Binance DEX Adds BNB/BUSD Trading Pair, Burns $36.7 million worth of Binance Coin

The decentralized exchange rolled on by crypto exchange giant Binance earlier this year is now offering it’s clients a new service to purchase and sell Binance’s new USD-pegged stablecoin with BNB.

On Oct 17, on its official Twitter platform, Binance DEX announced a new listing on its platform, BNB/BUSD Trading Pair. the pairing means that traders will now have the option to buy and sell BUSD using the Binance Coin (BNB).

BUSD Gets Regulator’s NOD

In the recent past the crypto space has witnessed a significant growth in the number of stablecoins. These are assets which are pegged or backed by physical or touchable assets and, in most cases, the US dollar, the world’s reserve currency. Some of the most popular ones include Tether (USDT), USD Coin (USDC), Gemini Dollar (GUSD), among others. Recently, Binance joined the fray as one of the coin emitters with its Binance USD (BUSD).

Recently BUSD was approved by the New York State Department Of Financial Services (NYDFS). According to Binance, the launching of BNB/BUSD trading pairs will help in adding liquidity in the market to the advantage of the customers. At the moment BUSD is ranked number 287 among the most popular cryptos in the market.

Binance Burns More BNB

Meanwhile, Binance CEO Chaopeng Zhao popularly known as CZ, has announced that the company has burned 2,061,888 BNB worth about $36.7 million. This is the ninth BNB burn and represents about 1.1% of the total BNB supply.

According to U Today, coin burning can be described as the permanent removal of coins from circulation, thereby reducing the amount of coins in circulation. Binance burns BNB coins on the basis of the volume of trades made within its exchange over the last 3 months. Therefore, in every quarter, the crypto exchange giant burns some BNB coins.

According to CZ, the high amount of BNB burn shows significant growth and he credits it to the launching of fresh services like margin trading and futures trading.

Binance plans to keep on burning BNB within its possession until there are only 100 million left.

Read Original/a>
Author: Joseph Kibe

Charlie Lee, Winklevoss Twin Ring the Alarm Over Instagram Impersonation Schemes

For years, scammers impersonating renowned figures in the crypto spheres have been using Twitter for their scamming tricks but have now begun using Instagram as well. Charlie Lee, Litecoin founder, revealed that he has been dealing with an impersonator scamming innocent people of their crypto’s on Instagram.

In a tweet, Lee, expressed his frustrations with Instagram, claiming that the network has done nothing to deal with a fake account that has been impersonating him for a while and scamming them.  Lee stated that there could be other phony accounts and Instagram seems unconcerned about the alarms.

Lee explained that despite raising the issue several times with Instagram, that instead of the social network closing the fake accounts, it has done just the opposite. Lee stated that his own Instagram account has been banned for impersonation, rather than the fake account.

Lee is not the only crypto big shot suffering the same dilemma. In a response to Lee’s tweet, Gemini co-founder Cameron Winklevoss stated that he, also was being impersonated on Instagram as well. The one half of the Winklevoss brothers stated that there was a person/profile that was impersonating him and running a crypto scam on Instagram as well.

Cameron likewise expressed his frustrations saying that he had reported it, various friends and associates have also reported the issue but the fake account is still active. Winklevoss called Instagram for help stating; “help would be appreciated!”

Decrypt reports that Twitter has been awash with numerous scams and Lee is no stranger to such incidents. Early last year, the Litecoin founder was at the center of a phony contest in which his name was used for a contest of 180 LTC where participants were asked to donate 0.3 LTC upfront to an address that was given by the scammers.

Issues of fake accounts and scammers have also affected renowned personalities in other industries as well. One of them was Tesla founder Elon Musk where his name was used for various con jobs. Elon’s account was impersonated by scammers who stated that Elon was looking to offer some BTC in an upcoming contest,  but to participate one was supposed to donate some Ether tokens to a given address.

Read Original/a>
Author: Joseph Kibe

Celsius Network Crypto Mobile App Partners with Trust Token; Adds 4 New Stablecoins

Celsius Network, a blockchain based marketplace for crypto financial products, announced its partnership with Trust Token, a stable coin company, to offer high interest incomes on five new stable coins.

The press release on Oct. 16 confirms the addition of Trust Token’s stable coins including: True US Dollar (TUSD), True Hong Kong Dollar (THKD), True Canadian Dollar (TCAD), True British Pound (TGBP) and True Australian Dollar (TAUD).

Up to 10% APR on crypto investments

Following the partnership with Trust Token, Celsius Network expands its asset base to ten stable coins including Paxos’ PAX, Coinbase’s USDC and Maker’s DAI.

The platform will offer investors an annual percentage rate of 10% on their investments on any stable coin. The high interest rate is earned from the deposits and loan services offered – 80% of the interest distributed to the investors.

The CEO of Celsius Network, Alex Mashinsky, praised the partnership with Trust Token highlighting the importance of stable coins on the platform. He explained,

“Stable coins built on the blockchain allow us to move dollars in the form of digital tokens over the internet, and that enables us to earn more for our borrowers from all over the world.”

Celsius Network’s current rate of interest on deposits beats the normal 1-3% traditional banks offer their customers. Alex added,

“By offering high interest income on stable coins, Celsius enables anyone around the world to earn 10x more on their dollars than they ever could at a traditional bank.”

Low interest collateral backed loans

Furthermore, the platform will open up loan services for its customer base offering low rates of up to 3.5% APR.

The customers can apply for a loan using their digital assets as collateral while earning interest on their deposits. The company saw a 20X increase in deposits through its mobile application in August as users took advantage of the low loan rates and high APR on their deposits.

Read Original/a>
Author: Lujan Odera

Binance US Adds Privacy-Centric Coin Dash Including US Dollar Trading Pair

On Wednesday, the US branch of Binance crypto exchange announced it has listed privacy-centric cryptocurrency Dash in its platform, Finance Magnates reports.

The exchange which was started last month offering crypto-fiat services announced it will offer trading services for Dash against three forms of currencies comprising of Bitcoin, USDT as well as USD. the addition of Dash now means that the platform now lists 15 cryptos.

Notably, the crypto exchange listed Dash/USD trading pair which means that traders can buy Dash using fiat USD instead of having to buy a different crypto like BTC then buying Dash. The exchange stated that while customers will be able to buy Dash immediately using USD, deposited funds will be held for 10 days before they can be withdrawn.

The listing by Binance US is a major boost for the Dash community. Although the global version of Binance supports Dash there were concerns on whether the US branch with its own regulatory framework would support the privacy-centric crypto.

The addition is also important given that various crypto exchanges have in the recent past delisted Dash due to concerns about the utilization of the privacy-centric cryptocurrency. Previously, OKEx Korea announced delisting of the crypto but rescinded its decision saying that its reviewing Dash’s compliance with the requisite legal requirements.

In the recent past, Dash has made tremendous progress when it comes to being listed in major crypto exchanges. At the start of this month the cryptocurrency was listed in BitMart as well as Bibox. Similarly, Binance’s major domestic competitor Coinbase also added Dash to its offering last month.

The announcement by Binance US stated that the crypto exchange will continue its pursuit to offer access and trading among different digital assets and the exchange is continuously evaluating several coins, tokens as well as trading pairs that can be offered on its platform. In order to attract clients in its new market, Binance is providing various promotional offers to US clients comprising exemption of trading fees until Nov. 1.

The addition of Dash/USD trading pair was hailed by Dash as it will help in reduction in dependence on Bitcoin for trading purposes.

Read Original/a>
Author: Joseph Kibe

UK Based Exchange Bitstamp Integrates Ledger Vault To Securely Store Crypto Assets

The largest crypto exchange by volume in Europe, Bitstamp, has recently announced that it would integrate the technology of Ledger Vault to its services. This, the company affirmed, would help it to offer advanced custody services for its clients.

Ledger Vault would provide Bitstamp with a more flexible wallet structure and it would set up a custody system for the company. With the partnership, Bistamp would be able to create end-to-end hardware-backed transfers and allow its clients to use multi-authorization governance models. This would be important because it would allow the exchange to upgrade its storage systems and options.

David Osojnik, the CTO of Bitstamp, affirmed that the main priority of the company regarding the subject is to offer the ultimate level of security so that the clients will know that their funds are safe. According to him, Ledger Vault is the perfect company to provide that.

The agreement states that Bitstamp will always have full control over the private keys of the wallets, which means that it will have 100% control over the wallets.

Ledger’s CEO Pascal Gauthier affirmed that crypto assets are more vulnerable than other types because they are fully digital. Because of this, the company develops solutions that can help companies that want to take the next step when it comes to the security of these assets.

Pascal defined himself as “thrilled” to see Bitstamp adopting the Ledger Vault technology and he believes that this will certainly enhance the agility and the security of the funds, which will translate into growing the confidence and the trust that the clients have in the company’s care for their digital assets.

Read Original/a>
Author: Gabriel Machado

Next Bitcoin Halving Is 211 Days Away; With Smaller Miners Pushed Out How Will BTC Price React?

Bitcoin is about to halve its rewards soon and the crypto community is speculating about what will happen. After the two first halvings, which occurred in 2012 and 2016, another one is being expected for 2020. Both times that the rewards were halved before marked the beginning of a bull run that took the network to new highs.

Last week, several miners reunited at the World Digital Mining Summit, which was organized by Bitmain in Frankfurt. During the event, the co-founder of Bitmain, Jihan Wu, seemed pessimistic about the halving.

Wu pointed to Litecoin, which had it’s rewards halved some weeks ago. The price of the asset went down, not up. Litecoin’s price went from $31 to $135 USD during the year and then fell again to $57 USD after the halving. Could something similar happen to Bitcoin?

He also affirmed that people didn’t know what to expect during the first and second halving, but now people are betting that the price will go up. If it does not, there is a big possibility that the market sentiment may turn sour.

Another reason why this might be bad news, is that several ASIC miners will not be profitable to use anymore. The Antminer S9, for instance, was a very popular model, but it is barely able to make a profit now, so after the halving, the situation might become worse.

Marco Streng, the CEO of Genesis Mining, affirmed that only the strongest miners will remain. Retail miners are very likely to be pushed outside of the market and only the major mining companies will still be competitive unless prices go up as expected.

Read Original/a>
Author: Gabriel Machado

Death By Abandonment’ Is Reason Most Crypto Projects Die Before Their 2nd Birthday: Longhash

In efforts to understand the major causes leading to the demise of many crypto projects, blockchain education platform Longhash dug into Coinopsy’s data to come up with conclusions on what kills crypto projects.

The analysts examined 700 crowd sourced projects in a span of 8 years and came up with a conclusion that majority of crypto projects had died due to abandonment which accounted for 63.1% of the dead crypto projects.

According to an article released by Longhash, crypto projects dying as a result of abandonment were mostly due to the investors halting trading an asset which led to volumes dropping to zero. These projects, on average, had a lifespan of about 1.6 years.

The research also identified that scams accounted for about 29.9% of the dead crypto projects making it the second most prevalent cause. The researchers found that 2017 recorded the highest number of scams in the crypto industry. The number of projects dying due to scam increased five-fold as per the researchers as indicated below.

The report by Longhash also identified three people who were severely implicated in three distinct dead scam projects mentioning Bitcointalk user Crunck as well as another person going by the name Daniel Mendoza.

The other category of dead crypto projects identified by Longhash was joke projects like AnalCoin, BieberCoin as well as BagCoin. This category accounted for 3.2% of dead crypto projects and had an average lifespan of about 1.4 years.

Longhash’s report indicates that its difficult to quantify the exact number of dead crypto project since most of the data is crowdsourced. The report also notes that there is little consensus on what constitutes a dead crypto project.

Cointopsy has listed 705 projects as dead, DeadCoins has listed 1779 as dead while CoinMarketCap has more than 1000 projects that record less than $1000 every day in terms of trading volume as near their death or lifeless.

Cointelegraph reports that in its recent research, it was found that the most common causes of crypto projects deaths were low liquidity, fraud, lack of utility as well as poor management.

Read Original/a>
Author: Joseph Kibe

Nasdaq Adds CIX100 Index For Top 100 Cryptos; Using AI To Eliminate Fake Volumes Coins

Nasdaq, the second-largest stock exchange in the world, has unveiled a new index related to the crypto world. The AI-powered crypto index is called CIX100 and was created by Cryptoindex.

According to the official press release, this is a new crypto market benchmark that uses algorithms to analyze the data from the top cryptos. With its neutral network algorithms, the program is able to take into account over 200 factors.

One of the highlights of the tool is to completely “human-free” and to detect fake volumes, which helps to avoid using them. All the data is taken from the largest crypto exchanges in the market and only tokens that are able to remain in the top 200 for at least three months consecutively are counted.

The CIX100 index is also set to be listed at other sites such as Reuters, TradingView and Bloomberg and its AI-based predictions have an accuracy of 82%, which can be considered a good number.

Indexes are certainly gaining space in the market. Nasdaq recently teamed up with CryptoCompare, for instance, to release a new aggregate index dataset that would help institutional customers. CryptoCompare also partnered with other platforms such as BitMEX to provide information about the crypto derivatives market.

Another similar project comes from Sina Finance, a major financial site owned by Sina Corp, a technology company in China. This crypto index has been included in the mobile app of the company a few months ago.

Read Original/a>
Author: Gabriel Machado

China’s Crypto Mining Giant, Canaan, to offer an IPO in November in the US

Unconfirmed reports have reported that Canaan, a Chinese mining giant for crypto, aims to list in the US market as a publicly-traded company in November 2019.

According to the source that is aware of the matter, this Avalon miner producer will be issuing 126 million shares, and the firm is said to have a valuation of $1.5 billion. The issuance of shares will be brought to an end this Oct. 20.

Canaan is said to have applied to offer an IPO with the SEC. Sources have it that the company has completed all the necessary procedures to issue an IPO, and it would be valued at around $2 billion to $3 billion. However, this would be dependent on the specific results of inquiry from investment institutions.

One of Three Chinese Mining Giants

The company has been trying for three years now to seek public investment. If its valuation is confirmed, then it will be among the three biggest Chinese mining machine giants that have ever gone public (Canaan, Bitmain, and Yibang).

The co-lead director of Canaan, Kong Jianping, said that the US securities and exchange platform has a pretty good understanding of cryptocurrency and the blockchain technology. Hence the compliant companies that are working in the crypto space can go public in foreign soil (US).

Before Canaan had filed for an IPO in the US, all the three Chinese mining giants had failed to list in Hong Kong’s IPO. The trio plans to register in the US market, however, as there is a soaring demand for mining machines in 2019.

Canaan’s sales director told 8btc that the company had received intent letters that were demanding 500,000 units of the A11 and A10 latest miners. The number is even expected to go much higher in 2020. Canaan’s road to an IPO has never been smooth. The firm once tried listing on the Shenzhen Stock Exchange in 2016, but the plans failed because the firm did not satisfy all the required requirements.

Read Original/a>
Author: Daniel W

SEC, CFTC and FinCEN Tells Crypto Industry to Abide By Existing US Financial and Banking Laws

Three major US financial regulators are warning the crypto industry players to adhere to the country’s banking laws.

The warning was given in a joint communique issued on Friday and signed by the heads of Commodity Futures Trading Commission (CFTC) Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco and Securities and Exchange Commission (SEC) Jay Clayton.

The three regulatory bodies are reminding players in the crypto industry that they must adhere to different banking and financial services legislations irrespective of how they describe their digital coins or tokens.

The regulatory agencies pointed out at the Bank Secrecy Act (BSA) that stipulates how various financial services enterprises should be licenced or registered by the relevant regulators. Of importance, the regulators stated that the ‘form of digital asset-related activities’ that an individual engages in will define the regulator that such an individual should register with and which other legislations they must adhere to.

The three heads explained the mandate of their agencies when it comes to cryptos and related services. They addressed such aspects like futures commission merchants, brokers, crypto exchanges, mutual funds, among others. They went ahead to describe the types of companies each of the agency oversees.

The statement also reminded crypto users and handlers of their mandate when it comes to anti-money laundering (AML) and countering the financing of terrorism (CFT).

The regulators reminded individuals and organizations dealing with crypto trading that they have an obligation of reporting as per the Bank Secrecy Act (BSA) emphasizing on illicit use of cryptos, that has been a key focus for the regulators in the recent past.

In regards to AML and CFT, the regulators reminded the crypto players in the market that they have a duty to keep updated records of transactions as well as reporting requirements comprising of suspicious activities.

Apart from the rare joint statement from the three financial regulatory agencies, Cointelegraph reports that earlier today, a draft of a new IRS questions 1040 form for the current fiscal year surfaced and contains a section with a new duty to report crypto assets. It reads:

“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

Read Original/a>
Author: Joseph Kibe