Kategorie: Crypto Markets

• Binance has been under fire from regulators in the United States, Australia, the Netherlands, and now Brazil.
• Binance.US and its legal team have, however, alleged that the SEC issued misleading statements in the lawsuit.
• Besides pyramid schemes, Binance is also being investigated for helping customers get around a restriction on crypto derivatives investments in Brazil.

On June 21, Brazilian Deputy Alfredo Gaspar called for Guilherme Haddad, the head of Binance Brazil, to appear before the legislative arm of the Brazilian government as part of an investigation into possible pyramid schemes in the country.

The Parliamentary Commission of Inquiry (CPI) is expected to decide whether to allow or deny Gaspar’s request of having Haddad appear before Parliament, on June 27. Depending on the results of the vote, Haddad might be required to appear before the Brazilian Chamber of Deputies.

Gaspar’s request to parliament read:

“We can deduce that Binance is entirely imbricated with the motivation of this CPI and it becomes fundamental to understand its performance in the country, its relationship with B Fintech (its official representative), as well as its connection with companies that are judicially liable for harming Brazilian consumers.”

International regulatory pressure mounts on Binance

Brazil is calling for investigations into Binance as the biggest cryptocurrency exchange in the world battles increasing international regulatory pressure. Regulators in the United States, Australia, the Netherlands, and now Brazil have all unleashed their wrath on Binance.

According to Gaspar, Binance assisted Brazilian pyramid schemes by transferring assets on March 11, 2023, when “the So Paulo Justice blocked R$ 500 thousand reais in Binance for a suspected pyramid.” He emphasized the significance of comprehending Binance’s activities, its connection to B Fintech, and any potential ties to businesses currently involved in legal disputes that harm consumers in Brazil.

Brazilian regulatory authorities claimed that Binance is under intense regulatory scrutiny worldwide as a result of “the company’s failure to respond to the regulation imposed by each country,” which is why they are proposing the summons.

The Federal Prosecutor’s Office and Federal Police are also looking into Binance’s operations in Brazil for possibly helping customers get around a restriction on cryptocurrency derivatives investments.

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• ASI token price is set to rise to $0.01875 as the presale goes into stage 2.
• At press time, stage 1 of the presale was 94.26 sold out.
• So far, the presale has raised $1.56 million in Beta and Stage 1.

The artificial intelligence (AI) gold rush has caught up with new AI-based crypto projects including AltSignals, which is working on an AI Ecosystem called ActualizeAI, powered by a cryptocurrency called ASI.

AltSignals is currently conducting a presale for the ASI token, which is just about to enter into the third stage (Stage 2) once the current stage (Stage 1) sells out. So far, about 75.9 million ASI tokens have been sold through the token presale showing that investors are confident about the new AI project.

A pool of green as AI cryptocurrencies surge

While there has been a growing concern about the impact of artificial intelligence on human lives, AI-based cryptocurrencies seem to enjoy the boost they are getting from the AI gold rush.

With proper regulation, the concerns will be well taken care of, and AI will have nothing to hold it back. The European Union has already set the standard after it passed the pioneering EU AI Act, which will most likely act as a benchmark for other countries including the US whose lawmakers are pushing for AI regulations.

The AI hype combined with the positive crypto market sentiment has pushed the prices of a majority of AI-based cryptocurrencies to new highs and helped lessen the effects of the macroeconomics that have often pushed crypto prices down. At press time, the Artificial Intelligence (AI) cryptocurrencies market cap had risen by 8.5% to $2.67 Billion in the last 24 hours as the overall crypto market enjoyed the second consecutive bullish day.

The top three AI cryptocurrencies by market cap – Render (RNDR), SingularityNET (AGIX), Fetch.ai (FET), Ocean Protocol (OCEAN), Akash Network (AKT), and OriginTrail (TRAC) – have seen their prices rise by 27%, 29.7%, and 37.9%, 24.7%, 42.1% and 31.8% respectively according to data from Coingecko.

AltSignalS’ ASI token future

Large AI companies like OpenAI have accelerated their lobbying to change how different nations view AI. That combined with the implementation of the right AI regulations will not only create a booming industry for the artificial intelligence industry but also for AI-based cryptocurrencies like the ASI.

AI-based cryptocurrencies already do not have much to fear since most of the regulatory push is geared towards generative AI tools like ChatGPT, which has gained a lot of traffic since it was launched last year. This means that the cryptocurrency projects will not be gravely affected by the ongoing AI regulation push.

AltSignals’ ActualizeAI ecosystem will give AltSignals an edge in providing AI-driven trading solutions, leveraging cutting-edge technology to empower traders and investors. As such, the platform currently offers investors the opportunity to invest in its new ASI cryptocurrency, which will give holders access to the AI ecosystem among other benefits stipulated on AltSignals’ official website.

Early ASI investors are already counting progress seeing that the token’s price has already appreciated from its starting price of $0.012 to its current price of $0.015 and is expected to jump to $0.01875 in the next stage. according to the roadmap in the AltSignals whitepaper, by the time the ASI presale comes to an end, the token is expected to have appreciated by 89.5% to $0.02274. 

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• Binance Kazakhstan was officially announced on June 20, 2023 with government and banking industry representatives present.
• The platform will allow users to buy and sell crypto with fiat, access spot trading, and conversions.
• Despite the local platform’s launch, users in Kazakhstan will still be able to use the global Binance.com.

Binance has unveiled a regulated digital asset platform in Kazakhstan, just days after the crypto behemoth exited the Dutch market.

An announcement on the Binance blog on Wednesday noted that the move into the Central Asia nation comes after the exchange secured a license from the AIFC Financial Services Authority (AFSA). 

The exchange secured the approval in October last year, which allowed it to offer crypto custodial services and operate a digital asset platform at the Astana International Financial Center (AIFC).

Binance Kazakhstan to offer custody and trading among other services

The official launch of the Binance Kazakhstan platform was made on June 20, 2023, Binance noted in the blog post. Present during the unveiling were government officials and banking industry representatives from the country. Binance execs of the local digital asset platform were also present.

According to the news release, the new platform will provide several services, including exchange and conversion, fiat deposits and withdrawals, crypto custody, and exchange trading. Binance Kazakhstan supports deposits and withdrawals via bank cards and bank transfer, with these available through the Freedom Finance Bank.

Asset Turysov, Kazakhstan’s Vice Minister of Digital Development, Innovation and Aerospace Industry, said the country was focused on promoting the interaction between second-tier banks, AIFC and crypto exchanges. As such, the National Bank of Kazakhstan, the Financial Monitoring Agency of the Republic of Kazakhstan, and the Agency for Regulation and Development of the Financial Market are all involved in this initiative.

Turysov also lauded Binance’s role in the development of the country’s crypto industry, including the development of a legislative framework for crypto regulation.

Binance was recently sued by the US Securities and Exchanges Commission (SEC) and announced its exit from the Canadian market citing regulatory constraints.

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• Initially, Binance had announced zero-fee only for BTC-TUSD trading pair.
• Binance has now announced that the zero-fee will apply for all TUSD trading pairs.
• The move comes amid the regulatory backlash the exchange has received from regulatory authorities around the world.

A new zero-fee promotion for TrueUSD (TUSD) trading pairs has been announced by Binance. The tactical move, set to begin on June 30, 2023, is expected to stimulate the dynamics of the cryptocurrency market by opening up its fee-free trading opportunity to a larger audience.

This is an expansion of the prior promotion, which only applied to the Bitcoin (BTC) – TUSD pair, to introduce zero maker fees on all TUSD spot and margin trading pairs. Additionally, the exchange has also extended the BUSD zero-maker fee promotion for an additional six months until the end of 2023, Binance has shown its dedication to making trading more affordable.

TrueUSD market activity and liquidity

The bold move made by Binance is anticipated to have a significant effect. The expansion of TUSD’s fee-free trading and its integration into Binance’s platform is expected to increase market activity and liquidity, creating a more welcoming trading environment for the entire crypto community. 

The TUSD token, issued by the cryptocurrency company ArchBlock, formerly known as TrustToken, is currently the fifth-largest dollar-pegged stablecoin on the market. 

Binance navigating regulatory handles

Regulatory scrutiny and legal issues have created turbulence for Binance’s aggressive market expansion. Binance and its CEO, Changpeng “CZ” Zhao, have recently been the target of several lawsuits, including ones from the US Securities and Exchange Commission (SEC).

These difficulties have been made even more difficult by the fact that French authorities are looking into the company for possible “aggravated money laundering.” Binance also made the decision to leave the Netherlands after failing to obtain the necessary operating license and also revoked its operating permits in the UK. It has also chosen to cancel its registration with Cyprus’ securities regulator.

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• At press time, KAVA was trading at $0.9214, up 13.27% over the last 24 hours.
• The first Kava-based USDT will be released on July 3, 2023.
• Since Kava is built on Cosmos, the move will also make USDT liquidity to be available to Cosmos users.

USDT stablecoin is scheduled to go live on the Kava blockchain in the coming month. This will make Kava the next blockchain supported by Tether Limited, the company that issues the biggest stablecoin USDT, according to an official announcement made by the company.

Tether USDt comes to the #Cosmos ecosystem! We have chosen to deploy USDt on @KAVA_CHAIN, the gateway to the Cosmos ecosystem. USDt on KAVA is launching on July 3rd.

Read more https://t.co/myCkHhHHud pic.twitter.com/YQFgO5381m

— Tether (@Tether_to) June 21, 2023

The new release will allow the community of Cosmos (ATOM), a cutting-edge cross-chain ecosystem, to access USDT liquidity. Kava, Cosmos’ flagship network, recently underwent a significant upgrade.

Kava and Tether collaboration

Following the development, the Kava (KAVA) team emphasized that it combines the most impressive features of the Ethereum Virtual Machine (EVM) with Cosmos SDK’s speed, low transaction fees, and interoperability. Kava released the Kava 13 upgrade to increase throughput and speed.

The new release has Paolo Ardoino, CTO at Tether, excited and he believes it will be crucial to USDT’s development and adoption of different liquidity solutions. Paolo said:

“We’re thrilled to be launching USD₮ on Kava, offering its strong community access to the world’s first, most stable, most trusted, and most widely used stablecoin. The Kava network is a unique and widely followed blockchain with a robust track record of four years with zero security issues, which is essential to protecting USD₮ users. Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide.”

Besides Kava, USDT has been launched on several other blockchains including Ethereum, Solana, Algorand, Tron, Eos, Near Protocol, and Avalanche blockchains as well as on Omni solutions and Liquid Network.

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