Binance CEO warns of CBDC drawbacks as digital dollar pilots proceed in US

Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) will co-exist “for a while” with more restrictive digital currencies like China’s digital yuan, Binance CEO Changpeng Zhao said in a Bloomberg interview on Monday. According to Zhao, some of the key features of cryptocurrencies like Bitcoin (BTC) — freedom of use and limited supply — won’t be offered by central bank digital currencies. “At the end of the day, those are core properties that users care about,” he stated. Zhao said that the differences between the two types of digital assets could make…

DeFi adoption on the Binance Smart Chain reaches new highs

Decentralized finance (DeFi) has taken a well-deserved break from the spotlight over the past couple of months after being one of the hottest sectors at the start of 2021, but recent growth on several top platforms may hint at another DeFi run in the near future.  While projects that operate on the Ethereum (ETH) network continue to deal with wild fluctuations in gas fees and transaction times, several that operate on the Binance Smart Chain (BSC) have seen an uptick in protocol activity and token value over the past week.…

MocktailSwap’s ‘Semi-fungible token’ project launches on Binance Smart Chain

MocktailSwap Finance, an up-and-coming DeFi protocol focused on automated market makers, has launched a so-called “semi-fungible token” on the Binance Smart Chain, offering further evidence of innovation in decentralized finance.  The semi-fungible token is based on Ethereum’s ERC-1155 standard, which enables a smart contract to govern an unlimited number of tokens. ERC-1155 tokens can operate as either ERC-20 or ERC-721 standards at the same time using the same address. ERC-1155 is a multi-token standard for “contracts that manage multiple token types,” according to a summary of the Ethereum Improvement Proposal,…

Binance crypto exchange to launch its own NFT platform

Binance, the world’s largest cryptocurrency exchange, is entering the nonfungible token industry by introducing its own NFT platform and marketplace. The company announced Monday the upcoming launch of Binance NFT, a new NFT platform that is expected to start operating in June 2021.  Based on Binance’s blockchain infrastructure, Binance NFT aims to provide minimum NFT transaction costs, Binance NFT head Helen Hai said. The new NFT marketplace and offerings will be available to all existing Binance users as Binance NFT will share the same account system as Binance.com. According to…

Binance to Launch NFT Marketplace this June

Key Takeaways Binance is unveiling an NFT marketplace this June. The platform will host a market for premium auctions and exhibitions, and a regular day trading market. It will initially support Binance Smart Chain and Ethereum. Share this article It looks like Binance wants in on the NFT hype.  Binance Eyes NFT Market  Binance is about to open its own NFT marketplace.  The cryptocurrency exchange announced its plans to launch a new platform for trading non-fungible tokens on Tuesday. It’s set to launch this June.  The platform will host two…

Binance to launch Microstrategy, Apple, and Microsoft stock tokens

Top crypto asset exchange Binance has announced it will list three new stock tokens over the coming week, following the launch of tokens tracking the performance of Tesla and Coinbase shares earlier this month. On April 26, Binance announced it will launch tokenized stock pairings for leading business intelligence firm, Microstrategy (MSTR), in addition to multinational tech firms Apple (AAPL) and Microsoft (MSFT). The tokens will allow users to trade fractionalized units of the share tokens, with minimum trade sizing set at one one-hundredth of a token. Binance’s MSTR tokens…

Binance Stock Trading Draws Attention of Regulators

Key Takeaways Regulators are examining Binance’s stock trading features.  The FCA and others are concerned about whether Binance’s tokenized stocks represent securities.  Binance maintains that Coinbase and Tesla stock tokens are traded with regulated entities, so there is nothing to worry about.   Share this article The U.K. Financial Conduct Authority (FCA) and other European regulators are concerned about whether Binance’s new stock trading feature complies with security laws.  Binance Under Scrutiny for Listing Stock Tokens Leading crypto exchange Binance launched stock trading on Apr. 12. While cryptocurrency enthusiasts celebrated the…

EU regulators reportedly scrutinize Binance over securities law compliance

Cryptocurrency exchange Binance’s latest product — digital stock tokens representing fractions of equity shares like Tesla and Coinbase — is reportedly being studied by European and British regulators over its possible non-compliance with securities laws. A new report from the Financial Times claims that regulators are concerned the tokens may not provide sufficiently transparent corporate disclosures, specifically an investment prospectus, that would be required if the tokens were judged to be securities. Germany’s Federal Financial Supervisory Authority, or BaFin, told FT reporters that while it could not comment on the…