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Binance Drops Out of CryptoCompare’s Top 10 Exchanges



Binance has sunk to 12th in the top ten cryptocurrency exchanges, according to the latest list published by London-based crypto data provider CryptoCompare.

In what is the second edition of the list of top ten exchanges from CryptoCompare, with the first being published in June of this year, Binance has fallen from 8th to 12th, despite being the second-largest exchange in the world in terms of volume. CryptoCompare’s list takes far more aspects into account than just volume, including legal aspects, data transparency, security, the presence of negative reviews about the platform, and the effectiveness of monitoring trading activity, among others.

The top ten now includes the likes of Gemini, itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer, and Bitfinex. CryptoCompare co-founder and CEO Charles Hayter attributed Binance’s hack in May as the main factor in its falling position. “Our new benchmark includes a category that takes into account recent hacker attacks. Since Binance was recently hacked, this affected the security component.”

Gemini has taken the top spot on the list, as it places security as a top priority on its platform. “Security has been a key Gemini pillar since inception and protecting our customers’ cryptocurrency is a priority as we build the future of money,” said Jeanine Hightower-Sellitto, managing director of operations at Gemini. The new data also found that only 8% of exchanges use a custody provider to store user assets, and only 4% of exchanges offer third-party insurance in the event of a hack, with Binance offering neither.

>> Grayscale Files to Become First SEC Reporting Crypto Fund

Binance was hacked for the second time back in May, with hackers making off with approximately  7,000 Bitcoin, which was valued at around $40 million USD at the time. The breach was isolated to just one wallet, which contained 2% of the exchange’s entire Bitcoin holdings. The source of the hack remains unknown, and the funds were not relocated.

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Binance Announces Tezos Support and Acquisition of Dapp Platform



Binance, the world’s second-largest crypto exchange by daily volume, has announced that it will begin supporting Tezos (XTZ) staking and also announced its acquisition of Beijing-based DappReview, which offers data-driven research and advertising services to blockchain-based decentralized applications (dapps).

Beginning from tomorrow, December 4, Binance users will be able to trade with XTZ and will begin distributing XTZ staking rewards on January 20, and on the 20th of each month thereafter. The exchange said that it will not charge for the staking service, unlike rivals Coinbase and, which charge 25% and 33%, respectively; however, users must hold at least 1 XTZ in order to qualify for staking rewards. Staking refers to the practice of holding a digital asset in a wallet to support a blockchain network’s operations. Tezos is currently trading at $1.30.

Binance has also announced that it has acquired DappReview, which will help the exchange further develop its range of exciting dapps and create new uses for blockchain technology. In return, Binance will support DappReview by offering marketing and business development services.

“By working with Binance X [the company’s developer network] and Launchpad, DappReview will bring in more talented Dapp developers and assist promising Dapp projects on fund-raising,” Vincent Niu, founder of DappReview, said of the deal. The dapp platform is expected to release a new range of products in Q1 2020.

>> South Africa Plans New Crypto Regulations: Key Factors to Watch

Interestingly, the acquisition gives Binance a new foothold in Beijing after its Shanghai office was shut down last month following reports of a police raid on the premises. Despite appearing to embrace blockchain technology, the Chinese government has been cracking down on cryptocurrency businesses in the country that are outside the remit of government control. Chinese authorities recently issued a notice to the public directing individuals to report businesses engaged in virtual asset trading to the country’s central bank, the People’s Bank of China.

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Binance Gets Banned on Weibo as China Continues Crypto Crackdown



Binance has had its official account on Weibo, the Chinese version of Twitter, banned due to unknown violations as the Chinese government tightens regulations on cryptocurrency.

Binance and Tron Blocked on Weibo

Weibo is claiming “violation of law and regulation” as the reason for the ban, but “China’s Twitter” failed to give any additional information on the recent account suspension. Tron, along with Binance, has also been blocked, but Huobi and OKEx, which are two Chinese-based exchanges, remain active on the website. Chinese President Xi Jinping banned Bitcoin back in 2017 but has recently begun embracing blockchain technology.

Bitcoin made gains in recent weeks after President Xi announced that China was to reverse its crypto ban. According to Chinese state media, Xi said that China has a strong foundation and should look to take a leading position in the sector, urging the country to “seize the opportunity,” which could benefit a number of sectors. That makes today’s news of Binance’s blocking on Weibo all the more mysterious, and perhaps points in the direction that China is initiating protectionist policies on Chinese crypto activities by blocking foreign-based exchanges.

Binance Begins Accepting Fiat

Zhu Hongbing, chairman of Singapore Blockchain Technology Foundation, told The China Times that the decision to remove Binance from Weibo is related to the exchange’s recent decision to begin accepting fiat currencies via Chinese payment services such as Alipay and WeChat. Binance founder and CEO Changpeng Zhao, who is originally from Jiangsu in China but established the exchange while in Canada, confirmed last month that it would begin accepting fiat currencies via Alipay, but Alipay retaliated by banning all transactions connected to crypto.

>> Coinbase Card Includes 5 More Cryptos and Launches in 10 Countries

Binance has been attempting to make headwinds in the Chinese media in recent months. In September, the company made an undisclosed investment in Chinese crypto news outlet Mars Finance. Changpeng Zhao said of the investment, “We have large respect for data, news and research firms which support the positive growth of the blockchain industry. We will continue to pursue strategic investment opportunities in our mission to bring crypto further mainstream, increase adoption and accessibility, and help the industry grow sustainably.”

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Binance Shanghai HQ Shut Down After Police Raid



Binance has reportedly closed its Shanghai office, where over 100 staff, including senior management, were employed, following a raid by Chinese law enforcement, according to sources cited by The Block.

Binance Denies Office Raid

Binance has moved to deny reports of the raid after CEO and Founder Changpeng Zhao tweeted just yesterday that offices are an outdated and antiquated concept.  However, Chinese authorities recently issued a notice to the public directing individuals to report businesses engaged in virtual asset trading to the country’s central bank, the People’s Bank of China, which is also headquartered in Shanghai. The notice read:

“Virtual currency transactions in the territory; the other is to issue ‘xx coins’ and ‘xx’ in the form of ‘blockchain application scenarios.’  Currency, fundraising or bitcoin, virtual currency such as Ethereum; third, providing services such as publicity, diversion, agency trading, etc. for registered ICO projects, virtual currency trading platforms, etc.” Binance has said that the company had not received this notice.

China’s Changing Crypto Stance

China had appeared to be embracing blockchain technology recently, following comments by President Jinping Xi. However, it appears as though the government is cracking down on crypto trading, which is outside of its jurisdiction, as it concentrates its efforts on developing its own, centralized digital asset on blockchain, going against the core purpose of the technology. Bitcoin made gains earlier this month after China announced that it would be scrapping its ban on crypto mining; however, Binance looks to be a major casualty of more stringent rules.

>> Bitcoin Extends the Fall, Now at One-Month Low Below $8K

Markets Take a Beating

The raid on the Binance office and ongoing crackdown on cryptocurrencies in China has had negative implications for the market. Bitcoin is down over 6% to $7,591 USD, while leading altcoin Ethereum (ETH) has lost over 8% in the last 24 hours. Altcoins such as Litecoin (LTC) and EOS are taking a hammering, with over 9% losses, while Binance’s own coin, Binance Coin (BNB), is down 10% at the time of writing to $16.58.

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Binance Expected to Resume US Operations in the Next 2 Months



When it comes to trading in cryptocurrencies, it is always far more effective if one can trade on a large exchange. Large exchanges offer a lot of options with regards to the range of cryptocurrencies, liquidity, and other services. Over the course of the crypto boom that started a few years ago, some exchanges have become the leaders of the industry and Binance is certainly one of those. It went on to become one of the biggest crypto exchanges and was also the preferred choice of many traders in the United States.

Key Details

However, back in June, the company announced that it was working on establishing a new division named Financial Crimes Enforcement Network, and hence, it was going to temporarily stop its services in the United States.

Regulations in the United States have always been a major issue for crypto exchanges, and Binance has also struck a partnership with BAM Trading Services so that it is compliant with regulations in the country. Considering the fact that it now has a US-based partner, Binance will be able to have a bigger presence in the market.

>> Bitcoin Hovers Around 10K After the Recent Correction: What Next?

In an interview with Cheddar, the Chief Executive Officer of Binance, Changpeng Zhao, stated that the crypto to fiat services that had been stopped in the United States could be resumed within the next two months. It is a significant development for all crypto enthusiasts in the country who have not been able to trade in the platform all this while.

Additionally, Zhao also stated that since a new partner is now available, Binance will be exploring ways to increase its presence in the American crypto market once it reopens. However, the resumption of services can never be predicted accurately, and hence Zhao refused to divulge the exact date on which the operations will resume. He said, “I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”

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Binance Introduces Native XRP on Binance Chain



Over the years, Binance has consistently proven to be one of the most innovative crypto exchanges in the world, and hence, it is no surprise that it is currently the biggest exchange in the world by trading volume.

New Products

The exchange has been very proactive in introducing new products and tokens that have gone on to become major players in the entire crypto ecosystem. In a new development, the company has announced that it is going to launch a new token that is 100% backed by XRP, the third-biggest cryptocurrency in the world by market cap.

The news was supposed to be revealed sometime later, but the Chief Executive Officer of Binance, Changpeng Zhao, revealed the whole thing on Twitter. The coin in question is meant for users who trade on the company’s decentralized DEX exchange and gives them the opportunity to invest in a crypto asset that is going to mirror the performance of XRP. He went on to state that the coin in question is not meant for trading purposes, but he believes that the launch of this new token could, in fact, lead to a higher demand for XRP tokens in the wider crypto sphere.

>> Libra Labeled a ‘Monetary Threat’ By Senior US Bank Executives

Zhao said, “The supply would still be ‘in circulation’, just on the Binance Chain. They should be actively used for trading. Nothing changes from the supply perspective. Demand should increase though as there is more use-case/trading going on.” That being said, the more important question on the minds of most people in the XRP community is whether the launch of this token will have a positive price effect.

Despite the crypto rally in the first half of 2019, the performance of XRP has been a major disappointment for many. However, the launch of this new token from Binance is perhaps an indication that all is not going that badly for the world’s third-biggest cryptocurrency.

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Binance to Introduce Own USD Stablecoin with Paxos



Binance is the world’s biggest crypto exchange, and it made a massive announcement yesterday. The world of cryptocurrencies has come a long way since the days when there used to be a handful of tokens and investors generally switched from one token to another. However, over the past few years, a wide range of tokens have come into existence, and perhaps the most interesting ones have been the stablecoins.

Key Development

These coins are backed by the United States dollar and are hence far more stable than traditional crypto tokens. Plenty of organizations have come up with their own stablecoins over the past few years, and now, Binance has decided to join them as well.

The name of the stablecoin in question is Binance USD, and it is going to be backed by the United States dollar at a ratio of 1:1. The announcement was made by the company on Thursday, and it is a significant development considering the fact that Binance remains one of the most popular exchanges worldwide. The token will be known as the BUSD, and the company stated that the token is going to be mined on the Ethereum blockchain. That being said, the company did not rule out the possibility of migration to the Binance Chain at some point in the future.

>> Crypto Insurance Market to Get Boost in Coming Years

However, it is important to note that the whole thing is not being built by Binance alone. The crypto exchange has collaborated with Paxos, the stablecoin issuer, for this project. More importantly, Paxos will also serve as the keeper of the fiat reserves that are essential for running any stablecoin project. The Chief Executive Officer of Binance, Changpend Zhao, stated that Paxos is one of the leading service providers in this particular space, and the company is pleased to work with Paxos on this project. Later on, in September, customers will be able to buy the stablecoin directly from Paxos and start trading on Binance.

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Binance Begins Dedicated Staking Platform to Earn Rewards



One of the most important factors behind the growth of the cryptocurrency space is the existence of mega crypto exchanges. It has made it possible for more and more people to get involved in space and the biggest one is Binance.

Today, the company made another landmark announcement. The crypto exchange announced today that it has launched an exclusive staking platform and it will allow its users to earn exclusive rewards. Users will be able to store their digital coins on the staking platform, and in return, they will be awarded rewards. It might be regarded as something that is akin to earning interest by keeping money in a bank.

This is quite an inventive platform that has been launched by Binance. The official announcement for it was made on Thursday this week. Due to the availability of the platform, users would not need to meet the minimum staking requirement and the time periods that are stipulated on some other platforms.

At this point in time, only a limited number of cryptocurrencies are going to be supported by Binance’s staking platform. The tokens that are currently supported include Ontology, Stratis Neo, Qtum, VeChain, Algorand, Strat, Komodo, and Stellar Lumens.

>> Stellar (XLM) Witnesses Buying Interest Despite the Crypto Slump

It goes without saying that it is another important development in the further strengthening of the cryptocurrency ecosystem. Although staking platforms are available, an offering from one of the biggest crypto exchanges in the world like Binance is definitely a huge development. It could eventually encourage more users to use it in anticipation of the rewards on offer.

Changpeng Zhao, the Chief Executive Officer of Binance, explained the whole thing quite succinctly in a tweet: “You literally don’t have to do anything. Your funds on Binance automatically participate. You can still trade as you normally would.” It now remains to be seen how many users the company’s staking platform can attract.

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Binance Enters South Korea, Gets Approval for OkCoin



The growth in the cryptocurrency industry has been made possible by the presence of crypto exchanges, and in that regard, Binance has been one of the most influential. In a new development that should come as a major boost to the crypto sphere, the crypto exchange announced that it is all set to launch its operations in South Korea.

Major Details

Binance acquired the Fintech company BxB Inc and is now going to turn it into a global exchange for South Korean customers by way of a cloud platform. This is a significant development for the company as well as for the crypto trading community in South Korea.

The exchange will be crypto to crypto in nature and will provide South Korean customers with the functionalities of Binance that have made it one of the most popular crypto exchanges in the world. The announcement was made by the Chief Executive Officer of the exchange, Changpeng Zhao, through a tweet. He said, “Hello South Korea.” Fiat deposits are going to be restricted at this point, but customers can use a stablecoin developed on Binance Chain to start their trading activities.

Removes 15 Trading Pairs

On March 27, the exchange made another important announcement that could have far-reaching effects on the crypto sphere. The company announced that it is going to remove 15 trading pairs from the platform in order to further improve liquidity and enhance the trading experience for users.

>> TRON Partners with Metal Pay to Enable Instant Purchase of TRX

Binance previously removed 10 trading pairs earlier in March. Exchanges are known to remove certain trading pairs when those pairs prove to be non-liquid. These non-liquid pairs generally involve altcoins that are not as frequently traded.

Are you excited for Binance’s move into the South Korean crypto market?

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Binance in Discussions with Facebook Over Libra Coin

Libra Coin

Libra Coin

According to CoinTelegraph, one of the world’s largest crypto exchanges, Binance, is in “official” talks with Facebook regarding the latter’s new Libra coin.

The exchange’s strategy officer, Gin Chao, told BlockTV yesterday that the company is “very excited” about the Libra project.

What we know so far, according to Chao, is that the talks “have largely focused on dealing with infrastructure.”

Binance and Libra Coin

While the pair’s discussions are in the early stages, it seems Binance is not holding back its desire to work with Libra “as much as [it] can.”

Chao continued:

“I think the potential that libra can have, not just on mass adoption but what it means to payments and forcing regulators’ hands to catch up a bit, is all good news.”

In a separate interview, the strategist gave more details on the likelihood of Facebook’s Libra listing on Binance:

“It wouldn’t just be in [Facebook’s] interest to list their coin on our exchange. It would also be in their interest to list on other exchanges as well and that’s probably going to happen. So if they decide to go on a public chain, and they get the sort of adoption that they could get, we would probably want to list them.”

And further, he said that Binance would be enthusiastic about becoming a validator node on the Libra network.

Facebook’s Libra Coin

Facebook announced its new cryptocurrency called Libra last week. Rumors about its existence were rife for over a year, however.

According to the Whitepaper, the objective of the coin is simple; users can send money via the internet all over the world faster and with lower fees than standard banking. It also aims to incorporate the 1.7 billion people around the world who don’t have a bank account or a line of credit.

Libra differs in several ways to traditional cryptocurrencies. One of the most interesting facts of Facebook’s currency is that it is more “stable” than regular cryptos. Facebook sought to create a coin that could facilitate every-day online consumer transactions and has done this by “backing all its issued digital currency by a reserve.”

>> Koinex Exchange Shuts Down Trading Services in India

According to Digitaltrends:

“Founding Members are required to pool money into the reserve, with the prospect of a return on their investment via dividends from low-yield investment of the reserve’s assets.”

With Libra coin only announced, it’s official launch is not expected until sometime in the first half of 2020.

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