Binance signs deal with AML compliance firm

Binance, the largest cryptocurrency exchange by trading volume, has procured the services of cryptocurrency compliance solutions firm Chainalysis, to better ensure meeting anti-money laundering (AML) and know-your-customer (KYC) requirements.

The announcement on the Chainalysis blog comes at around the time members of the Group of 20 (G20) had committed to apply AML regulatory standards for cryptocurrencies.

Chainalysis Chief Operating Officer Jonathan Levin said, “Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance’s lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.”

Binance Chief Financial Officer Wei Zhou said, “Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.”

Chainalysis claims that its software, Chainalysis KYT (Know your transaction), is the only real-time transaction monitoring solution for cryptocurrencies, which works by “pattern recognition, proprietary algorithms and millions of open source references to identify and categorize thousands of cryptocurrency services to raise live alerts on transactions involved in suspicious activity.” The company, founded in 2014, has over 150 clients worldwide, including global law enforcement agencies and regulators.

Countries have provided regulatory frameworks that integrate AML compliance for the cryptocurrency trade. As of October 15 in Norway, new regulations cover “platforms that facilitate trading and exchanges by connecting buyers and sellers,” which exempts the trade of cryptocurrencies with other cryptocurrencies.

Australia has had its AML compliance legislation since April, which among other things requires exchanges to report transactions involving physical currency of AUD10,000 or more.

Last week, Binance delisted four altcoins, saying certain factors were considered, including “evidence of unethical/fraudulent conduct,” and “responsiveness to our periodic due diligence,” as well as quality of development, and communication with the public.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Binance signs deal with AML compliance firm appeared first on Coingeek.

Read More

Crypto exchange Binance delists 4 altcoins

In an effort to protect its users, cryptocurrency exchange Binance announced that it would delisting four cryptocurrency tokens from its platform, effective Oct. 12.

On its website, Binance said it has decided to delist Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). Though the altcoins will be officially delisted on Friday at 10 a.m. UTC, customers still have until Nov. 12 to withdraw these coins and tokens from the crypto exchange.

According to Binance, the four coins failed to “maintain a high standard of quality.” The crypto exchange took into consideration several factors, which resulted in the removal of the digital assets. These include the team’s commitment to the project, quality and level of development activity, network or smart contract stability, level of public communication and activity, responsiveness to Binance’s periodic due diligence, evidence of unethical or fraudulent conduct, and contribution to a healthy and sustainable crypto ecosystem.

“Going forward, we remain committed to protecting our users and all Binance stakeholders and will continue to perform periodic reviews of all listed coins and tokens,” the crypto exchange stated.

Since the announcement, the prices of the currencies have dropped drastically. BCN, in particular, saw its prices drop by over 15%.

The news comes on the heels of Binance’s announcement that it would be donating all the fees it collects from listing new cryptocurrencies to charities. The new policy is expected to take effect immediately, and the crypto exchange hopes the donation will be used for “greater good.”

Binance said it “will continue to use the same high standard for the listing review process,” noting that “a large donation does not guarantee or in any way influence the outcome of our listing review process.” The new policy applies to any new applications, as well as those that have already been submitting and which are waiting for approval.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Crypto exchange Binance delists 4 altcoins appeared first on Coingeek.

Read More

Binance to donate listing fees to charity

Binance, one of the world’s largest cryptocurrency exchanges, has come under fire for what some have viewed as exorbitant listing fees. It’s more than likely because of this, and not some altruistic vision, that the company announced yesterday that all of the fees it collects for listing new cryptocurrencies will be donated to charity.

The company said that its new policy is effective immediately. It added that it will donate the fees for the “greater good” and also that token developers can now tell the exchange what they would like to pay to have their tokens listed. Binance didn’t indicate that it would automatically accept the requested amount, but specified that there would be no minimum fee required.

According to the announcement, “Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process.” It further said that the new policy applies to any new applications, as well as those that have already been submitting and which are waiting for approval.

Changpeng Zhao, the exchange’s CEO, said on Twitter, “I think this is a net win for us too. Charity will increase adoption, make the industry bigger, which in turn will benefit $bnb and @binance (and others too). Of course, we sacrifice short term direct gains. But if you keep a long term view, it’s a win-win on multiple fronts.”

This past August, Binance was targeted after a cryptocurrency developer tried to have his coin listed on the exchange. Christopher Franko, who created the blockchain platform Expanse, took to social media to complain that the exchange had asked him to pay 400 Bitcoin Core (BTC) to be listed, an amount that equaled approximately $2.6 million – not a reasonable fee for the majority of the startups in the blockchain space.

Zhao denied the allegation, saying that it was fake news. He asserted, “We don’t list shitcoins even if they pay 400 or 4,000 BTC…[The] question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project! Focus on your own project!”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Binance to donate listing fees to charity appeared first on Coingeek.

Read More

Binance makes ‘multi-million dollar’ investment in content monetization startup

Binance Labs, an initiative by cryptocurrency exchange Binance to fund startups, has made a “multi-million dollar” investment in Contentos, a blockchain-powered network that allows creators to keep track of what happens to their content.

In its press release, Contentos said, “Unlike similar projects building new products and features to adapt to blockchain technology, the Contentos team has already integrated with three successful products, LiveMe, PhotoGrid, and Cheez, and is currently available to users around the world.”

Binance Labs Head Ella Zhang said, “We are dedicated to identifying the real use cases to implement blockchain technologies. There’s a clear pain-point to be solved in the content creation industry, and we see Contentos is the right team with critical resources to solve the problem.”

Contentos CEO and co-founder Mick Tsai explained, “The idea for Contentos began when I noticed a serious need for a decentralized content ecosystem offering transparent and fair monetization of creators’ content, and no third-party censorship or removal of content,” adding that the collaboration with Binance would help “in pursuing our goal to revolutionize the preservation and monetization of digital content, while working towards creating a more positive ecosystem for all content creators, influencers, and content consumers.”

The Contentos website outlines the advantages of using blockchain for monetization of content: peer-to-peer revenue distribution; decentralized traffic distribution; trackable copyright transactions; and an immutable credit scoring system. Currently, the Contentos ecosystem has 3.5 million videos and 159.4 million live-streamed videos.

Among other partnerships Contentos has formed are those with Ontology, which customizes blockchains depending on their application, and the NEO Foundation, which provides an investment platform for blockchain projects.

Last June, Binance Labs announced its allocation of $1 billion to aid startups. It has also begun looking into investments in Africa, where it sees adoption potential beyond that in developed regions. According to Binance, Africa may overtake Asia in usage of cryptocurrencies and blockchain technology.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Binance makes ‘multi-million dollar’ investment in content monetization startup appeared first on Coingeek.

Read More
Top
You have not selected any currencies to display