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Binance opens a local office and registers in New Zealand

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Similar steps toward global expansion by Binance have recently been taken, among others, in France, Italy, and Spain.

Exchanging cryptocurrencies An email announcement states that Binance has established Binance New Zealand and registered as a financial service provider in New Zealand.

  • The registration was submitted to the Ministry of Business, Innovation, and Employment (MBIE) of New Zealand on September 10. It follows comparable recent efforts to expand internationally in countries like France, Italy, and Spain, among others.
  • The founder of Binance, Changpeng (CZ) Zhao, said, “I guess for some, it’s easy to overlook as it’s a smaller market, but we see significant value in having a serious New Zealand presence.” “Since we see New Zealand as a bit of a pioneer, I think there’s a lot to be learned here with our local team working with Kiwis to envision the future of currency, transactions, and data,” said the local team member.
  • The announcement stated that a variety of financial services, including spot trading, staking, NFTs, and more, are now available to Kiwis.
  • In addition to its efforts to go global, Binance has made significant hires, such as the senior vice president (SVP) of compliance from rival Kraken, and established a board to advise it on legal and governmental issues.
  • The MBIE in New Zealand didn’t respond to a request for comment right away.

India freezes bitcoin at Binance amid a Wazirx cryptocurrency exchange investigation

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Photo Credit: getty image

More than 77.6 bitcoins that were transferred from the Indian cryptocurrency exchange Wazirx to Binance have reportedly been frozen by India’s Enforcement Directorate (ED). An investigation into money laundering involving a mobile gaming app is what prompted the freeze.

According to India’s Prevention of Money Laundering Act, the Directorate of Enforcement (ED) announced on Wednesday that it had frozen 77.62710139 bitcoins (PMLA). The ED is the law enforcement and economic intelligence organization of the Indian government.

The freeze is a component of the ED’s inquiry into the mobile game E-nuggets. The cryptocurrency was reportedly transferred from Wazirx, a well-known Indian exchange, to Binance. Additionally, the ED tweeted a synopsis of its action.India Freezes Bitcoin Held at Crypto Exchange Binance in Ongoing Investigation Involving Wazirx

The law enforcement agency explained that “Aamir Khan, S/o Nesar Ahmed Khan launched a mobile gaming application namely E-Nuggets, which was designed for the purpose of defrauding [the] public,” adding:

After collecting seizable amount of money from the public, all of a sudden withdrawal from the said app was stopped on one pretext or the other. Thereafter, all data including profile information was wiped off from the said app servers.

The ED explained that its investigations have revealed that the accused transferred part of the illegally earned funds overseas via the Indian crypto exchange Wazirx.

The accused allegedly opened a dummy account in the name of “Sima Naskar (Proprietor of M/s Pixal Design)” with Wazirx and used it to purchase cryptocurrencies, the ED further described, elaborating:

Thereafter the said crypto currencies were further transferred to another account in another crypto exchange, namely Binance.

The ED reported that “the balance of said transferred cryptocurrencies, i.e. 77.62710139 bitcoins [equivalent to USD 1,573,466 (roughly Rs 12.83 crore)] at Binance crypto exchange has been frozen.”

Wazirx was thought to have been purchased by Binance in 2019. The acquisition “was never completed,” according to Binance CEO Changpeng Zhao (CZ), who also emphasized that Binance “has never — at any point — owned any shares of Zanmai Labs, the entity operating Wazirx.”

In August, the ED froze Wazirx’s bank assets totaling more than $8 million. Wazirx claimed that its bank accounts had been unfrozen earlier this month, though. Following Wazirx, the ED froze $46 million worth of bank and cryptocurrency assets belonging to Vauld, a Peter Thiel-backed cryptocurrency platform. In August, the agency searched crypto exchange Coinswitch Kuber. However, the CEO of the exchange said that it was not related to money laundering investigations.

Xtreme Token officially launched the XTR utility token in Bangkok, Thailand 

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PRESS RELEASE. 

Dubai-based firm Xtreme Token officially launched the XTR utility token on September 16 in Bangkok, Thailand. 

Xtreme Token (XTR) is a BEP-20 traded digital asset native to the Xtreme ecosystem.

With the vision of not being limited to the real world, but directly connecting and communicating with the crypto world creating the most robust network that can scale without limits, Xtreme token ensures a future with faster money remittance and frictionless value exchange of securities, medical records, academic data, insurance fees is within reach.

XTR in a nutshell

To set its foot in the financial system, XTR came to life in 2021. Its main motto is to go beyond and be free from the traditional economic system and promote frictionless value exchanges with other communities, eventually resulting in maximum total utility of society. XTR envisioned creating the strongest network in the Crypto community 

XTR Token Utility

XTR Token is a Next generation Financial and Payment Solution. Here are some of the key utilities it and what it offers.

  • Exchange of Assets : $XTR can be used as medium of exchange of various digital assets traded with in the fanverse platform.
  • Governance Voting : $XTR holders can raise the critical opinion on the platform for new features, reward program, and key decision.
  • Discounted Service : $XTR holders have privilege on getting discount on the service offered by Xtreme Ecosystem, For example : Users can get discount on marketplace for the service offers to $XTR payment.
  • Activity Rewards : Platform users can earn additional $XTR as activity rewards when participating on staking program and referral programs.

That’s not all. There’s more to it; apart from the traditional sending and receiving of money, it also allows users to buy and sell cryptocurrencies..

XTR token

XTR is the utility token of Xtreme Token. It was launched with the aim of providing extended advantages and support to its user base.

Token Name : Xtreme Token 

Token Symbol : XTR

Total Supply: 2B

Contract Address: 0x64Cfe8c9A23fBc4006b3BF1A2A83544335147097

Vietnamese, Filipino, Indian, and Chinese Chainalysis Global Index Identifies Top Countries for Crypto Adoption

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Image Credit: Freepik.com

Chainalysis, a company that analyzes blockchain data, has released its 2022 cryptocurrency adoption index. The nations with the highest adoption of cryptocurrencies include Vietnam, the Philippines, India, and China. Even though global adoption slows overall in downturns, it “remains above pre-bull market levels,” the company said.

Chainalysis’ Latest Cryptocurrency Adoption Index

On Wednesday, Chainalysis released a preview of its upcoming report, “2022 Geography of Cryptocurrency.” The company’s 2022 Global Crypto Adoption Index, which ranked all nations based on their use of various cryptocurrency services, is highlighted in the article, according to the blockchain data company.

Vietnam is at the top of the list overall, followed by the Philippines, Ukraine, India, the United States, Pakistan, Brazil, Thailand, Russia, and China, all according to the index.

Top 10 countries with the highest cryptocurrency adoption. Source: Chainalysis’ 2022 Global Crypto Adoption Index

Chainalysis detailed:

Overall adoption slows worldwide in bear market, but remains above pre-bull market levels.

Moreover, the blockchain analytics firm noted that “Emerging markets dominate the global crypto adoption index.”

In addition, the company noted that after finishing 13th last year, China finally reentered the top 10 of its global cryptocurrency adoption index this year.

In terms of overall purchasing power-adjusted transaction volume at both the overall and retail levels, “our sub-indexes show that China is especially strong in usage of centralized services, placing second overall,” Chainalysis reported.

The blockchain analytics company noted: “This is particularly interesting given the Chinese government’s crackdown on cryptocurrency activity, which includes a ban on all cryptocurrency trading announced in September 2021.”

Our data suggests that the ban has either been ineffective or loosely enforced.

 

The CEO of HSBC explains why cryptocurrency is not in the company’s future.

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Credit: Bloomberg via Getty Images

CEO Noel Quinn of the world’s largest bank HSBC said that no crypto services would be provided. The executive emphasized that HSBC is less supportive of cryptocurrencies than other banks, saying “I do worry about the sustainability of the valuations of crypto.”

HSBC Will Not Get Into Crypto, CEO Says

The chief executive of HSBC, Noel Quinn, talked about his bank’s cryptocurrency stance in an interview with CNBC-TV18 last week. He confirmed:

As a bank, we’re not getting into the crypto world, crypto trading, crypto exchanges.

Emphasizing that cryptocurrencies are too volatile, the HSBC chief said: “I do worry about the sustainability of the valuations of crypto and I have done for a while. I’m not going to predict where it will go in the future.”

Quinn proceeded to explain why HSBC is more negative on crypto than other banks. He stated:

As a product, I questioned its suitability for many of the consumers in the marketplace today. So that’s why HSBC is more negative on crypto than other banks.

“I view bitcoin as more of an asset class than a payments vehicle, with very difficult questions about how to value it on the balance sheet of clients because it is so volatile,” Quinn told Reuters in May of last year.

We are not interested in bitcoin as an asset class, he continued, given its volatility. As a class of assets, we are not promoting it in our wealth management company.

Quinn stated at the time that “we’re not rushing into stablecoins” for similar reasons. According to him, stablecoins do have some reserve backing to address the issues with stored value, but it depends on the sponsoring organization as well as the reserve’s structure and accessibility.

HSBC Canada informed customers that its cryptocurrency policy had changed in April of last year and announced that it would no longer facilitate the purchase or exchange of goods related to virtual currencies. For instance, customers were unable to purchase Microstrategy (MSTR-US) shares through HSBC Invest Direct.

Ethereum Developers Complete Merge Shadow Fork Successfully Without “Client Incompatibility Issues”

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Image Credit: Shutterstock.com

The Merge is anticipated to be implemented next week, or roughly four days from now, and Ethereum will switch from proof-of-work (PoW) to proof-of-stake (PoS). Before the Paris upgrade, the 13th and final shadow fork was successfully coded, according to Ethereum developers.

Ethereum’s 13th and Last Shadow Fork Is Complete

Social media was a hive of activity on Friday as people discussed The Merge and Ethereum’s switch from PoW to PoS. Furthermore, the final shadow fork has been completed, according to ETH developers and the Ethereum research and engineering firm Nethermind. In essence, a shadow fork is an upgrade made to the current Ethereum mainnet, and the general public is unaware of the testing stage.

With the most recent shadow fork, ETH developers have successfully completed 13 shadow forks thus far. All Nethermind nodes successfully transitioned to Mainnet-Shadow fork-13, the final shadow fork prior to The Merge, according to research released by Nethermind on Friday. In addition, there are tools to assist testing, including a shadow net scanner, a shadow net mainnet explorer, and a shadow net Beacon Chain explorer.

The last pre-Merge transition before the Paris Upgrade, known as Bellatrix, was covered by Bitcoin.com on September 6. After the final PoW block is mined, Paris will start The Merge, at which point an Ethereum validator will begin mining the subsequent block. The Merge will be entirely finished if that block can be successfully mined by a validator.

After the shadow fork, an Ethereum developer wrote, “MSF13 merged earlier today, we saw attestation rate drop to -97%.” The node believed it was on the incorrect shadow fork as a result of some stale data on one node that I neglected to clear up. There were no other client compatibility problems.

The successful completion of the shadow fork on Friday indicates that The Merge is ready to take place, and any entities still using ETH software will need to update. While some people praised the shadow fork, others decried Ethereum as being “centralized” and criticized it. Following the 13th shadow fork on Saturday, there was a lot of discussion about the test on websites like Reddit and Twitter.

When the network reaches a Total Terminal Difficulty (TTD) value on the execution layer, which will be 58750000000000000000000, the Merge will be put into action. On September 14, 2022, or about four days from the time this post was written, this is anticipated to occur.

Egyptian Central Bank Issues Crypto Warning: Offenders Face Jail

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The Central Bank of Egypt (CBE) has once again warned against the use of cryptocurrencies, noting that offenders risk jail time. According to the law of the Egyptian central bank, it is unlawful to “issue, trade, or promote cryptocurrencies, create or operate platforms for their trading, or engage in related activities.”

According to Tuesday’s report by Egypt Independent, the Central Bank of Egypt (CBE) has reissued its cautionary statement regarding all forms of cryptocurrencies, citing a number of risks including high volatility, use in financial crimes, and e-piracy. The ECB emphasized that neither the central bank nor any other official authority issues nor backs cryptocurrency.

The Central Bank of Egypt (CBE) statement reads: “In the same context, the Law of the Central Bank of Egypt and the Banking System — promulgated by Law No. 194 of 2020 — prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.”

Whoever violates this shall be imprisoned, and fined no less than one million pounds and no more than LE10 million [$516,340], or one of these two penalties.

The Egyptian central bank issued a similar warning about cryptocurrencies in January 2018, specifically naming bitcoin, stating:

It is worthy to note that cryptocurrencies are not issued by any central bank, or any official central issuing authority that can be held accountable.

The central bank continued, “Additionally, cryptocurrencies lack the official governmental guarantee and support enjoyed by the other official currencies issued by central banks because they are not backed by any physical assets and are not under the supervision of any regulators worldwide.

In January 2018, Egypt’s Dar El-Ifta, the government’s main Islamic institution for issuing fatwas (religious opinions), issued an edict declaring that all uses of cryptocurrencies, including buying, selling, and leasing, were arm, or forbidden.

After the government began enforcing the new cryptocurrency tax, Binance saw a record rise in Indian users.

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(Photo Illustration by Avishek Das via Getty Images)

Since the Indian government started taxing cryptocurrency transactions, the number of Indian users on the cryptocurrency exchange Binance has increased dramatically. However, since the new tax laws went into effect, daily trading volumes at some significant cryptocurrency exchanges with headquarters in India have decreased by over 90%.

After a 1% tax deducted at source (TDS) took effect in July, the number of Indian users signing up on the major cryptocurrency exchange Binance skyrocketed, according to a report from Bloomberg on Tuesday.

According to the publication’s additional information, the number of Binance app downloads in India increased to 429,000 in August, making it the highest number this year. In contrast, it has been reported that since the 1% TDS went into effect, daily trading volumes at several significant cryptocurrency exchanges with headquarters in India have decreased by over 90%.

CEO of SEBA India, a division of SEBA Bank AG, based in Switzerland, Rohan Misra, expressed his opinion on the new tax as follows:

The recent tax regulation is not explicitly clear on whether the 1% tax deducted at source extends to crypto derivatives transactions involving futures, as it does to crypto spot transactions.

The new 30% tax on gains from crypto assets is in addition to the 1% TDS charge. Additionally, losses from cryptocurrency trading cannot be deducted from gains. It is challenging for users to transfer money into and out of trading platforms because Indian cryptocurrency exchanges receive little support from the banking system.

Since January but not since July, FTX, a different foreign-based cryptocurrency exchange, has seen an increase in app downloads. In India, there were roughly 40,000 downloads in January, nearly 96,000 in July, and 52,000 in August.

However, the number of app downloads in India for the Nasdaq-listed cryptocurrency exchange Coinbase Global Inc. fell to 16,000 in August from almost 31,000 in June. Coinbase tried to expand its operations in India in April but quickly ran into trouble with the UPI payment system.

The new 30% tax on gains from crypto assets is in addition to the 1% TDS charge. Additionally, losses from cryptocurrency trading cannot be deducted from gains. It is challenging for users to transfer money into and out of trading platforms because Indian cryptocurrency exchanges receive little support from the banking system.

Since January but not since July, FTX, a different foreign-based cryptocurrency exchange, has seen an increase in app downloads. In India, there were roughly 40,000 downloads in January, nearly 96,000 in July, and 52,000 in August.

However, the number of app downloads in India for the Nasdaq-listed cryptocurrency exchange Coinbase Global Inc. fell to 16,000 in August from almost 31,000 in June.

While Binance’s app downloads increased, the publication reported that user sign-ups are declining at some significant Indian cryptocurrency exchanges. Data from market intelligence company Sensor Tower shows that Indian cryptocurrency exchange Coindcx’s app downloads dropped from 2.2 million in January to 163,000 in August.

Wazirx, a different Indian cryptocurrency exchange, saw a decline in monthly app downloads from about 596,000 in January to 92,000 in August. Changpeng Zhao (CZ), the CEO of Binance, recently engaged the exchange in a public dispute over ownership of the exchange, which prompted Zhao to advise Wazirx users to transfer money to Binance. The Indian Enforcement Directorate (ED) initially froze Wazirx’s bank accounts in early August; however, they were unfrozen earlier this week.

Regarding whether Binance has started collecting the transaction tax from users in India, a spokesperson for the exchange told the news outlet that the company “is currently monitoring the situation and will make further announcements in due course.”

Uruguay presents a cryptocurrency law to the legislature

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Image Credit: Freepik.com

The Uruguayan Parliament has been presented with a new cryptocurrency bill project by the executive branch. By giving the Central Bank of Uruguay authority over cryptocurrency assets, amending its organic charter, and establishing the Superintendence of Financial Services as the body to regulate virtual asset service providers, the bill aims to clarify how crypto assets will be regulated in the nation.

Uruguayan Executive Power Proposes Crypto Bill

To clarify how cryptocurrency asset-related activities will be regulated, Uruguay’s executive branch has submitted a bill project to the nation’s legislature. If passed, this will be the nation’s first legislation to address the legal limbo in which cryptocurrency exchanges and companies that provide services for virtual assets operate.

The proposed legislation modifies the Central Bank of Uruguay’s organic charter and establishes the Superintendence of Financial Services, a unit within the central bank, as the primary regulator of the operations of virtual asset service providers.In this sense, the document establishes that custody providers, companies that facilitate the purchase and exchange of virtual assets, and third parties that lend financial services related to the offer or sale of a virtual asset will be considered part of this class.

A new class of organization called “virtual asset issuer” is introduced by the bill, and it is defined as a platform that issues any kind of virtual asset that falls under the regulatory purview or requests admission of regulated virtual assets on a virtual asset trading platform.

Central Bank of Uruguay Will Be Main Crypto Watchdog

Like other law projects in the area that introduce institutions as the main crypto watchdogs, the proposed bill puts all supervision related to these tasks in the hands of the country’s central bank. The document declares:

With the proposed modifications, both the previously regulated subjects and the newly incorporated entities that operate with virtual assets will be subject to the supervision and control powers of the Central Bank of Uruguay.

Virtual asset securities, which are referred to as the digital counterparts of the already well-known financial securities, are also mentioned in the text.

The country has made prior attempts to legalize cryptocurrencies as a form of payment. This was the aim of a cryptocurrency bill project that Senator Juan Sartori put forth last year. Additionally, the Central Bank of Uruguay summoned Binance in August for providing financial products based on cryptocurrencies that are geared toward saving money.

Financial behemoth State Street observes declining institutional investor demand for cryptocurrency.

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State Street, an investment management company, claims that despite price declines, institutional clients continue to invest in crypto assets. According to a State Street executive, “there is a belief that the asset class is here to stay.”

 

State Street on Institutional Demand for Crypto

Despite market sell-offs, State Street, a top investment management company, sees unwavering institutional demand for cryptocurrencies, the Sydney Morning Herald reported on Monday.

State Street Digital’s product lead for the Asia-Pacific region, Irfan Ahmad, stated that the banking giant’s institutional clients are still interested in cryptocurrencies and the technology that powers them. He was reported to have said:

During the course of the June, July period where things were really hotting up in terms of activity, we saw institutional clients not necessarily double down, but they weren’t really deterred from placing strategic bets on the asset class itself.

The executive emphasized, “The takeaway from that is, I think, there is a belief that the asset class is here to stay.

State Street (NYSE: STT) has over 40,000 employees worldwide and operates in over 100 different geographic markets. As of June 30, the massive provider of financial services had $3.5 trillion in assets under management and $38.2 trillion in assets under custody and/or administration.

According to its website, State Street Digital, the company’s digital division, offers solutions for a variety of digital assets, including cryptocurrencies, stablecoins, digital cash, and central bank digital currencies (CBDCs).

Ahmad pointed out that a number of significant investment companies, including Goldman Sachs, have started to offer cryptocurrency products and are likely to make more inroads into the space. Goldman Sachs made its first loan backed by bitcoin available in April.

In August, Blackrock, the biggest asset manager in the world, introduced a spot bitcoin private trust. The firm stated, “We are still seeing substantial interest from some institutional clients despite the sharp decline in the digital asset market.

The State Street executive went on to say that institutional customers have asked about introducing cryptocurrency products, explaining:

Certainly, our clients, they’ve been speaking to us more pragmatically about how they might be able to launch products, or what our capabilities may be in the future to help them support the launch of those products.

In July last year, State Street announced the expansion of its cryptocurrency service, citing soaring demand from traditional funds.

Crypto exchanges are also seeing rising demand from institutional investors. The CEO of Bitstamp said in August that his trading platform is seeing “massive crypto interest” from institutional clients. In June, Binance launched a new platform for VIP and institutional crypto investors to increase support for institutional clients.

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