Binance Makes Strategic Investment in Chinese Crypto Media Firm

Update (10:47 UTC, Sept. 17, 2019): Added comment from Changpeng Zhao, CEO of Binance. Cryptocurrency exchange Binance, the world’s largest by trading volume, has made a strategic investment in Chinese media and data source Mars Finance. According to a report from Bloomberg citing a press release, the investment amount was not disclosed, but values the company at $200 million. Aside from Binance, which reportedly made its first strategic investment in China with the round, Beijing-based Mars Finance was also backed by Ceyuan Ventures and Matrixport, a financial services startup founded by co-founder…

Binance Launches Dollar-Backed Crypto Stablecoin With NYDFS Blessing

Crypto exchange Binance is launching a dollar-backed stablecoin in the U.S. Moreover, the new Binance USD (BUSD) has received the blessing of the New York Department of Financial Services (NYDFS). The exchange announced Thursday that NYDFS had approved the new offering, which Binance is launching in partnership with the Paxos Trust Company. The Binance stablecoin will be backed by U.S. dollars on a 1:1 ratio, according to a press release. The offering joins the Paxos Standard and the Gemini Dollar as an NYDFS-approved stablecoin. At launch, verified Paxos customers will be…

Binance Acquires Crypto Exchange JEX to Boost Derivatives Offerings

Binance has announced the acquisition of crypto exchange JEX in a bid to boost its crypto derivatives offerings for pro traders. Seychelles-registered JEX offers spot and derivatives (including options and futures) trading in cryptocurrencies such as bitcoin and ether. Going forward under Binance management, the derivatives exchange will be known as Binance JEX. JEX offers its own token, also called JEX, which will continue to be guided by its existing foundation, Binance said. Binance plans to first distribute the tokens to users through “marketing activities and community incentives” before ultimately clawing back…

Binance Launches Two Crypto Futures Platforms for User Testing

Cryptocurrency exchange Binance has launched not one, but two test platforms for its planned crypto futures products. Dubbed Futures A and Futures B, the new testnets are now open for users to play with using dummy assets, with new competitions to encourage traders to get involved. On Monday, Binance announced on its website that users will be able to vote for their favorite futures testnet. As for the competitions, Binance said it will award prizes totaling 10,000 Binance coin (BNB) – worth around $215,700 at press time – for each platform.…

Binance Announces New Stablecoin Venus

This article was originally published by 8btc and written by Lylian Teng. One of the world’s largest cryptocurrency exchanges, Binance, has announced a plan to launch an open blockchain project called “Venus,” an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. As per the announcement published on August 19, 2019, the localized stablecoin initiative will leverage the exchange’s existing infrastructure (such as its public chain Binance Chain and cross-border payment systems), wide user base and established global compliance measures. Bearing a similar vision…

Crypto Exchange Binance Announces New Stablecoin Initiative

Cryptocurrency exchange Binance has announced that it’s launching a project that will develop cryptocurrencies and digital assets pegged to fiat currencies around the world. Dubbed Venus, the “localized” stablecoin initiative will see the firm utilize its existing infrastructure, such as its public blockchain, Binance Chain, and international payment system, “to empower developed and developing countries to spur new currencies.” Binance said it’s seeking to create new partnerships with governments, enterprises and cryptocurrency and blockchain firms to assist the effort. The exchange stated in its Monday announcement that it “will provide full-process technical…

Stolen Binance Funds Still Being Laundered Through Mixers, Researchers Claim

Binance’s recent hacker has been diligently washing funds stolen from the exchange back in May. Clain.io, a Luxembourg-cryptocurrency capital flows research team, says the 7,074 stolen coins are being laundered through mixing service Chipmixer. Clain says at least 4,836 bitcoins were laundered since June 12. A bitcoin tumbling service mixes bitcoins with other users’ coins. Since bitcoins are attached to the publicly verifiable blockchain, mixing services are used to obfuscate transaction histories that follow bitcoins around. Chipmixer was overwhelmed with the funds, Clain states. From June 12 onward, the hacker…

Chipmixer Used to Launder BTC from Recent Binance Hack

On May 8, major crypto exchange Binance was the victim of its second major hacking. On this occasion, the thief/thieves made off with 7,000 Bitcoin, which valued at approximately $40 million USD at the time. (That same amount of BTC is worth almost double that at current rates.) Now, several months on, it has been discovered that at least 4,836 Bitcoin of that stolen loot was laundered through crypto mixing service Chipmixer. Stolen BTC Laundered through Chipmixer After Binance was hacked, the stolen coins were moved to seven addresses. Then, according…

Binance Exchange’s Charity Falling Short of Transparency Goals

The Takeaway: The charity arm of Binance was reportedly financed late last year by donations of at least $13 million. A company spokesperson said, “the donated amount does not include the total committed funds.” Less than half of the donations committed to the Binance Charity Foundation (BCF) are accounted for on BCF’s website, which shows under $6 million worth of crypto. BCF is partnering with the nonprofit AFRIpads for its Pink Care Token project but is still working to establish ties with actual recipients. The nonprofit has a long way…

Binance Jersey Lists Exchange’s New UK Pound-Backed Stablecoin

The Jersey arm of Binance has listed the cryptocurrency exchange’s own British pound-backed stablecoin. Binance announced Friday that Binance GBP (BGBP) is being offered on the fiat-to-crypto platform due to trader demand for more stablecoin options. “There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin, and listing BGBP is in response to it,” said Binance CFO Wei Zhou. Binance Jersey launched back in January to offer trading in bitcoin and ethereum against the British pound and the euro. Jersey is a British self-governing dependency.…