The sad reality is that a lot of fake news, scam messages and other fraudulent and defamatory materials are circulating the web, making it difficult for investors to know what information is legitimate and who they can trust. While trading can be fun and exciting, it can also lead to emotional or financial stress, especially when many dishonest parties manipulate the market.
Although bad people will always exist, traders can exercise caution by leveraging the principles of responsible trading. Responsible trading requires investors to execute control over their trades, knowing when they are in a suitable position to take on risks and taking accountability for their actions. By acting as a responsible trader, investors never take risky positions without research or invest funds they cannot afford to lose.
For this reason, Binance continues to focus on the ongoing development of their industry’s regulatory framework to help discourage bad actors from harming honest investors. Being a significant player in the cryptocurrency industry, Binance has also taken it upon itself to provide leadership to the market.
Over the past year, this has involved the development of ongoing partnerships with law enforcement and security firms to help improve cybersecurity measures across the broader cryptocurrency industry. The exchange has also continued to ramp up its in-house anti-money laundering (AML) detection and analytics capabilities and taken several additional actions to prove its commitment to responsible trading.
Although the topic might not be top of mind to some consumers, recent news would suggest these precautions are coming at a time more necessary than ever before. Binance continues to remain their resolve to bring to light these injustices and provide support however possible.
Why responsible trading matters
Some common examples of falsified information come down to bad actors pretending to be the exchange itself and sharing information that is untrue and can negatively impact a user’s account, such as using a fake link in an email to encourage users to provide their login information.
Other common concerns center around pump and dump schemes. Bad actors with a big holding in a given cryptocurrency will spread false information to drive up the price; as prices increase, they encourage other traders to “buy before it’s too late.” This becomes harmful when new investors go all in and invest their life savings away, only to have the asset crash before their eyes.
Of course, a final example is apparent with Fancycat, the international organization of cybercriminals responsible for over $500 million worth of ransomware crime. Many of these criminals often looked to cryptocurrency exchanges to safely funnel their earnings without being caught by the authorities.
Although very different examples, addressing these concerns comes down to one thing. Responsible trading.
A demonstration of commitment
To date, Binance has taken some additional steps to ensure responsible trading is maintained. Among them are:
- Limiting new platform users (accounts opened in the last 60 days) to maximum leverage of 20x
- Confirming plans to become a regulated financial institution, in addition to ensuring local licensing and compliance is maintained
- Restricting access to derivatives products in the financial hub
- Limiting new API key creation to verified accounts only to ensure safe and fair trading for market participants
- Becoming the first and only cryptocurrency exchange to introduce a responsible trading program
Upon taking a closer look at the responsible trading program, three key focus areas are apparent. They are practicing self-discipline, continually educating themselves, and protecting traders’ assets. In practice, these procedures include:
- Measures to limit impulsive trading actions, such as when a trader suffers a losing streak or loss, the platform will provide automated reminders of the risks involved in trading
- Cooling-off features for users to temporarily disable derivative trading abilities if they would like additional support in exercising self-discipline
- Price protection, a feature that prevents users from getting hurt by market manipulation by triggering stop-losses or take-profits when bad actors are manipulating the system
The team hopes that by sharing their learnings and any proactive measures they take, they can help steer their industry forward, now and long into the future.
Binance Coin Price An Inch Away From Its ATH, Will BNB Price Hit $1K By EOY
After a slight flip from the bearish divergence, for a couple of days, the market appears to have fallen into the same well. Most of the altcoins including the dominant crypto Bitcoin are slumping down, yet trying hard to jump above $58K. However, after BTC & ETH, the 3rd largest crypto Binance coin is making a very drastic move without any noise and may hit its previous ATH well before both of them.
BNB price always preferred to be low-key with massive volatility so that the asset diminishes the distance to the ATH. The asset was still attempting hard to recover the losses incurred from May, yet the September drain dragged the asset below $350. However, without wasting much time, the Binance coin initiated with a strong upward trajectory to ignite a bull run towards its ATH.
BNB Price Analysis
Considering the recent moves made by the asset, one of the popular analysts believes the price to hit $750- $850 in the short-term. However, the potential target still remains around $1000 as predicted ever since the beginning of the bull run during the first half of 2021.
The upward trajectory can be clearly seen in the chart mentioned by the analyst ever since the trend flipped at the beginning of Q4. In an attempt to smash the ATH, the BNB price got rejected multiple times around $660. Yet sustained much above the 200-day MA and the uptrend line. And hence after a minute retest, the price may break through the newly formed resistance levels close to $660.
With a strong pierce through these levels, new ATH beyond $700 may be quite possible. Moreover, maintaining the current pace, the BNB price may also achieve the targets close to $800. And hence the yearly target for Binance Coin price still remains intact at $1000 and the possibilities of achieving appear to be more compared to BTC price or ETH price.
Top Crypto Analyst Says Ethereum-Based DeFi Protocol Primed for Breakout As Binance Coin Targets New Record High
A popular crypto analyst is detailing a set of new predictions for two large-cap crypto assets.
The trader, pseudonymously known as Smart Contracter, tells his 184,000 Twitter followers that Binance Coin (BNB) will likely hit a new all-time high (ATH) well before Bitcoin (BTC) surges above its current record high of $69,044.
“BNB [is] going to send to new ATH from here, probably going to hit it long before BTC does.”
Binance Coin, which is the native crypto asset of the Binance ecosystem, hit its current record high of around $687 in May of 2021 and is trading at $636 at time of writing.
The trader is also bullish on the core crypto asset of the Ethereum-based decentralized finance protocol Curve DAO Token (CRV).
Smart Contracter says that when paired against Bitcoin, CRV appears primed to break out from a 400-day range.
“400-day CRV breakout on the BTC pair underway. I’m ready for the fireworks.”
CRV is trading at 0.00009613 BTC ($5.65) at the time of writing.
Smart Contracter says that the DeFi token is likely on the verge of surging on the Bitcoin chart after an accumulation phase that had lasted over 365 days.
“CRV daily bull flag breakout on the BTC pair plus 12 month+ accumulation. Valhalla awaits.”
Check Price Action
Floki Inu ($FLOKI) Community Uses Petition to Request Binance Listing
The community behind the meme-inspired cryptocurrency Floki Inu ($FLOKI) has started a petition asking leading cryptocurrency trading platform Binance for a listing on it. Getting listed on such an exchange would significantly improve the cryptocurrency’s liquidity.
Through a petition created on Change.org that has already gathered over 14,000 signatures, the cryptocurrency’s community has pointed out that in just four months, $FLOKI is one of the top 70 cryptocurrencies by market capitalization, with a market cap of $2.6 billion.
The petition adds that the cryptocurrency has grown to have over 310,000 holders and a trading volume of over $280 million, despite not being listed on any major centralized exchange like Coinbase or Binance.
Notably, the cryptocurrency’s rival meme-inspired crypto Shiba Inu ($SHIB), has been listed on Binance, Coinbase, Huobi, KuCoin, Bitfinex, and other major cryptocurrency trading platforms. SHIB has, however, resorted to a petition to be listed on another exchange, the commission-free trading platform Robinhood. That petition has garnered over 500,000 signatures.
In its petition, Floki mentioned its “super aggressive marketing campaigns worldwide” which it claims is helping it become a “more recognized cryptocurrency compared to many cryptocurrencies in the top 10 [by market capitalization].”
As reported, FLOKI’s price surged last month after it launched a campaign on London’s public transport system with the slogan “Missed Doge? Get Floki” in a bid to “legitimize” the cryptocurrency and increase the “confidence of the average consumer” to buy it, according to the project’s head of marketing, which went by Sabre.
That campaign triggered a cryptocurrency ad crackdown that saw London’s transport authority, Transport for London, reveal concerns about the ads as these were promoting a little-known, unregulated financial asset that they claim could be open to manipulation such as pump-and-dump schemes. Floki Inu’s team hit back, saying the crackdown was “an attack against cryptocurrency and against the people’s freedom of choice.”
Notably, the Floki Inu community has also created a petition to get listed on the Nasdaq-listed cryptocurrency trading platform Coinbase. That petition has been signed by over 30,000 users at press time.