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Binance Halting Trades, Deposits and Withdrawals in System Upgrade

Binance Hack System Upgrade 2019

Leading cryptocurrency exchange Binance will be undergoing a system upgrade starting at 11PM EST.

According to the post published on the official exchange website, Binance will be suspending trades, deposits and withdrawals during the planned maintenance, which will take approximately 6-8 hours. In the update Binance states that deposits not finished by the start of the update will be forced to wait until the process is over,

Binance will suspend deposits, withdrawals, and trading during this period. Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.

Once the upgrade is complete, we will make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes.

We apologize for any inconvenience caused, and thank you for your patience.

Changpeng Zhao, the affable and popular CEO for the cryptocurrency exchange also took to Twitter to announce the update. In addition to providing the start time, he also claimed that the company would continue with its regular process of updating users every 2 hours on the progress of the upgrade,

Final stretch, 11PM Tuesday, EST + a few hours. Thank you for patience, cooperation and support so far! 🙏🙏🙏

During trading halt, we will update no less than every 2 hours, as per usual.

Binance has been at the center of both trader and investor concern following a hack that stole over 7,000 BTC from the exchange’s hot wallet, worth $54 million following the most recent price rally. While Binance reports that their SAFU Fund will cover the expenses lost, investors were wary of the high-profile nature of the hack. After months of outpacing the market, the price of Binance Coin fell sharply before recouping losses over the weekend’s bullish run.

The upgrades comes on the heels of a cooling in the general crypto markets, with the price of BTC slipping to $7800 after scorching to new levels over the weekend. The entire market capitalization of cryptocurrency gained $20 billion in 24 hours, with analysts adjusting their price outlook for BTC in a substantial turnaround for the market.

However, Binance is still recovering from the wake of the hack, with tonight’s upgrade likely in response. Changpeng Zhao and his team have been careful to update traders without compromising any unnecessary information, which the CEO claimed the hackers could use to further evade the exchange’s security.

Some community members are skeptical of the update, and fear it may be related to further losses or breaches in security other than what Binance has publicly released. While the exchange has been fairly transparent in their handling of the theft, initial reports were startling in the extent of user data that was potentially uncovered during the security breach. However, others have voiced their approval of CZ and his team, claiming that the open communication with traders has been a welcome change compared to how other exchange’s have operated in the wake of a hack.

The post Binance Halting Trades, Deposits and Withdrawals in System Upgrade appeared first on Ethereum World News.

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Binance Coin (BNB) Continues to Fall as Bitcoin Breaks $6000

Binance Coin Price Exchange Hack 2019

Binance Coin started 2019 with a strong rally over the previous year, with the coin rising 300 percent through the first four months.

While other cryptocurrencies benefited from the market rally at the beginning of April, BNB continued to outpace the rest, eclipsing its previous all-time high price of $24.50 established in January 2018. However, the price of the currency took a plummeted earlier in the week, as investors responded to news a massive hack impacting the cryptocurrency exchange. The coin has since continued to fall with the broader altcoin market, as BTC surges past $6000 and seeks to further consolidate market dominance.

Binance Coin’s situation makes for an interesting case-study into cryptocurrency. While the currency has become massively popular thanks to its issuance and close-relationship with the world’s leading cryptocurrency exchange, it’s also beholden to sudden turn-of-events such as the most recent hack.

Binance was quick to update investors and traders on the status of the security breach, but reported losing 7000 in BTC in addition to a substantial amount of user data siphoned.

We have discovered a large scale security breach today, May 7, 2019 at 17:15:24 (UTC). Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.

Binance claims that the stolen funds were taken only from their ‘hot wallet,’ thereby sparing the bulk of investor funds, but amounted to 2 percent of the exchange’s entire BTC holding. However, the exchange was quick to clarify that the comically self-referential #SAFU Fund will cover losses related to the hack, meaning no trader will lose money because of the most recent security breach.

Nonetheless, investors appear wary to trade in BNB as they were just a week ago. Binance Coin may have led the marketplace in price gains since the start of the year, but is now looking at a potentially severe correction as the exchange’s security reputation takes a hit.

Exchange hacks may be a dime-a-dozen in cryptocurrency, but investors are still struggling with the idea of putting money into BNB given its close relationship to Binance. It is worth noting that the currency is capable of operating independent of the exchange–like all cryptocurrencies–but denotes a substantial amount of its value from the activity generated by Binance.

Binance has managed to generate intrinsic value for BNB, particularly to users of the exchange, by offering trading fee discounts. In addition, the exchange requires investors to hold a substantial amount of BNB in order to participate in Launchpad coin offerings, again blurring the line between the centralization of the cryptocurrency and its use as a tool on the exchange.

As of writing, BNB is down over 8 percent on the day, with the price slipping to $19.25. The majority of the altcoin market has also experienced a price retraction, with BTC dominance approaching its highest point since December 2017.

The post Binance Coin (BNB) Continues to Fall as Bitcoin Breaks $6000 appeared first on Ethereum World News.

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Tron Offers Help to Binance, Partners with Cred to Provide Crypto Loans to TRX Holders

Tron announces a partnership with Cred lending service to offer customers returns on TRX and other Tron-based coins in LBA coin

The Tron Foundation has arranged a new partnership with a lending
startup Cred, which provides loans in crypto from its $300 lending capital.
Now, as a bonus, it offers TRX holders to get 10 percent of interest on their
crypto holdings per annum.

The news was announced by a major Tron supporter Misha Lederman in his Twitter account.

Tron community to earn LBA
tokens

After the collaboration has been announced, Cred now offers Tron community members with large stock of TRX ($25,000 worth or higher) to earn as much as 10 percent of annual returns on their holdings.

To do that, they are invited to transfer their TRX to the CredEarn wallet and just keep TRX there, letting profit gradually pile up.

As reported by Prnewswire, Justin Sun has confirmed that Tron users will be able to loan and borrow not only based on their TRX stock but also using other Tron-based currencies.

His choice of Cred as a partner Sun explained by the impressive history
of Cred’s professional work in the market, their expertise and risk management
strategies.

“We share the same vision of making financial services more fair, inclusive and transparent using blockchain technology.”

How Cred works

Cred offers returns on digital assets and a few fiat currencies both to regular users and corporate customers, including crypto exchanges. It pays interest in its own LBA (Lend-Borrow-Asset) coin every quarter. It has a license to work in half of the US jurisdictions. The coin is based on the Ethereum blockchain.

Cred is headquartered in San-Francisco and was founded by former workers of PayPal, which is one more example of top executives from traditional fintech companies joining crypto business.

Among Cred’s other partners is Brave browser.

Tron and the Binance hack

The partnership with Cred is not the only news Justin Sun has come up
with over the last 24 hours.

Due to the recent and most unexpected hack of the Binance exchange, in which 7,000 BTC has been lost from the platform’s hot wallets, Binance CEO, CZ, has stated that this is 2% of the company’s BTC holdings. This money will be compensated to users from the Binance #SAFU fund he said.

Justin Sun has publicly offered to donate 40 mln USDT to support the exchange and buy TRX, BNB, BTT and other coins with that money.

In response CZ published a post of gratitude but said that there is no need for that so far. We are hurt but not broke, he wrote.

The post Tron Offers Help to Binance, Partners with Cred to Provide Crypto Loans to TRX Holders appeared first on Ethereum World News.

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Binance Coin (BNB) Price Skyrockets Following Launchpad Update

Binance Coin BNB Price Cryptocurrency

While Bitcoin has slipped below the critical $4000 mark after several days of low price volatility, Binance Coin (BNB) was one of the largest price gainers over the weekend.

Binance Coin, the native currency for the world’s leading cryptocurrency exchange by volume Binance, pumped over 12 percent yesterday on news that the exchange was updating its launchpad operation. Previously, Binance’s launchpad service operated as a first come, first served platform for users looking to invest in new coin projects.

Now, with the most recent update, users will be required to obtain tickets to participate in the token sale, with investors chosen randomly through a randomized lottery system. The more tickets an investor holds, the more opportunities they have to enter the drawing and thereby increase their chance of participating in the launchpad coin sale.

However, the new policy has massive ramifications for Binance Coin. As opposed to purchasing lottery tickets or applying for them, users are issued a corresponding number of lottery tickets relative to their BNB holding. The more Binance Coin an investor holds, the more lottery tickets they will receive to enter in the launchpad sale, with 500 BNB being required to receive the maximum five tickets.

In addition to using Binance Coin to facilitate the new lottery system, the company is also requiring a minimum BNB be held in user accounts to even be issued a single ticket. The end result is that investors who wish to take place in Binance Launchpad token sales will be required to hold at least 100 BNB in their account in the 20 days leading up to the sale to even be considered for the lottery–let alone actually be selected via the lottery. Active investors of Launchpad sales will likely want to up their chance of participation, requiring the purchase and holding of 500 BNB to maximize their lottery ticket position.

At a price of $16.31 per BNB, as of writing, Binance users are looking at an investment of over $1600 to even participate in Launchpad coin sales. Savvy investors immediately recognized the boom in demand that would accompany Binance’s new policy, with the price of BNB skyrocketing double digits yesterday despite overall lackluster market price moves.

On one hand, Binance’s new lottery policy provides a more even playing field for investors looking to participate in coin sales without the hassle of being the first to enter a purchase on Launchpad. However, the policy change also has the indirect effect of increasing demand and use for BNB in a way that should benefit Binance and current Binance Coin holders. In addition, the details listed in the policy require investors to hold their BNB over the course of 20 days leading up to the new coin launch, which prevents regular cycles of Launchpad enthusiasts purchasing and dumping Binance Coin just for lottery tickets.

It is possible that Binance’s new policy could backfire on the exchange in the event that users tire of having to purchase and hold BNB. The lottery system also throws a measure of luck into the investment process, with users being required to commit to a predetermined amount of coins to be purchased in the event that their wagered lottery ticket is drawn at random.

Nonetheless, the company has managed to initiate a policy that both gives the appearance of increased fairness in the Launchpad process, while also increasing the value of Binance Coin.

The post Binance Coin (BNB) Price Skyrockets Following Launchpad Update appeared first on Ethereum World News.

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GoChain (GO) Wins The Month, To Be Added On Binance

The 9th edition of the Binance Community Coin of the month competition has ended, and the winner is none other than GoChain. The aim of the competition is go give a chance for the listing of new cryptos on the Binance platform. The winner gets to be added to the platform for free. Well, this time, GoChain is lifting the cup and it now joins the list of other winners to be added on the exchange. Binance is one of the largest and popular crypto exchange platforms in the world.

GoChain Won Hands-Down

Over at GoChain, the team is happy to have had a chance to participate in the competition. Indeed, they had applied several times without success. With the listing, GoChain is set to reap the benefits of being available on a world-class exchange platform, and that will definitely contribute greatly towards its easy availability, acceptance, and popularity in the crypto market. However, Binance is yet to announce when the listing of the new cryptos will actually happen, but there’s a general consensus that it could happen sometime within the next few months.

Crypto exchanges normally charge a fee to add new digital assets (cryptocurrencies) on their platforms. In the case of the free chance, Binance nominated GoChain (GO) to participate in the competition along others that included Cortex (CTXC), Byteball (GBYTE), MediBloc (MEDX),and Everipedia. From the votes cast, GoChain won with 46%, Everipedia got 23%, Cortex scored 14%, Byteball scooped 8.8%, and MediBloc came last with 6%.

Some People Got Lucky Too

The participants paid for their votes at a cost of 0.1 BNB per vote, and with the total number of votes cast standing at 3,917, about 391.7 BNB coins were collected. Binance added 1,500 BNB to that, bringing the total to 18,917 coins. The amount was locked in a Lucky Draw Pool and shared among the 500 winners during a live-stream session.

GoChain boasts of a relatively scalable system with way more through-put than Ethereum – although it’s based on the Ethereum blockchain system. Besides the speed and scalability, GoCahin is also focused on providing crypto transaction service platform at attractively low costs.

On the brighter side, GoChain has received even more good news besides winning the Binance competition. The crypto’s future seems to be brightening up in Asia as it has also been added on UpBit. UpBit is the largest crypto trading platform in South Korea.

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Binance Set its Sight on the South Korean Cryptocurrency Market

Binance, the largest cryptocurrency exchange platform by volume has set its sights on entering the South Korean crypto arena. The platform is eyeing the establishment of between three to five locally-based enterprises before the end of 2018.

Binance Sets to Enter South Korea

According to Changpeng Zhao, the CEO of Binance, South Korea is an essential market in the emerging cryptocurrency landscape. Speaking during his keynote address at the recently concluded Blockchain Partners Summit in Seoul, Zhao declared that Binance stood to gain a lot by enriching its user base with the rapidly expanding virtual currency ecosystem in the country.

“CZ”: CEO of Binance

It appears that Binance has been mulling over a move to South Korea, one of the busiest crypto trading nations in the world. As early as August 2017, the platform began offering its website in Korean. The platform also hired Jeon Ah-rim as local managing director and Choi Hyung-won as the director of Binance Labs, both of whom are South Koreans.

Binance Ticks the Right Regulatory Compliance Boxes

South Korea is one of the countries with the strictest cryptocurrency regulatory framework. In late 2017, the country’s government began to regulate the market starting with placing a ban on ICOs. Numerous stringent measures contributed to the dramatic fall in crypto prices as traders feared the impact of the negative news coming out of the country.

Binance, for the most part, has excellent security and reliability protocols. There has been a spate of cyber attacks against cryptocurrency exchange platforms in the country. In June 2018 alone, Bithumb and Coinrail, two South Korea-based platform were hacked. Binance also has a thorough and robust ICO token listing process. Thus, the platform isn’t likely to run afoul of local regulators.

Stiff Competition in the South Korean Cryptocurrency Market

Even with the strict regulatory conditions, market competition in the country is still fierce. Binance doesn’t have many local users. Thus, the platform will have to compete with giants like Upbit, Huobi, Bithumb, Korbit, etc. Huobi moved to South Korea in April, bringing in 100 different trading pairs on offer for local traders.

What are your views on the proposed plans by Binance to enter South Korea? Do you think the platform will be able to control a significant portion of the market in the country? Let us know your thoughts in the comment section below.

Image courtesy of Ethereum World News archives.

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Top Exchange Binance Eyeing $1 Billion in Profits for 2018

CRYPTOCURRENCY EXCHANGES–Leading cryptocurrency exchange Binance is thriving despite 2018 seeing a massive downturn in pricing for cryptocurrency. As alluded to last month by Arthur Hayes, co-founder of exchange BitMex, the falling price of cryptocurrency has yet to dampen the growth most exchanges are seeing throughout 2018. While investors scramble to secure their funds and find profit in the bear market, exchanges continue to win through their model of trading fees and other miscellaneous charges such as for withdrawals. Compared to traditional brokers, such as E-Trade, Charles Schwab or other stock picker portals, the fees imposed on crypto-based transactions are minuscule, often costing users less than a quarter of a percent of the total value transferred.

Ben Delo, who founded BitMex alongside Arthur Hayes in 2014, made headlines earlier in the week when it was revealed by The Daily Mail that he had become the youngest self-made billionaire in Britain’s history, and the first “bitcoin billionaire” to emerge in the United Kingdom. Clearly, despite the tug-of-war capital flowing in and out of the industry of cryptocurrency, exchanges and their employees are managing to flourish in the uncertain landscape of the market.

Binance, currently ranked number one among cryptocurrency exchanges by daily trade volume, has told Bloomberg it expects to turn a profit of $500 million to $1 billion by the end of 2018. Despite the exchange facing significant technical difficulties throughout last week, which brought trading to a halt and raised the ever-present concern of a hack (and also gave investors the iconic response “funds are safu”), Binance CEO Changpeng Zhao told Bloomberg the company netted 300 million USD in revenue through the first half of the year, with the customer base growing past 10 million users.

While other exchanges such as Coinbase have boasted a higher customer base, Binance has managed unreal growth through the first year of its existence. Zhao founded the exchange in July 2017, after raising 15 million USD through an ICO. The company now experiences an avegrage turnover volume of 1.5 billion USD daily, with the customer base growing from a reported 2 million users to start the year.

Given the murky landscape of cryptocurrency exchanges, the lack of regulation and the potential for government crackdown in many countries around the world, the competition for trading platforms has been scant compared to the profit to be made. In addition, established exchanges such as U.S. based Coinbase have struggled to capitalize on demand, being accused by Business Insider of having insufficient resources to handle their customer load as well as a 134 pages of complaints filed with the SEC.

Compared to Coinbase, which offers four cryptocurrencies to buy and sell, Binance is a near-industry leader in cryptocurrency selection for trade. However, it suffers from the ease of use and accessibility that other mobile-based platforms provide to customers. As it stands, the average investor just getting into cryptocurrency will find some difficulty navigating to Binance, even if the registration process itself is fairly simplistic. But, that only reveals how much room the exchange has left to grow, and the untapped customer base it can expand into.

With the acceptance of cryptocurrency exchanges as banks and financial institutions in South Korea, and the looming possibility of regulation in a number of other countries, the landscape of exchanges could swell as companies and entrepreneurs look to capitalize on the massive trading profit.

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Cryptocurrency Exchange Binance Ready To Launch $1 Billion Dollars Capital Fund

One of the most important virtual currency exchanges in the market, Binance, will be launching a $1 billion venture capital fund that aims to fund blockchain and cryptocurrency projects. According to local news sources, Ella Zhang, head of Binance Lab, announced that during an online conference.

Binance Launches $1 Billion Fund

The company will be selecting 20 fund partners to which the exchange will be providing financial support. The partners selected should be long-term investors that have been very active in the blockchain industry, and that have more than $100 million dollars’ asset under management.

All the investments will be made using the BNB token – also known as Binance token – which is used in the platform to trade different cryptocurrencies. In the future, the company wants to use it for its decentralized exchange that has not been tested yet.

The fund will be known as ‘Social Impact Fund’ and will be used to leverage blockchain and cryptocurrency startups. The fund will work as follows, $1 billion dollars will be distributed in 10 phases of $100 million each, and it will create a combination of a fund of funds. Additionally, it will also be creating a direct fund which will be investing in blockchain projects.

At the moment, the company is searching 20 different funds to invest in, and as mentioned before, they must be managing at least $100 million dollars to be eligible.

Apparently, the first project that will be supported is a blockchain-powered ride-hailing initiative. The idea has been recently announced by Chen Weixing, CEO of the Funcity application, and founder of the app Kuaidi Dache.

Mrz. Zhang commented:

“We believe it’s a disruptive social experiment. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry.”

Binance is now the most important cryptocurrency exchange by trading volume, according to CoinMarketCap. The exchange offers its users the possibility to buy and sell a wide variety of tokens and virtual currencies, with almost 340 different trading pairs. The most important are BTC/USDT, EOS/BTC, and EOS/USDT accounting for 26% of the total trading volume of the exchange.

Other Funding Projects

There are several companies that are launching their own funding and accelerator programs. The Chinese e-commerce giant, JD.com, has launched a program – known as AI Catapult – to promote blockchain technology start-ups. With it, the company will be partnering with different innovative blockchain start-ups to build new businesses.

The statement that has been released by the company says:

“Beginning in March, AI Catapult, which is part of JD’s AI program, will partner with innovative blockchain startups to build new businesses and create and test-real world applications of their technologies at scale.”

The main areas that want to be potentiated are robotics, automation technology, smart supply chain, blockchain technology, and many others. There are already some companies from Australia, China, and London ready to start working with AI Catapult.