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Binance Adds The First Fiat Trading Pair: The Nigerian Naira

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Binance adds the first fiat trading pair and this time, it is not the US dollar. Starting from today, the Nigerian users will be able to buy Bitcoin, Bitcoin Coin and Binance’s stablecoin BUSD with Naira as we are about to read in the latest binance news today.

Most of the top exchanges that provide fiat-to-crypto trading services mostly focus on the US dollar or at least the Euro or yen. This is mainly because they are the most traded currencies and the USD enjoys the status of a global reserve currency. Binance went a completely different direction by adding the national currency of the African Country as its first fiat trading pair.

Last month, Bitcoin reportedly was the most popular asset especially in Africa, more specifically in Nigeria. The country leads the current ranking of top regions where the Google search trends of ‘’Bitcoin’’ term note the highest frequency. Nigeria is having a very hard time with a humanitarian crisis in its north-eastern side which strongly affects the economy. The citizens find it very hard to use their national currency as a store of value since the Naira currency devalues from year to year.

Binance adds the first fiat trading pair solution in partnership with a payment system- Flutterwave. What is even more interesting, USD/NGN trading pair increased almost 18 percent yesterday and hit a new record high at 361. Previously, one US dollar bought about 306 Naira and the pair fluctuated between $300 and $330 for more than three years. The last time when the USD/NGN traded above $350 was in 2016 and it lasted a few days only.

The recent drop shows once again that Naira is unstable and does not have the people’s trust to back it up. Binance’s launch came on time. The primary reason behind the latest crash is a sudden decline in Nigeria’s foreign reserves. Last week, the Central Bank of Nigeria explained that the reserves depleted by $5 billion in less than five months to $40.79 billion. The central bank uses foreign reserves to stabilize the markets and the national currency in general. As for Binance, CEO Changpeng Zhao CZ hinted that more fiat currencies will have to show up on the platform which has been among the top 3 most popular crypto-to-crypto exchanges.

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Malta’s Financial Watchdog Says Binance Is Not Licensed

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Malta’s financial watchdog explained that Binance is not licensed or regulated to operate in Malta as we are reading further in the Binance news today. Malta’s financial watchdog or the Malta Financial Services authority recently released a new statement announcement that the world’s largest crypto exchange by trading volume is not authorized to operate in the island nation. The company is not a subject to regulatory oversight by the MFSA according to the announcement. Malta’s financial watchdog revealed that there is an ongoing investigation to assess whether the exchange has activities in the nation or they simply fall within the realm of regulatory oversight:
 “Admission of virtual financial assets to trading and/or for offering virtual financial assets to the public in and from Malta requires an MFSA licence in terms of the Virtual Financial Assets Act (CAP 590) of 2018.’’
Due to spur that the MFSA’s statement caused in the crypto community, Changpeng Zhao who is the CEO of Binance, took it to twitter to explain the allegations saying that this is ‘’old news’’ :
 “There is a mix of truth, FUD & misconception. Binance.com is not headquartered or operated in Malta. This is old news & has always been the case, hence there is quite a bit of FUD turning this into a breaking story. The community’s comments show that understanding.’’
Zhao added that the company operates in a decentralized manner and reached more than 180 nations worldwide. Binance does have a huge number of regulated entities across the world and it has a goal to become a fully decentralized autonomous organization. Users still don’t know where Binance is actually located since it announced it is moving to Malta back in 2018 after they were forced to move out from Japan because of the harsh regulatory climate. During the same time, Joseph Muscat who is the prime minister of Malta, appeared to have welcomed the exchange to the island:
 “Welcome to Malta Binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies.’’
Binance’s chief growth officer admitted in an interview about the offices in Malta:
 “We have offices in Malta for customer services, and some compliance people there, but it’s not the headquarters per say. It’s the spiritual headquarters. It’s a name that people think about when they think about Binance.’’
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Binance CEO Is Sure: BTC Halving “Not Priced In Yet”

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The CEO of the leading exchange in terms of volume has spoken out and commented on the upcoming Bitcoin halving. The Binance CEO is sure that the price of the dominant coin has not yet adapted to the upcoming block reward halving. Changpeng Zhao, who is the co-founder and CEO of Binance, has suggested that Bitcoin's price will see more upwards movement in the future during an interview on February 20. He explained that historically, Bitcoin's block reward halving events have had a positive impact on the coin's price. In the Binance news today, he also spoke about miners and how they have to spend almost two times as much to mine a single coin. Zhao noted that an asset's price is determined by demand and not the cost of production. He expects that miners will not be willing to sell below the price of production. Furthermore, Zhao said that another consequence of a lower Bitcoin block reward is less inflation which should help the price rise. He noted that the effects of lower coin production will be augmented by an increasing number of users in the space. As he said:
“The demand side is increasing, the supply side is decreasing.”
However, he also explained that he expects there to be a resistance which will keep Bitcoin's price around $10,000 for some time. The Binance CEO is sure that “there are psychological barriers around nice round numbers. So 10,000 is a very nice round number, so [...] the price will fluctuate back and forth around that a bit.” While the Bitcoin price just dropped below $10,000 again, the outlook for Bitcoin is mostly positive according to a lot of experts. Recently, the market analyst Keith Wareing said that this week saw Bitcoin ascending its 50-day moving average cross over its 200-day moving average. This rare bullish sign is known in the cryptonews as a "golden cross" and Wareing suggested that BTC can hit $26,000 in two months thanks to a bullish event which previously triggered 170% price gains. However, events like that are only hypothetical now, especially given the fact that Bitcoin is at $9,600 and in a bearish momentum just like the rest of the marketplace.
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Binance Stops Trading To Resolve A Technical Issue

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The major cryptocurrency exchange Binance stops trading today due to a technical problem that was found on its platform, described as an issue "related to infrastructure." It all began when the cryptocurrency news today showed an announcement published by the exchange this morning which notes that due to unscheduled system maintenance, Binance suspended most of its activities. More precisely, today it is not possible to perform  “deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets” on the platform. A statement shared with many media outlets covering the Binance news showed that Binance stops trading - but reassures that partner exchanges such as Binance.US were unaffected and that trading activity will resume shortly. Even the co-founder and COO of the exchange, Changpeng Zhao, talked about the reasons why Binance stops trading and explained some things on Twitter. One tweet sent by him earlier today indicates that one of the market data pushers experienced an issue, but the matching engine did not so no funds or data were lost. He also noted that futures trading is continuing normally since it employs a separate matching engine. There was also an attempt to compensate users for the market disruption as Binance stops trading today (February 19) by the co-founder and CEO. Zhao promised to waive the trader margin interests for today. In his latest update, he also noted that the issues are nearly resolved and that users will have 30 minutes to cancel their orders before the normal trading resumes. This is only one of the issues seen by Binance this month. On February 17, the exchange released a separate report on performance problems. In the report, the firm admitted that it did not anticipate the volume of users who started using the platform. The paper read:
“Last week was a tough one. [...] We had a number of performance issues, which negatively impacted the accessibility of our platform.”
Per the report, we can see that Binance trading platform was unable to manage all users and keep market data, the orders and the balances up to date. The firm also promises to solve the issues soon and encourages users who were damaged by these performance issues to get in touch with the support.  
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Binance Will Compete With Amazon’s Cloud Services

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The crypto exchange giant Binance will compete with Amazon’s and Google’s cloud services as we are reading in the following Binance news. Binance has done really good against its competitors over the past yeas securing itself over 50% of the crypto exchange market which had a positive effect on crushing the market share of Bittrex, Bitfinex, Poloniex and the other rivals of the platform. As per a recent report, Binance will compete with other tech giants as well including Google, Microsoft, and Amazon. The report added that the malta-based company had its entry into business services by lending the technology and liquidity to the clients wanting to start their own exchange platforms. Binance announced that the new cloud operation will help business clients and partners to set up a crypto exchange using its own technology and infrastructure. This follows the same gameplan as the one of Amazon and Google which have become the biggest cloud service providers in the world. The CEO of the exchange Changpeng Zhao had ambitions for the Binance Cloud to overtake the company’s main exchange to become the main source of revenue in five years:
 “Theoretically speaking, we can let anyone in the world create their own exchanges, and the demand is huge. Even during the crypto winter of 2018 and 2019, hundreds of new exchanges popped up every day.”
Changpeng Zhao added that the platform will be focused on revenues and numbers since profit is clearly the end game as moving into an enterprise-oriented business that could help the startup unlock an improved revenue stream. Right now, Binance makes the bulk of the billions in trading transaction fees which as grown as the company has expanded into a number of different countries across the world that offer regulated fiat on-ramps were there were only a few options before. World domination is the main ambition as CZ added that Binance will favor fiat exchanges as cloud clients. The company will target the regions or communities where it yet to create a strong foothold. The report added that Binance will further announce the first exchange powered by its cloud service in the upcoming weeks and confirmed that there are four other clients and CZ stated that the liquidity problem that the smaller exchanges have and added that the clients will be able to access the order books of the trading pairs on the exchange.
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