The R Roundup: Mandatory KYC On Binance — Issue #3
Earlier this week, there were further movements around Binance as they continue their attempts to adhere towards “global compliance standards”. Binance have been subject to a number of changes within their internal team however on the 20th of August they made the following announcement.
Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.
Existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption. This will be carried out in phases to minimise user-experience disruption, from now through 2021–10–19 00:00 AM (UTC). Existing users will be informed directly with more details. Once users complete the Intermediate Verification, they will be able to resume full access to Binance products and services.
Binance also added reasoning for the change as they stated:
Binance is announcing these measures to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML). This will further enhance user protection and combat financial crime.
For more information on the changes: https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca
China’s Central Banks Target Crypto Linked Firms
It was reported on the 18th of August in Shenzhen, A Chinese central bank branch ordered almost a dozen companies operating within the technology hub to rectify illegal activities related to crypto.
For many years, there has been a number of regulations in China in attempt to crack down significantly on crypto currency's however recently ‘The People’s Bank of China’s Shenzhen branch’ successfully ‘cleaned up’ 11 firms which were allegedly involved in using crypto currency’s in illegal transactions and activities.
This could indicate that China could make further attempts to intensify the crackdown on crypto currency’s and their involvement in illegal activities.
For The First Time Since May 2021, Crypto Total Marketcap Touches $2 Billion USD
Despite the majority of Q3 being in bearish territory, signs of a market reversal intensify as the total marketcap reaches $2 Billion USD for the first time since May 2021.
Dogecoin Foundation Returns With Vitalik Buterin As Advisor
The Dogecoin foundation is an organisation that aims to accelerate and aid the development of the popular crypto currency “Dogecoin”. Recently the foundation was expressing the extent of the relationships between key respected board members which included the co-creator of Ethereum, Vitalik Buterin who is fulfilling the role of the foundations “blockchain and crypto adviser”
The foundation which was inactive and dormant for many years has now has aquired the co-creator of Ethereum who will help shape the future of Dogecoin. Buterin expressed his support for Dogecoin by further adding that a collaboration between the two networks could be possible.
NFT Monthly Volumes Near $1 Billion USD
As the NFT hype continues throughout 2021 the monthly marketplace volumes have reached near $1 billion USD. NFT’s unlock the possibilities of digital art and their unique characteristics has led to astronomical gains all over the NFT space.
Additional links:
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NFA DISCLAIMER : https://docs.google.com/document/d/1AoWc3qanyzmzSiZFCGUaG1oiKRHmxvGj02JY3ibnIqg/edit
