NFT Market Sees Offerings with Actual Utility Despite Slow Activity and Declining Sales
This week in the world of non-fungible tokens (NFTs) has seen a range of offerings highlighting the expanding industry, despite a sluggish market and declining sales. Practical NFT applications have emerged, such as gaming NFT cards from Gods Unchained and fantasy sports NFTs from Sorare.
Binance CEO Attempted to Shut Down U.S. Exchange Amid Regulatory Scrutiny
Binance CEO Changpeng Zhao reportedly tried to shut down the company's U.S. exchange earlier this year to protect the global exchange from increasing regulatory scrutiny. The Binance.US board of directors, chaired by Zhao, voted on whether to liquidate the $4.5 billion-valued U.S. exchange, but failed to achieve unanimous support.
CZ : Coinbase's Base network is not a threat
Changpeng Zhao (CZ), the CEO of Binance, recently participated in an hour-long Twitter Spaces session where he answered various user questions. Some of the topics discussed included Binance's Dubai license, Binance Launchpad, and Coinbase's layer-2 mainnet called Base. CZ emphasized that Binance welcomes competition and is open to collaborating with new products and blockchains in the crypto space. He also provided insights into Binance's Dubai license, explained the purpose of Binance Launchpad as a platform for fundraising in crypto, addressed inquiries about purchasing Binance merchandise, and discussed team management strategies for staying on top of trends. Regarding Coinbase's Base network launch, CZ stated that it is not viewed as a threat but rather as a positive development that brings more choice to users. Overall, CZ highlighted the importance of embracing competition and working together within the industry.
Binance Japan: Offering trading for 34 types of cryptocurrencies starting from August 1st
Binance, a major cryptocurrency exchange, has launched a Japan-based arm called Binance Japan, offering spot trading for 34 tokens as of August 1. The move comes two years after the company received a warning from the country's financial regulator and relocated its headquarters to Malta. Binance acquired Sakura Exchange Bitcoin in November 2022 and plans to migrate global Binance users starting on August 14, with the aim of bolstering the development of the Japanese digital-asset market.
Binance Launches Sei (SEI) on Launchpool for Staking BNB, TUSD and FDUSD
Binance has announced the launch of Sei (SEI) on Binance Launchpool, a layer 1 blockchain optimized for the exchange of digital assets. Users can stake their BNB, TUSD, and FDUSD to farm SEI tokens over 30 days, starting from August 2, 2023. Binance will list SEI on August 15, 2023, with SEI/BTC, SEI/USDT, and SEI/BNB trading pairs.
Binance CEO CZ Zhao Plans to Offer Smaller Algorithmic Stablecoins as Alternative to Global Giants
Binance CEO Changpeng Zhao is exploring the possibility of introducing smaller algorithmic stablecoins to the market to provide investors with alternatives to the current dominant stablecoins. He expressed concerns about the lack of transparency and unforeseeable risks associated with large stablecoins such as Tether and Binance USD. As a result, Binance is working on algorithmic stablecoins and diversifying its stablecoin partnerships to spread out potential risks. Additionally, Binance plans to launch the First Digital USD in Hong Kong and explore new stablecoin options in Europe.
Binance Plans to Expand DeFi Services, Focuses on Stablecoins and NFTs
Binance co-founder CZ revealed in an AMA session that Binance is actively expanding its DeFi services, with stablecoins being a major focus in the Web3 space. Binance plans to support stablecoins like FUSD and Euro-based stablecoins.
A Whale transferred 1,000 BTCs to Binance US
According to Whalealert, about 10 minutes ago, a certain giant whale transferred 1,000 bitcoins to Binance US with a total value of about $29 million.
CZ: Plan To Increase Investment in the DeFi Field and Hope To See More NFT Use Cases
CZ, the founder of Binance, said in an AMA that he personally does not know which field will become the biggest or most interesting in encryption. trading platform. It believes that CEX has helped many people in the encryption field. CZ added that there are many other interesting areas where Binance plans to invest heavily, and DeFi is obviously one of them. NFTs may be difficult at the moment, but hopefully people will find more practical and common use cases for using NFTs, not just for selling digital art. In addition, fields such as games and e-commerce will continue to develop.
CZ: In Addition to FDUSD, There Are New Stablecoin Partners To Be Announced Soon
Binance founder Changpeng Zhao (CZ) said in an AMA, "In addition to the stablecoin First Digital USD (FDUSD), there are new stablecoin partners to be announced soon. I don't want to disclose specific details for now. We will support multiple encryption currency."
Binance Adds AGLD and T as Borrowable Assets for Cross Margin Leverage
Binance added AGLD and T as new borrowable assets on cross margin, and added new trading pairs on isolated margin: New cross margin currency pairs: AGLD/USDT, T/USDT New isolated margin currencies Right: ARKM/TUSD, AUCTION/USDT
Binance Becomes First Virtual Asset Exchange to Receive Operational MVP License in Dubai
Binance has become the world's first exchange to receive an Operational Minimum Viable Product (MVP) License from Dubai's Virtual Assets Regulatory Authority (VARA). Eligible users can now access regulated virtual asset services in Dubai under VARA’s investor protection and market assurance standards. This achievement confirms Binance's commitment to building a compliant exchange in collaboration with local regulators.
XRP's Market Cap Reclaims Fourth Place, But Declining Demand and Profitability Raise Concerns
Ripple's XRP has regained its position as the fourth-largest cryptocurrency by market capitalization, displacing Binance's BNB coin. This was due to a surge in trading volume following a ruling that declared Ripple's sale of XRP tokens in 2020 did not qualify as the sale of an "unregistered security." However, XRP's on-chain assessment has revealed a decline in daily active addresses and new demand since mid-July, leading to a shortfall in profits.
Terra Luna Classic Community Burns 70 Billion LUNC Tokens in Effort to Reduce Circulating Supply
The Terra Luna Classic community has burned a total of 70 billion LUNC, marking another milestone in their efforts to reduce the circulating supply since May 18, 2022. Binance, the world's largest crypto exchange, has contributed over 50% to the total LUNC burned by burning almost 36 billion LUNC. While the circulating supply of LUNC is 5.81 trillion and the total supply is 6.84 trillion LUNC, the community needs to increase utility to increase the LUNC burn rate. The Terra Luna Classic burn campaign has been successful, with an average of 400 million LUNC burned per week, but the LUNC price has fallen 1% in the past 24 hours and is currently trading at $0.000081.
Binance and CEO CZ Face Regulatory Challenges and Scrutiny in Europe
Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng "CZ" Zhao are facing increased regulatory scrutiny in the euro area following lawsuits by the US SEC and CFTC, according to the Wall Street Journal. Germany's financial regulator, BaFin, has recommended that Binance withdraw its license application due to concerns about CZ and the exchange's complex structure. Binance has also withdrawn license applications in several other EU countries and faces scrutiny from regulators in France, Belgium, and the UK, as well as losing its European banking partner PaySafe. Despite this, a spokesperson for Binance has stated that the exchange will continue to pursue necessary regulatory approvals to conduct business in Germany.
Anonymous Whales Move Nearly 50 Billion Shiba Inu Meme Coins in Three Hours, SHIB Price Shows Small Decline
Anonymous whales have moved almost 50 billion Shiba Inu meme coins in the past three hours, according to data from Etherscan. The transactions were made between various wallets, including Binance and KuCoin exchanges.
Binance and US SEC Oppose Eeon's Petition to Intervene in Lawsuit
The SEC and Binance have opposed a petition by third-party entity Eeon to intervene in the lawsuit on behalf of customers. Binance gave three reasons for dismissing the petition, including Eeon's failure to meet requirements for intervention under the law. The SEC argued that Eeon is a serial pro se litigant whose causes have failed to gain traction in federal courts, and requested the court to deny the petition. Meanwhile, Binance has filed a motion to dismiss the US CFTC lawsuit claiming that it lacks jurisdiction on the global crypto exchange and the right to sue its CEO CZ.
Binance Upgrades AI NFT Generator with Bixel, Replacing Controversial Bicasso
Binance has launched a new AI NFT generator called Bixel, which allows users to create personalized digital artworks using cutting-edge technology. The tool is accessible to all and the first 10 artworks are free. Users must complete the platform's KYC identity validation process to use the tool and pay a minting fee of 0.008 BNB ($1.90) to mint NFTs via Binance's blockchain network. Binance is committed to empowering artists to create attractive digital art that can easily and securely be shared, sold, and traded for financial gain on a global scale.
Binance Asks Court to Dismiss CFTC’s Crypto Lawsuit
According to Bloomberg: Lawyers for Binance and CZ filed a motion to dismiss with a Chicago court on Thursday, stating, “In this case, the CFTC seeks to regulate foreign individuals and companies that reside and operate outside the United States. This went beyond the limits of its statutory authority and trampled on deep-seated principles of comity with foreign sovereign states.” The U.S. Commodity Futures Trading Commission (CFTC) sued the company and CZ in March, accusing them of knowingly taking steps to circumvent U.S. laws, including knowingly allowing Americans to use the platform to buy and sell cryptocurrency derivatives, even though Binance never registered.
Binance’s BNB Chain Sees Decrease in Revenue and Coin Value, but Implements Upgrades and Experiences Growth in NFT Activity and Daily Active Addresses
Binance's BNB Chain faced a decline in revenue and coin value due to regulatory issues and lower transaction fees. However, the blockchain made upgrades and plans to expand its validator model, resulting in stable staking and increased transactions and daily active addresses. NFT activity on the chain increased in Q2, but GameFi activity slowed down by 3%.
