In an apparent first, the United States Financial Crimes Enforcement Network (FinCEN) has given a penalty to a California resident who has been accused of wilfully violating money transmission laws as a peer-to-peer virtual currency exchanger. The department noted that the move marks its first such enforcement action, thus setting a precedent. The defendant — Eric Powers of Kern County, California — has been fined $35,000 and debarred from future work that qualifies as a money services business. The fine came from the determination that Powers violated his reporting obligations under the U.S. Bank Secrecy Act.
Craig Wright, the chief scientist at nChain and founder of bitcoin SV (BSV), filed a libel claim in the United Kingdom against cryptocurrency podcaster Peter McCormack. McCormack had previously accused Wright of fraud and falsely claiming to be Satoshi Nakamoto, the creator of bitcoin (BTC). In response, Wright’s claim allegedly requests over $130,000 in damages, as well as legal costs and court fees. Earlier this week, Binance, ShapeShift and Kraken decided to delist BSV amid Wright’s continued claims to be Satoshi, as well as his bounty offering in the search for the identity of the anonymous Twitter user behind the Lightning Torch.
Cédric O, France’s Minister of State for the Digital Sector, said this week that he is open to accepting cryptocurrency donations for the reconstruction of the Notre Dame Cathedral, which experienced a debilitating fire last week. The donations for the medieval cathedral’s reconstruction have already reached over $1 billion, while not yet allowing for donations in crypto. The official fundraising site is linked to four approved organizations, with Cédric O noting that the government is open to discussion on how to accept crypto to drive up the fundraising.
Both BlockShow, an international blockchain event powered by Cointelegraph, and major crypto exchange Binance have launched crypto donation campaigns for the renovations.
Financial news outlet Forbes released their “Blockchain’s Billion Dollar Babies,” a list of companies implementing blockchain technology that have minimum revenues or valuations of $1 billion. The list includes both companies in the crypto and blockchain development spaces, as well as larger companies in the traditional markets, such as banks and clearing houses, food companies and supply chain management firms. The list contains such household names as Amazon, Walmart, Facebook, ING, Mastercard, Microsoft and Nestle, as well as U.S.-based cryptocurrency exchange Coinbase, European mining and hardware firm Bitfury, and blockchain-based financial services network and XRP token creator Ripple.
Switzerland-based food giant Nestlé, French supermarket chain Carrefour and IBM have partnered in order to use IBM’s blockchain tech to track French instant mashed potatoes. Shoppers will be able to use their smartphones in Carrefour stores to scan the packs of Mousline instant mashed potatoes with a QR code and be able to see data on the potatoes, including the varieties of potatoes used, the date and place of manufacture, and their journey to the store. In general, around 5 million different food items already employ blockchain in their supply chain in some form.
Winners and Losers
At the end of the week, bitcoin is up, trading at around $5,348, ether at around $173 and XRP at $0.32. Total market cap is around $180 billion.
The top three altcoin gainers of the week are fivebalance, atlantis blue digital token and segwit2x. The top three altcoin losers of the week are cointogo, ezoow and robocalls.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“We have no idea what the extent of the malfeasance is on centralized exchanges. If we extrapolate from what we’ve seen on DEXes, it could well be on the order of billions of dollars.”
“From day one, I’ve maintained the allegations are bogus, and they are of course. After their attorney was sanctioned and they were ordered to pay my legal fees twice, we recently reached a confidential resolution, and I’m dismissed from the case.”
Charlie Shrem, in regard to the court case with the Winklevoss twins
“The digitalization will also create much needed synergies among the government organizations for ensuring friction-less service delivery and improving ease of doing business in the country.”
This week, following crypto exchange Binance’s announcement that they were delisting bitcoin SV, anonymous exchange ShapeShift has also delisted the currency, as well as Kraken. ShapeShift CEO Erik Voorhees posted on Twitter that the exchange stands with the sentiments of Binance and CZ, the CEO, in their decision to delist BSV following controversial claims from BSV founder Craig Wright over his alleged identity as Satoshi Nakamoto, as well as his public bounty to unveil the identity of anonymous Twitter user @hodlonaut. Shortly after, a community poll from Kraken led the exchange to also delist the altcoin.
Unocoin, an Indiancryptocurrency exchange, has reportedly let go of half its staff, leaving the company with 14 workers. Unocoin cited regulatory uncertainty in the industry, noting that it made the decision concerning staff reduction ahead of an Indian Supreme Court hearing on cryptocurrency’s legal status in India, set for July. Since the peak of the business, Unocoin has allegedly fired 80% of its staff, and the business operations are reportedly running off of capital reserves as executives await news about the future. The crypto industry in India is in the process of fighting the country’s previous negative ruling on crypto dealings, in the form of a lengthy Supreme Court process.
A group of individuals have been indicted by the Manhattan district attorney for allegedly selling drugs and laundering millions of dollars with bitcoin (BTC). According to Manhattan District Attorney Cyrus R. Vance Jr., with help from the U.S. Secret Service, the U.S. Postal Inspection Service and U.S. Homeland Security Investigations, Chester Anderson and his criminal accomplices, Jarrette Codd and Ronald Maccarty, allegedly operated dark web stores that sold and shipped hundreds of thousands of tablets of counterfeit drugs. According to the press release, the defendants laundered a reported $2.3 million in bitcoin by using preloaded debit cards and withdrawing cash at automated teller machines.
In Cointelegraph’s first-ever movie review, Emmy-award winning screenwriter Edward Zuckerman takes a look at the “Crypto” movie, finding (spoiler!) little to do with cryptocurrencies and a lot more to do with the Russian mob.
It was the last hour of the final day at Paris Blockchain Week Summit. The charismatic Binance CFO Wei Zhao had been speaking back to back. Yet, despite the time and the fact that he must have repeated himself over and over for two solid days, he seemed undeterred. Wearing jeans and a Binance hoodie, he bounded up to meet me, vigorously shaking my hand, clearly enjoying being the man of the moment.
If this were a celebrity party, Binance would be the VIP guest. Changpeng Zhao (CZ)’s creation seems unstoppable. Every project wants to be on Binance, from regular token listings to holding IEOs on the Binance LaunchPad. The Binance Chain has just launched, its native BNB token is climbing in price, and the company has the power to influence the entire community and delist tokens at will.
Binance Won’t Be Leaving Malta Any Time Soon
Minister for Digital Affairs Cedric O later said in a press conference that one of their goals was attracting Binance to France. Yet Zhao confessed to me that he had no idea the French had pushed forward new regulation until now.
With a rather high taxation rate for crypto companies at 30 percent, regulations around ICOs (that no one’s doing anymore) and a lot less flexibility than Malta, it looks unlikely that Binance will move to France anytime soon. Although I wasn’t privy to any backroom chats.
My interview was with Wei Zhao, the man partially responsible for Binance’s epic growth. “I help companies to scale and to grow,” he tells me. Binance now has over 400 people in 30 countries. That’s “a decent sized organization.”
One thing that I have helped to launch is our fiat to crypto offering. In January, we launched our fiat to crypto, pound to BTC. We’re also doing Singapore. Last year, we launched in Uganda… My approach has been basically to build up our presence in the regulated world and build up more fiat.
Bridging the Traditional Financial World with Crypto
With a background of working in traditional finance, and grooming companies to go public, it’s unsurprising that another major focus of Zhao is institutional investors.
“I worked in Hong Kong, so I’ve been CFO for about four different companies, two of which went public. So, I am quite adept in dealing with bankers, and working with bankers, I am a banker myself. I helped to launch our OTC trading services, Binance off-exchange services. I help bring people from traditional bond traders and that type of trader to cryptocurrency.”
Indeed, the surge in Binance’s OTC trading drove the company’s near $80 million first-quarter profits.
What It’s Like Working at Binance
I ask why he made the leap from traditional finance to crypto. He says he would not have done it for any other company than Binance.
I think we are really different from other companies. Most are just exchanges, but we really fiercely want to make an impact in the world… The journey has been awesome so far and I’m in it for the long haul.
One of the best things about his job? Traveling to different places. “I flew around the world four or five times already,” he laughs.
It does speak to the borderless nature of cryptocurrencies. Yes, it’s a digital business but at the end of the day, it’s still a human business, it’s a very human business. The reason this industry is growing so much is that people in this industry travel so much. Like 10 times more than in any other industry.
There’s nothing like human interaction, face to face human talking about things, that’s how you can really impact change.
Does the Recent Leap in Bitcoin Mean the Bear Market Is Over?
It’s not a decisive “yes” when I ask if the bear market is over. Zhao pauses and leans back in his chair. There’s a short silence before he forms his answer, leading me to believe the opposite may be true. But with the most profitable exchange in crypto, bear market or no, nothing’s stopping Binance. He says:
I think there’s generally a lot more interest across the board despite adverse regulation and other adversities. You see general interest in bitcoin from traditional industries, and the rest of the world is showing interest in projects and I think all of it will contribute to the continued growth of the market. The fact that people are thinking “how is this going to impact my business?” Facebook JPMorgan… it lends credibility to the space.
I ask if companies like JPMorgan and Facebook lending “credibility” is rather ironic, considering how Bitcoin was born. He replies:
You need a push which is driven by guys like Facebook and JPMorgan, that gets people thinking about how that’s going to impact institutions and the market. It lends credibility, mindshare, and shows that our actions are getting noticed, that’s what it takes.
What It’s Like Working with CZ
So, what’s it like working with one of crypto’s biggest personalities? “Awesome, it really is awesome!” he enthuses, “he’s extremely transparent, diligent and extremely honest, he’s also extremely intelligent, and very patient.”
I ask if he was in complete agreement about the recent delisting of Bitcoin SV, to which he nods his head. Presumably, he’s been fielding questions on the subject all day long and his answer is extremely diplomatic.
“We have a very rigorous delisting process, and we also have a regular quarterly review. This quarter a lot of the comments we’ve written out our rationality… I don’t have any other comments on that.”
Finally then, who does Zhao believe that Satoshi Nakamoto is? Clearly, not Craig Wright.
“I think its a community,” he replies. “It’s like ‘I am Bitcoin’, you know that movie? ‘I am bah, blah blah’? It’s like that with Bitcoin. It’s a community. And we’re surviving… I believe that every day that you survive extends your survival… There is a reason why he or she wants to remain anonymous, because it’s not important, it’s a community.”
What do you think of Zhao’s comments? Let us know your thoughts below!
BSV has been on the periphery of crypto news this week.
Bitcoin SV (BSV) — the altcoin that emerged during the bitcoin cash (BCH) hard fork last November and which took the moniker “Satoshi’s vision” — has been on the periphery of crypto news this week. BSV is famously backed by Craig Wright, an Australian entrepreneur, chief scientist at his startup called nChain and self-proclaimed Satoshi Nakamoto.
After Binance, one of the world’s largest cryptocurrencies, decided to delist BSV amid Wright’s campaign to deanonymize one of his critics, other major platforms — including ShapeShift and Kraken — followed suit.
As a result, the price of BSV tanked. Meanwhile, Wright and his team have purportedly served some of their critics with court documents, demanding public apologies.
#WeAreAllHodlonaut: How Wright has enraged the crypto community
The delisting marathon was preceded by Craig Wright’s run-in with an anonymous Twitter personality nicknamed Hodlonaut, who also organized the Lightning Torch campaign. According to crypto news outlet Coingeek (founded by billionaire Calvin Ayre, who has been vocal about his support for BSV), Hodlonaut targeted the Australian businessman with offensive tweets, calling him “a very sad and pathetic scammer. Clearly mentally ill,” and allegedly participating in the creation of the #CraigWrightIsAFraud hashtag.
While Craig Wright has repeatedly claimed that he is Satoshi Nakamoto, much of the cryptocurrency community seems skeptical about those statements, widely referring to Wright as “faketoshi.” Back in December 2015, Wired and Gizmodo reported that the Australian computer scientist might be the creator of bitcoin (BTC), but a substantial part of the evidence presented in the reports — both of which cited an anonymous source who had contacted them voluntarily — was soon proved false. Wired subsequently assumed that Wright “was likely pulling an elaborate hoax or con” to present himself as Satoshi to the public.
On April 11, Coingeek went as far as to set a $5,000 bounty in BSV for information regarding the true identity of Hodlnaut, while also demanding that the Twitter user should publicly apologize to Wright both on the social media platform and during an open court hearing. The article contained informal language, alleged pictures of Hodlonaut, his or her approximate location, and explicitly called for deanonymization:
“Wright is demanding that the individual behind the @Hodlonaut account tweet an apology to him, make a statement in open court apologizing to Wright and acknowledge the falsity of the allegations made against Wright. Instead, Hodlonaut seems to have hidden under his mother’s skirt and is nowhere to be found.”
Hodlonaut has since deleted his or her Twitter account. In response, the cryptocurrency community on Twitter began trending a #WeAreAllHodlonaut hashtag to show support. Moreover, an eponymous website was created to crowdfund BTC in order to help Hodlonaut fund his or her legal battle with Wright. According to the information posted on the website, the pseudonymous Twitter user had received a letter from Wright’s legal team before erasing his or her online presence. In it, Wright’s lawyers were allegedly threatening to sue Hodlonaut for defamation in a United Kingdom court (as per Wright’s LinkedIn profile, the Australian entrepreneur currently resides in London. According to earlier reports, he lived in Sydney, and local police had raided his house).
As of press time, more than $28,700 has been raised via weareallhodlonaut.com, which is more than 140% of the initial goal of $20,000. The website states that Hodlonaut personally controls the funds from this campaign and that any excess contributions will be sent to Bitcoin Venezuela, the same charity-focused organization that received donations from the Lightning Torch campaign.
Cointelegraph has reached out to Preston Byrne, an attorney at Byrne & Storm and who claims be to handling Hodlonaut’s case pro bono, but he declined to comment.
Notably, earlier in March of this year, not long before erasing his presence on Twitter himself, Wright tweeted that he will be “taking action aggressively to remove any site that is in error or makes false claims,” referring to people calling him a fraud, among other things.
“You do not have a right to lies under ‘free speech’ nor harassment, nor libel and slander,” he wrote. “If an error is reported in a malicious context concerning me, expect to be living in a barrel when we finish with you.”
Peter McCormack, the host of the podcast “What Bitcoin Did,” is another person who has reportedly been approached by Wright’s legal team. According to McCormack’s tweets, after he tagged Calvin Ayre’s account to declare that Wright is a fraud and provided his personal address in Bedford, U.K. for legal correspondence, he allegedly received a letter from SCA Ontier LLP, a London-based law firm. In it, like in the case of Hodlonaut, he was asked to publicly apologize to Wright both on Twitter and in court.
Moreover, Wright’s attorney reportedly stated that his client “has not fraudulently claimed to be Satoshi Nakamoto” since his client allegedly is Satoshi Nakamoto. The statement further claims that Wright wrote bitcoin’s original white paper, sent the first bitcoin transaction and played an integral role in the network’s development.
McCormack then shared what he calls his “formal response,” where he declined to apologize to Wright and asked him to provide evidence that would confirm that he is Satoshi Nakamoto. On April 18, McCormack was allegedly served with a service claim for 100,000 British pounds (around $130,000).
Seamus Andrew, managing partner at SCA ONTIER LLP, has verified to Cointelegraph that his firm represents Craig Wright and that they are in the process of taking legal action, but did not specify whether or not they were suing McCormack or Hodlonaut.
“I confirm that we act for Craig Wright, and that we are in the process of bringing legal proceedings against certain individuals and entities who have defamed our client,” Andrew said via email.
Cointelegraph has requested for a comment from McCormack to clarify the details of his case, however, as of press time, he has not replied.
Binance, ShapeShit, Kraken and other platforms have delisted BSV
The situation escalated on April 11, when Changpeng Zhao, founder and CEO of Binace — currently the world’s fourth-largest crypto exchange by adjusted daily trade volume — warned that he would delist BSV (which trades under the ticker BCHSV on the platform) if the creator of the altcoin — i.e., Craig Wright — does not correct his behavior. The tweet seemed like a reaction to Wright’s action against Hodlnaut:
“Craig Wright is not Satoshi. Anymore of this sh!t, we delist!”
The community reacted to Zhao’s warning by asking various exchanges to delist BSV and by kick-starting a #DelistBSV hashtag.
On April 15, Binance officially announced that it will delist BSV. Specifically, the exchange stated that, as of April 22, it will delist the altcoin and cease trading all of its trading pairs. In the accompanying statement, Binance explained that it regularly reviews assets listed on its platform “to ensure that it [the asset] continues to meet the high level of standard we expect.” The firm went on to explain that it only delists a coin after a second in-depth review, noting, “We believe this best protects all of our users.”
Thus, the exchange listed the responsiveness to its due diligence requests, the level and quality of the coin’s development, as well as “evidence of unethical / fraudulent conduct” among the factors that it takes into account before delisting a cryptocurrency.
Later, on April 15, anonymous exchange ShapeShift and crypto data supplier and cryptocurrency wallet Blockchain.com also announced they were dropping BSV. On Twitter, ShapeShift CEO Erik Voorhees confirmed that the company came to a decision to stop listing the altcoin for reasons similar to those of Binance:
“We stand with @binance and CZ’s sentiments. We’ve decided to delist Bitcoin SV #BSV from @ShapeShift_io within 48 hrs.”
Other crypto platforms took a slightly different approach, letting their users decide whether to delist or keep BSV via Twitter polls. For instance, instant crypto exchange service ChangeNow wrote:
“As a service strongly disagree with Craig Stephen Wright’s policies and business decisions – everything, really.
However, we believe that the @BitcoinSVNode community should not suffer because of some decisions one man made.
BSV price had tanked as much as 20% following the series of delisting announcements, according to data obtained from CoinMarketCap, but currently shows signs of a slight recovery. As of press time, it is trading around $60, gaining back around 5% during the past few days.
Notably, the delisting announcements drew a negative response from some community members. “I have no love for bsv but I also take no joy in seeing a biased, bot infested platform like twitter being used to shut coins down with the impression they are democratic votes on a unbiased platform,” a Redditor wrote on the r/btc subreddit.
“Delisting bitcoin SV from some of the popular exchanges certainly was harmful to the project,” Matthew Greenspan, eToro senior market analyst, told Cointelegraph over Skype after a warning that it was difficult for him to comment on the case since he knew Hodlonaut and participated in the Lightning Torch experiment.
“I would say it was a slap to bitcoin SV and its founders. […] Some of their opinions and threats have been extremely unpopular in the crypto community,” he said. “Now it will be harder for people to buy and sell it [BSV], and it will be harder for it to gain real liquidity in the market.” Greenspan also added that the results of the polls held by Kraken and other crypto platforms are “self-evident.”
Wright’s company, nChain, which designed bitcoin SV and is responsible for its technical development, has denounced the #DelistBSV campaign. “The sudden delisting of Bitcoin SV by some exchange is absolutely unjustifiable and sets a terrible precedent for the cryptocurrency industry,” Jimmy Nguyen, the chairman of nChain, told Cointelegraph.
According to Nguyen, the BSV network became much stronger after Binance, Kraken and other exchanges listed it on their platforms after November’s hard fork of the BCH network. Since then, more mining pools, wallets, applications and services have begun working with BSV, nChain’s chairman added, while the daily average block size of BSV was increased as well, showing technical development of the altcoin. “Therefore, there is even more reason to list BSV, not delist it,” Nguyen argued.
“The delisting decision is driven by personal dislike of Craig Wright and retaliation for steps Craig has taken to pursue personal legal rights against people he believes are defaming him,” Nguyen said. That, according to him, is a menacing sign for the community:
“A dangerous precedent has been set if an exchange uses its CEO’s personal dislike of a coin’s individual supporter as the reason to make delisting decisions. What if one day Vitalik Buterin took personal actions that offended an exchange CEO? Should that be the basis to delist Ethereum?” Nguyen asked. “Whether you agree with Craig Wright’s personal legal actions or not, Craig’s invoking of legal remedies are for a court of law to decide — not crypto exchanges.”
The nChain chairman also criticized the idea of using Twitter polls to decide whether to delist BSV, calling it “ridiculous.” He went on, saying:
“It’s not hard to imagine the Twitter polls are just providing cover for a delisting decision already made. Twitter polls are not even limited to the exchanges’ customers, can be easily manipulated by bots and multiple anonymous accounts, and create the climate for mob rule. I expect regulators around the world to take a critical look at this Twitter poll charade.”
When asked whether he condones Wright’s behavior, Nguyen repiled:
“Like every person, Craig is entitled to invoke whatever legal rights are available to him, and let the legal system decide. He is defending himself after years of cyber bullying. Craig now simply wants a court of law, rather than the Twitter-sphere or exchange CEOs, to decide.”
Alternative measures: Some platforms kept BSV or even delisted BCH instead for political reasons
Some crypto platforms deliberately chose not to follow suit and left BSV on their platforms. Thus, on April 16, OKEx, a massive cryptocurrency exchange that is currently ranked the number one exchange on CoinMarketCap based on adjusted trading volume, announced that it decided not to delist Wright’s controversial cryptocurrency after conducting “a rigorous review on BSV in terms of technology development, liquidity, and compliance.” The exchange wrote:
“As a neutral platform, OKEx respects the efforts of all dedicated teams in advancing the technology of Bitcoin and has no inclination to certain technical directions.”
Japanese financial services giant SBI Holdings went even further and declared it will delist BCH from its virtual currency exchange in June 2019. BSV, in turn, seems to remain listed on the SBI Virtual Currencies platform.
“If so [SBI Holdings delisting BCH while keeping BSV], it would be quite funny for them to delist Bitcoin Cash ABC [BCH] due to the possibility of a 51% attack and not to delist other coins,” market analyst Matthew Greenspan told Cointelegraph. “If you look at crypto51.app it shows you that a possibility of a 51% attack and Bitcoin Cash ABC is very low on that list, even lower than Ethereum… and Bitcoin SV is at the 5%.”
Notably, as Cointelegraph Japan reported, Yoshitaka Kitao, CEO and representative director of SBI Holdings, has a connection with the BSV founder, with Wright having revealed their close relationship in a tweet in January, demonstrating that he and Kitao spent time together and claiming that he treats Kitao as “a friend and man I respect a lot.”
Regardless of what happens next, the latest BSV drama has showcased the power that the community has over the market. Greenspan agrees with that statement. “Historically, we can see that community has an incredible influence over the technology and the paths that crypto takes,” he said. “Satoshi Nakamoto also predicted this as he spoke about hard forks and splits of the network. His sentiment was basically that the stronger fork or network will always survive whereas the lesser fork will be in deep trouble and we can see that clearly here.”
John McAfee is pretty much loud and slear about everyrhing he does including his presidential campaign. Now, he gets involved into “Who is Satoshi Nakamoto?” buzz, and, according to him, frauds claiming to be the real Satoshi are hurting the space. He says false claims from people like Craig S. Wright are negatively impacting the growth of the entire industry.
“I have received today dozens of communications from people and groups claiming to be Satoshi. Below is an example email and my responses. So people, please – i do know who Satoshi is. Don’t make yourself look foolish by pretending.
Again people, don’t make yourselves look foolish by contacting me and claiming to be Satoshi. If you need to contact me to reveal yourself then you are not him.”
The recent twitter fight escalated when Binance, announced that it will be delisting BSV coin which is backed by none other than Dr. Craig Wright. This news sent the cryptoverse in to a frenzy, and most influencers of the crypto industry welcomed it. John also jumped in to it and expressed himself on Twitter by calling the Binance founder courageous.
Wright has been serving people with legal notices for harassing him with tweets or comments. The barrage of lawsuits began with Hodlonaut, a Twitter user who seemed to have started the hashtag “CraigWrightIsAFraud.” He tweeted:
“It’s my considered opinion that BSV is using Craig Wright’s bogus claim to be Satoshi as a means to fraudulently increase their price. God bless @cz_binance for having the courage to delist them!”
Just for a reminder, Binance exchange has decided to delist and cease trading on all trading pairs for Bitcoin SV (BCHSV) starting from April 22nd, 2019.
And it seems that several major exchanges have voiced their support for Binance’s intention to delist Bitcoin SV, dropping its price heavily
Do remember that McAfee made his prediction of $1 million Bitcoin price by 2020 based on mathematics:
Come on people!!! It's time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You can't apply stock paradigms or formulas and expect answers! pic.twitter.com/KM6qVX204R
According to the his previous statements, the actual value of Bitcoin is based on the cost of its production (or mining), as well as on the total number of users and transactions on its network. McAfee has also stressed that Bitcoin was not a speculative investment but an instrument that powered a payment protocol working without banks.
Then, McAfee stated that the US dollar is widely used because people trust the regulator that issues and governs its value. When Bitcoin achieves massive adoption, its demand will surge, and there will be no need to issue dollar bills.
As a result, there will be a protocol that puts a pre-defined supply cap over Bitcoin printing – 21 million units – and allocates the task of minting it to miners. Due to the protocol, funds will be transferred more cheaply than by a bank, which will also foster Bitcoin adoption.
This week, the world’s largest cryptocurrency exchange, Binance, released a stream of positive announcements. As a result, the exchange’s native cryptocurrency Binance Coin (BNB) has skyrocketed to hit its all-time high of $25.52. At the press time, the Binance Coin is trading at $24.59 with a massive $438 million in daily trading volumes. Moreover, with today’s price surge, BNB’s market cap tops above $3.5 billion.
The Binance Coin has made massive gains over the last year with its price surging by 100%. This performance comes despite the massive crypto meltdown of 2018. Such a stellar performance can be attributed to Binance’s constant efforts to bring important structural changes to the crypto platform. Also, Binance has effectively managed to read the requirements of the crypto community.
Binance Launches Its Native Blockchain Network
Two days back, in the early hours of April 18, Binance hinted the launch of its new native blockchain network, Binance Chain. Soon by the evening, Binance confirmed the launch of its mainnet. The crypto exchange also announced that on coming Tuesday, April 23, it would execute Mainnet Swap.
It means the complete transfer of Binance Coin tokens, which are currently on the Ethereum blockchain network, to its native Binance Chain network. This is a massive achievement as nearly $3.5 billion worth crypto tokens will migrate to a new network.
The Binance Chain poses direct competition to platforms like Ethereum. Further, it aims to create a complete ecosystem and use-cases for the Binance Coin thereby increasing its utility. Along with Binance Chain network, the company also announced the launch of its decentralized network (DEX).
Besides Binance Coin, the Binance Chain is custom-built for hosting the entire decentralized exchange. The Binance Chain facilitates extremely huge transactional capacity with just one-second block times. Binance CEO ChangpengZhao explained:
“With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”
Binance is trying to attract several Ethereum-based crypto tokens to its native blockchain platform. Besides better performance, the exchange also promises ease-of-use and better liquidity. However, Binance will charge some listing fee from crypto projects willing to issue their tokens on Binance Chain. Depending on the size of the project, the listing fee could go to as high as $100,000 said Changpeng Zhao.
Soon after the official announcement of Binance Chain launch, Mithril confirmed to be the first project to migrate on the Binance Chian.
Binance Expanding to Singapore
Earlier this month, crypto exchange Binance announced that it will soon expand its operations to Singapore by launching a fiat-to-crypto exchange. The launch will take place next week confirms Binance CFO Wei Zhou. Speaking at the Paris Blockchain Week, Zhou told CoinDesk,
“Next week we are going to launch the Singapore simple buy/sell on-ramp. It will actually be a new product we are launching, as a very easy buy/sell platform so users in Singapore can buy and sell bitcoin with Singapore dollars.”
Zhou said that initial the exchange only plans to allow Bitcoin trading. However, it will soon add other digital currencies upon confirmation from the local jurisdictions.