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Crypto Exchange Regulation Check

Binance Burns $393.6 Million Worth of BNB Tokens

Cryptocurrency exchange Binance has announced the completion of its 16th BNB token burn.　　It has destroyed almost 1.3 million tokens that are cumulatively worth $393 million.　　After launching its native token, the worlds largest exchange by reported trading volumes committed to burning half of its circulating supply (100 million BNB).　　Binance used to burn 20 percent of its quarterly profits, according to the initial version of BNB‘s white paper. However, since last summer, it’s no longer the case.　　The current version of the white paper states that the number of tokens that Binance destroys every quarter is determined by the trading volumes on its crypto-to-crypto platform that were recorded during the previous quarter:　　“Every quarter, we will destroy BNB based on the trading volume on our crypto-to-crypto platform until we destroy 50% of all the BNB.”　　Last quarter, Binance burned a record-breaking $595 million worth of BNB. FTX CEO Sam Bankman-Fried speculated that the exchanges profits for that quarter could reach $750 million.　　The percentage of the Q2 burn remains unclear since Binance doesnt publicly disclose such numbers.　　Binance was forthcoming about the issue in its January blog post, which explains that the “accelerate burn” was needed in order to significantly speed up the process. Otherwise, it would

2021-07-19Deep Dive

El Salvador Is Reportedly Planning Its Own National Stablecoin — Here’s What You Need To Know

In June, El Salvador became the first country in the world to make bitcoin legal tender, just days after millennial president Nayib Bukele announced his ambitious crypto vision during the 2021 Miami Bitcoin extravaganza.　　Now, the El Salvador government is reportedly planning to launch its own stablecoin that citizens will be able to use for products and services. This is according to a report on Friday by Latin American investigative digital newspaper El Faro.　　El Salvadors “Colon Dollar” Coming Later This Year　　Video recordings acquired by El Faro show El Salvadors brothers, Yusef and Ibrajim Bukele, telling potential investors that the stablecoin dubbed “Colon dollar” will be released by the 2021 year-end. The cryptocurrency would be issued by the countrys central bank, pegged to the U.S., and backed by reserves of real dollars. Notably, it would also be integrated with the government-backed bitcoin wallet Chivo.　　The two brothers, who are not part of the Salvadoran government but characterize themselves as advisers to the presidency, stated that they were representing the president while discussing the stablecoin proposal with investors.　　Government press secretary Ernesto Sanabria told the publication that El Salvador was not mulling further monetary changes beyond the Bitcoin Law and the proposal for a national

2021-07-19Deep Dive

Retail Traders Pile On Shorts, Is This The Bitcoin Bottom?

Bitcoin has recently fallen below a $32,000 critical hold point and in response, retail investors have taken this as an opportunity to make money from the falling bitcoin price. So far, retail investors have started loading up on shorts, an incredibly bearish metric for the market.　　So many shorts placed in such a short period of time might show other investors that the price of the digital asset will fall eventually and thus, lead to panic selling. Although this is never always the case. The fact remains that no one exactly can pinpoint what will happen with the digital asset and as such, every short or long being placed now are mere bets. More akin to guesses than actual predictions.　　According to this Twitter post, retail investors have been consistently short squeezing the digital asset as the market struggles to rebound. This might show that the digital asset now more than ever might be close to the famed bitcoin bottom.　　Cascading Lows　　Investors poured in their opinions on the longs being placed by retail investors. A user posted that this might lead to more of a cascading bottom that will be much greater than anything reversal.　　Forecasts remain that the digital asset might break the

2021-07-17Deep Dive

​Mengapa P2P Meminjamkan Perlaksanaan Pembubaran DeFi?

Nampaknya pinjaman P2P telah menjadi senjata utama bagi penggodam dalam serangan mereka. Oleh itu, apakah pinjaman P2P dan bagaimana perasaan kita terhadapnya secara rasional？　　Gadai janji aset tidak diperlukan untuk pinjaman P2P. Sebaliknya, ia hanya memerlukan pinjaman dan pembayaran balik diselesaikan di blok yang sama. Hasilnya, proses ini kurang memakan masa, sehingga menyekat pelabur untuk beroperasi.　　Sebagai inovasi hebat dalam kontrak pintar, pinjaman P2P meminimumkan kos penggunaan modal kerana komisen kecil diperlukan untuk keuntungan yang lumayan semasa perniagaan dengan ketiadaan aset yang dicagarkan.　　Pinjaman P2P sering digunakan untuk banyak tujuan, termasuk arbitraj berdasarkan perbezaan harga antara token pada platform perdagangan yang berbeza, penurunan perbelanjaan pembubaran yang disebabkan oleh gadai janji aset, dan perubahan gadai janji. Ini dapat membantu peniaga memaksimumkan pulangan mereka ketika aset mereka dihuni.　　Sebab penggodam menggunakan pinjaman P2P untuk menyerang DeFi adalah bahawa jumlah modal yang boleh dipinjamkan tidak terhad. Namun, untuk pinjaman P2P itu sendiri, ini adalah aplikasi kewangan kreatif yang perlu diberi perhatian secara berterusan.

2021-07-16Deep Dive

​Mengapa P2P Meminjamkan Perlaksanaan Pembubaran DeFi?

Nampaknya pinjaman P2P telah menjadi senjata utama bagi penggodam dalam serangan mereka. Oleh itu, apakah pinjaman P2P dan bagaimana perasaan kita terhadapnya secara rasional？　　Gadai janji aset tidak diperlukan untuk pinjaman P2P. Sebaliknya, ia hanya memerlukan pinjaman dan pembayaran balik diselesaikan di blok yang sama. Hasilnya, proses ini kurang memakan masa, sehingga menyekat pelabur untuk beroperasi.　　Sebagai inovasi hebat dalam kontrak pintar, pinjaman P2P meminimumkan kos penggunaan modal kerana komisen kecil diperlukan untuk keuntungan yang lumayan semasa perniagaan dengan ketiadaan aset yang dicagarkan.　　Pinjaman P2P sering digunakan untuk banyak tujuan, termasuk arbitraj berdasarkan perbezaan harga antara token pada platform perdagangan yang berbeza, penurunan perbelanjaan pembubaran yang disebabkan oleh gadai janji aset, dan perubahan gadai janji. Ini dapat membantu peniaga memaksimumkan pulangan mereka ketika aset mereka dihuni.　　Sebab penggodam menggunakan pinjaman P2P untuk menyerang DeFi adalah bahawa jumlah modal yang boleh dipinjamkan tidak terhad. Namun, untuk pinjaman P2P itu sendiri, ini adalah aplikasi kewangan kreatif yang perlu diberi perhatian secara berterusan.

2021-07-16Deep Dive

EXX: Celebrated Exchange but Unavailable Withdrawals!

Exchanges are facing great changes as many countries have tightened their regulation recently. Tremendous customer complaints have flocked into EXX, a household name. As far as we know, the exchange is problematic.　　It has been four years since EXX was founded. The amount of its intraday trading can hit billions of dollars. However, EXX has continuously profited from customers in recent years, which indicates itself not a good platform.　　EXX launched the ‘torch plan’ in 2019, claiming that this project was only used to purchase and sell coins. Traders could enjoy steady profits via bonus settlement after taking screenshots of trading records of buying ELC and uploading them to the ‘torch plan’ APP. However, ELC dropped by 99.62% in seven days, leaving investors with nothing.　　The financial management APP of EXX issued the announcement of system maintenance after reaping profits in 2020, but the work hasnt been completed so far. The thing is, EXX is still profiting from its customers in 2021! Users have suffered unavailable withdrawals since May.　　According to WikiBit, EXX isnt under any valid regulation, and its rating is only 3.51! It is very likely to have run away, given the occurrence of difficulties in withdrawals and useless customer service!　　More and

2021-07-16Deep Dive

Michael Saylor doesn't think Bitcoin is ‘going to be currency in the US ever’

MicroStrategy CEO Michael Saylor thinks that Bitcoin is more like digital property than digital currency.　　He was speaking on the July 15 edition of the “Coin Stories” podcast with host Natalie Brunell. Asked if he thought that Bitcoin was a threat to the U.S. dollar Saylor replied:　　 “I would call it a digital property, its a threat to property, its particularly a threat to other forms of property: gold is property, real estate is property. I dont think the United States government is threatened by real estate or buildings or companies or gold.”　　The comments follow on from Saylors assertions earlier this week on the Scott Melker‘s Wolf of All Streets podcast, in which he stated that “I don’t really think that Bitcoins going to be currency in the US ever. Nor do I think it should be.”　　“And what it‘s doing is it’s demonetizing other forms of property,” he added as he outlined that people are now weighing up whether to purchase Bitcoin instead of opting for traditional investments such as real estate, stocks, starting a business, or buying gold.　　MicroStrategy has been gradually accumulating Bitcoin since August 2020, and the firm now holds 105,085 BTC worth around $3.3 billion at todays prices.　　Saylor

2021-07-16Deep Dive

Here are the details of Paraguay’s “Bitcoin Law” proposal

Congressman Carlos Rejala and Senator Fernando Silva Facetti presented their final version of the long announced and anticipated crypto regulation initiative before the National Congress of Paraguay.　　In line with the national legislator‘s earlier statement, the proposal doesn’t attempt to win another legal tender status for Bitcoin (BTC) but provides a legal framework for cryptocurrency market and mining in the country.　　What is proposed　　“As we had already announced, yesterday we presented the ”Bitcoin Law“ project. This bill provides a clear regulatory framework on the cryptocurrency generation industry attracting foreign investment in Paraguay,” said Rajala in todays tweet.　　Several bill drafts were circulating in publications recently, but the final version that got presented before the National Congress of the Republic consists of four chapters and 22 articles, according to the CryptoNoticias report.　　According to the report, the presented bill titled “Law that regulates the industry and commercialization of virtual assets – cryptocurrencies” would enable Paraguay to regulate crypto market and mining from four state institutions.　　The bill proposes that the countrys Ministry of Industry and Commerce coordinates the authorization, registration, supervision and control of production and commercialization of cryptocurrencies, which would further divide these regulatory responsibilities among three agencies, the National Securities Commission, the Secretariat for

2021-07-16Deep Dive

How can Blockchain Disrupt Web Hosting Ecosystem for Good?

This article discusses Blockchains potential to transform the web hosting industry for the better- both for providers and end clients.　　A website can be considered as a digital equivalent of your brick and mortar shop or workplace. Through your website, you earn revenue, make business connections, attract global clients- individuals and institutional buyers, and make sales.　　To build and run a website, you need to buy a domain name and hosting services. While you have control over your sites front-end, its backend is deeply influenced and shaped by your hosting ecosystem. You trust your providers with the security of your website, but an increasing amount of data breaches and cyberattacks tell a different story. We cannot blame it entirely on the hosting providers. It is the present “model” of web hosting that needs serious revamping.　　Among other solutions, Blockchain can be a highly effective option that should be considered. Being decentralised and secured by cryptographic hashes, the Blockchain promises to add a new dimension to the websites security and performance. Here are a few ways Blockchain can be used in the hosting industry:　　Preventing DDoS Attacks　　Due to their more profound and quick impact, DDoS or Distributed Denial of Services attacks has emerged as a

2021-07-16Deep Dive

Fruits of the land: Blockchain traceability gives farmers a competitive advantage

The global food and agriculture industry is a trillion-dollar sector that is growing exponentially. According to findings from the World Bank, agriculture alone accountedfor 4% of global domestic product, or GDP, of the United States in 2018. The report further noted that agriculture could account for more than 25% of GDP in developing countries.　　Meanwhile, its important to point out that large corporate farms play a dominant role in the agriculture industry. For instance, research from the United States Department of Agriculture (USDA) shows that major farms accounted for 89% of food production in the U.S. in 2015.　　This appears to still be the case, as key agricultural markets remain dominated by very few companies. This has become even more apparent, as the USDA recently announced plans to invest $500 million to help ensure that U.S. agricultural markets are more fair and accessible to small farmers and ranchers.　　Although government funding could help significantly, farmers across the globe are also beginning to adopt smarter agriculture technologies — such as blockchain and data analytics — to ensure that the growing agricultural demands are met. At the same time, these technologies are allowing small-scale farmers to obtain a number of benefits that were not previously

2021-07-16Deep Dive
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Crypto Exchange Regulation Check

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※ You are visiting the WikiBit website. WikiBit and its mobile app are a tool for users worldwide to check exchange compliance information. Users are advised to comply with the relevant laws and regulations of their country or region when using WikiBit products.