Binance announced on Friday that it is now allowing crypto traders to put up advertisements on its peer-to-peer exchange platform.
This, according to the exchange, will promote freedom for crypto trading by offering an option for users to set up their own trades.
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The peer-to-peer exchange will not charge the buyers or sellers for putting advertisements on its mobile application. The platform supports crypto trading with 25 fiat currencies.
Commenting on this, Changpeng Zhao, CEO at Binance said: “At Binance, we strive to increase the freedom of money, and we are delighted to give our global users more freedom of crypto trading through creating their trades. Moreover, users can trade peer-to-peer for free, as we are not charging any fees for providing the P2P Trading platform.”
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Binance launched its peer-to-peer platform last year, allowing only verified merchants to trade digital currencies. Now the platform is free for all as anyone can post adds.
“Cryptocurrency exchange is a profitable business, and now you can be a local crypto exchange on the Binance P2P platform. You can make your profit by providing competitive prices or new payment methods for users across the world, meanwhile giving crypto access to beginners. It starts from creating an ad on Binance P2P,” Zhao added.
The platform first added Chinese yuan, thus tapping into the lucrative market where centralized crypto exchanges are banned.
Meanwhile, Binance is spreading its reach to every possible cryptocurrency business. Established as a crypto-to-crypto exchange, it now operates a derivatives exchange, offers lending services, has a mining pool, and many more.
Many are also concerned with the aggressive growth of Binance, which might end up creating a monopoly in various services in the crypto industry. Notably, Binance also acquired Coinmarketcap.com, the leading crypto data aggregator for $400 million.
Author: Arnab Shome
New Cryptocurrency Exchanges Launch in India as Businesses Seek Answers From RBI | Exchanges Bitcoin News
The Indian cryptocurrency industry has been growing rapidly despite the nationwide lockdown and the coronavirus crisis. Two new cryptocurrency trading platforms are launching in India while existing crypto businesses seek clarification from the central bank, the Reserve Bank of India (RBI).
The crypto sector in India is showing significant growth with several crypto exchanges reporting a 10X increase in trading volumes and a substantial increase in new users. Despite the global coronavirus pandemic and the nationwide lockdown, new cryptocurrency trading platforms are launching in India.
Global cryptocurrency exchange aggregator Coinswitch is launching a crypto trading app for Indian users on June 1. Announcing pre-registration for Coinswitch Kuber, Coinswitch explained on Wednesday:
Coinswitch Kuber will ensure the best rates by aggregating liquidity across all Indian exchanges and will support over 100 currencies for Indian users to buy and sell easily using Indian rupees (INR).
Coinswitch aggregates the liquidity of a number of crypto exchanges in India to provide its users with the best rates for cryptocurrencies. The exchanges include Binance, Huobi, Kucoin, and Hitbtc. To access this pooled liquidity, users simply enter the INR amount and the cryptocurrency they want to buy, and the service will provide a list of offers at various exchanges that “auto-refreshes every 30 seconds.”
The first 25,000 users during pre-launch pay no INR trading, deposit, or withdrawal fees. Users can earn Coinswitch points, or Kuber points, as a part of the new platform’s reward program, which can be redeemed from the reward section once the platform is live.
Besides Coinswitch, another cryptocurrency exchange has launched in India. The Bangalore-based Bitpolo announced on Thursday that it is now live. The exchange offers instant INR deposits and claims that withdrawals are “within seconds.” Chief business officer Suresh Choudhary said:
We were building through the bear market and thought the timing of our launch cannot be more apt than when the world is slowly inching back towards normalcy post a pandemic & recessionary environment.
“As we foresee fragilities of traditional asset classes, crypto markets seem to offer the bigger upside and we intend to bring simplicity and solid technology to the screens of Indian traders and hodlers,” Bitpolo added.
Ever since the Supreme Court of India quashed the RBI ban, the Indian crypto community has been waiting for more instruction from the central bank. The RBI has not sent any notices to banks regarding the supreme court’s ruling, which has led some banks to continue denying service to crypto businesses. According to reports, the central bank is not obligated to issue any updates.
A number of crypto businesses have reportedly approached the RBI seeking clarity on the status of the banking ban and the taxation of cryptocurrency. “The cryptocurrency exchanges also want clarity as to whether they are being categorized as commodity, currency, goods or service as this is set to impact the way they get taxed under goods and services tax (GST) framework,” the Economic Times reported Monday.
“If the digital assets are not exempted from GST, the digital currency exchanges in India are going to have a standoff with the tax authority,” Praveenkumar Vijayakumar, CEO of cryptocurrency exchange Belfrics Global, was quoted by the news outlet as saying. He elaborated:
In the wake of the recent supreme court ruling, we have also approached the RBI for clarity on this, as if we pay GST on the whole transaction, then most platforms would not be able to survive.
Several Indian tax authorities have been examining how to tax bitcoin and other cryptocurrencies. The indirect tax department has been investigating whether cryptocurrency could be brought under GST and how much to tax crypto exchanges. The sales tax department and VAT authorities are also looking into cryptocurrency taxation.
What do you think about how fast the Indian crypto sector is growing? Let us know in the comments section below.
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Author: Exchanges by Kevin Helms
Dutch Exchange BitKassa Shuts Down Over Regulatory Issues
The Netherlands-based cryptocurrency exchange BitKassa has decided to close down its services on May 17, 2020, due to the excessive demands of the Dutch Central Bank.
The exchange says the Dutch Ministry of Finance does a great job serving the Dutch Central Bank “in enforcing unreasonable regulation upon Dutch Bitcoin companies.”
Previously iHodl reported that De Nederlandsche Bank (DNB), which is the central bank of the Netherlands, ordered the obligatory registration of crypto companies operating in the country.
The bank’s decision to order cryptocurrency firms to register comes after the country’s parliament passed a new AML legislation last month to comply with the European Union’s AML directives and standards set by the Financial Action Task Force (FATF).
According to the DNB, companies that do not register “must cease their existing activities” by May 18 and face fines and “enforcement action.”
“Besides the considerable financial burden, the Dutch Central Bank also imposes extensive and excessive regulation. We consider these regulatory demands to be disproportionate to the size and nature of our business,” BitKassa said in a statement.
In April a bitcoin (EXANTE: Bitcoin) payment facilitator Purse.io announced its decision to shut down after 6 years of operation.
The company, which was founded back in 2014, offered its users a discount for paying on Amazon with Bitcoin.
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