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Binance Opens Up Doors To The Japanese Market With Acquisition Of SEBC

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Binance, the world’s leading crypto exchange, announced its acquisition of Sakura Exchange BitCoins (SEBC), a registered crypto exchange service provider, on November 30th. With this acquisition, the leading crypto exchange opens up its doors to the Japanese Market.

Along with its brokerage business, SEBC also provides its clients with consultancy services. The announcement post lists the 11 trading pairs that the Tokyo-based exchange now supports.

The global market for the world’s largest crypto exchange is expanding. The financial goliath’s quick rise was previously marked by the opening of the Binance door in New Zealand (in September).

The company believes that Asia’s marketplaces have tremendous potential, and it has considered a number of nations for future expansion. Acquisitions are a part of the development ambitions, and the company’s next targets are expansion in the Philippines and Turkey.

The firm received regulatory authorization to sell cryptocurrency services in France, Italy, Spain, Dubai, Abu Dhabi, and Bahrain as part of its worldwide expansion. However, “the acquisition of SEBC marks Binance’s first license in East Asia.”

Binance Re-Entry Into Japanese Market After Four Years

Binance last conducted business in Japan in 2018, the same year the FSA warned it for operating without a license. Binance received a similar notice for violating the registration regulations in 2021.

After four years, the world’s largest crypto exchange now has access to the Japanese market through the SEBC acquisition as a licensed company under the Japan Financial Services Agency (JFSA).

However, the transaction’s terms weren’t made public. The leading crypto exchange seeks to create a responsible global cryptocurrency ecosystem by providing Japanese-regulated services via SEBC.

Takeshi Chino, general manager of Binance Japan, said: 

The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. 

To build their combined exchange in a compliant manner for local customers, he continued, they will actively collaborate with authorities. They are eager to support Japan in taking the lead in the crypto industry.

“On top of our effort to prioritize user protection,” Hitomi Yamamoto, CEO of SEBC, stated that Binance’s robust compliance system would assist create a more compliant environment for consumers in Japan and will allow them to engage with essential services needed for crypto adoption.

Related Reading | FTX’s SBF Summoned to be at a February Hearing in Texas

How FTX Token (FTT) Investors Can Learn From The Best, With BudBlockz (BLUNT) And Binance Coin (BNB)

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The end might be near for the FTT token as there are reports that the Binance exchange is backing out from the programmed acquisition of the embattled FTX exchange. The FTX crash is dominating the cryptocurrency market for now as investors are worried about whether or not the crisis can impact their chosen tokens. But at the same time, BudBlockz and Binance are the two cryptocurrencies poised to deliver higher returns in the future.

FTT Prices Drop Down as FTX Peers at an Uncertain Future

FTX is a decentralized exchange to hold, stake, sell, and buy cryptocurrencies. FTT is its native token that can be used for all types of transactions on the platform, including payments, staking, and liquidity pool acquisition. The exchange repurchased FTT tokens and burned them to regulate its supply and hold over price fluctuations.

However, the platform has been in the media for all the wrong reasons in the last few months. It filed for voluntary Chapter 11 bankruptcy proceedings. The development came a few days after Binance’s CEO tweeted that he is going to liquidate holdings in FTX after reports of troubled financial affairs of Alameda Research. According to the research report, hundreds of dollars of FTT tokens have been used to secure loans. However, events took a grave turn when it came out that Sam Bankman Fried was under the radar of the Securities and Exchange Commission and the US Department of Justice. It led to a steep drop in FTT prices.

Binance is Pushing the Cryptocurrency Market into Frenzy

As a result of Binance walking away from the FTX deal, its token was trading higher by 3% within 24 hours, while FTX dropped by almost 30%. After seven days, BNB dropped by more than 7%, while the FTX token dropped by almost 87%. In just 30 days, BNB gave positive returns with an upside of almost 12%.

The Binance-FTX deal caused a furor in the cryptocurrency markets, and BNB benefited from the ill-reputation of FTT.

BudBlockz Sets Up Its Game as FTX Tokens Plummets

Many investors are worried about the FTX crash as they believe it can affect their crypto holdings and investments. Nevertheless, cryptocurrencies like BudBlockz are tightening their belts to provide better services to investors.

BudBlockz is an effective e-commerce solution developed on Ethereum. It is a platform serving as a bridge between entrepreneurs, cannabis companies, and users on a global scale. It gives organizations looking for an international cannabis market to expand a new platform.

$BLUNT is a native BudBlockz token created on the ERC-20 protocol. The token can be used to deal with different transactions on the BudBlockz network. A few of the services provided on the platform are NFT trading, staking, liquidity, and petitions. BudBlockz’s presale is currently ongoing. 

The maximum supply of the token has been capped at 420,000,000 units, but the team will constantly burn the token to ensure a limited supply. The limited supply of the tokens will ensure the price is controlled and reduce the token price’s fluctuations rates.

The tokens have been divided into different categories, such as-

  • Presale (25.6%)
  • Marketing (18%)
  • Liquidity (25%)
  • Founders (10%)
  • Project Partners (5%)
  • Developer’s wallet (8%)

They have established the categories to handle the $BLUNT token supply. Its presales and liquidity have the largest share of all categories.

Many investors are beginning to recognize the advantage of this cryptocurrency over others. Its ecosystem has a specific feature with a strong market foundation and use cases. Many analysts believe the cryptocurrency has a significant potential to grow in 2023 after it is launched for the public state.

$BLUNT is now the FTT alternative. The native token powering the BudBlockz ecosystem stays intact. Its long-term prospect has everything to do with the crypto positioning itself in two of the most rapidly scaling sectors with big growth opportunities.

But the marijuana platform isn’t the only thing poised to enable its utility and use case of the token. It also sets sight on the NFT spectacle. BudBlockz has an NFT collection called Ganja Guruz. It will provide the holders with a range of benefits. The NFT holders can own fractional stakes in marijuana farms and dispensaries. 

Bottom Line

FTT token implosion doesn’t mean the end of the road for cryptos. Rather the focus is gradually shifting to projects with long-term prospects and proven utility cases. BudBlockz and Binance are two projects that are turning out to be gems amidst the dropping valuation levels. It can revolutionize the marijuana sector and pursue growth around DeFi, and NFT, underscoring its long-term prospects and growth metrics.

Purchase or learn more about BudBlockz (BLUNT) at the links below:

Official Website: https://budblockz.io/

Presale Registration:: https://app.budblockz.io/sign-up 

BudBlockz Community Links: https://linktr.ee/budblockz

Use the promo code “CYBERWEEK” to receive a 20% bonus on your $BLUNT purchase before 5 December 2022.

Tron’s Justin Sun Applies to Contribute to Binance Recovery Fund

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Justin Sun, the billionaire founder of Tron DAO and a blockchain operator, has submitted an application to contribute money to Binance’s industry recovery fund.

On November 14, CZ made the first mention of the industry recovery fund. The CEO of Binance also said that more information will be released soon. Binance provided the information as promised in one of its most recent announcements.

The “Industry Recovery Initiative” (IRI), the name of the recovery fund, aims to support web3’s future. The IRI is not an investment fund, as stated in the announcement. The IRI will initially receive $1 billion from CZ’s exchange. In reality, though, $2 billion is where the money is headed in the near future.

Tron’s Justin Sun applies to be a part of the recovery fund

The entrants who have contributed about $50 million to the fund are identified by the announcement’s specifics. Animoca Brands, GSR, Kronos, Jump Crypto, Polygon Ventures, Aptos Labs, and Brooker Group are a few of these businesses. For the sake of transparency, the public is also informed about the public address with the $1 billion fund.

“We were not aware of the announcement. Different players likely contacted Binance at different times. We have already applied to join this funding initiative and will hear back from them soon.”

 Justin Sun’s Tron DAO spokesperson told The Block

Justin Sun’s assistance will also help in boosting the fund. Binance hopes that the fund will help lessen some of the harm that Sam Bankman-Fried’s collapse of his empire of cryptocurrency businesses, which included the FTX exchange, caused to the sector. The collapse of FTX has impacted a wide range of companies in the sector, including early-stage DeFi projects and investment firms.

By design, blockchain analytics can be used to track contributions to the industry recovery fund. The fund will focus on initiatives that are thought to be innovative and economically viable but are having trouble getting funding because of the FTX crisis.

Binance’s fund comes as a last resort and a ray of hope for several potential projects. These projects have vested their trust in FTX and were brought down by the collapse of the exchange.

Binance Increases OG $1B To Another Billion As Crypto Recovery Fund

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Changpeng “CZ” Zhao, CEO of Binance, first stated that his exchange is establishing an industry recovery fund to aid in the sector’s reconstruction.

According to CEO Changpeng “CZ” Zhao, Binance is aiming for a $1 billion or more recovery fund to buy troubled crypto assets, which was previously revealed.

According to the news outlet, CZ said,

“If that’s not enough we can allocate more.”

Following the demise of FTX and its CEO Sam Bankman-Fried, CZ has emerged as a significant player in the sector over the past few months, solidifying his status as a significant leader. On Twitter earlier this month, he voiced his worries about FTX and abandoned a proposal to buy it to help it out of its financial difficulties.

A number of businesses, including lender BlockFi, are reportedly planning for bankruptcy as a result of the industry-wide effects of FTX’s insolvency.

Binance will be introducing a recovery fund “to aid projects who are otherwise healthy, but in a financial problem,” CZ stated last week.

According to CZ on Thursday, the exchange will have a “loose approach where different industry players will contribute as they wish.” A thorough blog article will shortly be published.

Binance CEO Announces Additional Allocation

The industry recovery fund at the cryptocurrency exchange Binance has received an additional $1 billion in funding, bringing the total amount of the fund to almost $2 billion.

“CZ”, CEO of Binance, made the additional allotment public on Friday.

A day after CZ stated that Binance is aiming for $1 billion for its crypto recovery fund, the size has increased. Along with other well-known cryptocurrency businesses, Aptos Labs and Jump Crypto joined CZ’s initiative and will each make a $50 million donation to the fund.

The industry would be supported and troubled crypto assets would be purchased using the recovery fund. Since the beginning of the year, the cryptocurrency market has experienced a sharp downturn, which has caused a number of crypto enterprises to close their doors.

BTC is currently trading 1.6% lower during the day and is hanging around $16,400 at the time of writing, indicating that the cryptocurrency market is still under pressure.

Binance’s CZ Discloses $1 Billion Fund for Potential Purchase of Distressed Assets

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According to Binance Holdings Ltd.’s Chief Executive Officer Changpeng Zhao, the company is aiming for a fund of about $1 billion for the potential acquisition of distressed assets in the digital asset sector.

In a turbulent time for crypto, Zhao has played a pivotal role. Sam Bankman-Fried’s FTX exchange and trading house Alameda Research fell because of his tweets highlighting worries about their condition.

CZ also stated that if it is not enough he can allocate more in a recent interview with Bloomberg Television’s Haslinda Amin. 

Binance stands tall as the sturdiest among tough waves

Following FTX’s erratic bankruptcy filing, Binance solidified its status as the biggest cryptocurrency trading platform in the world.

Zhao stated last week that Binance is preparing an industry recovery fund to aid solid projects experiencing a liquidity crunch. He stated, attempting to assume the role of crypto’s chief rescuer, that the objective is to stop the spread of the crisis caused by FTX.

In the interview on Thursday, Zhao stated that a blog post about the fund would be published soon and that Binance had spoken to several key figures in the sector about it.

The well-known cryptocurrency exchange FTX filing for bankruptcy has completely upended the market. Earlier this month, Binance consented to make a non-binding donation to the struggling company. However, it quickly shifted its position and declared that it had no control over the issues.

Amidst a loss of trust in CEX, CZ suggested all exchanges follow Merkle-tree-proof-of-reserves. The CEO of Binance, CZ, announced the release of “proof of reserves” on Twitter once more.

CZ claims that a “Merkle tree” is the data structure used by blockchains to store transaction data. As a result, “Merkle-tree proof of reserves” may refer to a technique that uses public blockchain data to show that the crypto assets of exchange users are secure.

For Binance, the past few months have been full of ups and downs. As part of its expansion plans, the biggest cryptocurrency exchange in the world was able to obtain permission to operate internationally. However, it has also emerged as one of the sturdiest exchanges out there.

Genesis’s Request for Investment in the Firm Turned Down by Binance

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Genesis, a cryptocurrency company, is still looking for funding. According to those with knowledge of the situation, the lender has approached the cryptocurrency exchange Binance to make an investment and make a bid for its loan book.

According to one of the people with knowledge of the situation, Binance decided against investing out of concern that some of its business may later result in a conflict of interest. According to people with knowledge of the situation, the company also requested capital assistance from private equity giant Apollo Global Management.

“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”

a spokesman said

Genesis went through a slew of withdrawals following FTX’s fall

Following the demise of cryptocurrency exchange FTX, Genesis has seen a surge in withdrawals from its lending division. Before announcing to clients in a brief call on Nov. 16 that it was canceling redemptions and loan originations, the company initially asked investors for an emergency loan of $1 billion, according to Genesis.

Derar Islim, the interim chief executive, announced at that meeting that it would present a plan for its lending business this week.

Following the swift and unexpected collapse of FTX founder Sam Bankman-crypto Fried’s empire, Genesis became the most recent cryptocurrency lender to halt withdrawals last week. FTX’s own cryptocurrency was used as collateral for the loans, according to a previous Wall Street Journal report, and was made to Mr. Bankman-affiliated Fried’s trading company, Alameda Research.

According to court records, Genesis gave Three Arrows a $2.4 billion loan earlier this year. Genesis’ parent company, Digital Currency Group, is suing the hedge fund for $1.2 billion. It let go 20% of its 260 employees in August as part of a reorganization that also saw the departure of Michael Moro, the company’s former chief executive.

Changpeng Zhao, the CEO of Binance, announced earlier this month that the company is creating a recovery fund to aid solid cryptocurrency projects that are experiencing brief cash shortages. Mr. Zhao promised more information on the fund in the future.

Binance’s CZ Comes as Support for Elon Musk Amidst the Twitter Employee Chaos

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Friday, amid a trend on Twitter that reads “RIP Twitter,” Binance CEO Changpeng Zao (CZ) spoke out in aid of Elon Musk, the CEO of Twitter. After the recent ultimatum by the Twitter CEO to choose between working intense, incredibly hard-core, long hours or losing their jobs, the trend #RIPTwitter exploded onto the scene.

CZ stated that the more successful you are, the more people FUD about you. He also added that it makes you stronger and not weaker.

CZ shows his support for Elon Musk

illy Markus, the creator of Doge, pokes fun at Twitter in a post titled “RIP Twitter,” comparing its demise to that of Google Plus. In a recent tweet thread, Markus also makes fun of Twitter employees, claiming that they intend to leave with their money rather than work long hours to save a “dying company” (Twitter).

Following an order from the new owner Elon Musk, hundreds of Twitter employees left the company, flooding Twitter with heartfelt messages. The hashtag #RIPTwitter started to trend on Twitter as users questioned whether the service would be discontinued.

Others shared memes of gravestones with the epitaph “Mr. Musk killed the service,” while some users made light of the fact that there was only one employee left. Some users claimed to have switched to other social media platforms.

On Wednesday, Mr. Musk gave the remaining Twitter employees less than 36 hours to resign or pledge to work on “a breakthrough Twitter 2.0.” He said those leaving would receive a three-month severance package.

According to the NY Times, four people with knowledge of the discussions said that Mr. Musk and his advisers met with some Twitter employees they considered “critical” in order to prevent them from leaving. He seemed to soften his standpoint on not letting people work from home before alerting their managers, sending conflicting messages about the company’s remote work policy.

Ever since Twitter was taken over by Elon Musk, he has been working on implementing changes to make it a better place. Musk is known for his workaholic nature and is very committed to his work despite of being the wealthiest person.

Binance and Cristiano Ronaldo First Exclusive NFT Drops

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The captain of the Portuguese national football team, Cristiano Ronaldo, has partnered with Binance to launch his first NFT collection. The international cryptocurrency exchange Binance and the football player have entered into an exclusive multi-year partnership.

The launch is scheduled just before the 2022 FIFA World Cup in Qatar, which gets underway on November 20. Ronaldo plans to use the NFTs to introduce his fans to Web3 and will appear in international marketing campaigns.

According to He Yi, co-founder and chief marketing officer of Binance, the metaverse, and blockchain are the internet’s future. The much-awaited CR7 NFT collection has finally dropped.

Binance x Cristiano Ronaldo CR7 collection now available to public

The incredible legacy that Cristiano Ronaldo has left behind for football fans over the past 20 years is to be immortalized by this NFT collection. Seven animated NFT statues that each depict a memorable event from Cristiano Ronaldo’s illustrious career make up the NFT collection.

There are a total of four distinct rarity levels available: Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N), each of which has a unique utility for NFT holders.

The 45 most valuable NFTS, which include 5 SSR and 40 SR statues, will be auctioned off and given to the highest bidder on the Binance NFT marketplace. The highest bidder will be selected after the 24-hour auction, which will then end.

The starting bid for the SSR statues is 10,000 BUSD, while the starting bid for the SR statues is 1,700 BUSD. The remaining 6,600 NFTs, which include 6,000 N and 600 R, will be priced at 77 BUSD and available on the Binance Launchpad. More details about the NFT collection can be found here.

Ronaldo has five Ballon d’Or victories and is one of the most popular soccer players on Instagram. He has experience playing for top European teams like Juventus, Real Madrid, and Manchester United.

Even Messi has a deal with cryptocurrency exchange Bitget to support the company and highlight Web3’s advantages to consumers worldwide. In March, Socios and his team, in Argentina, agreed to a $20 million contract, making Argentina the company’s Global Ambassador.

Here’s What Binance’s CZ Has To Say About SBF

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The bankruptcy of reputable cryptocurrency exchange FTX has caused complete turmoil in the industry. Binance agreed to make a non-binding contribution to the troubled business earlier this month. Then, though, it quickly changed its mind and said that it was powerless to do anything about the problems.

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Binance CEO, CZ

Changpeng Zhao, the co-founder and CEO of Binance, recently lambasted Sam Bankman-Fried, the outgoing CEO of the insolvent exchange FTX. Zhao was asked to comment on a tweet sent by SBF on Thursday that referred to him as a “sparring partner” at the Milken Institute’s Middle East and Africa Summit.

Binance’s CZ Believes That SBF Should Have Worked On Other Things

Speaking on the same, CZ said,

“When he tweets about a sparring partner, his house is burning and all this is happening, he’s losing focus… That day when he tweeted that, he should have been working on other things. He should not be writing tweets.”

He further added,

“… he never told me I was his sparring partner. I’m actually not sure if that tweet was aimed at me or us (Binance).“

Further asserting that “only a psychotic can post that message,” the Binance CEO claimed that he had never seen other exchanges as direct rivals. More so because cryptocurrency was still in its infancy. He went on to say more, saying,

“We haven’t even reached 1% adoption. We can grow the industry 100x… We never view other exchanges as sparring partners or competition—it’s not a boxing match.”

Zhao clarified the situation further by claiming that Bankman-Fried was the one who approached him just as FTX was about to collapse. He continued by saying that when Bankman-Fried approached him, they knew he was “desperate.”

When SBF first contacted CZ, the latter believed he was going to request an OTC agreement to buy the FTT tokens in order to reduce market commotion. The former FTX CEO did, however, “quite rapidly indicate that they’re in significant danger, and they’re seeking for a buyout” on the call. CZ added,

“It didn’t take us very long to figure out there were way bigger problems [at FTX] than we imagined.”

Binance Claims “Undisclosed Wallet” is a TRX Cold Wallet Amidst Rumours

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Binance, the world’s biggest crypto exchange has hogged the limelight as it brought attention to the significance of Proof Of Reserves [PoR] in the wake of FTX’s bankruptcy.

But of late, the crypto community took note of a $2.7 billion USDT transfer from its proof-of-reserves wallet that occurred less than 24 hours after publication.

A Reddit post by a user called OneThatNoseOne accused the trading platform of not disclosing the wallet in their proof-of-reserves article.

The Redditor also argued that Binance’s involvement in such activities was hypocritical given how the company supported customers in their efforts to remove cash from exchanges and promoted proof of reserves following the FTX fiasco.

Not only that, there were some additional funds missing from other wallets in the platform’s PoR snapshot, the user alleged.

Sure, companies have the right to manage and store their funds in whatever way they like. They aren’t bound to keep it in any particular wallet. But that begs the question, why not just disclose their new wallet with a simple addition to their published proof of reserves statement? Why not properly organize and manage their funds so that they wouldn’t look shady making such transactions after the fact [of publishing reserves].

At a time when customers’ trust in crypto is at an all-time low, the anon user called upon Binance to take steps in providing transparency so that users don’t have to sift through tons of data for something they could have easily provided.

“Whether this is funny business they are engaged in or just management incompetence, either way, it is not good at all,” the post concluded.

Binance Termed The Transfer As “Standard Operations”

In response, Binance commented that the ‘undisclosed wallet’ in question is one of its cold TRX wallets and that the transfer of the assets was a “standard operation between internal wallets.”

With regards to the Proof of Reserves, the crypto exchange said its PoR audit is not yet completed, causing “confusion” among users. Additionally, they will soon produce a “Merkle tree proof of reserves” in collaboration with Ethereum founder Vitalik Buterin.

“This will ensure that users no longer have to “trust” Binance or any other platform because it will be verified by code. This is as it should be, and frankly, we feel that we’ve let the industry down by not developing this sooner.”