Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
Veröffentlicht am

Binance becomes first exchange to secure operational MVP license in Dubai

  • Binance announced on Monday it had received the Operational Minimum Viable Product (MVP) license issued by Dubai’s Virtual Assets Regulatory Authority (VARA).
  • The exchange secured the landmark license via its subsidiary Binance FZE.
  • Binance will now offer cryptocurrency exchange services to qualified institutional and retail customers.

Binance has become the first cryptocurrency exchange to secure the Operational Minimum Viable Product license in Dubai.

According to an announcement the company published on Monday, the milestone was achieved through Binance FZE, the exchange’s Dubai-based subsidiary.

VARA-approved crypto license

The operational MVP license is issued by Dubai’s Virtual Assets Regulatory Authority (VARA) and will allow Binance to offer virtual asset exchange services to qualified customers.

 “We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA — a result of over a year of due diligence, collaboration, and consistent demonstration of responsible intent – that now allows us to be able to leverage the potential of a progressive regulatory framework, enabling innovation while furthering user protection,” Richard Teng, Head of Regional Markets at Binance, said.

VARA issued the operational MVP license to the world’s largest crypto exchange by trade volume after approving the provisional and preparatory MVP licenses in March and September 2022 respectively.

Binance has underscored the importance of the license by noting that its commitment to the onboarding remediation outlined in the VARA regulatory framework, including in stringent Know-Your-Customer (KYC) and customer due diligence.

“With this operational MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier-one virtual asset regulations under VARA,” Alexander Chehade, the General Manager at Binance Dubai, said in a statement.

The strong footing Binance has in Dubai and the UAE adds to the exchange’s recent efforts to expand its services across the globe within the context of regulatory compliance. But the company has also been in the crosshairs of several regulatory bodies, including in the United States where the SEC filed a securities violations lawsuit against it and the CEO Changpeng Zhao.

Binance has also had to exit from a number of jurisdictions, including Canada and the Netherlands due to various regulatory hurdles.

The post Binance becomes first exchange to secure operational MVP license in Dubai appeared first on CoinJournal.

Veröffentlicht am

SEC asked Coinbase to delist altcoins, trade only Bitcoin before lawsuit: report

  • The US Securities and Exchange Commission (SEC) reportedly asked Coinbase to only list Bitcoin.
  • Coinbase CEO Brian Armstrong says the pressure left it no choice but to fight it out in court.
  • SEC chair Gary Gensler has previously noted that almost every other cryptocurrency was a security.

Coinbase CEO Brian Armstrong has revealed that the US Securities and Exchange Commission (SEC) wanted it to delist every other cryptocurrency and only offer Bitcoin (BTC). 

A report the Financial Times published on Monday claims that this happened before the regulator sued the US-based cryptocurrency exchange in June. Per the FT report, Armstrong saiys that the SEC’s demands left Coinbase with no other option but to defend itself in court.

SEC’s plans could have “ended” crypto in the US

When the SEC filed a lawsuit against Coinbase in early June, complaints included the offering of unregistered securities. 

The Commission named several altcoins listed on Coinbase as unregistered securities, with those singled out being the likes of Cardano (ADA), Solana (SOL) and Polygon (MATIC).

“We really didn’t have a choice at that point. Delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US. It kind of made it an easy choice … ‘let’s go to court and find out what the court says’,” Armstrong said according to details in the FT report published on Monday.

The SEC also filed a similar lawsuit against Binance in June, part of a recent regulatory crackdown that elicited sharp criticism against the agency and its Chair, Gary Gensler.

While Coinbase has vowed to battle SEC’s allegations in court, the Financial Times has quoted the government agency as noting that no such requests have been made by the securities watchdog. Gensler has however noted on numerous occasions that most crypto tokens were securities.

Meanwhile, the regulator suffered a noticeable loss earlier this month when a judge ruled in favour of the XRP creator Ripple Labs. Coinbase, which had delisted XRP, announced the relisting of the altcoin following the ruling that effectively declared it not a security.

The post SEC asked Coinbase to delist altcoins, trade only Bitcoin before lawsuit: report appeared first on CoinJournal.

Veröffentlicht am

BNB/USD vulnerable as a bearish flag formation points to a move below $200

  • BNB/USD forms a possible bearish flag pattern
  • The US dollar strength is not responsible for the BNB/USD bearishness
  • $200 provides support for now

Bitcoin rallied in 2023 and holds onto its gains. Most other major cryptocurrencies did so too, but some exceptions exist. 

One is Binance Coin (BNB). 

Sure enough, it rallied at the start of the year, following Bitcoin’s lead. But then it gave up all of its gains – and some more. 

One cannot blame the US dollar’s strength as the cause for the BNB/USD decline. After all, the dollar’s strength is not visible in other cryptocurrencies. 

Instead, it appears to be the Binance Coin that trades with a bearish tone. That is particularly true if one looks at the technical picture, which shows the bearish pressure building as the market nears the $200 support level. 

Binance Coin chart by TradingView

A bearish flag pattern suggests that BNB/USD will break the $200 support level

A bearish flag pattern is a continuation pattern forming in a downtrend. The consolidation area follows a steep decline, and the breakout or the measured move equals the distance that the market traveled prior to the consolidation. 

If, indeed, BNB/USD formed a bearish flag pattern, then the support in the $200 area should give way. The pattern’s measured move, seen in orange above, points to $150 and lower. 

What should worry investors is the inability of the market to bounce while other cryptocurrencies hold near their yearly highs. It points to other factors weighing on the market, different than the US dollar’s strength. 

The post BNB/USD vulnerable as a bearish flag formation points to a move below $200 appeared first on CoinJournal.

Veröffentlicht am

BALD token records astounding 40,000% upside after launch on Base

  • The meme token recorded astounding gains in 24 hours, reaching a market cap of $70 million.
  • BALD, the newly-launched meme coin that went live on Base, a layer-2 chain created by Coinbase on Ethereum, skyrocketed within hours of its launch to jump to a market cap of $70 million.

While the current price of Bald is $0.06, up by about 70% in the past 24 hours, the meme coin’s astounding gains after its launch took the crypto trading world by storm with a 40,000% jump.

Currently, data from CoinGecko shows over $66.7 million worth of BALD have been traded in the past 24 hours, while the transaction count has reached more than 14,000. BALD is listed on the DEX platform LeetSwap and trades in the BALD/WETH pair.

Wu Blockchain reported.

According to blockchain sleuth Lookonchain, BALD’s meteoric rise saw some savvy investors make huge returns. One such case involves four addresses that used 0.534 ETH (roughly $1k) to purchase 50 million BALD. The transactions occurred within minutes of Bald’s launch and accounted for 50% of the total supply.

Per Lookonchain, the addresses then quickly sold 37 million BALD to make an outsized return of 554 ETH, or over $1.04 million.

On-chain data also shows PEPE whale has bought 13.6 million BALD worth $937k – after they sold 720.8 billion PEPE for about $943k. The address is currently the largest holder of the token other than BALD’s developer.

The post BALD token records astounding 40,000% upside after launch on Base appeared first on CoinJournal.

Veröffentlicht am

Optimism bulls unfazed as network unlocks 24 million OP

  • Optimism (OP) price surged more than 7% on Sunday to reach intraday highs of $1.61.
  • the Ethereum layer-2 protocol unlocked 24 million OP tokens worth $38 million into circulation on July 30.
  • OP price could flip to $1.89 if bulls remain in control in the short term.

Optimism (OP) price surged more than 7% on Sunday to reach intraday highs of $1.61 as at 10:30 am ET. The gains put the Ethereum layer 2 protocol among the top performing crypto assets in the past 24 hours.

Daily trading volume is up 107% from a day ago, according to data from CoinGecko, with this coming even as the optimistic rollup network unlocked 24 million on July 30. 

Interestingly, on-chain data shows Optimism’s transaction volume recently surpassed that of other Ethereum L2 Arbitrum.

OP price prediction after token unlock

The release of more OP into circulation is part of the cryptocurrency’s scheduled unlocks. The latest saw 24 million OP worth $38 million added to circulating supply that currently stands at 679,080,066 OP. 

According to Token Unlocks, Optimism has another 45 token unlocks lined up. How does this unlock reflect in OP’s price?

Optimism’s native token flipped green despite today’s token unlock. But prior to the surge, bearish pressure had seen it decline to lows of $1.44, the rejection having happened when OP/USD touched above $1.64 on July 24.

Meanwhile, the daily chart suggests that bulls have the upper hand with the Relative Strength Index (RSI) indicator rising and the Moving Average Divergence Convergence (MACD) signals potential bullish strength. 

OP price is also above the 50-day Exponential Moving Average (EMA), which has acted as support for the past two weeks. If price breaks above $1.64, the next target could be $1.89 and $2.00.

Optimism price chart. Source: TradingView

While the token unlock adds only 3.56% of total supply, it is notable that an increase in circulating supply often coincides with a dip in demand and price. As such, it is possible Optimism’s price could flip negative. 

If downside pressure resurfaces, OP price could rely on support at $1.44 and then $1.20.

The post Optimism bulls unfazed as network unlocks 24 million OP appeared first on CoinJournal.