered our industry-leading KYC efforts by expanding global KYC requirements to further user protection and provide a safe crypto environment.
Finding new ways to protect users
Alongside our strict compliance initiatives, we find additional ways to protect users to ensure they have the crypto experience they deserve. I’m proud to say that from the beginning we have always taken our responsibility as an ecosystem provider seriously when it comes to safeguarding the interests of our users.
- Combating cybercrimes worldwide – Binance takes unilateral action to prevent bad actors from using our platform, including working with local law enforcement to take down cybercriminal groups. In addition, we work with private sector chain analytics companies to proactively identify and offboard suspicious accounts.
- Investing in user education – We dedicate resources to create free educational content in order to increase crypto access and literacy for users on and off our ecosystem, from our comprehensive support center that contains hundreds of tutorials, to Binance Academy, our free education platform.
- Launching an industry-first responsible trading program – Binance is the first and only exchange to implement technical and educational measures to encourage users to trade responsibly. From anti-addiction notices to ‘cooling-off’ suspension features, we actively remind users to exercise caution when trading.
- Instituting a SAFU emergency insurance fund – We allocate 10% of all trading fees received into the ‘secure asset fund for users’ (SAFU) to protect users and their funds in emergency scenarios.
- Providing user-first security tools – To create a safe and secure environment for users, we safeguard our platform with user-accessible security tools like hardware, app-based, SMS and email two-factor authentication methods, stringent password requirements, withdrawal address management tools, security alerts in the case of suspicious activity and more.
These are just a few of the ongoing initiatives we’re working on, as we uphold our commitment to regulatory compliance and user protection.
As I’ve said in my previous open letter, we at Binance are looking forward to helping generate sustainable growth for the industry. By continuing our work with regulators and policymakers, and making every effort to protect our users and put their interests first, I’m confident we will rise to the occasion and meet the moment, helping increase the freedom of money for more people around the world.
CZ, Binance CEO and founder
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.