Binance in a blog post on its blog announced the reduction of block confirmation time for the deposit and withdrawal of the two largest cryptocurrencies by market capitalization Bitcoin and Ethereum. This reduction enables users of the exchange to deposit and withdraw Bitcoin and Ethereum twice as fast as it was prior to this new policy update.
According to the blog post, deposits for Bitcoin BTC is now reduced from 2 block confirmation to 1 block confirmation while withdrawals stands at 2 block confirmations. For Ethereum the second largest blockchain network by market capitalization and the first smart contract platform with its native coin the ETHER denoted by ETH, deposits and withdrawals can now be processed on 12 block confirmations. This is a 60% reduction. As all ERC-20 tokens are based on the Ethereum blockchain, this changes also affects them.
Binance is one of the largest cryptocurrency exchange led by its marverick CEO popularly known as CZ. The exchange few months ago was victim of a cyber attack where it lost about $40 million dollars in Bitcoin however, the CEO was quick to point out that the user’s funds were covered in the #SAFU provision made by the exchange in case of such situations. A first of its kind product from an exchange. As a leader in the cryptocurrency exchange business, Binance has continues to offer innovative products recently being the innovation of Initial Exchange Offering which is a modification of the Initial Coin Offering.
A move which saw other exchanges copying and replicating albeit with some not having as great a result as Binance. The exchange is still into Charity, helping lives and transforming homes. Though it has been hit by cyber attack, reaction to its policy of using Tickets in its IEO (a measure to ensure everyone gets involved after a call out over a previous IEO few people could only participate), a move which saw people saying the exchange supports only those with big pockets, the exchange has continued to grow with its native token the BNB seeing incredible growth over the bear season till now as it now stands at $33.
Providing clarification on the block confirmation update, Binance said it was “to provide a better service for our users, Binance has made the following adjustments to the number of blocks confirmation required for user deposits & withdrawals”.
In conclusion of the blog post, the exchange informed they will continue to listen to the community’s feedback and improve their service offerings.
We can only assume better quality and innovative products are on the way as the exchange celebrating its 2nd annniversary has been binding the word of blockchain and finance since inception.
Binance Announces Additional JEX Token Airdrop for Binance.com Users
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.
OKEx Korea Ends Support for Privacy Coins in Compliance to the Travel Rule
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.
Dash To Be Tradable on Coinbase Pro as Coinbase Adds Support for the Privacy Coin
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.
Binance US Prepares for Launch as it Opens User Registration on 18th September, 2019
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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