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NFT collection by The Associated Press to debut on Binance Marketplace

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A new NFT collection by the renowned news agency, The Associated Press, is all set to debut on the Binance marketplace. The world’s biggest cryptocurrency exchange shared a press release, announcing the launch of “The AP Unique Moments.”

The sale will start on 19 October at 12:00 PM (UTC) and end on 26 October at 12:00 PM (UTC), with a limited number of tokens available for buyers. The NFTs will be curated by a prominent firm in the blockchain industry called MetaList Lab.

This new NFT deal with Binance marketplace for the release of a new NFT collection also involves the distribution of some additional gift card NFTs for certain buyers. The Associated Press also shared the news on their Twitter:

The NFT collection to represent historical moments

The Associated Press has been linked to breaking some of the biggest news pieces in the world. The organization has been around since 1846 and has covered more than 150 years of human history. This history is what the NFT collection drop by the press house will represent.

According to the details of the NFT collection released by Binance, there will be a total of 4 rarity levels for the Mystery NFT Boxes, each priced at 29 BUSD or Binance USD, the native stablecoin of Binance.

The 4 rarity levels are Normal (N), Rare (R), Super Rare (SR), and Super Super Rare (SSR). Also, a limit of 25 boxes was put for a single address. This was done so that it becomes easy for more collectors to buy the token.

The NFT collection will be portraying the biggest and most talked-about moments that have been photographed by the press house, including some of the more rare images ever seen, i.e., the biggest “News Wire Flashes.”

What will these mystery boxes contain?

The SSR mystery boxes will contain the ‘Revolutionary Che Guevara 1964’ and ‘The Assassination of President John F. Kennedy’ NFTs while the normal boxes are said to include moments like ‘Berlin Wall Falls in 1989’, ‘Horror in Rwanda,’ ‘US Kills Osama Bin Laden’ among other tokens.

Users can fill a form to take part. The users who will collect 1 N, 1 R, and 1 SR token and hold them from 19 October 12:00 PM (UTC) to 25 October 11:59 PM (UTC) will be eligible for exclusive “AP’s Reach” NFT.

Binance CEO indicates that progress is coming, but gradually

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Binance CEO Changpeng Zhao (CZ) spoke at the Future Blockchain Summit Dubai on Day 2 of the gathering. The CEO has been actively vocal about the activities of the government, sharing his two cents on the same. In the Summit, the Binance CEO explained why it is futile to expect the entire monetary system to change in one day.

The Binance CEO spoke on the current stance of regulatory authorities on digital assets and the adoption rate for the new asset class. While we have already seen countries like El Salvador take a huge leap of faith, South Korea has allowed a few exchanges to operate in the nation in partnerships with banks.

Binance CEO believes that patience is the key

Changpeng Zhao explains why he believes that expecting crypto adoption in a short period is futile by reminding the audience that the current financial architecture has been around for centuries. Therefore, Zhao stressed the importance of patience when it comes to crypto adoption.

The main reason it is not easy to regulate blockchain-based products is because of the explosion of blockchain-based games and NFTs. While the industry keeps expanding at unparalleled rates, the regulatory authorities are not getting enough time to bring out regulations related to blockchain-based financial products.

Communication is of utmost important

Every crypto investor has noticed the heightened attention of the government in the industry. However, Binance CEO considers that this fact indeed has a positive side to it. The reason being simple, nobody knows what’ll work. It’s just a big hit and trial. Before making laws regarding cryptocurrencies, many nations are trying one thing and the other to tame the new asset class.

Binance CEO Chenpeng Zhao claims that the most important aspect while implementing regulations involves communication with the entities involved. He further announced that communication channels of Binance are always open for regulatory authorities.

Binance becomes the latest exchange to close its doors in China; Chinese users to end 2021 on a sad note

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China’s big crypto crackdown was sparing no one. Prominent crypto exchange, Binance was the latest to steer away from China.

Immense hostility was noted against the crypto-verse by the Chinese government. The world had slowly started to recognize and embrace crypto. But China was taking a whole new direction. After issuing a blanket ban on crypto in the region, several firms across China were seen left clueless. Not only did this ban force platforms to shut shop, but it also drove many out of the country.

Binance seemed to be abiding by the rules and regulations put forth by the government as it decided to suspend its OTC marketplace for the Chinese yuan [CNY]. In an elaborate statement, the exchange noted that it would delist CNY trading on 31 December 2021.

While crypto platforms were not allowed to deliver exchange services since 2017, several firms were seen providing OTC services. Binance was also one among them. The blog post further read,

“Binance withdrew from the Chinese mainland market in 2017 and does not engage in exchange business in mainland China. Binance has always attached great importance to compliance obligations and has always strictly complied with the relevant requirements of local regulatory agencies.”

China has been going all-in on driving out crypto out of the country. While Binance’s latest move wasn’t unexpected, WeChat’s decision to switch off crypto search results came as a shock to many.

Binance, Huobi, Ouyi will no longer be available on WeChat search results

Chinese crypto journalist, Colin Wu in a recent tweet, revealed that WeChat, an application that hoards about one billion users had restricted crypto exchange-related searches. Over the course of the last couple of months, an array of Chinese platforms were seen dropping support for crypto firms or crypto-related activity. WeChat became the latest platform to join the list.

In the tweet, Wu revealed that WeChat had banned searches related to Binance, Huobi, Ouyi, and other crypto-based platforms. The search results for the aforementioned platforms were no longer appearing for WeChat users.

China’s aversion against crypto isn’t new but considering the pace, the Chinese government was moving in, it was evident that the government was soon going to make the country a crypto-free zone in no time.

Huobi confirms its plans to ‘gradually retire’ existing users from mainland China

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Major cryptocurrency exchange, Huobi Global has had a tough time dealing with the Chinese authority’s crackdown on crypto-related activities. Earlier, reports had emerged regarding the platform banning news user registration. Today, Huobi went on to confirm the news with the latest press release announcing the same to comply with local laws and regulations.

The post revealed that Huobi Global had ceased account registration for new users in Mainland China from the 24th of September. The exchange plans to gradually retire the user accounts from the region by the end of this year, i.e., by 31st Dec 2021. It also ensured the safety of users’ funds.

Huobi’s concluded,

“We will inform users of the specific arrangements and details through official announcements, e-mails, text messages, etc. Huobi Global has always been dedicated to offering digital asset trading services and ensuring the safety of customer assets while following all applicable laws. We apologize for any inconvenience caused and thank you for your understanding and support!”

After Huobi, will OKEx and Binance follow suit?

Following Huobi’s exit, the Chinese crypto ecosystem will witness a significant setback. Shortly after the People’s Bank of China [PBoC] published a notice that called for extensively stricter restrictions on crypto trading, the entire market took a hit. The latest move by Huobi, which happens to be one of the largest crypto exchanges that cater to mainland China customers, signifies that there is no challenging the authorities this time.

The notice, co-signed by ten agencies, stated that any entity conducting crypto trades would be subject to legal prosecution. This also encompasses those individuals and entities who reside in China but operate off-shore crypto platforms that offer service to the country.

As yet, neither Binance nor OKEx have notified their users about any possible changes in terms of registrations. However, the bigger question is, will the two rival crypto exchanges follow suit and succumb to the growing pressure by the Chinese authorities? The crypto market is currently trading in a tight rangebound. If the crypto exchanges happen to cave in, the market may witness fresh sell-offs in the near future.

Binance decides to pull the plug on futures and options trading in Australia

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One of the world’s largest cryptocurrency exchanges, Binance has been undergoing extreme scrutiny from regulators across the globe. The regulatory pressure surrounding the exchange has been surging by the day. This has further pushed the exchange to shut shop in several parts of the world. Australia was the latest country to lose certain services of Binance.

The crypto-verse has been subject to heat from regulators despite being known for its decentralized nature. Governments have started to pry into the crypto industry just as its demand began to surge. Binance recently had a major fallout with not just one regulator, but with regulators from several different regions. As the exchange continues to put in place better compliance methods, it was seen pulling the plug on various services it offers.

In a recent announcement, the exchange revealed that it would no longer offer futures and options trading services to its Australian customers by the end of this year. In a detailed post, Binance noted that Australian users would be given a period of 90 days to reduce and close their positions on derivative offerings.

Binance Australia to end derivatives offerings by December

The exchange noted that it intends to comply with the regulations put forth by the Australian government. In order to do so, the exchange would be discontinuing futures, options as well as leveraged tokens services in the country.

With a total of 90 days starting from 24 September 2021, Australian users would not be able to reduce or close their positions post 23 December 2021. Any positions that exist after this date would be closed automatically.

Additionally, during this period, Aussie users would still have access to certain services like being able to top-up margin balances to avoid liquidations and margin calls. However, the option of increasing or opening up new positions would not be allowed.

A spokesperson from the exchange reportedly stated,

“We proactively review our product offerings and activities on an ongoing basis, against user demand, evolving regulatory requirements, and future opportunities, to determine changes and improvements.”

The exchange clearly seemed to be enduring immense loss following the hold on an array of its services in its numerous branches. Recently CZ even admitted to the need for a “centralized entity.”

Binance’s CZ admits to the need for a “centralized entity”

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Binance has been a constant visitor of the headlines for a while now. Regulators from across the world were seen squabbling with the exchange over issues pertaining to license. While exchange had to deal with an array of regulators all at once, the CEO of Binance Changpeng Zhao aka CZ has put forth the need for a centralized entity.

Centralized systems have existed for the longest time. The cons that come along with these systems stood out for the creator of Bitcoin, Satoshi Nakamoto. This further pushed this anonymous person to roll out the first and the largest cryptocurrency. The term “decentralization” was a selling point of the crypto-verse. However, with time the term began fading and centralization took over most of the crypto market.

After Binance’s tiff with several regulators, CZ seemed to have come to the conclusion that the requirement for a centralized entity was a must.

Binance takes the other route

Crypto platforms cannot survive without the involvement of regulators. Therefore, it further becomes necessary for crypto exchanges to comply with the regulations put forth by financial watchdogs.

In a recent interview with the South China Morning Post, CZ addressed the ongoing crackdown on its branches across the globe. He added,

“As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators. [..] We need to have clear records of stakeholders’ ownership, transparency, and risk controls. As the largest player in the industry, we need to prepare ourselves for the shift. We are making changes to make it easier to work with regulators.”

Binance is a prominent name in the crypto-verse. The recent takedown of the financial regulators from the UK, Cayman Islands, Malaysia, Singapore, Japan, Ontario, Italy had completely shattered the exchange. While Binance lost its spot in several of the aforementioned regions, the exchange’s efforts in complying with regulators from the other regions have been prolonged.

The platform was even seen hiring several experienced members that would further aid the exchange in understanding and complying with the regulators in a better way.

Binance.US welcomes former Uber exec as its President

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In order to comply with the laws put forth by the US government, Binance rolled out a platform particularly for the citizens of the US. In order to further bolster the growth and development of the exchange, it was seen bringing in Brian Shroder, a former Uber executive.

Over the last couple of weeks, Binance has been under the radar of regulators from across the globe. However, the exchange’s US branch was functioning with any major hurdles. Moreover, the platform was going all-in on its recruitment procedure.

While the exchange was seen focusing on bringing in people to look over the regulatory and compliance part, this time it was seen hiring someone who had experience in senior executive roles in major firms like Uber and Ant Group.

Binance.US gets a new President

In an elaborate blog post, Binance.US revealed that Brian Shroder would be joining the exchange as the President. Shroder will reportedly take over several responsibilities including the strategy of the firm, execution, business and corporate development, as well as fundraising. Additionally, as the President, he would also look into the exchange’s legal, HR, product, and technology functions.

Shroder’s impeccable experience with Uber and Ant Group would come in handy for the exchange. He further lauded Binance.US for being a fully established platform that has been thriving in terms of regulatory compliance and as a profitable enterprise.

Speaking about his latest role, Shroder added,

“Having previously worked for several hyper-growth companies, it is clear to me that Binance.US has all the right ingredients to become the largest and most successful cryptocurrency and digital asset exchange in the United States. I look forward to working with the team to further build a customer-centric organization that leads through our superior technology and our focus on providing innovative products and services.”

Both Shroder, as well as the crypto exchange, pointed out that they intend to make an impact.

Embattled Binance restricts Singapore product offerings

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Cryptocurrency exchange Binance is slowly shutting down the huge following it had built up across the world. To remain compliant with Singapore’s regulatory entity, it has announced that it will restrict offering trading pairs and payment options in Singapore dollars. Additionally, the platform also revealed the removal of the app from Singapore iOs and Google Play stores.

In its official blog post, the exchange detailed,

“Binance P2P will remove SGD trading pairs on Friday, 2021-09-10 04:00 AM UTC (12:00 PM UTC+8). Users are advised to complete all related P2P trades and remove related trade advertisements by Thursday, 2021-09-09 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”

Binance stated that the main intention behind the move is to create a sustainable ecosystem around blockchain technology and digital assets. It further went on to add that,

“Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”

Singapore regulators tagetting Binance

Some of the countries that have cracked down on the exchange this year are- Japan, Germany, the United Kingdom and Canada. South Africa’s financial regulator also joined the growing list when it recently warned its resident that the platform is not authorized to operate in the country.

The latest news comes after the CZ-led exchange appeared on the Monetary Authority of Singapore’s investor alert list. The regulator’s notice to the cryptocurrency giant last week warned that its global platform could be breaking the law by offering payment services to the residents of Singapore without an appropriate licence.

MAS, which happens to be Singapore’s central bank as well as a financial regulator, only mentioned “www.binance.com” on the investor alert list, which contains a record of unregulated entities that may have been erroneously regarded as being regulated or licensed by the watchdog.

Just two weeks earlier, the crypto exchange had onboarded Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange, as CEO of Binance Singapore. Interestingly, Teng had also worked at the Monetary Authority of Singapore for more than a decade as director of corporate finance. It is also important to note that the Binance Singapore website, Binance.sg, was not placed on the aforementioned investor alert list. A spokesperson had earlier confirmed that the two are separate exchanges and that Binance.sg operates in the country with its own local executive and management team. Furthermore, the platform is backed by Vertex Venture Holdings and is entirely concentrated on developing the Singapore cryptocurrency ecosystem and servicing users in the country.

Binance Coin [BNB] fails to hit $500 while Binance bids adieu to Singapore Dollar pairs

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Prominent cryptocurrency exchange, Binance has been undergoing immense scrutiny by regulators from across the globe. While the crypto exchange deals with this, an array of new countries have been lining up and continue to call out the exchange for functioning without a license. Recently, Singapore’s financial watchdog, the Monetary Authority of Singapore [MAS], called out the exchange for functioning without a license. This would further prohibit the exchange from offering its services to Singaporeans.

In more recent updates, the exchange withdrew support for the Singapore dollar [SGD]. All SGD trading pairs were removed from the platform. Binance revealed that it would take down its application from the App Store as well as Google Play in the region.

Additionally, Binance’s native cryptocurrency Binance coin [BNB] was seen struggling to make it past the $500 mark. At the time of writing, BNB was trading for $494 with a 24-hour price change of a negative 2.28%. The entire week remained bleak for the altcoin as it witnessed a surge of only 1,71%.

Furthermore, the market cap of the asset was noted at $83 billion. The altcoin succumbed to the fourth position as Cardano [ADA] took over as the third-largest cryptocurrency.

Binance Coin [BNB] one-day price chart

Binance
Binance Coin [BNB] fails to hit $500 while Binance bids adieu to Singapore Dollar pairs 2

The long-term or the one-day price chart of BNB noted a mixture of both bulls and bears. The Awesome Oscillator indicator sided with the bull by rolling out green closing bars. The Chaikin Money Flow [CMF] indicator on the other hand indicated bearish momentum as the CMF marker remained below the zero median in the bears’ arena. However, the marker was pointed upwards which restored hope in the BNB market.

The Relative Strength Index [RSI] indicator revealed that there was increased buying activity in the BNB market. The RSI marker remained over the 50 median in the buyers’ zone.

South African and Singaporean officials call out Binance

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Prominent cryptocurrency exchange, Binance continues to sink in troubled waters as more regulators including South Africa and Singapore call out the exchange for providing unauthorized services.

The past couple of weeks have been tough for the world’s largest cryptocurrency exchange. While regulators from the UK started the whole trend, a few others joined the train. An array of financial watchdogs from various countries began suggesting that the platform was operating in their region without a proper license. Now, South Africa joined the list as its monetary regulator, the Financial Sector Conduct Authority of South Africa [FSCA] went on to allege that Binance wasn’t authorized to deliver any sort of advice as well as intermediary services to its citizens.

In an elaborate notice, the FSCA stated,

“The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with BINANCE GROUP as they are not authorized to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.”

Binance, however, denied this and pointed out that there was no “Binance Group” functioning in the region.

South Africa isn’t the only one; Singapore joins the list

While South Africa issued a warning, Singapore went on to ask the exchange to stop all its services in the region. The Monetary Authority of Singapore [MAS] noted that Binance could be breaching the region’s Payments Services Act. The platform reportedly failed to apply for a license under the law put forth by MAS, therefore, it isn’t authorized to provide any sort of services to Singaporeans.

Nizam Ismail, the founder of Ethikom Consultancy, a Singapore-based consultant, spoke about the same and stated,

“MAS is likely to take a holistic view on the application and consider the fact that Binance (global) has been put on the investor alert list. Binance (global) would have to show that it has remediated any shortcomings and that it will not, going forward, solicit trades from Singapore resident customers.”