Posted on

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.

Posted on

WAVES Price Drops to Almost Zero Sats on Binance for One Minute

If you
are a WAVES trader and you have heart problems, we hope you weren’t tracking
the behavior of this coin in Binance during the last few hours because it’s
very likely that you suffered a stroke from anguish (or joy).

In an
unexpected turn of events, on April 17, 2019 at 8:52 am, Waves went from
costing 5070 Satoshis to having a price of only 1 Satoshi per token. This represents a 99.9% drop in
price.

Later in the same minute, the price recovered back to 5078 Satoshis per token, representing over 5000% increase in profits. This could either be the biggest nightmare or a dream come true for many traders.

Waves at 1min Candles. Graph Tradingview

As shown in the graph, the abnormal volume indicates that possibly a Waves Whale placed an exaggerated sell order (possibly market selling). This unusual move practically drained the order book of the token.

It is
difficult to give a 100% accurate explanation of what happened since the trader
has not yet been identified, however, unless the hodler REALLY REALLY hated the
token, everything points to an input error.

This kind of behavior is not uncommon in the crypto-verse. Recently, Ethereum World News reported that a user sent a few dollars paying hundreds of thousands in fees, perhaps confusing the fields they had to fill. This conduct aroused suspicion as they repeated it several times.

Similarly,
in late 2018, a comparable case occurred in GDax (now Coinbase Pro). At that
time, an exaggerated order plummeted the price of Ether (ETH) by approximately
90%, going in a matter of seconds from more than $100 to $13 per token.

This
phenomenon known as flashcrash occurs when an asset collapses virtually
immediately. It is evident that it is an abnormal (although valid) behavior
because the shadow it leaves on the charts is very large, and the trading
volume generally exceeds the average by much.

When this
happens, the market itself tends to re-balance prices, mostly because of those
who arbitrate. So far the Waves team has issued no comments, and no known
trader has claimed to be responsible for such a huge sell order.

The post WAVES Price Drops to Almost Zero Sats on Binance for One Minute appeared first on Ethereum World News.

Posted on

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.

Posted on

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.

loading…

Posted on

Binance Labs’ first AMA Begins Tonight

Binance Labs has taken its first big steps, not only at a corporate level but also at PRs with the announcement of Binance Labs’ first AMA on Reddit tonight.

An AMA is a strategy through which someone opens up a thread in Reddit for a period so people can ask all kinds of questions to the Thread initiator. In this way, a higher level of interaction is achieved vis-à-vis other strategies such as forums, chats or tweets.

The use of this tool proves how seriously Binance takes the investments it makes in side projects without losing focus on the famous exchange as a star product.

Binance Labs was born as an initiative of the Binance team to finance and promote projects focused on the growth of the cryptomarket and blockchain technology ecosystem.

Ella Zhang, Head of Binance Labs, who will be answering the community’s questions at Binance Labs’ first AMA on Reddit, defines the mission of this branch in her official blog:

“Binance Labs is a social impact fund. It is an initiative to incubate, invest and empower top blockchain and cryptocurrency entrepreneurs, projects, and communities. Binance Labs is not a profit-driven fund, but an impact-driven, mission-driven and passion-driven strategic fund for the entire ecosystem, not just for Binance. Our mission is to solve problems that matter most to the ecosystem and change the world for the better.”

Binance Labs:  A Small Project With a Great Team Behind

Along with Ella Zhang, other Binance Labs members participating in Binance Labs’ first AMA on Reddit will be Benjamin Rameau, Flora Sun, Ling Zhang and Christy Choi and the Partner of Binance Labs Teck Chia.

The community positively received the Twitter announcement. Despite being a small project compared to Binance, the likes and comments on social networks show that the ecosystem follows these types of projects very carefully.

Binance is currently the most important exchange by volume of transactions according to coinmarketcap.

A few hours ago, Ella Zhang had already made her mark on social networks for her comments, acknowledging that cryptos are a bubble that should burst.

Her statements, though harsh, have a strong foundation considering they come from person used to dealing with high-risk investments:

“We’d like the bubble to break. We still see a lot of hype in the market; valuations are high and unreasonable. We really think if the bubble bursts, it’s a good thing for the industry.”

Posted on

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.