Schlagwort: crypto business

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Binance launches regulated crypto platform in Kazakhstan

  • 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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Fed Chair Powell: ‘we do see payment stablecoins as a form of money’

  • Powell testified before the House Financial Services Committee today.
  • He discussed a range of topics around digital assets on Wednesday.
  • Bitcoin surpassed the $30,000 level today for the first in two months.

Cryptocurrencies seem to have some “staying power” as an asset class, says Jerome Powell – Chair of the U.S. Federal Reserve.

Fed should have a role in crypto legislation

On Wednesday, he also argued that the central bank should have a role to play in the regulatory framework being developed for stablecoins.

We do see payment stablecoins as a form of money. The ultimate source of credibility in money is central bank. We believe it would be appropriate to have a robust federal role.

Chair Powell made these remarks in his testimony before the House Financial Services Committee today.

Interestingly, his statement signalled acceptance of crypto assets even though the SEC has recently filed a lawsuit against both Binance and Coinbase Global Inc.

CBDC is not likely any time soon

Chair Powell confirmed this morning that members of the Federal Reserve have held discussions with lawmakers on crypto legislation.

Leaving us [U.S. Federal Reserve] with a weak role and allowing a lot of private money creation at the state level would be a mistake.

In his testimony, he also said that a central bank digital currency or a “CBDC” is unlikely any time soon. His remarks arrive shortly after the FOMC skipped a rate hike for the first time since March of 2022.

Also on Wednesday, bitcoin surpassed the $30,000 level and technicals suggest it could go further up to $34,000, as per Glassnode – an on-chain data provider (find out more).

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Binance announces zero-fee for TrueUSD (TUSD) trading pairs

  • 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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Binance Labs, CoinFund lead $10M round for Cosmos network Neutron

  • Binance Labs and CoinFund led several venture firms in raising a $10 million round for Neutron.
  • Neutron is a Cosmos-based smart contracts platform that launched its mainnet in May.
  • The platform will use the funds to further its development and adoption across the ecosystem.

Crypto exchange Binance’s venture capital arm Binance Labs and Web3-focused venture firm CoinFund co-led a $10 million funding round for Cosmos-based smart contracts infrastructure Neutron.

The seed funding round also attracted the participation of Delphi Ventures, LongHash and Nomad, according to details of the funding round reported by The Block.

Neutron is a cross-chain smart contract blockchain that uses CosmWasm, a computational feature in the Cosmos ecosystem that allows for cost-effective creation and deployment of dApps. The platform, whose mainnet launch was in May this year, will use the funding to enhance its software development and promote further adoption as demand for layer-2 solutions and appchains grows.

With its Replicated Security layer, Neutron makes it easy for developers to build consumer chains, the first in the Cosmos ecosystem.

Neutron Coin (NTRN), the blockchain’s native token, traded at around $0.00088964.

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KAVA price spikes as USDT prepares to launch on Kava blockchain

  • 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.

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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