Cryptocurrencies are mixed as Binance launches exchange targeting Europeans
Jan 16, 2019
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Crypto Market Recap
- Cryptocurrencies are broadly mixed in midday trading as the price of Bitcoin (BTC) is down 0.26% in the last 24 hours to USD$3,664.60. Among major cryptocurrencies, Cardano (ADA) is outperforming, trading 4.02% higher in the last 24 hours to USD$0.044980. Ethereum (ETH) is lagging major coins in midday trading, down 2.43% in the last 24 hours to USD$124.52. Total cryptocurrency market capitalization has fallen 0.15% in the last 24 hours and currently sits at USD$122.5bn.
Crypto Developments in Financial Services
- Binance announced the launch of a new fiat-to-cryptocurrency exchange on the British self-governing island of Jersey in an attempt to target investors in Europe and the UK. The newest venture by the world’s largest cryptocurrency exchange by daily adjusted trading volume will feature trading pairs for Bitcoin (BTC) and Ethereum (ETH) against the British pound and the Euro. In its announcement, Binance clarified that Binance Jersey is an independent entity from its parent exchange Binance.com.
- Several notable oil and energy companies are set to join Vakt, a blockchain platform for energy commodity trading based in the UK, according to a report by Reuters. Chevron, one of the largest US-based multinational energy companies, Total, a notable French multinational oil and gas company, and Reliance Industries, a large Indian oil refiner, have all joined the Vakt platform. Vakt already features notable global energy industry members like BP, Shell, and Equinor.
- The most recent Exchange Security Report conducted by independent analysts at ICORating awards 16% of the world’s largest cryptocurrency exchanges with A or A- ratings, although no crypto exchange received an A+ rating in the report. Ranked as the most secure cryptocurrency exchanges globally were Kraken (A), Cobinhood (A), and Poloniex (A-). ICORating analysts analyzed 135 cryptocurrency exchanges across the globe in its Exchange Security Report.
Crypto Regulatory Environment
- US Minnesota Representative Tom Emmer is reintroducing a bill that would effectively protect certain cryptocurrency startups from state-level money transmission laws. House Resolution 528 would, “provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services.” The bill introduced by Emmer is nearly identical to one introduced by Emmer last year with some key changes -- these changes have resulted in bipartisan support for the bill, as demonstrated by Democrat Representative Darren Soto co-sponsoring the bill.
- Malaysia’s Securities Commission, the country’s top financial regulator, announced that cryptocurrencies like Bitcoin (BTC) are classified as securities while confirming that relevant crypto regulations came into effect on January 15th, 2019. Malaysia Finance Minister Lim Guan Eng discussed that breaking crypto laws will be treated as a breach of securities laws, clarifying that, “Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding ten years.”
General Crypto News
- Brave Browser, a popular ICO-funded internet browser whose Basic Attention Tokens (BAT) are the 34th largest coin by market capitalization, is set to launch an option that pays users for viewing advertisements on its platform. As a part of Brave Browser’s 1.0 release, users will be able to elect to see up to 20 advertisements per day. Users that view advertisements will receive 70% of revenue from the advertisement while Brave will receive the other 30%.
- BitGo, a blockchain security firm, is partnering with over-the-counter Bitcoin (BTC) trading platform Genesis Global Trading to allow digital asset trading directly from BitGo custody, as per an official press release today. This news comes after BitGo received a state trust company charter from the South Dakota Division of Banking in September. On the new partnership, Michael Moro, CEO of Genesis Trading said, “Because we have a BitGo Trust wallet ourselves, the coins are actually never leaving the BitGo system, just going from client to BitGo to Genesis without ever being exposed to hot wallets and public blockchains.”
- Luzius Meisser, a board member of Bitcoin Association Switzerland, said that the next round of cryptocurrency innovation will focus on stablecoins and security tokens in an interview with Cointelegraph at the Crypto Finance Conference in St. Moritz, Switzerland. Meisser is a well-known activist in the crypto industry who also sits on the board of directors of crypto-focused asset management and brokerage firm Bitcoin Suisse AG. Meisser discussed in the interview, “I would say payment and utility tokens are more or less over, sometimes they make sense.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio