Last week, an old video of Ethereum's Cofounder, Vitalik Buterin, talking about Loopring and ZkRollups became a topic in this subreddit and received a lot of comments saying that it was an old video and was only used for shilling. In the Ethereum subreddit two days ago, someone asked about Loopring whether or not it…
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After a few scares, Binance ’s offensive moves start. Regulators around the world surrounded the biggest cryptocurrency exchange by market capitalization. Their lawyers were working overtime. There were pitfalls all around. A few months later, Binance is the one setting the rules. They’re the ones inviting the regulators to the castle. They’re trying to set the tone and define what a fully compliant cryptocurrency exchange is. Related Reading | Breaking Down The Bitcoin Binance Flash Crash By The Second The campaign started with Binance’s first traditional media ad in the company’s history. A full-page in the Financial Times and a website to complement it. “Crypto belongs to all of us. But there’s still work to be done if we want this breakthrough innovation to become part of our daily lives. Like seat belts in a car, a more regulated crypto market provides greater protections for everyday users,” says the ad’s copy. Exactly what the regulators want to hear. How #Binance plans to welcome the next billion crypto users. pic.twitter.com/0oigvdgQCj — CZ 🔶 Binance (@cz_binance) November 16, 2021 What Did Binance Say To The Press? The company’s CEO, Changpeng Zhao AKA CZ, spoke to Bloomberg to spread the news. About the aim of their campaign, he told them: “We have been communicating with many regulators around the world. As a new industry, we like to share what we think is important for users. We want to put this out there so everybody understands from our position what’s important. We already shared this — not in this format — with different regulators, and we want the users to know as well. We have a much more detailed framework that we share with regulators directly.” He also tells them that the regulators were skeptical of Binance at first, but that in-person meetings have helped win them over. “When people see me in person, they say, “look, CZ is very reasonable, very calm, not a crazy guy.” In a related topic, when they ask him if the users leave as they tighten compliance, CZ answered “There is a small group of people who do not like to do know-your-customer rules, get verified etc. It’s a free market. There are other platforms they could use.” And then claims, “We only lose 3% of the users.” BNB price chart on FTX | Source: BNB/USD on TradingView.com Highlights From The “10 Fundamental Rights For Crypto Users” Since the focus of this article is regulation and compliance, let’s focus on the three rights that touch the subject. For those interested in the rest of the text, here’s the website. Binance basically promises financial services, security, and privacy for everyone. “II. Industry participants have a responsibility to work with regulators and policymakers to shape new standards for crypto assets. Smart regulation encourages innovation and helps keep users safe.” Binance pledges to work with regulators and invites them to the castle. Does the part about “smart regulation” contain a light threat? If it does, it leaves space for plausible deniability. “III. Responsible crypto platforms have an obligation to protect users from bad actors and implement Know Your Customer (KYC) processes to prevent financial crimes.” Once again, Binance promises to implement KYC to all its users. The platform used to let unverified accounts transact small amounts. As soon as the regulators started knocking at their door, Binance announced KYC for everyone. And here, they double down on the policy. “VII. Regulation and innovation are not mutually exclusive. Crypto users deserve safe access to emerging technologies and practices, including NFTs, stablecoins, staking, yield-farming, and more.” Binance is willing to work with regulators, but they also have to play ball and let them work. The company’s tactic so far is to aggressively pursue every and all innovations in the cryptocurrency ecosystem. And they want to keep doing it. Or else. Related Reading | Binance 17th Burn Sees ~$640 Million Worth Of Crypto Taken Out Of Circulation The last two “fundamental rights” also deal with regulations, but in a less direct way. They are also pretty obvious. Number nine says “Marketplaces that offer derivative instruments should be subject to the appropriate regulations.” Number ten, that “Crypto regulation is inevitable,” and users have the right to voice their concerns. All in all, it’s a pretty empty text that doesn’t say much. Perfect for regulators. CZ is a genius and Binance’s future looks bright. Featured Image: Binance’s first ever ad from this tweet | Charts by TradingView
In decades past, whether it’s Hollywood or Netflix, stories of heists continue to capture the imaginations of millions around the world: Now You See Me, Baby Driver, Inception, and Ocean’s Eleven, just to name a few. These plots involve beautiful backdrops, subversive agents, betrayal, and life-changing amounts of money. Not only does it make for…
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I recently upgraded my crypto.com card and would like to give a short analysis on what I feel crypto.com is heading to and what I foresee in the next upcoming years. This is not financial advice and I am just sharing based on the research that I have done. I believe no one needs an…
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Since most of the transactions will happen on L2, will base chain be less congested? I ask because I have $120 in ETH, it looks like it's stuck there and I can't move it or do anything with it because of gas fees. submitted by /u/pumpyboi [link] [comments]
BTC is still up 100% from May lows. This is just one those healthy pullbacks we needed to flush out those leverage longs. Glassnode tweeted there are almost $12.6 Billion in open interest almost as the same level as March and April BTC bulls are betting for $100k. This bull run still have some fuel…
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submitted by /u/kostiaaaaa [link] [comments]
Binance CEO Changpeng Zhao shed new light on the exchange’s compliance roadmap and its users’ take on KYC so far.
Microsoft’s head of gaming Phil Spencer said he is cautious about integrating NFTs with the Xbox Store.
The cryptocurrency firm FTX Trading Ltd. announced on Tuesday that the Major League Baseball (MLB) legend Shohei Ohtani also known as “Shotime” has joined the company’s global ambassadors. According to the announcement Ohtani will be paid in cryptocurrencies and will acquire an equity stake in the crypto company. Angels’ Shotime Joins FTX At the end […]
