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Changpeng Zhao criticized the idea of segregating liquidity in the crypto market



binance ceo changpeng zhao

Some countries want to create a separate order book (liquidity) to effectively protect consumers. That’s the conclusion binance ceo Changpeng zhao drew from interactions with regulators. 

“This is a bad idea for a number of reasons,” he stressed.

Zhao is convinced that if it is implemented, ordinary users will suffer. They would lose the tight spreads, low slippages, and best execution prices that are possible in a high liquidity environment.

The latter is an important form of protection of their rights because it makes market manipulation more difficult, reduces volatility and reduces the likelihood of liquidations, he added.

Changpeng Zhao about the situation

The CEO of Binance suggested a thought experiment and split the liquidity across 180 countries. According to him, in this scenario it would be much easier for large traders to “rock the market”, which would increase the range of price fluctuations.

Attempts by arbitrage traders will not be as effective as a single order book. Their earnings will be paid by ordinary users, Zhao said.

Recall that the CEO of Binance promised in the next five years to focus on the creation and development of products and to cooperate with regulators.

In 2021, Zhao published an open letter outlining the platform’s plans for regulatory compliance and customer protection.

In September 2021, the head of the company announced a rejection of the “decentralized” business model. 

Before that, financial regulators in several countries, including the UK, the Netherlands, Italy, Poland, Japan, Thailand, Hong Kong, Singapore, South Africa and others, issued warnings to investors about the exchange’s activities.

Recall that in 2022, approval for the platform was issued by the authorities of Spain, Italy, France, Bahrain, Dubai and Abu Dhabi.

Binance also announced the launch of a regulated exchange in Thailand and announced the opening of a customer service center in Turkey.

Earlier, Zhao said he intended to get approval from the British FCA.


WazirX news: Indian authorities froze assets of WazirX



wazirx news

WazirX news: India’s economic intelligence agency froze assets of Binance-bought WazirX after allegations of money laundering

Indian authorities have seized $8.1 million that belongs to WazirX. This is reported by Reuters citing economic intelligence in India. The reason for the sanctions is cited as a violation of the currency regime.

Intelligence says the arrest was made as part of an investigation into helping instant loan companies, laundering proceeds and converting criminal money into cryptocurrency. In addition to WazirX, the investigation also includes several fintech companies that were actively sponsored by Chinese hedge funds, the intelligence agency said. However, it is not clear which hedge funds are in question.

Changpeng Zhao, the founder and CEO of Binance, commented almost immediately on the news of the connection with WazirX. According to him, Binance “never completed” the takeover of WazirX. He acknowledged that the company had announced the purchase of WazirX, but had not completed the purchase. What exactly was the reason for freezing the deal remains unclear. At the same time, it is worth noting that WazirX does not exist as such. 

At the same time, Zhao admitted that WazirX did use Binance wallets. Moreover, the parties even set up a system of “offchain transactions to reduce fees.”

Earlier, the media reported that about $350 million may have been laundered through WazirX. According to Indian Finance Minister Pankaj Chaudhary, the investigation found that the cryptocurrency storage system in WazirX is entirely tied to Binance wallets. Also, in fact, no transactions were recorded between the two exchanges via the blockchain.

This is not the first time WazirX has come under scrutiny by local authorities. For example, in January 2021, Tax India found that WazirX had evaded taxes totaling nearly $5.5 million. Because of the violations found, the exchange was fined $6.6 million.

Moreover, in the summer of 2021, WazirX was also accused of money laundering. Then India’s economic intelligence agency suspected the company of helping to launder about $7.9 million. Indian rupees were first converted into tether (USDT), and later they were transferred to Binance. Accusations of violations of Indian law became active in the media after the company was taken over by another trading platform, Binance, in 2019.

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Latest crypto news: What happened on the crypto market as of August 4 morning



daily crypto news

Daily crypto news: Starbucks will develop loyalty program with web3 tools, Solana developers found alleged culprit of ecosystem exploit, ZBExchange withdrew cryptocurrency for nearly $5 million – these and other news in our review

Bitcoin (BTC) started Thursday with a rise, according to CoinMarketCap. The cryptocurrency is trading at $23,123. Bitcoin’s 24-hour low was recorded at $22,790 and its high was at $23,578.

In the top 10 most capitalized cryptocurrencies, Binance Coin has the best results for the day (+6.85) and week (+11.24). Within the last seven days and 24 hours, all cryptocurrencies except Cardano and a lot of stablecoins showed positive dynamics. ADA’s loss for the week was 0.39%.

According to Latest crypto news, in the top 100 most capitalized cryptocurrencies, according to the resource CoinGecko, the best result for the day (+34.7%) and week (+109.1%) was recorded at Optimism. Cronos was the most actively losing price in the last 24 hours ( 8.88%). Tennessee (-20.0%) recorded the largest losses during the week.

A cryptocurrency worth almost $5 million was withdrawn from the hot wallet of cryptocurrency exchange ZBExchange. The assets fell into the hands of fraudsters because of the hacking of the trading platform. The attackers sold the obtained cryptocurrency for Ethereum on a lot of decentralized crypto-exchanges. 

The developers of the cryptoproject Solana, whose ecosystem was exploited on the night of August 2 to 3, 2022, found the culprit. While investigating the incident, the organization’s team discovered that the security breach was related to Slope’s mobile cryptocurrency wallet.

Earlier, the project team urged users, for security purposes, to move cryptocurrency to cold storage and shared recommendations. The details of the incident are still under investigation.

The popular coffee chain Starbucks is planning to launch a loyalty program based on web3. This, during a phone conversation with investors, was announced by the company’s CEO, Howard Schultz. According to Schultz, the program will allow Starbucks to introduce new methods of customer engagement, expanding its approach to the “digital community” as well as increasing the list of available rewards. The company previously said it intends to enter the NFT marketplace by the end of 2022.

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Bank Sygnum adds support for staking Cardano (ADA)



staking cardano ada

Swiss digital bank Sygnum announced that staking Cardano ADA is now available to its users. 

Sygnum Bank customers can now place ADA tokens on their cryptocurrency wallets and receive rewards for staking the cryptocurrency. Sygnum’s digital assets are fully compatible with existing banking infrastructure and are secured using various technologies. This is according to the bank’s website.

Sygnum made staking XTZ tokens available about two years ago in November 2020. A little later, the bank made it possible for users to place ICP tokens. In July 2021, the cryptobank announced that it would support Ethereum 2.0 staking after updating its network.

Is staking Cardano worth it? What executives are saying about innovation

Frederic Gregaard, CEO of Cardano, said that Sygnum customers can really enjoy the coin staking service provided to them, because the bank does not block their funds – users have control over their tokens.

Users who place coins participate in Proof-of-Stake-based blockchain transaction verification and are rewarded for staking. Whereas Proof-of-Work-based blockchains, such as bitcoin and the current Ethereum network (before the update), require miners to verify transactions and receive BTC or ETH. Those who place Cardano tokens are rewarded every five days and can demand ADA tokens back at any time.

Thomas Brunner, who is in charge of Sygnum’s accounts and vaults, said the company is pleased with the progress in expanding staking offerings for institutional customers, as it allows them to diversify their portfolios.

Ledger, a well-known bitcoin hardware wallet company, said its wallet supports about 100 Cardano tokens.

By adding the ability to place ADA tokens, the bank has opened up access to the cryptocurrency to nearly 1,000 institutional customers. In 2021, the company’s revenue increased tenfold.

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