SINGAPORE, 6 December 2018 – Binance, the world’s leading cryptocurrency exchange, will hold the first Binance Blockchain Week in Singapore from 19 to 22 January 2019.

With 2,000 attendees expected from around the globe, Binance Blockchain Week will highlight two large-scale events over the four days: a two-day hackathon known as the Binance SAFU Hackathon, followed by the Binance Conference.

Binance Blockchain Week will bring together industry-leading regulators, investors, academics, entrepreneurs and technologists to discuss today’s blockchain ecosystem and encourage sustainable growth in the industry. The event will prime the international stage for a global exchange of the latest blockchain knowledge and expertise among high-profile figures in the space.

Binance Conference

Held at the Sands Expo & Convention Centre in Marina Bay Sands, the Binance Conference will feature more than 70 speakers, including industry thought leaders, high level executives, academics and heads of state, in an action-packed program filled with keynote speeches, panel discussions, fireside chats and exclusive networking events.

The first wave of confirmed speakers include: Genping Liu, Partner at Vertex Ventures; Justin Chow, Head of Business Development, Asia at Cumberland; Sonia Bashir Kabir, Managing Director at Microsoft Bangladesh; Eric van Miltenburg, Senior Vice President of Global Operations at Ripple; Justin Sun, Founder of TRON; Da Hongfei, Founder of NEO; Patrick Dai, Founder of Qtum; and Changpeng Zhao (CZ), Founder and CEO of Binance. More speakers will be announced over the coming weeks.

“We are thrilled to host the first-ever Binance Blockchain Week in Singapore, the finance and technology hub of Asia,” said CZ. “Gathering the most notable players and thought leaders in blockchain, this will be a defining event. We look forward to many thought-provoking discussions and debates on how we can further work together to move the industry forward.”

The Binance Conference expo floor will feature more than 50 booths for sponsors to showcase the best of blockchain and cryptocurrency technologies.

Binance SAFU Hackathon

The first-ever Binance SAFU (Secured Assets For Users) Hackathon will be held at PwC Singapore, Marina One East Tower from 19 to 20 January. Themed SAFU, the Hackathon aims to seek innovative blockchain solutions to secure crypto assets.

Binance SAFU Hackathon will feature an esteemed panel of judges including PwC, Tribe Accelerator and Binance Labs. Participants will have the opportunity to seek mentorship from senior leadership at companies such as Ethereum Foundation, Primitive Ventures, Earn.com, Binance Labs and IDEO CoLab.

Individuals and teams interested in participating in the Binance SAFU Hackathon can submit applications from 10 December to 6 January. 20 developer teams will be selected via pre-hackathons and direct registration on the event website. Pre-hackathons will be held from December and early January around the world, and winning teams will be given free passes to the final SAFU Hackathon in Singapore. The final hackathon winning teams will share a prize pool of $100,000 in BNB offered by Binance.

Registration for the Hackathon will open on Monday, 10 December 2018. For more information, please proceed to the Binance Blockchain Week Facebook page.

For further updates, do follow Binance on Twitter.

About Binance

Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet and Charity.

Binance Exchange is the leading global cryptocurrency exchange, with users from over 180 countries and regions. Capable of processing more than 1.4 million orders per second, Binance Exchange is the largest crypto exchange by trade volume and one of the fastest in the world. The platform focuses on security, robustness, and execution speed — attracting enthusiasts and professional traders alike.

*This post is credited to Coin Telegraph

Cameras, flashlights, tweets – when  Changpeng Zhao takes the stage these days, a kind of mania seems to ensue.

Of course, that’s perhaps to be expected when you’re known to the world over by just two letters, but “CZ” has arguably achieved something greater in 2018 — a celebrity status that’s equaled by his clout as an entrepreneur.

On a sweltering December day in Singapore, Zhao is quick to show why — he has a surprise that’s not so much up his sleeve as under it. “I’m gonna show this to the crowd later,” he says, grin on his face, ear-to-ear.

By the time he takes the stage, the attendees at Forbes Asia Forum in Singapore have shifted from a scattering of somewhat bored businesspeople, some heads down, headphones in, into an excited mass that can almost be felt moving forward.

It’s a testament to Zhao’s crossover appeal — many in the audience are members of a financial establishment that are (at least publicly) still somewhat skeptical, if not derisive of the technology. Onstage, however, those divides melt away as Zhao raises his arm to unveil his first tattoo — a newly minted logo of his exchange Binance.

The move goes to show the root of CZ’s appeal; if he sometimes seems to skirt an outlaw status, what makes him such an effective ambassador for the crypto movement is that he exudes its core beliefs so effortlessly.

Come on in, his smile says, the future is waiting.

But if Zhao has come to embody the current state of cryptocurrency – its runaway growth and newfound cultural appeal – he also matches the industry with an outsized ambition. “I hope someday I can become as influential as Elon Musk,” he tells CoinDesk.

Backstage later, CZ is already showing signs of that kind of celebrity status, where he fields at least a dozen requests for selfies, all under the condition his right arm is held high. (Zhao would go on to write an entire blog explaining how he talked himself into getting his new ink.)

Zhao onstage at Consensus: Singapore 2018.

The post spotlights another key component to Zhao’s charm, his ability to connect with people. That might be one reason he’s also quick to push back on assertions that he is an extremist, or that his work in cryptocurrency represents a political agenda, arguing himself that his appeal stems not from any ideology, but from a love of freedom.

Zhao says:

Money Moves

Still, if Zhao is well-equipped at winning people’s hearts and minds, he’s equally adept at capturing their dollars.

While Western media outlets tend to tout the ascent of Coinbase, even their rise to millions of users is tepid compared to how, in just over 12 months, Binance has gone from white paper to $15 million ICO to an exchange that sees billions of dollars in trading daily.

As of the end of 2018, Binance has eight lines of business – Binance Exchange; Binance Labs; Binance Charity; Binance Academy, Binance Research; Binance Info, Binance Launchpad and Trust Wallet, as well as a ninth, a decentralized exchange, set for launch in January.

That’s not to mention Binance Coin (BNB), the nearly $1 billion cryptocurrency network that the company uses as a de-facto currency for its exchange fees.

Impressive as the list may be, it’s even more so when you consider some – in particular, Binance Coin, as well as Binance Exchange’s crypto-only trading policy – were radical at the time of their launch. Add up the number of businesses that have since followed Zhao’s lead, and it’s easy to see why he is lauded as a visionary.

Jehan Chu, co-founder and managing partner at Kenetic Capital, whose firm passed on investing in Binance, now believes that was a mistake, and that’s largely because of Zhao’s competencies in expanding the company.

“What’s worked really well is his ability to adapt to the changing market and come up with the type of innovations that the market didn’t even know that they want it,” Chu says. “They were the first to come up with an exchange token. I think that’s what’s most impressive about CZ: his vision to just try different things, iterate and then execute.”

There’s also, of course, his impeccable timing. It’s easy to forget Zhao’s swift ascent came after nearly two years in a kind of exile, a period in which he was rumored to be working on a new project, but in which emails from CoinDesk often went unreturned.

Zhao was, by his own account, laying low following a departure from OKCoin, a China-based cryptocurrency exchange. Jack Liu, a former colleague of Zhao’s at OKCoin, now with Circle, shared a recount of the man who he sees as a mentor that hired him in 2014.

Zhao announces the launch of OKCoin’s international investor offering in 2014.

“Product-market fit is his number one skill,” Liu says. “CZ has gotten to be really good at absorbing whatever he’s seeing and learning, and incorporating into what he does.”

Indeed, Binance is neither the first crypto-to-crypto exchange, nor is it going to become the first decentralized exchange. “But he’s good at putting together synthesis of his background, his team, with initiatives he wasn’t able to execute at OKCoin,” Liu says.

And part of the reason for his ability, according to Liu, is that CZ is “very much a people person.” “He has a great sense of humor … and is always just a little bit of like a ‘smart-ass,’ just a little bit ahead of the mainstream, but very relatable.” Liu says.

Still, what might be unique about Zhao is that he was always expected back. When he left OKCoin in 2015, CZ wrote an email to CoinDesk, saying:

In retrospect, he was right. The 2015 winter did pass, and when spring emerged, he was ready, having refined and built exchange engines that were ready to serve an upswell in demand.

Walk the line

Still, Binance’s meteoric rise has been greeted with skepticism by those who feel Zhao might be moving too fast given the state of global regulation.

Take a report earlier this year by the New York Attorney General’s office, which ultimately referred Binance, along with two other exchanges, for investigation. (This in and of itself didn’t indicate any wrongdoing on Binance’s behalf, though it undoubtedly raised suspicion).

Cited at the time was the inability of regulators to assuage concerns over manipulative or abusive trading, as well as a lack of clarity over whether the firms were operating in New York.

Zhao shows off his new Binance tattoo in December.

At Consensus: Singapore in September, Zhao’s main stage appearance coincided with the release of the report, and onstage and backstage, he declined to comment on the inquiry.

A core criticism of Zhao, then, is that he’s been perhaps too willing to engage in regulatory arbitrage, moving his exchange to jurisdictions he believes will give his now global business – he says it operates in over 190 countries – the best chance to offer its services.

For example, Binance left China, where it was initially based, after the country’s central bank banned crypto trading in September last year, and it later moved operations to Tokyo. Then in March, however, the Japanese regulator the Financial Services Agency issued a warning letter that Binance was operating in the country without a license.

Binance is now based in Malta, though Zhao has also made notable appearances with other regulators, including Bermuda and Uganda, that are decidedly outside the financial mainstream.

However, others, like Chu, believe that could be a challenge for the company. “I think playing jurisdictional hopscotch is not a game. You can’t play it for very long,” he says. Yet still, Chu thinks that if anyone can find his way out of these issues, it’s Zhao, adding:

Zhao, for his part, pushes back on these claims, even as he seems to acknowledge how his biases might lead to these assumptions.

“I have a very worldly mentality, but of the countries I live in, I follow the law to the letter. I never do anything dodgy and I never put myself into those kinds of risks,” he says.

Later on, he continues to describe his approach as more tepid than it may appear, noting how Binance left China because it didn’t “want the trouble.”

“In countries that are not crypto friendly, we don’t do any advertising, we don’t do any events, we don’t make a lot of noise,” he says.

Others back up Zhao’s story, and it’s notable that this group includes at least one regulator.

Jason Hsu, an entrepreneur-turned legislator in Taiwan who is pushing for crypto-friendly laws on the island, got introduced to Zhao when the exchange was on an expansion early this year, and within a week, the two had a sit-down meeting.

At the very last minute before their supposedly close-door private chat, the two even decided to make it a live broadcast. “That was spontaneous. If we are both so committed to this new technology, why not make a stance and show it publicly?” Hsu said.

“I didn’t know CZ before the meeting,” Hsu recalls. “But it turns out he’s a straightforward and no bullshit entrepreneur.”

Hsu says Binance is still yet to open up a shop on the island, given that financial institutions and regulators in Taiwan had taken a conservative approach to the industry. However, his time with Zhao has left with the impression that Zhao’s strategy is more nuanced than simply hopping from jurisdiction to jurisdiction.

CZ with Premier David Burt of Bermuda. (via Twitter)

In comparing Binance with Coinbase, Liu says the latter still takes a rather traditional internet company approach to regulation in the sense that it chooses to offer services based on the world’s largest markets step by step, i.e. first the U.S., then the Europe and the U.K.

“CZ doesn’t think about which country is the biggest market and therefore I’m gonna set up a team there. He starts with what crypto needs – a wallet and an exchange.” Liu says. “He’s building for a world where once the users go onto the blockchain, the users are the same.”

“He’s like one of those smart people that enjoy taking shortcuts – not shortcuts to do something bad – but to be efficient,” Liu adds, stating:

Iron Man

So, if others may see ‘CZ’ as a kind of Robin Hood, how does he see himself? It turns out, Zhao prefers comparisons to Tony Stark, the billionaire superhero of Marvel comics fame.

“Tony Stark is very resourceful,” Zhao says in explanation of the comparison. “He builds a lot of things. It’s about technology behind, all the tools he builds that he uses to do good things.”

In his eyes, he’s simply trying to do as much good as he can, and if that means challenging the establishment in the process, that’s just a byproduct of his mission.

“We should always provide people with more options to choose. The more options there are, the better. People can choose to use a bank and people can choose to use crypto. We are not perfect either, we are not saying crypto is perfect,” he says.

Though, Zhao is doing his best to further the crypto ecosystem and to avoid banks when possible. In interview, he claims he “doesn’t have to deal with fiat at all” anymore – partially thanks to a team handling his expenses – and that he pays for hotels and flights in cryptocurrency whenever possible – even if with a premium.

It’s a personal mission that has trickled down to his staff as well, where he estimates that “95 percent” of the Binance team gets at least part of their salary in crypto. (As it doesn’t handle cash, he says the company works with a network of over-the-counter traders to pay out fiat).

In this way, Zhao identifies as a HODLer, the cryptocurrency enthusiasts who believe that, no matter whether the market is up or down, the best investment strategy is simply to buy, hold and wait for the world to wake up to the asset class.

CZ in a crowd at Consensus: Singapore.

That apartment he sold in 2013 for just a little over $1 million, before putting the proceeds into bitcoin? He says he hasn’t sold any, even after last year’s run-up.

“Actually, I still have 100 percent of those coins because I don’t really need them,” he says. “I’m not very greedy. I have more than enough money than I need.”

Other attributes of his, he says, have permeated through the Binance team. He describes his overriding mantra as “be fair, be ethical, don’t do crazy shit.” Still, there are differences between the superhero and his team of crypto-Avengers.

One of the most notable is he doesn’t encourage others at the company, except several co-founders and spokespersons, to be as active on social media, citing security reasons. (“We don’t encourage our people to be public. They have a very minimal social profile. It’s basically a guideline we do,” he says.)

As such, he says he sometimes feels his team doesn’t get enough credit for the work they do in carrying out his vision and translating it into action.

Opening the gate

So, where does crypto’s Iron Man go from here? And will Binance’s star continue to rise?

That remains an open question. For one, it’s unclear how the decline of the cryptocurrency market so far will impact Binance’s business, and whether that will put it at a disadvantage against peers operating with more regulatory clarity and institutional clientele.

That, however, appears to be something Zhao is looking to rectify as the exchange is working on opening a shop in Singapore that would accept fiat currency, a company first in one of the largest Asian economies.

“Fiat is still where all the money is in. … And we’ve got to open that gate,” he said at CoinDesk’s Consensus Singapore event in September.

To Zhao, then, Singapore is a major hurdle for Binance, as it still needs to convince a bank to fully back its operation. (Notably, Singapore does not currently regulate cryptocurrency exchanges, though it is close to passing such laws.)

And while domestic regulators in the region remain open to blockchains and cryptocurrency, it’s to be seen how exactly they’ll choose to see Binance and Zhao, whether as a potential asset for the local economy or a possible liability.

CZ takes a photo in Singapore.

And besides, if blockchain is what allows CZ to become so successful so quickly in so many countries, the same technology could, too, allow others to build a Binance knockoff in one or two months at every other domain.

As Liu puts it:

So, too, it’s unclear how Zhao will adjust, as he says he wants to wade back into sectors of the industry that may prove less palatable. For instance, the firm intends to reboot Binance Launchpad in 2019, a listing service for entrepreneurs looking to raise funding via token sales, albeit with what the company claims is a more rigorous review process.

Whether or not the establishment chooses to embrace him, though, for now at least, he still has the backing of the cryptocurrency faithful, and he, in turn, has embraced them at every step.

“Just because I’m not against banks, that does not prevent me from presenting other people another option that could be potentially viewed as a competition to them,” he says.

At a backstage dinner party following the Singapore event, Zhao ends the conversation by focusing on what might be the final and best way to summarize his ethos – his belief that those who believe in crypto, and who help advance the technology toward mainstream, will be rewarded.

Zhao concludes:

––––––––––––––––––––––––

Original art by CryptoKitties (@cryptokitties)

*This post and Photos by CoinDesk & Wolfie Zhao

Binance cryptocurrency exchange is cheering blockchain developers during the Hackathon to boost up the blockchain solutions development for solving the security issues.

Moreover, the exchange decides to hold its initial “Binance SAFU Hackathon” at Singapore probably on January 19/20, 2019. This event intends to develop an overall safer and progressive cryptocurrency ecosystem. Moreover, this event will empower blockchain engineers and developers to rapidly enhance ongoing distributive ledger technology standard solutions.

Also, the company via an email says this 32-hour round session (the clock event) will motivate blockchain developers around the space. This helps to step up their prototype development regarding blockchain solutions. Moreover, they will be able to offer solutions to the frequent issues currently buzzing around systems. The statement reads:

With the theme ‘Query Platform for Address Security: Is the transaction address you are sending your crypto to SAFU?’, the Binance SAFU Hackathon encourages long-term, sustainable growth of the blockchain industry, calling for top developers from around the world to build a safer community where users are protected from scams, hackers, and money laundering.

Binance may join hands with majority of the groups. Hence, letting the Binance SAFU Hackathon attain some good and top talent across the industry. The announcement also says that winning team will earn worth $100,000 in prizes.

There were many previous pre-hackathons that have ended, few taking place from December to January at, Hong Kong, San Francisco, Singapore, and Seoul. The first pre-hackathon ended up last December at San Francisco, California. Good news is, the developers, not able to attend the last San Francisco event are still eligible for the final Binance SAFU Hackathon at Singapore.

The can join and qualify one amongst the three remaining pre-hackathons. Moreover, for more information on registration preferring parties need to follow Binance Blockchain Week via Twitter. The panel of judges will choose the hackathon winners depending on quality, innovation, technology pitch, and demonstration.

Apart from cash prizes, the winner will grab a chance to meet senior executives working at Binance as well as incubation program of investment arm at Binance- Binance Labs.

*This post is credited to Coin Pedia

The cryptocurrency market did not deliver the expected results to many of its investors. There are those investors who know that there is money to be made even in the bear market.

Analysts promised a bottom price and that has not been reached yet.  And investors are already bored waiting.

The governments are yet to come out to a stable regulation for this financial asset type.  The year 2018 had several cryptocurrency companies shutting down their shops. The year 2018 is closing, and the market is looking forward to what the year 2019 has got to offer.

Whether Bitcoin will crash to nothing or whether it will evolve to a bullish version is something we are yet to witness.

Henri Arslanian from PricewaterhouseCoopers is projecting a positive outlook for the company.  He opines that cryptocurrency will have a positive year 2019.

The overall bearish trend in the cryptocurrency market led to the stepping in of institutional investors who know they have an opportunity. Cryptocurrency is gaining recognition as an investment class.  The entry of giants is set to continue in the year 2019.

Institutional investors are waiting to see what the regulators have to say in order to confirm their terms and conditions concerning cryptocurrencies and related transactions.  After a clear regulatory framework is set and declared, institutional investors will be launching their solutions, some are waiting to create new partnerships, and others are looking to partner with crypto companies.

The CEO of Binance stated that they would begin Q1 of 2019 “with a bang.”

Mike Novogratz, the crypto investor, stated that the Bitcoin would “surge in 2019.”

Investors are not going to forget the classic cryptocurrency scams of the year 2018. Bitcoin-stealing code that infected nearly 700,000 websites, affiliate schemes incentivized with ransomware, photoshopped fake money in exchange for 500 Euro notes, Twitter scams, and more of scams that created the Ripple are lessons learnt that the crypto world will never forget from the year 2018 calendar.

It was a hard year for many crypto investors.  Several exchanges have delisted coins out of their exchange. Trends are evolving in a way to set criteria to list coins after verifying if they fulfill the basic criteria.

When regulations are in place, it will become important for miners to adhere to the suggested roadmap.  They need to establish a market behavior.  They need to be assuring liquidity. There will be an observation period to study behavior.

Overall, regardless of the market volatility and bearish trend, cryptocurrency is all set to establish itself across different nations of the world in the fintech industry.

*This post is credited to CurrencyAnalytic

Perhaps the most well-known and highly-regarded “privacy coin”, Monero has carved out a niche in the crypto market that has many excited. It exemplifies what crypto was originally designed for: freedom from censorship or outside control, with the ability to be transacted instantly and across borders.

Read ahead to find out how to buy Monero tokens, by purchasing them on the Binance exchange.

What is Monero?

Monero (known by the ticker symbol XMR), is a coin made for transactional use, expressly for private transactions. For coins such as Bitcoin, everything can be tracked on a public ledger, from transactions to wallet addresses. While this transparency is welcome in some circles, it’s a serious concern for others.

Monero addresses the privacy concern in crypto with several impressive features. This includes obfuscation of transaction amounts and destinations, and “stealth addresses”, which hide the true addresses of both sides of a transaction. As such, users can send and receive Monero without the worry of being traced.

On top of their privacy features, which are touted as the best in the market, Monero recently introduced a new update, which drastically reduced the fees incurred in XMR transactions. This means, privacy aside, Monero offers a cheaper and more efficient way for anyone to transact with crypto.

Now let’s see how you can buy Monero coins.

Step 1: Register for an account on Binance

As with many coins right now, buying Monero with credit or debit card, or through bank transfer, can be difficult. So for the purpose of this guide, we’ll show you how to buy XMR with Bitcoin or Ethereum.

The first step, if you haven’t already, is to open an account with Binance. The process is generally quick and easy, and is open to users almost anywhere in the world.

binance register

Step 2: Verify your account

Before you can start trading, you’ll need to submit several verification documents to the Binance team. Additionally, make sure to set up 2-Factor Authentication to protect your account.

Step 3: Send BTC or ETH to your Binance account

Once you’ve completed the verification steps, you’ll need BTC or ETH in your Binance wallet.

If you don’t hold either of these coins already, you can purchase either with credit or debit card on a site like Coinmama or Changelly, or on a fiat exchange like Coinbase.

To send coins to your Binance wallet, go to the Binance platform and select “Funds”, then “Deposits”. Choose the coin you wish to send from the dropdown menu.

deposit binance

You’ll be shown a wallet address to send coins to. Make sure you send only the specified coin to this address (i.e. BTC to the BTC wallet, or ETH to the ETH wallet). Any other type of coin sent here may be lost.

Step 4: Wait for confirmation

Wait for Binance to confirm your deposit. Transactions are often cleared very quickly, but depending on the network load, may take several hours.

Step 5: Find and select the BTC or ETH pair

When your deposit has been completed, you can move to the exchange section of the site. Do so by selecting “Exchange”, then “Basic”.

Head to the search box on the right hand side. Select the coin you are trading with, and search “XMR”. Select the pair that comes up (i.e. XMR/BTC or XMR/ETH).

XMR binance 1

Optional: Use Binance’s advanced tools to buy at the right time

Binance offers data such as real-time graphs and order history, to help you track a coin’s performance and buy at the best time.

The exchange will also let you set buy or sell limits. This means you can select a price (in BTC or ETH) at which you want to buy. Once the price hits that point, the exchange will automatically make your trade.

Step 6: Choose the amount of XMR to buy

Choose the price you want to buy XMR, or select “Market” to buy at the current price (this is fine for beginner/novice traders). Then enter the amount of XMR to buy. You can choose a specific amount of XMR, or 25%, 50%, 75% or 100% of the BTC/ETH coins in your Binance wallet.

XMR binance 2

Step 7: Buy Monero!

Hit the green “Buy XMR” button, and once Binance confirms your transaction, you’re done!

Step 8: Move your coins to a secure Monero wallet

The best practice in crypto is to keep your coins off an exchange when you’re not trading, in a secure wallet that you control. This way, you have total control over the security of your tokens, and you’re not trusting in the exchange’s security procedures.

To do so, you’ll need a wallet that supports Monero. For the highest level of security, a hardware wallet such as the Trezor Model T or Ledger Nano S is recommended. Alternatives from the XMR dev community include the GUI Wallet for Desktop, or the MyMonero online wallet.

Once you have an XMR wallet set up and ready, you can withdraw your coins from the Binance exchange. Do this by going to the menu at the top of the site, and select “Funds” then “Withdrawals”.

Select XMR from the dropdown menu.

XMR binance 3

Add the address from your Monero wallet, and the amount of Monero you wish to withdraw. Double check the address is correct, then hit “Submit”. Check for confirmation that your transaction has been completed successfully.

…and that’s it! That’s all you need to know to buy Monero (XMR) on Binance.

*This post is credited to UseTheBitcoin

The bear market this year has seen an exodus from cryptocurrencies for a lot of people and companies. Not all are so pessimistic though and not all are in it for a quick buck. Binance is one of the pioneers of the industry and has recently launched a program to foster innovation for blockchain and crypto.

Binance Not Deterred by Bear Market

The first batch of initiatives for the Binance incubation program will focus on solving the most critical issues currently facing the industry. There are a number of projects aimed at nurturing education and mentorship in the crypto space run through the exchange’s venture arm Binance Labs.

According to the head of Binance Labs, Ella Zhang, who spoke to Forbes last week explaining the ethos behind the ten week on-site program;

“Through the program, we support entrepreneurs who are solving critical problems for the blockchain industry. In particular, we help participants focus on “BUIDLing” products from an early stage. The term BUIDL is a glossary term from the Binance Academy, originally derived from HODL, a term referring to keeping your heads down and focusing on building your product,”

Over 500 projects applied for the first round of the incubation program and only the top 8 were selected. Those lucky few will get direct funding of $500,000 and full access to the all resources they need from Binance.

According to the report, seven of the eight projects had launched working products and enrolled new members. Three of them already have paying clients and their recent ‘graduation’ from the program will put them on the path to greater things.

Binance also offered the opportunity for these projects to pitch at the Singapore blockchain week organise by the company next month. Some of the problems tackled included hardware wallet development, secure logins for dApps, prediction markets, blockchain data insights, computer security systems, and decentralized exchanges.

“There are two problems we have seen in the ecosystem, which helped inform our design of the program: a lack of product-market fit in many blockchain projects, and the market hype that distracts founders from BUIDLing. With the incubation program, projects can focus on shipping a working product or service with product-market fit as quickly as possible,” Zhang added.

Binance has taken the initiative to focus on developing the technology for the future rather than looking at the prices. Its own trade volume is massively down from over $2 billion per day to around $300 million today according to Coinmarketcap. This has not deterred the team though which has not only expanded internationally over the past year but is now channeling energies into education and innovation for the nascent industry.

*This post is credited to NewsBTC

Exchange desk Binance wants to introduce you to the basics of cryptocurrency and blockchain with its latest offering. The company has launched its own education platform to help users get more familiar with the technology.

The new undertaking, called Binance Academy, features a wide array of explainer pieces. It is also available in 15 different languages, including French, German, Spanish, Russian, and Chinese. You’ll find information on fundamental concepts like the “history of blockchain” and mining.

The Binance Academy is currently divided into four broad categories: blockchain, economy, security, and tutorials. It also has a separate ‘glossary’ segment, for those that want to catch up on the most common terms used in the space.

Another good thing is that Binance has also included a page where visitors can suggest topics for future explainers.

Overall, the Academy seems like a good jump-off point for newbies, but seasoned cryptocurrency vets won’t find much they didn’t already know.

Binance and the blockchain ecosystem

The educational platform is the latest in a series of side projects recently launched by Binance. The company launched a $1 billion fund to support the growth of startups in the blockchain industry back in June.

The Academy has technically been set up as a nonprofit, so Binance is likely hoping the platform can attract new customers to its cryptocurrency exchange.

For the record, Binance is hardly the only company seeking to leverage “education” for brand recognition. Coinbase launched a similar discovery board, where people can easily browse and learn about various cryptocurrency assets – and invest in them. Unlike Binance, Coinbase’s platform is a little more blatantly aimed at luring in new users though.

With such high risks associated with cryptocurrency trading and investing, it is no surprise that exchange services are trying to educate users about the basic tenets of the technology. Still, it’s important to remember that such efforts are also intended to work as a marketing strategy.

*This post is credited to Thenextweb

In an interview on CNBC Crypto Trader hosted by Ran Neuner, Binance CEO Changpeng Zhao (CZ) stated that the crypto market and Binance are still in a good position even after nearly a year of downward price movement.

Binance Maintaining Healthy Business

Over the past 11 months, the cryptocurrency market has lost more than 70 percent of its valuation amidst the fourth biggest correction in its 10-year history.

CZ stated that the volume of Binance is down nearly 90 percent since January due to the correction and partially because of the high level of stability Bitcoin (BTC) has demonstrated over the past three months.

“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business,” CZ said.

But, with a steady increase in the number of active users and BTC deposits, Binance is still recording decent volume and maintaining a healthy business.

“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”

Actual Volume of Crypto is 2x the Reported Volume

Cryptocurrency market data providers like CoinMarketCap, CryptoCompare, and CoinCap report the daily trading volume of major cryptocurrencies and the entire crypto market based on the volumes recorded by exchanges like Binance.

Earlier this year, several research firms including TABB Group, an international research company, reported that the over-the-counter (OTC) market, where large institutional investors tend to trade, is at least two times larger than the cryptocurrency exchange market.

Eric Wall, a cryptocurrency researcher, said at the time:

“Just read an estimate from the TABB Group (in a $5,000 report) that OTC crypto markets exceed exchange volumes by 2-3x. That would mean 1 to 1.5 million BTC is traded OTC daily. Strange it’s not visible on the blockchain, which shows a meager 100,000 a day.”

CZ noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges and as such, the actual trading volume of the crypto market is twice the size of the current volume. As of November, the daily trading volume of the crypto market is estimated to be around $11.7 billion, down quite substantially from January. Still, if the OTC market is about the same size as the cryptocurrency exchange market, the real volume of the crypto market adds up to around $23.4 billion.

“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes.”

In the months to come, with several positive developments down the line such as Bakkt, CZ noted that a catalyst could trigger the market to move. While it is hard to predict, he emphasized a rally will likely happen “sooner or later, something will trigger it.”

*This post is credited to CCN

Bitcoin mining giant Bitmain has filed a lawsuit against a mystery hacker who allegedly stole bitcoin from one of the firm’s cryptocurrency exchange accounts.

According to the suit, which the China-based Bitmain filed on Nov. 7 in the US District Court for the Western District of Washington, the unknown hacker infiltrated Bitmain’s Binance account in April and stole funds from the firm.

However, perhaps to better conceal their identity, the hacker did not just attempt to withdraw Bitmain’s funds to their own bitcoin wallet. Rather, they used the bitcoin to artificially inflate the price of small-cap cryptocurrency MANA, the native ERC-20 token of virtual reality platform Decentraland.

MANA bitmain bitcoin hack
MANA Market Cap | Source: CoinMarketCap

Spurred by the irregular trades, the MANA price rocketed from $0.12 to $0.34 on Binance in the span of less than an hour. Even more remarkable, the global MANA price rose to $0.20 — a gain of 40 percent — meaning that a hack involving a single cryptocurrency exchange account single-handedly raised the nominal value of the MANA cryptocurrency’s market cap by more than $80 million.

Presumably, this allowed the hacker to sell MANA they were already holding at inflated prices, and, significantly, they could potentially have liquidated the funds on one or more separate crypto exchanges since the Bitmain pump disrupted the worldwide MANA market.

bitmain bitcoin binance hack
Source: Bitmain

The suit itself alleges that, as part of the hacker’s wash trading scheme, they transferred approximately 2.3 million MANA to Binance from Seattle-based cryptocurrency exchange Bittrex. It further claims that, “upon information and belief,” the hacker sent the bitcoin that they accrued through wash trading MANA back to Bittrex.

Bitmain claims, that, as a result of the scheme, they lost approximately 617 BTC, worth $5.5 million at the time of the hack.

Commenting on the suit in their weekly “Crypto Caselaw Minute,” lawyers Stephen Palley and Nelson M. Rosario explained that, despite the best efforts of the hacker, this “John Doe suit” will likely allow Bitmain to subpoena account information from Bittrex and Binance, which could ultimately divulge the identity of the thief.

They concluded:

“What’s the lesson? It’s almost Captain Obvious territory folks: Stealing crypto from a centralized exchange leaves a lot of fingerprints. And your name doesn’t need to be known for you to get sued. Now that the lawsuit is on file, one assumes that Bitmain’s next step will be to issue subpoenas to Binance and other service providers, allowing it to identify the defendant.”

*This post is credited to CCN

Although the world-renowned Binance Exchange, which facilitates crypto-to-crypto transactions, has seen waning demand as of late, the startup has forged ahead and has made notable strides in the fiat-to-crypto realm. Reports indicate that Binance’s Uganda branch, which went live last week, has already seen a proverbial boatload of interest, leading to the obvious, but pressing question — can they replicate this newfound success across the world?

Binance Uganda Sees Tidal Wave Of Interest For Fiat-To-Crypto Platform

When consumers think of crypto-friendly nations, Malta, Japan, and Switzerland are often names that immediately come to mind. Maintaining this thought process, it should come as no surprise that many enthusiasts in this budding industry were shocked when Binance, the world’s foremost crypto exchange, announced plans to launch its first fiat-to-crypto platform in Uganda, a relatively small country in East Africa.

After a lengthy sign-up process and an enticing promotional event for locals, just last week, as reported by NewsBTC, Binance’s Ugandan branch went live in the country of 43 million. Although the global crypto public may have been initially skeptical of this foray, the African Binance subsidiary held high hopes for its platform, issuing optimistic comments via a Medium blog post.

The startup expressed its belief that Uganda is undoubtedly a home for blockchain innovation, adding that the growth of the local crypto economy could “light the way for the content [of Africa] to leverage blockchain technology.” Binance’s African subsidiary added that emerging markets, such as Uganda, could play a key role in the adoption of cryptocurrencies, alluding to the fact that the country is an optimal location for an accesible fiat-to-crypto platform.

And while it has only been a week since its launch, the startup’s unbridled confidence has already paid off, with CoinDesk revealing that Binance’s new branch, which supports Ugandan Shillings, Bitcoin, and Ether, has already taken on 40,000 locals as customers.

Considering that Uganda’s economy is far from flawless, with studies indicating that billions are being siphoned from the nation’s economy due to lawbreakers, it would be fair to assume that the local cryptosphere will continue to swell at an unmatched pace, as decentralization and transparency may beckon oppressed Ugandans in.

Next Stop: Singapore

In early-September, Binance’s Changpeng Zhao revealed that his firm was poised to launch a Singapore-based crypto-to-fiat platform into a closed beta for an exclusive group of investors. At the time, however, Binance’s top brass was hesitant to reveal what spurred this surprising move, which was the startup’s third announced venture into bridging the gap between cryptocurrencies and government-issued currencies.

Per Bloomberg, Vertex Ventures, which is parented by the Singapore government’s sovereign fund, was behind the Malta-based startup’s move to enter the city-state’s local cryptocurrency market, throwing an undisclosed sum at Binance. Although may were bewildered that Vertex, and the government of Singapore by extension invested directly in a crypto-focused startup, the move clearly adds up when you take the island nation’s regulatory environment into account.

Through a series of comments, Ravi Menon of the Monetary Authority of Singapore (MAS), recently divulged that the local authorities are aiming to directly connect ‘banks and fintech cryptocurrency startups” to see if a common footing can be reached. It can be presumed that the MAS’ willingness to foster the local cryptocurrency economy will directly impact the progress of Binance Singapore, which will only be as successful as its relationships with local financial institutions.

So while details regarding Binance Singapore’s public rollout have been unusually scant, many are hopeful that the lax regulatory climate will parent an infectious crypto phenomenon that will spread across the globe like wildfire, so to speak.

*This post is credited to News BTC