Leading exchange, Binance now operates an Ether mining pool • PaulCrypto.com

Leading exchange, Binance now operates an Ether mining pool • PaulCrypto.com

Originally reported by-Cryptopolitan

  • Crypto exchange, Binance has now debuted an Ethereum mining pool.
  • The pool will run commission-free for the first month. 

Binance, the leading cryptocurrency exchange, officially introduced the Binance mining pool to its suite of cryptocurrency services, starting with Bitcoin (BTC). On Thursday, the exchange stepped up its mining pool service to include Ethereum users. The crypto exchange also intends a cheaper mining fee compared to the rate charged by other similar services in the industry. Meanwhile, the development comes as Ethereum users prepare for a proof-of-stake (PoS) era.

Per the announcement, the Ether mining pool service operates through an FPPS or full pay-per-share mining method. This probably entails that the pool users will be receiving both mining rewards and transaction fees in accordance with the hash power they contribute to the Ethereum mining pool. It’s also the same reward payout used in the Binance Bitcoin mining pool. Interestingly, Binance is charging 0.5 percent as a pool fee for the new mining service.

This is about 50 percent cheaper compared to other Ethereum mining pool services, which charge up to one percent in the fee. As a welcome offer, the crypto exchange mentioned in the announcement that the users would mine the Ethereum coin at a zero fee for the first month. That is, the exchange will be hosting the hash power without requesting any commission during this period. The development today is part of the exchange’s broader plan to encourage participation in the crypto mining industry. 

The Binance Bitcoin pool gained some level of growth in the past month. Following the data from BTC.com, the pool accounted for roughly seven percent of the entire Bitcoin network’s hashrate last month. However, the announcement of the Ether mining pool brings up the question of whether it will note increased participation in the long-run, given that Ethereum is being prepared to transition to the PoS model.

Already, the deposit contract has been launched, marking the start of ETH staking on the network. The next phase of the transition is expected to take place on December 1.

Source: paulcrypto.com

China’s OKEx crackdown is a warning shot to cryptocurrency exchanges

China’s OKEx crackdown is a warning shot to cryptocurrency exchanges

It has been virtually a month since OKEx, one of many greatest cryptocurrency exchanges on the planet, suspended its token withdrawal companies to its clients after its founder — Star Xu — was detained by police with out a clear motive. 

As police have but to make an official announcement, and no fees have been filed, there have been loads of rumors concerning the state of the corporate. 

Has Beijing lastly gotten bored with nominally Chinese companies utilizing overseas flags of comfort? Is OKEx — which relies in Malta, offers its official tackle as being in Malaysia however has additionally saved places of work in Beijing and Shanghai — being made an instance of to warn different cryptocurrency exchanges working on the mainland and focusing on Chinese language nationals that they, too could be topic to China’s anti-cryptocurrency legal guidelines?

In China, in the case of regulation enforcement issues, the police and court docket system usually preserve an official silence for fairly a very long time till the officers gather sufficient proof. However on this particular evaluation, Forkast.Information will sift by means of what is thought concerning the OKEx case to elucidate what is probably going taking place behind the scenes and the ominous implications for the cryptocurrency {industry} in China at giant.

As Caixin reported on October 16, OKEx’s founder, Star Xu, was introduced in for questioning. Shortly after, the corporate issued an announcement stating that withdrawals of crypto property had been suspended on its platform. 

Two people near OKEx informed Caixin that Xu had been held by police for at the very least per week and hadn’t been into work since. 

See associated article: Conflux’s Open DeFi project aims to bridge East and West — with its own cryptocurrency in China

Jay Hao, the CEO of OKEx tweeted on the identical day as Caixin’s report that “the investigation considerations a sure non-public key holder’s private subject solely.” Shortly after, OKEx told Bloomberg that the police investigation had nothing to do with anti-money laundering or with the corporate itself.
OKEx’s sudden service suspension affected the worth of OKB, the native token of OKEx, which dropped from US$5.82 to s low as US$4.12 inside 24 hours after the corporate’s announcement. As of in the present day, OKB’s value had recovered to US$4.84.

This isn’t the primary run-in that Xu has had with Chinese language regulation. Again in September 2018, Xu was being investigated by Shanghai police after buyers alleged that OKEx manipulated the buying and selling market, and Xu was suspected of fraud. In 2018, Xu resigned from the CEO place of OKEx and saved a distance from the day-to-day operations of the corporate. 

As of the publishing time of this story, OKEx’s companies had not but resumed. Its clients additionally appear past irate and exasperated.

“When can I withdraw my cash?” OKEx shoppers preserve posting on Weibo, the microblogging service that’s generally referred to as “Chinese language Twitter,” in response to OKEx’s submit providing a fortunate draw.

“Do we have to wait till Chinese language New Yr?” one other OKEx buyer with frozen crypto property demanded to know.  

OKEx replied: “When our companies resume, we’ll notify our buyers from all our official channels instantly.”

The modus operandi of OKEx — and lots of different cryptocurrency exchanges — of being based mostly exterior of China, however doing enterprise with PRC nationals, is now dealing with significantly extra challenges in comparison with earlier than. 

In September 2017, China deemed Preliminary Coin Choices (ICOs) unlawful and banned their issuance of them on the mainland. In response, many cryptocurrency exchanges — together with Binance — determined to decamp to greener regulatory pastures. 

However transferring a cryptocurrency change’s company headquarters out of China doesn’t imply that these exchanges are stopping companies to China-based merchants. 

In truth, the over-the-counter (OTC) market continues to thrive on the mainland, with cryptocurrency exchanges doing brisk enterprise and permitting would-be buyers to purchase BTC, ETH, EOS and extra from friends utilizing RMB.  

This has actually been lengthy on the radar of Chinese language officers. In 2018, Pan Gongsheng, the vice-president of the Folks’s Financial institution of China warned that cryptocurrency exchanges based mostly abroad however solicit enterprise from folks in China are nonetheless unlawful. 

In response, some cryptocurrency exchanges determined to spin off their operations to maintain a firewall between their Chinese language and abroad divisions. For instance, Huobi’s cryptocurrency change enterprise, based mostly in Singapore, is an entirely totally different entity than Huobi China, which relies in Hainan and primarily focuses on growing blockchain expertise. 

OKEx is in an identical scenario. To evade mainland China’s laws, Star Xu tried to divide his firm into separate entities — OKEx based mostly in Malta, and OKCoin in Beijing. 

Nonetheless, a judge within the Hangzhou court docket issued a verdict discovering that OKEx, based mostly in Malta,is simply an abroad registered web site derived from www.okcoin.cn — that means, that OKEx and OKCoin are associated. 

OKCoin now payments itself as a “blockchain explorer” firm that tracks cryptocurrency costs and supplies different cryptocurrency-related info, reminiscent of whole worth locked in decentralized finance (DeFi).

The scandal of OKEx brings up one other concern: custody. If Xu is likely one of the non-public key holders of OKEx’s wallets, he’s, ipso facto, the custodian of all the digital property. This presents a plethora of points: publicity to native securities legal guidelines, and the worry that there could possibly be a QuadrigaCX-like scenario the place, if the keyholder dies or vanishes, retail buyers are worn out. 

There’s additionally the KYC (know-your-customer) query. Like many cryptocurrency exchanges, OKEx’s OTC platform lacked a ample KYC process — and authorities might need thought of it a possible money-laundering catastrophe within the making. 

Additional, the truth that all of the buying and selling occurred abroad means dispute decision mechanisms obtainable to merchants in China could be restricted.  

The crackdown on Xu and OKEx coincided with some regulatory developments on China’s crypto entrance. On October 19, elite universities and web giants drafted the Blockchain Info Service Safety Specs. Led by the Ministry of Trade and Info Expertise, Chinese language regulators have been transferring to tighten laws over blockchain, cryptocurrency and associated info companies. Additionally, two days earlier than the OKEx was pressured into suspending service, a government draft of anti-money laundering regulations was additionally launched. The proposed laws would outline China’s primary anti-money laundering technical safety code, together with requirements for blockchain technical code, KYC/AML code, blockchain finance and blockchain asset varieties.

Whereas China has formally adopted blockchain expertise as a nationwide strategy, what is going on to OKEx means that supervision of cryptocurrency exchanges is tightening. 

Whereas it stays to be seen whether or not China’s crackdown on OKEx is the start of one other industry-wide wipeout like that in 2017, after China banned ICOs and crypto firms shuttered throughout the nation, different cryptocurrency exchanges in China ought to contemplate themselves warned, loud and clear.

Source: www.newworldtimes.net

Author: newworldtimes

Belarus’ largest bank reportedly launches crypto exchange service

Belarus’ largest bank reportedly launches crypto exchange service

Belarusbank, the largest financial institution in Belarus, is reportedly launching a cryptocurrency exchange service.

According to a Nov. 12 report by local news agency Prime Press, Belarusbank is rolling out a service allowing users to exchange cryptocurrency using a Visa payment card. As reported, the new service enables trading crypto against fiat currencies like the Belarusian ruble as well as the United States dollar and the euro.

Belarusbank executives reportedly said that the launch of the new crypto service comes in line with the company’s digital transformation program that was announced a few years ago.

The new service is reportedly available to citizens of Belarus and Russia. The bank is also planning to extend the list of countries supporting the service as well as the list of supported cryptocurrencies in the near future, the report notes.

According to the report, the new feature is a result of Belarusbank’s partnership with local crypto payment operator Whitebird. Prior to introducing the new service, the two companies reportedly partnered to jointly explore the crypto industry in 2018.

Belarusbank is apparently one of the first banks in Belarus pushing its own crypto service. The bank initially announced its plans to set up a crypto exchange in early 2019.

What future awaits cryptocurrencies?

The development of crypto business in Belarus has been encouraged by local crypto-friendly regulation. As previously reported, Belarus President Alexander Lukashenko signed a draft decree legalizing the use of digital currencies in late 2017.

Source: www.bit-cointalk.com

Leading exchange, Binance now operates an Ether mining pool • PaulCrypto.com

Cryptocurrency exchangesIndian cryptocurrency exchange ZebPay launches NFT marketplace as FOMO gathers pace
Cryptocurrency exchangesBelarus’ largest bank reportedly launches crypto exchange service
Did the article help? Rate it
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Add comment

Get Awesome Reviews

Coins, exchanges, wallets, crypto games, crypto cards.
Search for reviews and share your own experience.