The crypto stock Binance enter into an agreement with the Cambodia Stock Market Regulatory Authority (CRSE). The partnership aims to implement comprehensive rules for the national digital asset industry. Furthermore, he is also willing to support the efforts of crypto companies.
Binance and the Cambodian regulator will develop a regulatory framework local
In a recent announcement, the exchange informed me that it is a partner of CRSE will continue 3 main objectives.
- Both parties share their technical expertise in cryptocurrency operations.
- They will support digital asset businesses in South Asian countries. South East. They will also work to design an appropriate regulatory framework for local industry.
- Finally, Binance Promote the launch of trainings and the initial advantage of Cambodians on cryptocurrency and its benefits.
Mr. socheatheand general manager of CRSEI noticed that the regulator has yet to issue digital asset licenses but hope to change this trend with the help of Binance.
“We plan to develop compliant regulations and we expect this MoU (Protocol of agreement) be a springboard for our future regulatory work,” he added.
The regional director of Binance for Asia, soil Kostarev, I also commented on the collaboration. He pointed out that the adoption rate of blockchain and digital assets in the South Asian region South East is on the rise, which means Cambodia has the potential to become a global crypto hub.
” Binance expect the value of the Cambodian mobile securities industry by providing in-depth and professional knowledge of the digital asset market,” concludes the executive.
Bonus: Coinbase will provide users’ crypto geolocation data to ICE as part of an agreement.
A regulatory approach different
Binance inverse are previous approach consistent with enter the market, then seek compliance. He now proactively meets with regulators before opening the store.
Moreover, the CEO Changpeng Zhao I found Philippine regulators at the beginning of the month. This as it aims to obtain a license to operate as a virtual asset service provider and e-money issuer. CZ I met with officials to discuss integration with the country’s banking system. The country where gambling like axis infinite they are popular.
On the other hand, CZ also met French President Emmanuel Macron. Afterwards, he announces theobtaining an operating license from the French subsidiary. Dawn lalucqthe French Ministry of the Environment, criticized the decision of the FMA and urged the agency to reconsider this decision.
Related Conference: Binance cheats on TikTok star Khaby Lame as its brand ambassador.
Rumors circulate that Binance could announce a bailout given its healthy cash reserves. Nevertheless, Binance Finally, he pointed out that there are bad projects and they should not be rescued. Ad comes later FTX contacted lenders crypto in difficulty BlockFi and travel.
Binance will not support “bad” and failed projects.
changpeng ZhaoDirector of Binance and one of the industry’s leading crypto advocates, has shared his thoughts on project bailouts and supporting the digital asset ecosystem during a severe crypto downturn.
My views on bailout and leverage, as in the current market. https://t.co/EC8WULUaOO
— CZ 🔶 Binance (@cz_binance) June 23, 2022
The world’s largest cryptocurrency exchange has a role to play, it says CZ. This citing its aggressive cash reserves and its status as an industry player. Zhao pointed out that this obligation exists regardless of the possible profits or losses of Binance. the leader of Binance He further added that the rescue plan is not binary and the support plan during this period should be based on several factors. “The rescue here is pointless”has declared Zhao.
On the other hand, some projects make mistakes along the way, but still make up for them. According to Zhaothese projects have built better products that deserve a ransom
“Either they are too aggressive in spending, they have insufficient reserves, or they have other minor problems that can be fixed. These projects generally have good qualities: product fit to market, revenue generation under normal market conditions, strong business models, decent teams, etc. »
Bonus: VanEck and Investo are launching a crypto ETF in Brazil that allows instant and permissionless transfers.
The SEC commissioner opposes the bailout.
The SEC Commissioner, Hester Piercecrypto-friendly, dissented soon after FTX announced a $250 million bailout of BlockFi. The recent stock market crash, he said, was a natural process of separating the strong from the weak. Let things unfold naturally.
She said: “Crypto no rescue mechanism […] me I don’t want to come in and say we’re going to try to find a way to bail you out if we don’t have the power to do so. But even if we did, I wouldn’t want to use that authority, we really have to let these things play out.
Also, crosshe also said that the slowdown could be a valuable learning opportunity for market participants and regulators.
To go further: Ontario regulator OSC is cracking down on Bybit and KuCoin exchanges.
the map crypto issue a pair Binancefor users from Ukraine recorded thousands of purchases. The card allows people displaced by the ongoing conflict with Russia to make payments and receive financial assistance.
The results on the crypto-card Binance refugee
Between April 26 and June 10, nearly 70,000 people on receipt Binance refugee Crypto cardsthe most traded coin exchange announced by the press conference crypto forklog. The payment product was offered in April to support Ukrainians driven from their homes during Russia’s military invasion of the country.
the map Allows Ukrainians to make or receive crypto transfers and payments from merchants in the countries of theEEA. With it, refugees can also receive financial aid through Binance the partners. The claims of 4,000 Ukrainians alive today a Overseas have been approved and more than 1,700 have received funding.
See also: OKX plans to increase its global workforce by 30% over the next year.
Binance continue to support Ukraine
outside, Binance Also contribute to help internally displaced persons (IP). That through the projects developed with the charitable foundation palianytsia and the Rotary club Kyiv International. The names of families, people with young children, people with disabilities and priority people.
After the article, the people who needed it most received it Help of $75 per month for three months. The project has a budget of $1.2 million and will initially have 5,000 displaced people.
” At the same time, our allies help those forced to enter the EU, who obtain refugee status and are ready to deal with it. More in parallel, we decided to launch a pilot project to help those who remained in Ukraine. »I explained to him representative of the exchange.
Binance also announced that it was working closely with the Ukrainian Ministry of Digital Development. An initiative that saw create an online professional course for Ukrainians who have lost their jobs because of the war, perhaps as early as this month. The exchange also said it will continue to monitor Russian sanctions regulations and ensure they are implemented on its platform.
Also Read: US Regulators Fine BlockFi $100 Million for Securities Sale Violation.
May 31st, Binance Smart Channel Launch a new technical roadmap. It aims to improve transaction speed, network decentralization and development support. According BSCthe new dApp offer to consumers “greater capacity, faster transactions, greater network decentralization, security and stability”.
Cannot attend #BNBCain Reveal Summit Live Stream? Do not despair ! 😉
In this thread, we’ll provide you with live coverage of the event so you can keep up to date with the most important news🥳
Watch on YouTube
or Binance Live
— BNB Channel 🔶 (@BNBCHAIN) May 31, 2022
As a reminder, Binance Chain and Binance Smart Chain merged to form the former multi-chain infrastructure layer now called BNB Chain, in February. BNB Chain supported the new ecosystem as well as the governance mechanism of BNB.
Bonus: Tether holds part of its reserves in a small Bahamian bank, Capital Union.
The roadmap includes several notable developments.
- Actually, I gas trained her in a pad BSB increase to 200 million in the third quarter of 2022, i.e. double whatethereal had so far. This ensures faster and cheaper transactions and will provide “an experience dApp transparent even during network traffic shots,” the ad suggests.
- The announcement highlights that upcoming developments focus on the the decentralization of layer 1 blockchains. This by integrating open source applications into its beacon chain.
- Moreover, with the proposal BEP-131, the name of validators will also be decentralized from 21 to 41. In this way, the team thought it would offer users a higher degree of transparency and security.
- Known for allowing users to easily create their own platform through the BNB Application side chain (DOWN), BNB the chain will lead ZkRollups to DOWN and possibly to the system zkBAS. I noticed that the change could improve the balance between security and performance and increase the transaction deficit.
- otherwise, the solutions DOWN and zkBAS specify are designed for building an “application-specific infrastructure”. They will therefore deal with computing power and data storage.
The CEO of Binance, Changpeng ZhaoI stated that the features have improved make BNB Channel the future of blockchain. CZ said it would become a highly decentralized community-controlled product.
“The blockchain can do many things. The first applications focus on Challengebut i thought that BNB Chain is much larger than binance.com. The community decides that they are future. I thought that in the future, people interact with the blockchain without even knowing if it is money, banking, etc.
Also, Uri FerrucioFoundation Executive Director BNBalso shared his thoughts on the roadmap. I affirm that technical improvements are crucialbecause they could bring significant changes to developers and consumers.
Official News: Kazakhstan received $1.5 million back from Bitcoin miners in its first quarter of 2022.
The cryptocurrency exchange Binance I announced that the Central Bank of Bahrain had obtained a license to Category 4Updating its license will allow it to offer a wider range of services. The exchange is also the first crypto service provider in the country with a Category 4 license.
The license of Binance in Bahrain has been updated.
Binance will be allowed to step up their game after Get a full license to provide crypto-asset services. The latter was approved with the Central Bank of Bahrain in March. The crypto-asset enriched license allows Binance to offer consumers crypto-asset trading, custody and portfolio management services under the supervision of Bahraini regulators.
It is the first crypto service provider in the country to receive a Category 4 license. This representative decision a significant change compared to last year, when regulators targeted exchanges in multiple countries.
I KNOW Eruption At MarajGovernor of the Central Bank of Bahrain, said: “Developing regulations aligned with global trends is a clear goal for our CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices. »
Related conference: Binance signs MoU with Kazakhstan to support development of crypto market in the country.
The expansion and compliance plan for Binance
These last weeks, Binance to obtain a series of licenses in different countries. All this to show who is satisfied. As a reminder, lawmakers around the world have expressed more than once their concern over the impact of the exchange, which also fell short of previous years. In recent years, Japan, Israel and the UK have all I accused Binance compliance-related weaknesses.
The world’s largest cryptocurrency exchange seems to have taken this to heart. Also, actively maintain the work to ensure that it meets all standards.
In turn, most of their recent moves have been in line with the company’s growing focus on the Middle East. The world’s largest cryptocurrency exchange plans to offer payment and trading services to dubai and to Bahrain of June, and has already received a regulatory license to operate at Abu Dhabi.
Furthermore, Ihe Until recently I applied for a license in Germany. In others, it has a limited license to operate in Dubai in March and a license to operate in France earlier this month. Despite some regulatory challenges in Europe last year, Europe will once again be in the spotlight.
Also read: Ripple sees an IPO after regulating its processes with the SEC.
Binance signs a memorandum of understanding with Kazakhstan to support the development of the crypto market in the country.
changpeng Zhao (CZ)founder and CEO of Binancethe world’s largest cryptocurrency exchange, recently met with the president of Kazakhstan Kassim Jomart Tokayevthe first deputy chief of staff Timur suleimenov and the minister Baghdad musinwho is in charge of the country’s innovation and digital strategy.
Collaborate in the adoption and regulation of cryptocurrencies.
Rather during the day, Binance signed a memorandum of understanding (SMOOTH) with the Government of Kazakhstan to support the “virtual asset market development” in the country. In fact, theThe signing of the memorandum of understanding will allow Binance contribute to thedevelopment of legislative guidelines and regulatory policies on digital assets.
According to the statement, the country’s Ministry of Digital Development wants to integrate the banking infrastructure with the crypto market. It also plans to facilitate the development and implementation of distributed ledger technology.”
In addition, during the meeting they discussed:
- the potential for long-term cooperation between relevant institutions in Kazakhstan and Binance in the field of digital finance
- from the implementation of cooperative education projects to blockchain technology.
In addition, the ministry and the exchange giant will work together. A collaboration to promote downtown Astana to local and global talent, by creating a regional blockchain center. In addition, the official visit of changpeng Zhao reinforces the exchange’s commitment to experiment in various fields.
Bonus: Cathie Wood’s Ark Investments resubmits bitcoin spot ETF application.
mining of crypto sustainability in Kazakhstan
As a reminder, Kazakhstan has become a key player in the Bitcoin market. (BTC) by embracing China’s mining might after the latter’s radical crackdown on the industry. Consequently, several mining companies have moved their operations to the country. This is to take advantage of cheap and abundant gas and favorable regulatory conditions.
However, the bitcoin mining boom in the country appears to be running out of steam. In fact, the influx of miners is testing thecountry power supply. A situation that led the government to restrict miners’ access to electricity.
In February, the President of Kazakhstan called for an increase in taxes on the extraction of crypto due to high power consumption. The country also cracked down on 106 minors crypto illegal, stopping their operations in the country.
To go further: Mercado Bitcoin in partnership with Stellar, for a significant contribution to the development of a CBDC in Brazil.