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Binance Coin: Could this move by Binance clear FUD and help BNB rally?

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Binance Coin: Could this move by Binance clear FUD and help BNB rally?

  • Binance recently announced becoming a member of the ACSS.
  • This move came after the FUD surrounding BNB due to the FTX collapse and SEC inquisitions.

In recent weeks, there has been a lot of fear, uncertainty, and doubt (FUD) surrounding Binance Coin [BNB] after FTX’s [FTT] collapse and the downward trend of its native cryptocurrency. The collapse caused exchange tokens to be looked at with distrust. 


Read Binance Coin’s [BNB] Price Prediction 2023-24


Also, the situation with Binance was made even worse because the exchange came under scrutiny from the SEC. Binance has taken an innovative approach as of late to deal with the issue of compliance punishments.

Binance to work on regulatory compliance

Per a statement on 6 January, Binance made history by being the first cryptocurrency exchange to join the Association of Certified Sanctions Specialists (ACSS). According to an official statement, the company’s team will train at ACSS as part of the process. 

The purpose of the ACSS training is to educate the staff working for the exchange on the guidelines provided by the Office of Foreign Assets Control (OFAC) within the United States Treasury and to alert them of the potential dangers associated with violating those criteria.

BNB in compliance?

The daily timeframe chart of BNB‘s price action revealed that the token saw a surge in late October 2022. It saw a climb into the $350 range during October. The price range tool revealed that BNB lost nearly 26% of its value from when the token’s slump began in November until the observed timeframe.

As of this writing, the token’s value hovered around $260. Its price rose by almost 2% in the last 48 hours, suggesting that the latest news has positively affected its movement.

Binance (BNB) price

Source: TradingView

According to the chart, a new support level might form if the token sustains or continues its advance. The range for the current support level was between $235 and $217.

The Relative Strength Index line, visible above the neutral line, showed that the token was in a bullish trend. Additionally, the Bollinger Band displayed a sign of contraction, indicating that volatility, most likely to the upside, is about to occur.


Are your holdings flashing green? Check the BNB Profit Calculator


The tale of profit and loss

The Market Value to Realized Value Ratio showed that BNB has had difficulty being profitable over the past 30 days. As of the time of writing, the MVRV ratio was about 7.7%, and holders had been switching between profits and losses. The observed returns may be considered respectable, given the recent FUD engulfing the token.

Binance (BNB) MVRVBinance (BNB) MVRV

Source: Santiment

A peek into the active address metric revealed that the activity level was largely constant. This indicates that fewer investors are trading the tokens at the present time.

The most recent action taken by Binance is designed to increase user confidence in the exchange’s activities. This might also increase the value of the exchange’s tokens.

As people become more confident in the exchange, there may be an increase in the number of active addresses. Also, a sizeable increase in the volume of transactions might be witnessed.

Binance (BNB) active addressBinance (BNB) active address

Source: Santiment


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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Hotbit Exchange, a global crypto trading platform, officially listed $ESCROW (Cryptegrity DAO) on January 27, 2023. The ESCROW/USDT trading pair is now available for all users of Hotbit Exchange.

To increase trust and protect the funds of buyers and sellers, Cryptegrity DAO (ESCROW) has introduced a means to trade crypto for goods and services without fear of theft or services not rendered, providing Security via smart contract technology. Its native token $ESCROW has been listed on Hotbit Exchange at 07:00 AM UTC on January 27, 2023, to expand its global reach further and maintain a secure and reliable platform for the exchange of goods and services using crypto.

INTRODUCING CRYPTEGRITY DAO

Cryptegrity is a blockchain-based platform that aims to increase trust between buyers and sellers of goods and services. The platform utilizes smart contract technology and cryptographic techniques to ensure transactions’ integrity and funds’ security. 

Cryptegrity’s web3 platform offers transparency and peace of mind that is impossible with traditional web2 competitors. Buyer funds are locked in an audited smart contract and released to the seller only when goods are received or services are rendered. This ensures that buyers and sellers can have confidence in the security of their transactions and reduces counterparty risk.

25% of revenue is distributed to $Escrow holders in real-time through smart contract technology. This revenue sharing continues for the lifespan of the platform or until all tokens are repurchased from public circulation. The Cryptegrity platform incentivizes the community and holders to help create liquidity and earn rewards by offering $Escrow for creating $Escrow LP pairs and staking them. Additionally, the Cryptegrity DAO rewards participants for contributing and resolving issues on the platform.

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In conclusion, Cryptegrity is an innovative platform changing our thoughts about online identity verification. With its cutting-edge technology, user-friendly interface, and listing on Hotbit, this project is poised to make a big impact in the industry.  

About $ESCROW Token

The Escrow Token serves dual purposes: it distributes platform fees to Token holders via revenue sharing and functions as a governance token with voting rights in the Cryptegrity DAO. It is the native token of the Cryptegrity Platform and is built on the Bep-20 and Erc-20 standards.

ESCROW has a total supply of 100 million tokens, with the following allocation: 10% to founders, 10% to the team, 10% for marketing and development, 10% for promotions, 10% for partnerships, 10% for liquidity for future DEX and CEX, and 40% available for sale to the public.

The ESCROW token is now available for trading on Hotbit Exchange starting at 07:00 AM UTC on January 27, 2023. Investors can easily buy and sell the token in relation to the Cryptegrity Project. The listing on Hotbit Exchange will aid in expanding the project’s reach and increasing market attention.

ABOUT HOTBIT

Founded in 2018 and holding Estonian MTR license, American MSB license, Australian AUSTRAC license, and Canadian MSB license, Hotbit cryptocurrency exchange is known as a leading trading platform that continues to develop and integrate various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform. Hotbit has already gained over 8 Million registered users from more than 210 countries and regions. Based on its globalized and unified strategies, Hotbit continues to focus on world’s emerging markets, such as Russia, Turkey and Southeast Asia markets and was ranked one of the top 3 most welcomed exchanges by Russian media in 2019. Hotbit is constantly introducing and listing high-quality crypto projects so its users can directly trade, manage, track, and analyze cryptocurrencies, making the entire experience easier for ordinary people.

Start Trading Now: Hotbit.io

Telegram: https://t.me/Hotbit_English 

Twitter: https://twitter.com/Hotbit_news


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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.

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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.


“If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings,” the SEC wrote in its complaint. “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.”


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Australian Government Flagged FTX Concerns Eight Months Before Downfall

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Australian Government Flagged FTX Concerns Eight Months Before Downfall

A new report shows that the fallen crypto exchange FTX had already caused concerns with the Australian regulator months before its collapse. According to a document on The Guardian Australia’s website, the ASIC (Australian Securities and Investments Commission) started investigating the firm’s local operation last March.

An article in the Australian Financial Review prompted the concerns. The article outlined the now-bankrupt exchange’s plans to launch in Australia within a few weeks. FTX caused more concerns when rumors that it would allow users to purchase cryptocurrencies with margin loans of 30 times their investment started making rounds.

In early April 2022, several Australian regulators held meetings with FTX leadership, and at that time, the exchange promised to operate under the stipulated while cautioning its customers about potential scams. However, the regulators somehow remained concerned about the FTX business.

Report Shows ASIC Issued Several Notices to FTX Australia Within a Few Months

In a span of four months, the ASIC had issued about four notices to FTX’s Australian subsidiary, requesting more information about its business operations. However, to avoid interfering with its law enforcement activities, ASIC did not issue the notices via a freedom of information request.

The Guardian Australia’s briefing document released on November 12, 2022, a day after FTX had filed for bankruptcy, indicates that, indeed, the ASIC had been carrying out what’s described in the document as a ‘surveillance activity’ on the fallen exchange since last March.

The document stated that since March 2022, the Australian regulator has been requesting information from FTX Australia regarding its financial offerings. Among the issues raised included the firm’s compliance with the ASIC’s product intervention order alongside pricing and how it registered new users.

FTX Licensing Strategy

It has been discovered that FTX Australian began its operations without ASIC’s approval because it evaded the usual licensing procedures by buying out an existing firm that had possessed an Australian Financial Services License since 2021.

Another revelation shows that IFS Markets, the company acquired by FTX, had also gotten the license by taking over another financial firm called Forex Financial Services a few months earlier.


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