Binance Would Not List Bitcoin Today for Non-Compliance with Terms

If Bitcoin was to apply for listing on Binance, the world’s largest cryptocurrency exchange by means of traded volume, it would get rejected for non-compliance with its listing terms.

‘No’ to Bitcoin

A fairly controversial but rather interesting point was made by WhalePanda, the popular user within the cryptocurrency community. He outlined that if Bitcoin was to apply for a listing on Binance today, it would have to be rejected due to non-compliance with the exchange’s listing terms.

Ironically, the market’s first and foremost cryptocurrency, Bitcoin, wouldn’t be eligible for listing on Binance for the very same reason that triggered its success: lack of central authority.

While arguments can and have been made that Bitcoin is already listed on the cryptocurrency exchange, the point is clear – Binance seeks a form of centralization as a listing criterion.

Needless to say, the tweet sparked a debate, where some people argue that a representative is only needed as a point of contact in cases of trouble. However, the fact of the matter is that truly decentralized projects, much like Bitcoin, don’t have representatives as that’s their main purpose. Establishing a single point of contact, regardless of whether it’s an individual or a group of people, would suggest that they are vested with certain authorities which conflict with the principles of decentralization.

‘There Is No True Decentralization’

Earlier in July, Zhao Changpeng, CEO of Binance, said that there is “no true decentralization” and that if there is a core team behind a cryptocurrency, this represents some form of centralization.

His comments were triggered by the words of Ethereum’s co-founder, Vitalik Buterin, who openly said:

I definitely hope centralized exchanges go burn in hell as much as possible.

Listing a digital asset on the world’s largest cryptocurrency exchange has been a hot topic for quite some time now. Earlier in August, Christopher Franko, the co-founder of a blockchain-based platform called Expanse, revealed that Binance requested 400 BTC for listing the platform. The cryptocurrency exchange quickly denied the claims, claiming that the email Franko cited was “spoofed.”

Franko went on to outline a few reasons the email is entirely genuine:

Do you think Binance’s listing policy is on the right track? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock, Twitter/@WhalePanda, and Twitter/@FrankoCurrency.

Tags: , , ,

Huobi Launches New Service to Streamline Token Listing Application Process

Singapore-based cryptocurrency exchange Huobi Group has launched a new product designed to streamline the token listing application process.

According to a statement shared with Cointelegraph, the new service, which Huobi developed to provide a more transparent listing process, is called the Huobi Automated Listing Platform.

Per the announcement, projects that want to list on Huobi Global or an autonomous digital asset exchange Huobi HADAX, will have to register and submit specific documentation about the project. The announcement states that the Huobi Automated Listing Platform “will not automatically list any token or coin that applies.”

Upon passing the verification process, applicants will receive a unique login account, which provides access to submit, edit, amend, and review documents and status of the token listing.

Projects that fail to pass the verification will be provided with a reminder notification of re-application to HADAX 2.0 and assistance in registering on the newly launched platform. Projects that decide to re-apply will have to follow specific application and listing rules.

The announcement also states that later this year, Huobi is looking to launch the Huobi Blockchain Project Show Center within the Huobi Automated Listing Platform, which will provide users access to reports, videos, and live broadcasts.

In July, Huobi Group launched Huobi Cloud, which allows users to build over-the-counter (OTC) and digital asset exchanges on top of Huobi’s existing platform. Partners will also be able to use the order integration and wallet systems, as well as the asset management and clearing system of the Huobi Global platform.

That same month, HBUS, the U.S. “strategic partner” of Huobi, confirmed the release of its API for “experienced traders” in some U.S. states. The product was geared to high-volume users who required live pricing data and other tools. In addition to price tracking, the API also offers historical price data, support for margin trade customization support, setting buy and sell limits, and retrieving trade history.

Photo via Shutterstock.

Source: Cointelegraph


Major Crypto Exchanges Collaborate to Create Self-Regulatory Organization

Four major cryptocurrency exchanges are teaming up develop a self-regulatory organization (SRO) that would work cohesively to develop rules, regulations, and to set new regulatory standards for the cryptocurrency and blockchain industry.

News of the potential SRO comes several months after the idea was first proposed by Cameron Winklevoss, co-founder of the Gemini exchange.

The self-regulatory organization is called the Virtual Commodity Association Working Group. It will be working to draft, and lobby, sets of regulatory measures that would reduce the amount of fraud and scams within the industry.

It would also help world governments to implement common sense and “do no harm” regulation to the crypto industry. If taken seriously by regulatory authorities, the group could become a powerful SRO group that could change the cryptocurrency markets for the better.

Self-Regulatory Organization Long in the Works

The four exchanges that have signed onto the Virtual Commodity Association Working Group are Gemini, Bittrex, Bitstamp, and bitFlyer USA.

Although unconfirmed, it is likely that the Winklevoss brothers, the two men at the head of the Gemini exchange, are the ones behind the creation of this group, as this has been a long-held idea by the brothers.

The news of the group comes five months after Cameron Winklevoss explained a very similar concept in a personal Medium post, where he outlined his idea, citing the proposed group’s purpose as:

“Foster financially sound, responsible, and innovative virtual commodity markets through a system of industry sponsored standards, sound practices, and oversight that promotes price discovery, efficiency, and transparency…Incentivize the detection and deterrence of manipulative and fraudulent acts and practices, including partnering with regulators and particularly the CFTC to share or refer information, as appropriate.”

The concept is not unconventional, as it is modeled off of similar organizations that exist within equities and securities markets. These groups are very similar conceptually in that they develop industry standards and work closely with regulators in order to reduce fraudulent practices while still allowing for innovation.

While speaking to Business Insider, the founder of CoinRoutes, Dave Weisberger, discussed the new group, saying:

“It is a great sign that multiple competing exchanges have recognized that working together, to improve the overall industry, in their mutual self-interest…Institutions are genuinely skeptical today over the fairness and data quality in the crypto market. At CoinRoutes, even though we help our clients consolidate the data, there is a lot of concern over the quality of the exchange data we aggregate as well as underlying manipulation. An industry SRO is a great start towards ameliorating those concerns.”

Winklevoss Twins Continue Moving Forward Despite Several Setbacks 

The development of a self-regulatory group is a win for the Winklevoss twins, who have been hit hard by several setbacks over the course of 2018.

Following the bull run at the end of 2017, Gemini exchange has seen declining trading volume ever since.  The brothers also have seen a drop in value of their personal cryptocurrency holdings, which supposedly account for a large portion of their net worth.

The worst setback for the brothers, however, was the denial of their exchange’s proposed ETF by the U.S. Securities and Exchange (SEC). This denial not only closed the chances for Gemini becoming the first issuer of a Bitcoin ETF, but it also negatively affected market sentiment, leading to a brief market sell-off.

Photo via Shutterstock.

Source: Newsbtc