Binance to Add Fiat-to-Crypto OTC Trading in a Month
Crypto exchange Binance is planning to add over-the-counter (OTC) trading to its platform in a month to provide users with fiat currency gateways.
Binance’s co-founder and chief marketing officer He Yi said at a media session on Tuesday during the Shanghai Blockchain Week that the exchange will specifically support fiat on-ramp via OTC for Chinese yuan.
He added that the new service will be part of Binance’s plan in the coming months to dedicate more time and resources to compete in the Chinese market. Further, the exchange is also rolling out a payment service to allow users from 170 countries to buy crypto assets using fiat currencies at Binance.com.
Fiat-to-crypto OTC trading has been a critical part in terms of fiat on-ramp for crypto traders based in China as local authorities prevent the direct connection of exchanges to banks and fiat deposits as part of the ban on initial coin offerings in September 2017.
Other long-running Chinese exchanges like Huobi and OKCoin have since then moved overseas and offered crypto-to-crypto trading while recruiting OTC market makers onto their platforms to help users buy and sell cryptos using Chinese yuan. (Neutral)
SEC Charges Token Sale Platform For Illegal $14M Securities Offering
The United States Securities and Exchange Commission (SEC) has sued ICOBox and its founder Nikolay Evdokimov for conducting an illegal securities offering and for acting as unregistered brokers.
In a press release on Sept. 18, the SEC claimed that ICOBox and Evdokimov sold the firm’s ICO tokens to more than 2,000 investors in an unregistered coin offering in 2017.
The SEC goes on to say that the defendants claimed that the tokens would increase in value upon trading and that ICO token holders would be able to swap them at a discount for other tokens promoted on the ICOBox platform. The SEC claims that the ICO tokens are now virtually worthless, adding:
“By ignoring the registration requirements of the federal securities laws, ICOBox and Evdokimov exposed investors to investments, which are now virtually worthless, without providing information that is critical to making informed investment decisions.”
The SEC’s complaint further stated that ICOBox acted as an unregistered broker by facilitating ICO’s that raised another $650 million for dozens of clients.
The commission has charged ICOBox and Evdokimov with violating federal securities laws and is seeking injunctive relief, disgorgement with prejudgment interest and civil money penalties. (Neutral)
Turkey Announces Plans for National Blockchain Infrastructure
The Turkish government has announced plans to establish a national blockchain infrastructure to utilize distributed ledger technology (DLT) in public administration.
The Ministry of Industry and Technology set out its vision during its Strategy 2023 presentation on Sept. 18 in Ankara.
Strategy 2023 emphasizes blockchain and DLT as priorities for the coming year. The document refers to a Startup Genome survey that marks blockchain as one of the fastest-growing tech trends, with a 101.5% increase in early stage startup funding globally.
The Strategy 2023 document says a new open-source platform for blockchain will be established in Turkey. This initiative will analyze different use cases such as land registration, academic certificates and customs to determine potential public sector applications.
The Ministry of Industry and Technology is also planning to work with Turkish regulators to create a regulatory sandbox for blockchain applications.
Strategy 2023 is the first ministry-level document in Turkey to include the word “Bitcoin” (BTC) as a reference. Turkey released an economic roadmap in July that describes a central bank-issued digital currency, but did not mention Bitcoin or any other cryptocurrency. Strategy 2023 also provides this definition of blockchain technology:
“Blockchain, which became popular with virtual currencies like Bitcoin, delivers a distributed communication infrastructure to provide trust between parties on transactions without the need for a central authority. This feature enables many different use cases that address transparency and reliability issues, from smart contracts to supply chains. Because it removes any intermediaries, blockchain technology builds new business models that will shape the future.” (Positive)
Posjetite našu Mjenjačnicu kriptovaluta
- brza i izravna konverzija kriptovaluta za fiat valute i obrnuto
- jednostavna i kvalitetna usluga prema standardima FIMA brenda
- povjerenje temeljeno na dugogodišnjem iskustvu i rezultatima