• Bybit CEO Ben Zhou has joined the regulations talk, telling crypto.news that harsh crackdowns on crypto exchanges won’t benefit anyone.
• Ben Zhou is one of the many people who have reacted to the continued and harsh crypto regulation, with Coinbase’s Brian Armstrong calling out the SEC for too harsh crackdowns on crypto.
• Kraken was recently charged $30 million by the SEC plus a ban from offering crypto staking in the U.S., while Binance may settle charges by taking a fine from the regulator.
Bybit CEO Bashes Harsh SEC Crypto Stance
Bybit CEO Ben Zhou has joined the conversation around cryptocurrency regulations, telling crypto.news that harsh crackdowns on crypto exchanges won’t benefit anyone.
Ben Zhou Doubles Down on Crypto Crackdowns
At the Blockchain Life summit Dubai, Bybit CEO Ben Zhou told crypto.news that he believes current regulatory approaches to cryptocurrencies are going too far and will not be beneficial for any party involved.
He further commented that more scams take place in regulated spaces than in those without regulation, citing an example of large non-crypto companies being unable to answer questions about their reserves with certainty.
SEC Receiving Backlash for Harsh Crypto Regulation
Ben Zhou is not alone in his opinion; Coinbase’s Brian Armstrong has also been criticizing the SEC for using too much enforcement power when it comes to regulating cryptocurrencies.
Kraken Fined $30 Million Plus Ban
Earlier this month, Kraken received a hefty fine from the SEC of $30 million plus a ban from offering crypto staking services within U.S borders—a move which was heavily criticized by Kraken CEO Jesse Powell who argued he should have done better.
Binance May Settle Charges With Fine
The news came shortly after reports surfaced claiming that Binance may follow suit and settle its own charges with a fine imposed by the regulator. p >
• Shiba Inu’s price could take a significant blow due to a large transfer of 182 billion SHIB tokens and reported sell-offs of the meme coin.
• There was an on-chain data source called Lookonchain that reported a “smart money” investor transferred 182 billion SHIB tokens to cryptocurrency exchanges Crypto.com and Gemini, which is equal to around $2.3 million.
• Lookonchain also said that Voyager is selling assets via Coinbase most of which are comprised of SHIB tokens, and if these transactions carry on, the price of the meme coin could see downward movements.
Massive Sell-Offs Could Lead to Big Drop for Shiba Inu
Shiba Inu (SHIB) could be in trouble with recent massive transfers and sell-offs witnessed from SHIB whales just after Voyager also made reports of some Sell-offs of the meme coin. The price of Shiba Inu could take a significant blow if there is a considerable drop in demand for the stock in the near term or medium term amid these developments.
182 Billion SHIB Tokens Transferred
A “smart money” investor reportedly carried out a sizable Shiba Inu transaction a few hours before press time, as reported by an on-chain data source called Lookonchain. The whale recently transferred 182 billion SHIB to cryptocurrency exchanges Crypto.com and Gemini, which is equal to around $2.3 million.
Voyager Selling Assets Via Coinbase
Lookonchain yesterday said that Voyager is selling assets via Coinbase most of which are comprised of SHIB tokens. Since Feb 14th, Voyager has been sending assets to Coinbase almost daily, leading to speculation about their impact on the future performance of the coin’s price..
Potential Impact On Price
A further major drag on the SHIB price is possible if Voyager is in fact selling all its crypto holdings; however, at press time CoinMarketCap showed that Shiba Inu had increased by over 1.5% in twenty four hours showing that no immediate impact had yet been seen on its value due to these developments yet .
• The market value of BinaryX (BNX) has experienced a significant increase, surging over 200% within the past month.
• BNX is a GameFi platform that operates two play-to-earn games and functions as the platform token of BinaryX.
• BinaryX’s recent success has been driven by their user growth, expansion plans for new games, and their 1:100 token split.
BinaryX Surges 200% in One Month
The market value of BinaryX (BNX) has experienced a significant increase, surging over 200% within the past month. CoinMarketCap’s recent price data reveals a rising trend in BNX’s value, starting from $58 on Jan. 7 and reaching its 52-week peak of $181.35 on Feb. 13. Despite a slight pullback, the current price of BNX is $168.32 as of Feb. 17, accompanied by a market cap of $486 million.
What is BinaryX?
BinaryX is a GameFi platform that operates two play-to-earn games, CyberDragon and CyberChess, both of which run on the BNB chain as decentralized apps (dapps). BNX functions as the platform token of BinaryX and serves as a utility token for all activities in the BinaryX ecosystem, including games and an incubation fund with over $1 billion locked in smart contracts as of Feb 17th — a 30% increase in one month!
Why Is BNX Rising?
Binaryx’s success is multifaceted; they reported an impressive increase in user growth from 98k to 130k players at year end; this positive sentiment was met with investor enthusiasm towards their upcoming expansions plans for new games and initiatives like their 1:100 token split decision which was made through a democratic DAO vote with 99.5% in support!
What Does This Mean For Investors?
The surge in interest surrounding the project suggests investors may be eager to capitalize on Binaryx’s potential, though caution should always be taken when investing in any crypto asset or project. It will be interesting to see how far this momentum can carry them – only time will tell!
Binaryx’s recent success has been driven by their increasing user base , expansive game lineup and innovative initiatives like their 1:100 token split – all factors pointing towards investor confidence for what lies ahead for this project! Whether or not you decide to invest should ultimately come down to your own research into the project – happy investing!
• China has launched a state-supported blockchain research center in Beijing.
• The goal of the center is to promote the integration of technology into daily life through research and development efforts.
• Despite the Chinese government’s ongoing crackdown on cryptocurrencies, the launch of the National Blockchain Technology Innovation Center reflects its enthusiasm for blockchain technology.
China Launches Beijing Blockchain Research Center
China has recently launched a state-supported blockchain research center in Beijing with the goal of promoting the integration of technology into daily life through focused research and development efforts. The new institution will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC).
The National Blockchain Technology Innovation Center plans to develop a research network with local universities, think tanks, and blockchain companies in order to explore and develop core blockchain technologies. The findings will be utilized to further digitalize China and grow its blockchain industry.
Cryptocurrency Regulations Tighten
Despite the Chinese government’s ongoing crackdown on cryptocurrencies, the launch of this new institution reflects its enthusiasm for blockchain technology. It was first mentioned in China’s five-year policy plan in 2021 as playing a key role in the country’s digital economy. China is also prioritizing development of a central bank digital currency, which millions have been distributed nationwide to boost adoption.
Taxes Levied On Digital Asset Transactions
On Jan 30th Justin Sun announced that China is taking significant steps to regulate cryptocurrencies through taxes levied on digital asset transactions. This signals that Chinese government views cryptocurrencies as legitimate form wealth and hence seeks to tax them accordingly .
The launch of this National Blockchain Technology Innovation Center demonstrates how despite Chinese governments continuing crackdown on cryptocurrency , it still remains enthusiastic about potential use cases for blockchains . This institute hopes to accelerate digitalization initiatives within china while expanding its understanding & usage of core technologies related to blockchain .
• Binance has stopped its wallet services for WazirX due to false claims made by Zanmai Labs, which manages WazirX.
• Binance has set a deadline of Feb. 3rd, 2023 at 11:59 UTC for Zanmai Labs to retrieve the funds utilized for WazirX’s operations.
• WazirX recently revealed in a proof of reserves report that 90% of its user assets are stored in Binance wallets.
Binance Stops Wallet Support for WazirX
Binance, the world’s largest cryptocurrency exchange, has discontinued its wallet support for the Indian cryptocurrency platform WazirX following false claims from Zanmai Labs, which manages the platform. As a result, Binance has given Zanmai Labs a deadline of Feb. 3rd, 2023 at 11:59 UTC to withdraw their untrue statements or end the partnership. If a satisfactory reply is not received by this time, Binance will be forced to end the association and retrieve any funds used in WazirX’s operations.
The Argument That Sparked The End Of The Collaboration
The public argument between WazirX co-founder Nischal Shetty and Binance CEO Changpeng Zhao over who holds authority over WazirX ignited when Indian authorities started looking into potential violations of foreign exchange regulations by the exchange platform. This argument ultimately led to the discontinuation of wallet support from Binance.
Proof Of Reserves Report Revealed
WazirX recently published a proof of reserves report through CoinGabbar, an independent website that tracks crypto assets and revealed that 90% of user assets were stored in Binance wallets at the time it was published – with 92% worth $259 million in value and other exchanges holding only $26 million worth.
Binance Denies Ownership Over Exchange
Despite announcements made back in 2019 suggesting otherwise, Binance has since denied any ownership over the exchange and clarified that it only provides wallet and tech services to them without actually owning them directly.
In conclusion, while arguments have sparked between both sides regarding who holds authority over WazirX as well as who owns it ultimately – it is clear that 90% of user assets are still held within Binance wallets despite no direct ownership being claimed by either side at this moment in time.