Binance News

Binance Just Added Four Trading Pairs For Russian Ruble

Published

1 week ago

December 2, 2019

The major cryptocurrency exchange Binance just listed four trading pairs for Russian ruble (RUB) according to an official announcement which was confirmed on December 2. These trading pairs featuring the ruble include Binance Coin (BNB), Bitcoin (BTC), Ether (ETH) and Ripple’s XRP token.

Confirmed by the CEO of the exchange Changpeng Zhao known as ‘CZ’, the development was in the works for some time now. At press time, the Binance news reconfirm the introduction of ruble trading on the platform announced in late October when Zhao officially confirmed that users could deposit and withdraw fiat funds in rubles.

Direct trading pairs $BNB/RUB, BTC/RUB, ETH/RUB and XRP/RUB. More options. https://t.co/9AvkPf6TuP— CZ Binance (@cz_binance) December 2, 2019

The official post by Binance says the following:

“RUB deposits are now open. Users can check their RUB balances and trading options here. Please note: The Russian Ruble (RUB) is the currency of the Russian Federation and does not represent the ticker for other existing digital assets.”

Zhao previously lauded Russia and its position as a very important jurisdiction for the crypto and blockchain industries. With this, he recognized the wealth of computer science talent in the country and went so far that he even called the Russian President Vladimir Putin “the most influential person in the blockchain industry.”

The latest news that Binance just added new support for Russian rubles is only one thing in a series of new features and assets added to the platform over the past few months. In November alone, for instance, Binance added support for the Turkish lira and also became the first exchange which added the Fiat Gateway developed by the stablecoin operator Paxos.

In late October this year, Binance just launched support for the Nigerian naira, too. Stats show that over the last 24 hours, the currency has seen more than $43,000 in trading volume against Bitcoin (BTC) and nearly $25,000 against the stablecoin Binance USD (BUSD).

Meanwhile, it seems like the competitors to Binance are also trying to expand their scope of operations. As we reported in mid-November, Bitcoin futures trading on the International Exchange (ICE) and its Bakkt platform will expand and include a cash-settled option.

While Binance just added new Ruble support, the market still suffers and is below $200 billion. As the Bitcoin news show, the BTC price went below $7,300 once again.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Binance News

Strategic Partnership: Paxful Gets Integrated Into Binance’s Platform

Published

3 hours ago

December 12, 2019

Stefan

A new strategic partnership between Binance and Paxful has just been announced and it will see the peer-to-peer bitcoin marketplace serve as a fiat-to-crypto on-ramp for the powerhouse exchange as we are reading further in our Binance news.Paxful’s Virtual Bitcoin Kiosk portal will be integrated into the exchange and directly available on the Binance platform for both new and existing users. The goal is to provide customers with a lot of fiat payment methods to access Binance. Paxful accepts a lot of payment methods when it comes to purchasing bitcoin including credit card, bank transfer, SEPA, PayPal and M-Pesa transfer for parts of Africa. There are also a lot of gifts and payment card options. There are more than 354 ways to purchase Bitcoin on the platform including the crypto options. The new strategic partnership will serve customers around the world and as we can read from the official blog post, CEO Ray Youssef explained:

“Paxful is proud to be partnering with Binance in our joint efforts to bring bitcoin to the masses. They share our passion and vision for the global crypto economy and we’re excited to see how this union will spur more financial access, and, consequently, opportunities, for people everywhere.”

The partnership shows that both of the companies are committed to providing banking services to the unbanked through cryptocurrencies and expanding the crypto user base. The interface between fiat and crypto has always been a rather complicated one mainly because of the credit card and bank services in the face of the potential for a major disruption of the highly profitable finance models that the banks have.There are about two billion people that are unbanked or underbanked and the majority of the people are in the developing world. Compliance costs make the entire process of opening accounts at traditional banks for low-income earners extremely not worthwhile from a bank’s perception. The unbanked are placed at a major social disadvantage without the possibility to safely store their money or even pay for goods and services. The fiat-crypto on-ramping has been the most pressing issue for crypto adoption. By reducing these barriers, Paxful and Binance will usher the general population into a new financial paradigm that will be based on the blockchain technology.

Binance News

New Listing Ideas: Binance Considers Adding Tezos And Tron

Published

21 hours ago

December 11, 2019

Stefan

The new listing ideas for Binance include adding support for Tron and Tezos and for 16 other cryptocurrencies as well. In our Binance news today, we find out more about the Binance US platform and its plans for the upcoming year.In a blog post published a few days ago, Binance US expressed the new listing ideas for crypto additions to its catalog. According to the statement, the crypto exchange wants to add about 18 tokens to the 19 already listed on the platform. These new tokens include Tron (TRX), Tezos (XTZ) and NEM (XEM). Some of the others include OmiseGo, Ontology, Enjin Coin and Icon among others. The US branch of binance wants to expand but in the meantime, Huobi’s US partner HBUS announced that it was shutting down. HBUS will be shutting down in the middle of December because of low demand and liquidity.For Binance US, the compliance with the regulatory standards remain paramount and an excerpt from the announcement reads:

‘’Our priority to continue exploring more digital asset listings for our users runs in parallel to our efforts to deliver a mobile application and more access to new states we currently do not operate. Binance.US recognizes that the ease of issuing of blockchain tokens and the perceived lack of regulation could make these tokens targets for abuse. Binance.US has both legal obligations and moral duties to shield our users from fraudulent blockchain projects and combat financial crimes.’’

In 2019, the crypto exchange operators in the States have been forced to geofence certain token owing to the lack of regulatory clarity. Some others have elected to move their platforms across the world to jurisdictions with clearer cut crypto regulations. In the middle of the regulation battles and crypto clarity, the US regulatory agencies are praising their crypto efforts. It seems that the US Senate Committee on Banking Urban Affairs and Housing and the chairman Jay Clayton described the approach of the commission to crypto regulations as measured but proactive.Kenneth Blanco who is the director of the Financial Crimes Enforcement Network praised the regulator’s efforts in the crypto and according to him, the robust regulatory measures by FinCEN and others are making sure that better crypto reporting finally starts in the industry.

Altcoin News

Africa StableCoin (ABCD) Is Built On Binance’s Native Blockchain

Published

1 day ago

December 11, 2019

Stefan

The Africa stablecoin, Africa’s first stablecoin, is backed by Nigeria’s national currency which is the Naira and is built on the Binance native blockchain- the Binance Chain. Let’s find out more about it in the latest binance news.The crypto momentum in Africa is only increasing and many budding startups are leveraging the blockchain and decentralized ledger technology just to create novel applications that aim to change the future of the financial systems on the continent. The Africa Stablecoin (ABCD) is the first project of Ghana-based cross-border money transfer startup Bit Sika. The reports show that the project was successful because of the collaboration with Lenovo Capital.The project got enrolled in the Binance Labs Incubation Program at the start of the year and the Bit Sika CEO Atsu Davoh, met with Jack Dorsey when the Twitter CEO was on a trip to Ghana. Dorsey pointed out that time that he was interested in growing the crypto ecosystem in Africa. As per the whitepaper of the project:

‘’The Africa Stable-Coin ($ABCD) is a cryptographic token that is (i) issued by a trust company, $ABCD Collective, (ii) strictly pegged 1:1 to a real-world asset, fiat currency (Nigerian Naira), and (iii) built on the Binance Chain network [1], a Byzantine Fault Tolerant and Proof of Stake consensus network, via its token issuance model.’’

The texts also mentioned that the ABCD stablecoin combined with Naira’s high liquidity and Nigeria’s high population with the technological advancements in crypto. The stablecoin token made for use on the Binance Chain similarly to the Trust Token’s tokenized version of USD, GBP, CAD, and HKD. The whitepaper continues:

“Africa Stable-Coins ($ABCD) are created at the time of withdrawal from $ABCD Collective and redeemed or “destroyed” at the time of deposit back.”

The project founder Atsu feels that the Naira stablecoin has a lot more useful than other than allowing the users to purchase crypto with local currencies and according to him:

“Many people have a hard time differentiating cryptocurrencies and knowing their actual value in their local currency. There are a lot of digital currencies backed by the US dollar. We have seen how well they do.But I feel we also need cryptocurrencies that are compatible with African national currencies. People can easily acquire US dollars, but still choose to spend their local currencies. This illustrates the power of familiarity, which we aim for”

Binance News

Binance US Or Coinbase Pro: Which Suits Americans Better?

Published

4 days ago

December 9, 2019

Stefan

As you probably know from the latest Coinbase news this year, the cryptocurrency exchange announced its Coinbase Pro platform earlier this year, along with Binance and the expansion with the American branch called Binance.US. This has put both of the platforms as direct rivals in the market - but is Binance US or Coinbase Pro actually better?Even though there are several other options too, these exchanges are operated by two of the most recognizable cryptocurrency firms in the space. Both of them have a major US presence now. Below, we are reviewing both of them and showing you whether Binance US or Coinbase Pro is a better option.BackgroundCoinbase is a long-established company which was created in 2012 and launched its exchange in 2015. Binance was created in 2017 but is still more dominant than Coinbase - taking it over in many ways.Trading VolumesThe Binance news today show that even though Binance ranks as the largest exchange in the world, Binance.US is much smaller since it serves only one country. Coinbase, on the other hand, does not report volumes for its non-Pro exchange and handles $100-$200 million of volume per day as details show.LegitimacyIf you are wondering whether Binance US or Coinbase Pro is more legit, we can safely say that they are on the same level. Even though they were both in the news for some fiascos over the years, Binance and Coinbase are among the most respected firms on the market.LiquidityAccording to CryptoWatch, Binance.US has $4 million of liquidity while Coinbase Pro has $15 million. However, both exchanges seem to have sufficient depth for the amount of activity that they experience.Fees And LimitsWhich is better in terms of fees and limits - Binance US or Coinbase Pro?Binance.US' fees start at 0.1% while Coinbase Pro's fees start at 0.5%. However, both offer fees as low as 0%. The limits on trading are similar too - Binance.US allows withdrawals and deposits of up to $1 million via bank wire and Coinbase Pro allows unlimited deposits and withdrawals to $10,000 per day.Supported CoinsBinance.US supports 46 trading pairs for 26 coins while Coinbase Pro offers 53 trading pairs for 22 coins.Now, as you can see, it is difficult to answer the "Binance US or Coinbase Pro" question and make a decision. Perhaps Binance.US is a bit better in terms of its fees, limits and support, but Coinbase Pro is definitely a decent competitor.