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Third Phase of Binance Lending To Launch on the 11th of September

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Image: Binance

Cryptocurrency Exchange and blockchain ecosystem – Binance is set to launch the third phase of its Lending Service in two days time. According to the Binance, the third phase will carry a 14-day product maturity term just like the first phase and unlike the third phase which had both a 14-day and 28-day term.

Subscription will follow a First-come-first-served basis. Subscription time is set at 6:00AM (UTC) on the 11th of September to 12:00AM on the 12th of September, 2019.

The third phase will allow Binance users to lend their idle Litecoin crypto assets to Binance and receive interest of 7% at the end of the Product Maturity date.

Other than Litecoin (LTC), users will also be able to lend BNB, ETC, XRP, USDC and USDT. Each asset carries a 14 day maturity term.

Binance revealed the details for the third phase with Binance Coin (BNB) having a total subscription cap of 200,000 BNB with individual cap set at 500 BNB. Interest is set as 10%.

Ethereum Classic ETC carries a 30,000 ETC total subscription cap with an individual cap of 1500 ETC expected to generate an interest of 7%.

XRP Lending Product offers a 7% annualized interest product. Total subscription cap of 1,000,000 XRP with personal cap set at 50,000 XRP.

Litecoin LTC is expected to generate an interest return of 7% from a total cap of 6000 LTC with an individual subscription cap of 300 LTC.

Stablecoins USDC and USDT lending products are both offered on a 7% and 10% annualized interest returns. The former is has a total cap of 2,000,000 tokens and a personal cap of 500,000 tokens. The latter has restricted individual subscription to 5,000,000 USDT tokens with a total cap set at 20,000,000.

Binance continues to be on the news each week. With a unique public image strategy, it continues to remain at the forefront of crypto innovation.

Interest calculation will commence from the point of subscription to the end of the Lending Phase which is scheduled to be 25th of September, 2019 at 6:00 AM. Interest Payment will be immediately the products reaches maturity.

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Altcoin News

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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Altcoin News

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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