“Better Fiat Gateways” Is The Reason Why Binance Jersey to Shut Down on Nov 30th: CZ

The news of Binance Jersey shutting down its operations before 2020 was uncovered on Monday.

The announcement came without reason, so Binance CEO Changpeng Zhao took to Twitter to share the why. He tweeted,

“The reason is: better fiat gateways already supported by http://binance.com. No loss of features to users.”

Early in 2019, Binance announced that its Jersey-based subsidiary would allow fiat-to-crypto trading for European markets. Right from the launch, less than two years back, the support was added for top cryptos Bitcoin and Ether against the British pound and euros.

With a trading volume of a mere $210,000 in the past 24 hours, this branch didn’t really accomplish what the leading spot exchange was aiming for – be a “major driving force” in the European markets.

Cointelegraph first reported that the new deposits would be suspended from Oct. 30, and the final shutdown will happen a month later on Nov. 30. While there is still time for user accounts to be inaccessible, trading and withdrawals will be halted much before on Nov. 9.

The primary platform Binance.com meanwhile will continue to offer its services to the citizens of Jersey via “compliant banking channels.”

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Author: AnTy

Binance Boosts Visa Card Incentives with Auto Top-Up, Daily Cashback & Higher Spending Limits

Binance has added some perks to its recently launched debit card rolled out in the European Economic Area (EEA) one month ago. The crypto exchange is looking to expand its footprint in the retail market as more crypto users opt to have a good part of their portfolio stored in digital assets. Binance’s Visa-branded card is designed to facilitate a seamless conversion to fiat when making payments.

With over 60 million outlets accepting Visa payments, Binance card users can leverage this service to make online payments. The exchange is yet to integrate a prepaid function for PoS payments but is currently in the product pipeline. Notably, the crypto card service by Binance is part of a growing niche as more merchants move to accept crypto payments.

Binance has now increased the incentives for using its crypto card; the exchange introduces a ‘daily cashback’ reward program instead of the ‘one-week’ initial arrangement. This means that users will be getting their rewards daily, making it more attractive to use the Binance card more frequently.

As for cashback reward rates, Binance has bumped the figure to 8% from 7%, which was initially set as the maximum amount. Binance crypto card users whose purchases are eligible for the cashback rewards can expect an 8% cashback that could be cashed out daily. It is quite noteworthy that the cashback reward program favors BNB holders, depending on the amount they hold.

Besides the cashback incentives, Binance raised its crypto card’s spending limit to €870 per day. The crypto exchange anticipates that it will further raise this limit upon scaling the physical card mainstream use in the future. An automatic top-up feature has also been integrated to make daily deposits seamless.

The Binance crypto card touts zero maintenance, subscription, and transaction fees, apart from 3rd party charges where they apply. Users can currently deposit funds into their pre-selected Binance digital wallets to use them via the exchange’s crypto card. However, it remains scanty whether Binance will ultimately feature withdrawals, contactless payments, chip, and PIN tech within the physical card.

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Author: Edwin Munyui

Binance’s Plan to Return to Japan Falls Through The Cracks As Deal With TaoTao Collapses

In a report first made public by Coindesk Japan, Binance exchange’s deal with Japan-based crypto trading exchange, TaoTao, has fallen through. According to the statement, the two companies have called off the strategic alliance that could see Binance services return to the island nation.

The largest global cryptocurrency exchange, Binance, announced in 2019 they will be restricting their services to Japan residents with increased scrutiny from the Financial Service Authority (FSA). In January this year, BEG reported Binance was in a strategic alliance agreement with TaoTao, the crypto exchange wing of Z Corporation. The two latter firms are under Z Holdings, the firm in charge of the Yahoo Japan enterprise.

After nine months of discussions, the deal has been abandoned, however, the statement from TaoTao, released Monday, did not give a clear explanation as to why the deal was abandoned.

Binance announced its restrictions to Japan residents shortly before the discussions with TaoTao began. Trading services to Japan-based clients will continue as normal in the future.

Binance is also facing a possible lawsuit in Japan after the locally-based crypto exchange, Fisco (formerly Zaif), which was hacked in 2018, that claimed over $9 million in crypto stolen was transferred and withdrawn from their platform. Binance has yet to comment on the alleged money laundering claims from Fisco.

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Author: Lujan Odera

Binance Launches Decentralized Stablecoin Via; Forked From Compound & MakerDAO

On September. 28, Binance announced the launch of Venus Protocol, an algorithmic money market platform that allows borrowing of over-collateralized loans, lending, and generation of new synthetic stablecoins, VAI. According to a tweet by Joselito Lizarondo, founder of Swipe Wallet and Venus Protocol, the BSC-based platform is a fork from Compound (COMP) and Maker (MKR).

Venus does not include any VC pre-mined tokens or team allocation funds in a bid to fully decentralize the project. The VAI token is a multi-collateralized stablecoin offering cross-chain collateral with other crypto assets based in the BEP-20 format.

The platform allows over-collateralized lending with 75% or lower of the assets supplied on the Venus Protocol and interest-earning on collateral supplied. Users can also stake their vTokens (e.g., vETH) to mint VAI stablecoin, which is pegged to the dollar at a ratio of 1:1. The statement from Binance reads,

“VAI is minted by the same collateral that is supplied to the protocol. Users can borrow up to 50% of the remaining collateral value they have on the protocol from their vTokens to mint VAI”.

The protocol is, however, governed by its governance token, XVS, which allows users to vote on issues on the platform such as adding collateral assets, initiating product developments, and major changes on Venus. At the start, Swipe wallet’s native token, SXP, will be used for governance “until there’s enough quorum of XVS mined to be sufficiently decentralized,” Lizarondo said.

A total of 20% of the mined XVS tokens will be allocated to the Binance launch pool, 1% to the Binance Chain Ecosystem, and the rest will be distributed to the miners. A total of 30 million XVS governance tokens will be mined by May 2024. Miners will be able to stake their Binance Coin (BNB), Binance USD stablecoin (BUSD), and Swipe’s SXP tokens to receive XVS tokens.

Binance also announced the XVS trading pairs would be listed in its Innovation zone, including the XVS/BTC, XVS/USDT, XVS/BUSD, and XVS/BNB pairs.

In September 2019, BEG reported Binance’s Venus project launch as a government-friendly replacement of Facebook-led stablecoin, Libra. But the Venus Protocol was clear to say that this wasn’t the same as the open project from Binance.

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Author: Lujan Odera

Binance Launches ‘Innovation Zone’ to Justify DeFi FOMO Listings

Leading spot exchange Binance has created an “Innovation Zone” to list newer tokens.

“The team has created the Innovation Zone, which will allow users to trade newer token offerings from the comfort of their Binance account, while at the same time protecting less suited users from being exposed to the “risk” that comes with trading them,” wrote the CEO Changpeng “CZ” Zhao on Monday.

Whatever this means, you ask? Just that Binance will list all the DeFi tokens as fast as it can, as it has been doing.

The Innovation Zone was introduced along with the listing of SUN, Justin Sun’s DeFi venture.

What can we do?

The clarification came in the light of the fastest listing of UNI token by a centralized cryptocurrency exchange.

As we reported, exchanges rushed to list the highly anticipated governance token of DEX Uniswap. While Coinbase, Poloniex, FTX, Kucoin, OKEx, and Huobi all jumped in, it was Binance that was the first to induce the FOMO listing.

It wasn’t the first time either, the SUSHI saga earlier this month pointed many accusing fingers on Binance as well.

At that time, Zhao tweeted, now deleted, that if they don’t list DeFi coins, “traffic goes to other exchanges, and we become … obsolete. We provide access to liquidity; we don’t force you to buy.”

As the DeFi craze continued to roar, exchanges continued to take advantage of this opportunity by listing these DeFi tokens as fast as possible despite having a framework in place that requires significant and diligent efforts to review a project before listing.

CZ says so himself this time, “We don’t list every coin under the sun. We have a selection process that is often viewed as overly strict, especially by project communities that haven’t been listed yet.”

But with the DeFi sector so hot now, Binance has the dilemma of listing the token quickly or wait until the project is proven.

We’ll Continue to list DeFi coins!

According to CZ, unlike 2017, Binance is “bigger and has a wider user base” now. Not to mention, getting a listing on top exchanges is a time consuming and hard process with many, like Digibyte, complaining about exchanges asking for a listing fee.

The tables have turned for sure.

In the latest announcement, CZ argues that not only Binance needs to “stay competitive” by listing popular coins, but it is also hard to find what is good or bad as everyone’s definition is different.

“So, in keeping on-trend and delivering what our users (you) want, we (Binance) will continue listing DeFi coins,” he said.

Also, trading on DEX requires a “high degree of capability and understanding.” With Innovation Zone, Binance wants to provide you a “safer space for accessing newer tokens,” which have higher volatility.

You also don’t have to remember your password/seed phrases or suffer the loss in case of a wrong transaction as CZ will take care of it.

So, how exactly does this zone work?

If in the event of incurring losses, you answer it is your fault, and you are responsible because “it was a choice that you alone made” and the likelihood of incurring losses to your principal capital in the zone is less than 50%, you get a green light to trade.

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Author: AnTy

Binance Smart Chain (BSC) Is Gradually Changing DeFi On-Ramp Dynamics

Binance, the leading crypto exchange, is gradually challenging the DeFi space with its newly launched Binance Smart Chain (BSC) and yield farming launch pool. BSC was launched at the beginning of this month as the CZ headed crypto exchange looks to onboard more people to the DeFi world. It has since gained traction despite strong criticisms at its debut; latest stats show that the transactional volume on Binance Smart Chain (BSC) is 14% of ETH while the platform’s native token ‘BNB’ market cap is 10% of ETH.

In a recent tweet, the CEO of Binance, Chao Zhao, welcomed more DApp developers to leverage BSC given it is Ethereum compatible.

According to CZ, high transaction fees and congestion on Ethereum will only make users flee projects built on the platform as opposed to mainstream adoption.

“If you are a DApp developer, do you think you will get more or fewer users/adoption when the transactions fees are 20x higher? #BNB100% EVM compatible, no extra work – for developers 20x lower fees, no congestion – for your users.”

CZ has, however, stressed in the past that BSC is not a competitor of Ethereum but an avenue to scale DeFi on-ramping. So far, the Binance launch pool features BNB, BUSD, and ARPA as the digital assets where users can earn income from staking within BSC.

The latest innovations by Binance are now disputing what most thought would be a short-lived future for centralized crypto exchanges when the Uniswap DEX came up. With Binance ahead of the pack, CZ had expressed confidence in an earlier tweet where he noted that ‘CeFi is about to give DeFi a run for its money.’ Well, a conclusive review of the progress would be a bit too early. Still, it seems the Binance founder might have hinted the future of DeFi adoption with the introduction of ‘CeDeFi.’

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Author: Edwin Munyui

C.R.E.A.M Finance Goes Live on Binance Smart Chain; Deposits Jump Past $300 Million

Earlier this month, Binance announced the launch of Binance Smart Chain to enable the creation of smart contracts and the staking mechanism for BNB.

At that time, it announced Ethereum-based Cream as its DeFi collaborator, and today the DeFi project has gone live on Binance Smart Chain.

Unlike the sky-high costs on the Ethereum network, BSC boasts of only $0.05 – $0.10 per transaction.

“BSC never aimed to replace ETH, BSC is just ETH-compatible. Smart projects are giving their users more options. Option for cheaper fees,” said Binance CEO Changpeng “CZ” Zhao.

Binance is speeding up its efforts to keep up with the DeFi world. Recently, it announced a $100 million fund to connect the DeFi and CeFi world with “support for Yield Farming with major crypto assets coming soon to Binance Smart Chain.”

As Binance chases DeFi, its native token BNB enjoys the greens of 18% to trade at $27.5.

Meanwhile, right from the launch of Cream on BSC, the tokens supported are BNB, BUSD, BTC, ETH, XRP, BCH, and LTC.

“The Binance ecosystem and its reach of 400,000+ accounts and fiat gateways covering over 170 countries and regions will help get DeFi into mass adoption,” states Cream’s official announcement.

Since its launch two months back, C.R.E.A.M Finance has amassed $309 million in deposits or total value locked (TVL), $224 million of which were added just this week — making it the 10th largest DeFi project as per DeFi pulse.

This week, the DeFi aggregator also launched an automated market maker (AMM) called ‘Swap,’ a market that is increasingly getting crowded with new projects popping up every other day.

A fork of Balancer, Swap comes with a slightly lower fee structure than the popular Uniswap with support for Yearn, Aave, Compound, Balancer, Uniswap, and TokenSet besides its own tokens.

The governance token of the project is currently trading at $252 in green. In the past seven days, Cream has jumped 170% in value and made its ATH at $289 on Wednesday.

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Author: AnTy

Binance Rolls Out $100M Fund to Bring DeFi Developers to its Smart Chain (BSC) Platform

  • The world’s largest cryptocurrency exchange, Binance, is entering the raging decentralized finance (DeFi) ecosystem aiming to take over the market.
  • The centralized exchange will control the listings and governance of the platform – a case of CeFi taking on DeFi.

Binance announced a $100 million development grant in a bid to entice DeFi developers to build on its newly-launched smart contract platform, Binance Smart Chain (BSC). CEO Changpeng ‘CZ’ Zhao made the announcement during the company’s World DeFi Summit this Thursday, stating the platform will provide ‘a bridge’ between the centralized and decentralized worlds of crypto.

The platform will provide a direct link between Binance.com exchange and the Binance Smart Chain allowing users to access DeFi products without leaving the exchange directly. Binance Coin (BNB) holders will also be able to participate and have more rights in the governance of BSC by staking on the chain.

The Binance community members will be in charge of distributing the funds with a maximum of $100,000 offered to each team.

The team will use their IEO criteria used on platforms such as Binance Launchpad and Binance X to select promising projects. The centralization aspect of the new platform has irked parts of the crypto community but has also received its fair share of praise – majorly due to Ethereum’s high gas fees.

A New Centralized DeFi platform

According to CZ’s explanation posted in a short thread on Twitter, the new-look centralized DeFi will offer users a couple of advantages over sticking to DeFi.

First, the exchange will vet the tokens that will trade and transact on the BSC, managing the risks involved in scams. However, he maintains the vetting may not prove sufficient “and sometimes may even be negative (depending on the CEX), he stated. “But a reputable CEX is financially incentivized to maintain it.”

Finally, users who stake BNB on Binance will be able to earn different yields on multiple projects simultaneously. This is different from DeFi whereby you need to stake on different protocols to earn their yields.

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Author: Lujan Odera

Binance Adds More Value to BNB through Yield Farming on Launchpool Platform

Centralized cryptocurrency exchanges, OKEx, and Binance, are now jumping on the bandwagon of yield farming, the hottest thing in the DeFi.

After launching the mainnet of its smart contract-enabled blockchain and an AMM called Binance Liquid Swap recently, popular crypto exchange Binance released Launchpool to take advantage of the leading DeFi growth driver.

The exchange clarified that Launchpool is a new product, different from Launchpad, which will continue as normal, that allows users to earn yields from farming new coins while staking BNB and other digital assets. “BNB staked in Launchpool also counts for Launchpad,” it says.

Binance announced this latest product over the weekend, which will allow users to earn income by staking their tokens.

For now, users will be able to stake Binance’s native token BNB and its very own stablecoin BUSD, along with another token, ARPA.

Launchpool has also announced the first project it is hosting, which is Bella Protocol, which raised $4 million in a seed funding round led by Arrington XRP Capital last month. The project aims to enhance the user experience when interacting with DeFi assets by removing complex issues like high gas fees and hopping to different protocols in search of high yields.

Users can start providing staked liquidity this Wednesday for 30 days in three separate pools. A week from that, the exchange will list the BEL token against four crypto assets BTC, USDT, BNB, and BUSD.

Binance is offering BEL rewards at 90% for staking BNB, 9% for staking BUSD, and 1% for ARPA.

“If you think CeFi farming yield won’t be higher than DeFi, think again,” said Binance CEO Changpeng “CZ” Zhao.

In decentralized finance, however, it can be much higher.

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Author: AnTy

Binance Lists Wrapped-BItcoin (WBTC) Amid the Rapidly Growing DeFi Hype

Binance, one of the most recognizable crypto exchanges, with the highest share of the trading volume, is chasing the ongoing DeFi hype. Binance has recently announced the listing of another Defi token, used for collateral, called Wrapped-Bitcoin (WBTC). This listing is seen as Binance capitalizing on the rising demand for the token as well as for DeFi tokens.

Wrapped-Bitcoin is an ERC-20 based token device to be used as a form of collateral in the defi ecosystem. As per the announcement made by the exchange, the WBTC token would be available for treading on the exchange from August 31st. The value of WBTC is pegged against the value of one bitcoin.

The WBTC token was a collaborative effort by major defi players in the space, including the likes of BitGo, Ren, Dharma, Kyber Network, Compound, MakerDAO, and the Set Protocol. The aim behind creating the WBTC token was to offer more liquidity in the defi ecosystem.

The WBTC token has been listed against Ethereum and Bitcoin for trade, and users on the platform can start investing and trading immediately.

How Will the WBTC Function?

Decentralized Finance (Defi) has become the talk of the crypto world in 2020 as the market grew exponentially over the first half of 2020. Defi protocols use Collateral Debt Position (CDP), where users can put Ether or ERC-20 based tokens as collateral and withdraw loan in a stablecoin.

When the popularity of the defi ecosystem grew, and more number of investors started venturing into the ecosystem, liquidity became an issue. As a result, the major players began looking for different ways to offer liquidity, and the ERC-20 token arose as the best bet.

WBTC soon became quite popular among investors, and at one point, the amount of wrapped bitcoin locked in defi protocols was significantly more than the amount of bitcoin in the lightning network.

Binance has been known to conquer all aspects of the crypto ecosystem and has proven its mettle in both the spot trading market and futures trading market. Given the growing interest of exchange in the defi, it would not be a big surprise if Binance emerges as one of the key players in the near future for the defi ecosystem.

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Author: James W