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Binance Launches Lending Services To Enable Users Earn From Idle Assets

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Cryptocurrency exchange platform Binance has launch a cryptocurrency Lending service for users of its binance.com platform. The users of the exchange will gain proceeds through idle cryptocurrency assets.

Binance continues to bring innovative products and set the pace in the cryptocurrency exchange business. Few days ago, it announced the Open Blockchain Project that will see the creation and issuance of localized stablecoins in countries all over the world.

According to the announcement made on a blog post, the assets on the Lending service will be used in cryptocurrency leveraged borrowing business on the binance.com platform and users will be able to grow their funds by earning interest income for lending out their holdings over a specific period of time.

According to Binance, the first phase of the Lending period will carry a 14 day fix term with BNB, USDT and ETC lending products. Annualized Interest Rates for BNB is 15%, USDT is 10% while that of ETC is 7%. Subscription period will be from 2019/08/28 6:00 AM (UTC) to 2019/08/29 0:00 AM (UTC) with maturity date of 14 days after subscription term.

Making the Lending period interesting, Binance adopts the FIFO inventory managment system and pays out interest immediately after loan maturity.

It informed users of the lending service that they are unconditionally authorizing the exchange platform to distribute the leveraged interest according to the rules of the platform. What this means is that for participants in the Binance Lending service, there assets will be wholly controlled and managed by Binance.

The Lending Service works by letting users agree to lose the right to manage their assets on the service to Binance and that all investment operations conducted on the Binance.com platform represents their true investment intentions and that unconditionally accept the risks that may arise and benefits of investment decisions made on the platform.

Users are expected to abide by the laws of the State to ensure that crypto assets used on the platform are from genuine and legitimate sources and that they comply with the Binance Lending service.

On risk awareness, the exchange warned that users should fully recognize the risks that are associated with investments in cryptocurrency and operate cautiously.

In spite of the freedom given to the exchange over assets on the service, Binance reserves the right to suspend or terminate the lending service at any time.

Binance said it will use commercially reasonable effort to ensure but not to promise that binance lending service execution system run effectively however, due to network delay or computer system failure and other factors which may cause delay, suspension or deviation of the defined execution of the service and in the case this happens, it will assume no responsibility if the outcome doesn’t match user’s expectations.

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Binance Announces Additional JEX Token Airdrop for Binance.com Users

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Cryptocurrency exchange and blockchain ecosystem Binance has announced additional JEX token airdrop for users of its Binance.com platform.

Users are expected to use their Binance.com login credentials to claim the tokens. The claim is available from the 11th of September, 2019 at 6:00AM (UTC) to 18th of same month at 6:00AM (UTC).

Users are to login to the Binance JEX and upon the first time of login, they will be rewarded with a random airdrop of between 10-100 JEX tokens.

The rules for the airdrop were presented in a list by the exchange in a blog post published today 16th of September, 2019.

According to Binance, users are expected to login to Binance JEX with their Binance.com login information and the account must have trading records and a minimum balance of at least 0.01BTC before 3:59AM (UTC) on the 10th of September.

Users may only qualify for the airdrop the first time they use their Binance.com account to login to Binance JEX.

It also revealed that the quantity of JEX tokens awarded from the airdrop after logging in to Binance JEX for the first time will be seen immediately.

Binance assured users who have login to Binance JEX before the promotion was announced will still qualify for the JEX token airdrop the first time they access their Binance JEX account with their Binance.com credentials during the promo period.

Binance JEX formerly JEX is a spot and derivative crypto trading platform run by JEX Technology Co, Ltd. Binance announced the acquisition of the trading platform and added it to its growing platform businesses. JEX also offers other than derivatives, futures contracts.

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OKEx Korea Ends Support for Privacy Coins in Compliance to the Travel Rule

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The Korean platform of the OKEx cryptocurrency exchange has announced plan to end support for certain digital assets from its platform. Privacy coins such as XMR, DASH, ZCASH, ZEN SBTC has been marked to be removed from the Korean exchange.

The firm revealed that the reason for the termination of support for the currencies is possible violations of laws or regulations or policies of government agencies. It also stated the customer protection one of the reasons for termination of support for the assets.

Citing catalyst for the removal of the privacy coins, OKEx Korea said it is in compliance with the “travel rule” which recommends that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual assets.

Since privacy coins do not allow collection of “relevant information”, it has decided to delist the assets.

OKEx Korea in a blog post gave details culminating to the decision to delist the assets. It provided that “In October 2018, the first General Assembly, the International Anti-Money Laundering Organization ( “FATF”) agreed to apply the criteria for Virtual Asset Service Providers. In February 2019, when the 2nd General Assembly was held, the statement in the footnote, except for the transfer of virtual assets, was finalized and announced in a statement.”

Transacting in the privacy coins will be terminated by October, 10th 2019. While withdrawals will be in two months after transaction support has been ended. That will be in December, 10th 2019.

As the assets are delisted, the following trading pairs will also be removed:

Monero (XMR): XMR / KRW, XMR / BTC, XMR / ETH, XMR / USDT

DASH: DASH / KRW, DASH / BTC, DASH / ETH, DASH / USDT

ZCache (ZEC): ZEC / BTC, ZEC / ETH, ZEC / USDT

Horizon (ZEN): ZEN / BTC, ZEN / ETH, ZEN / USDT

Super Bitcoin (SBTC): SBTC / BTC

As OKEx korea has decided to tow this path, other global exchanges could decide to be compliant to this rule. A move which could either create new ingenious markets for privacy coins or drastically reduce the available platforms to trade the privacy focused digital assets.

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Dash To Be Tradable on Coinbase Pro as Coinbase Adds Support for the Privacy Coin

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U.S Headquartered Cryptocurrency Exchange Coinbase adds support for the privacy coin Dash in its Coinbase Pro platform. By September 16th, the platform will start accepting deposits before 12 hours before full trading commences on the exchange.

The exchange revealed trading will begin on or after 9AM Pacific Standard Time the next day only if liquidity conditions are met.

Trading will commence on two two trading pairs DASH/USD and DASH/BTC. The trading will be in phases beginning with post only mode and proceeding to full trading.

Launched in 2014 and formerly known as Darkcoin, the privacy focused cryptocurrency Dash is an open source cryptocurrency that is run by subset of users defined as masternodes. Its’ increased speed and privacy makes it acceptance by Merchants all over the world easy. It is currently valued at over $800 million based on Coinmarketcap data.

The launch on Dash on Coinbase Pro will follow four stages which the firm itemized as:

Transfer-Only stage, customers will only be able to transfer their Dash crypto assets into their Coinbase Pro accounts but will not be able to place orders. The second phase is the Post Only stage where customers will be allowed to post limit orders but the orders will not be matched. This is expected to grow the order books.

The third stage is the Limit-Only Stage, customer’s limit orders in the second stage will be matched but users of the exchange will not be able to make orders based on market prices.

The last stage is where full trading will commence which will also introduce Stop Orders, Market orders to the available Limit Order features.

Coinbase revealed that Dash will only be available for trading in selected jurisdictions and is not yet available on Coinbase.com or the mobile apps.

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Binance US Prepares for Launch as it Opens User Registration on 18th September, 2019

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Image: Binance US

Binance US will allow users to register on the exchange on Wednesday, the 18th of September, 2019 as it prepares for its’ launch.

The exchange also revealed that on same day, it will be accepting deposits of BTC, ETH, XRP, BCH, LTC and USDT. This will commence at about 8am ET.

Binance US revealed that, during the period of registration, users will be able to sign up for an account and select the tier of verification they desire for their withdrawal limits. Upon verification, users will then be able to deposit their digital assets unto the exchange platform.

In a blog post released by the US Exchange, Binance US said it will continually be adding selected digital assets available for verified users to deposit and eventually trade on the Exchange. This will be after trading commences for the first phase.

It also revealed the availability of the digital assets for trading will be based on the Binance Digital Asset Risk Assessment Framework.

In an earlier publication by Binance US, it was made known that on the initial launch, there will be desktop/mobile access granted to users, app versions will be available in the future. It also revealed  there will be KYC requirement which will demand the use of valid government issued IDs such as drivers license or passport, social security number (SSN).

Binance US according to the firm is a fast and secure digital asset marketplace, delivering the world’s leading digital asset trading technology, speed, and experience to everyday users in America. Based in San Francisco, Binance.US is operated by BAM Trading Services and built on the cutting-edge matching engine and wallet services licensed from Binance.

Led by the innovative CZ, Binance has grown from a cryptocurrency exchange to a blockchain ecosystem offering various innovative products for users to utilize. It is currently one of the top exchanges in the world by volume.

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