Binance CEO Changpeng Zhao (CZ) announced the launch of a new Artificial Intelligence (AI)-powered Non-Fungible Token (NFT) platform, called Bicasso, in a Twitter post. He added that the product is still in beta and limited to 10,000 candies. Sharing the launch of Bicasso on Wednesday, Zhao tweeted, “Here’s a fun new Binance AI product called Bicasso.” Binance’s product Bicasso is an NFT platform that allows marketplace users to create computer-generated images and mint them as NFTs. Bicasso is the result of combining AI and NFT technology.

“Beta version [is] live now,” said the Binance executive as he provided the link to Bicasso which was accessible only via the web browser. Bicasso was easy-to-use as the product was image and word prompted. Sharing the launch of Bicasso on Wednesday, Zhao tweeted, “Here’s a fun new Binance AI product called Bicasso.” Binance product Bicasso is an NFT platform that allows market users to create computer-generated images and print them as NFTs. Bicasso is the result of combining AI and NFT technology. Zhao said as he urged his Twitter community to go ahead and try Bicasso., You can turn your creative vision into an NFT with AI Zhao invited his followers to share their creations with him saying, “Try it and show me what you make with it.” Many Twitter users were seen proudly posting their creations on the thread. However, some users encountered an error message stating that the system was busy and to try again. When these users pointed out the issue to CZ, he replied, “The team is working on it. The AI is busy,” and the AI is single-threaded. CZ also mentioned that the test version was limited to 10,000 candies, and many enthusiasts were disappointed that they missed the opportunity. Two hours after Binance’s CEO announced product testing, users interested in using Binance’s Bicasso were asked to join the waiting list. A message now states that product testing is closed.

#Binance #ChangpengZhao #NFT #nftcommunity #ai

The CEO of #Binance which is the biggest cryptocurrency exchange globally, is currently dealing with a situation involving the propagation of fear, uncertainty, and doubt (FUD) on social media. This #fud is the result of unfounded rumors that he has been placed on Interpol's "red notice" list. For those who are not aware, a red notice is a request sent to law enforcement agencies worldwide, urging them to locate and arrest an individual on a provisional basis pending extradition, surrender, or any similar legal action.

The rumors have been further fueled by an image circulating on Twitter that purportedly shows a photo of #ChangpengZhao (CZ) on Interpol's red notice webpage. This photo has caused alarm and speculation among the public, with many believing that #CZ is facing severe legal issues.

However, CZ has now confirmed that the image is fake and has been created using photo manipulation software. As such, there is no evidence to suggest that he has been placed on Interpol's red notice list, and the rumors should be treated as baseless until further clarification is provided.

Crypto influencer Cobie tweeted a SHA256 hash with an encrypted message that stated, "Interpol Red Notice for CZ," which sparked rumors that the agency was looking for CZ.

According to Cobie, the message was only a rumor and an unlikely prediction, and nobody should have been able to see it.

“Have posted SHA256 hash of rumours >20 times in the last year without the secret being revealed – the point of a hash commitment scheme is nobody is supposed to be able to read them until after the secret is revealed… Well, it’s a ‘prediction’ and a rumor. It’s obviously impossible for it to be inside info without their being literal leaks at Interpol which seems unlikely.”

CZ advises anyone who are involved in the #cryptocurrency sector to disregard rumors and speculation that are not confirmed.

This news is republished from https://coinaquarium.io/

#LightningNetwork is very useful to users of crypto exchanges for two reasons. 

The first is that it greatly reduces the cost of #Bitcoin  transactions. Those who move large amounts of money to and from exchanges have no problem paying even $30 fees on individual deposits or withdrawals, but for everyone else even the current $2 can be a deterrent. 

LN reduces these castes to an infinitesimal, and therefore irrelevant, fraction, breaking down all possible barriers due to the high cost of Bitcoin transactions. 

The second and perhaps even more important reason is that it makes transactions in BTC almost instantaneous. 

Currently Bitcoin withdrawals and deposits to and from Binance can take up to hours before they are completed. 

In contrast, with LN they could be executed almost immediately. 

All of this makes holding Bitcoin on non-custodial wallets much cheaper and more efficient because it allows them to be moved quickly and cheaply to the exchange at any time. 

The slowness of Binance

#Binance is usually very quick to implement innovations. However, this time, as CEO #ChangpengZhao himself admitted, they have been particularly slow. 

It is better if the exchange takes its time to do things right. 

Also perhaps until now there was not a great demand from users to be able to use LN. 

Not least because to be able to use LN on Binance it is necessary to have a wallet that supports LN, and not everyone has that yet. 

However, lately there have been a lot of requests to be able to withdraw one’s funds from centralized exchanges in order to store them on non-custodial wallets, but in order to be able to do this smoothly, fast and cheap transactions are required. 

Thus this need also brings with it an implicit demand to be able to use Lightning Network to deposit or withdraw BTC on exchanges. 

The Lightning Network

Truth be told, the highest peak of existing LN channels was in February last year, when there were more than 87,000. Now they are down to 75,000, and they have been dropping since January. 

Instead, nodes are increasing slightly, even though the peak was still in January 2022. 

Instead, what is steadily increasing is the capacity of the LN network, which has risen above 5,400 BTC and close to all-time highs. 

Bank of China investment bank BOCI issued fully digital structured notes worth 200 million of offshore renminbi ($28 million) on the Ethereum blockchain, making it the first Chinese financial institution to issue a tokenized security in Hong Kong.

UBS, the originator and partner of BOCI in this transaction, emphasized the significance of this milestone, stating, "This transaction marks a historic milestone in the Asia Pacific region, as it represents the first product of its kind constituted under both Hong Kong and Swiss law and tokenized on the main Ethereum blockchain. It successfully introduces regulated securities onto a public blockchain, paving the way for new possibilities and opportunities."

This remarkable accomplishment follows the successful issuance of a $50 million tokenized fixed rate note by UBS in December on a permissioned blockchain. The dedication of both BOCI and UBS to embrace digital innovation in the financial sector is truly commendable.

By leveraging the #Ethereum #blockchains , BOCI and UBS aim to usher in a new era of transparency, efficiency, and accessibility in the issuance and trading of securities. This move towards tokenization holds immense potential for streamlining processes, reducing costs, and enhancing liquidity within the financial ecosystem.

The decision to tokenize securities highlights the growing acceptance and recognition of the transformative power of blockchain technology within the traditional financial sector. It serves as a testament to the adaptability of established financial institutions as they embrace cutting-edge technologies, propelling the industry towards a more digitized and decentralized future.

The Hong Kong Transformation:

We are driving the simplification of digital asset markets and products, for customers in Asia Pacific through the development of blockchain-based digital structured products, designed specifically for customers in Asia Pacific," Ying Wang, Deputy CEO at BOCI, said in the statement. "We are encouraged by the evolution of Hong Kong's digital economy and are committed to promoting the digital transformation and innovative development of Hong Kong's financial industry.”

The move comes amid a flurry of activity in Hong Kong after it released new guidelines for the crypto industry on June 1. First Digital said earlier this month that it is introducing a new stablecoin that will be pegged to the U.S. dollar but regulated in Asia.

#China , meanwhile, has been the subject of much speculation about its crypto plans after it released a white paper for web3 innovation and development last month. Binance CEO #ChangpengZhao "CZ" Zhao said that Chinese-speaking communities had been "buzzing" after state broadcaster China Central Television appeared to broadcast a segment about cryptocurrencies that featured the #bitcoin logo

"SAFU" in the context of Binance refers to the "Secure Asset Fund for Users". It was introduced by #Binance as a means to protect users and their funds in extreme cases.

This fund is an emergency insurance, so to speak, which is reserved and stocked up by Binance over time. As mentioned, it is primarily used to cover potential losses from unforeseen events such as hacks.

The term #SAFU itself comes from a meme within the crypto community. Originally, it was a humorous misspelling of the word "safe" in a video and later adopted by Binance's CEO #ChangpengZhao (CZ) in the announcement of the fund.

As of my last update, Binance commits 10% of all trading fees received into SAFU to offer protection to users and their funds in extreme cases. This amount is stored in a separate cold wallet.

Binance is regarded as a safe exchange that provides account protection for users with security features like the use of Two Factor Authentication (2FA).

After the last major security breach in 2019, Binance has been relatively safe and secure for trading. Additionally, they try to cover the losses of assets for their users out of their own pockets, which gives a higher level of integrity for the platform.

 According to Binance, one of their goals is to never use SAFU, they hope to achieve this by providing the most secure crypto platforms possible for all of their users, whether centralized or decentralized.

Top global crypto exchange #Binance is now officially working on integrating Bitcoin (BTC) deposits and withdrawals via the Lightning Network.

The Lightning Network is a layer-2 scaling solution built on top of Bitcoin that aims to enable instant and cost-effective transactions for $BTC .

Binance first revealed plans to integrate Lightning Network in May after inconveniencing users and temporarily closing BTC withdrawals due to a network congestion issue. After about 90 minutes, withdrawals resumed but were halted again later that day for several hours.

#ChangpengZhao , the exchange’s chief executive, attributed the temporary halt in withdrawals to the massive fluctuation in Bitcoin network fees, which were skyrocketing at the time due to a surge in demand for BRC-20 tokens.

Binance said in May that Lightning withdrawals would aid in such situations.

The exchange confirmed this week that it’s now operating Lightning nodes but says “there’s still more tech work to be done” before fully integrating the network.

#Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals.

Some eagle-eyed users spotted our new lightning nodes recently. Yes – that's us!

However, there's still more tech work to be done. We'll update once Lightning is fully integrated. https://t.co/N0oN8561sN

— Binance (@binance) June 20, 2023

Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued Binance and Zhao for allegedly violating securities laws and operating what SEC Chair Gary Gensler described as “an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”

#ChangpengZhao , CEO of #Binance , said that customers of insolvent platforms are the focus of a fresh round of phishing assaults.

User data was leaked as a result of the data breach at the financial and risk advising organisation, which gave rise to the phishing attempts.

CZ published a list of advice for consumers on how to avoid phishing attacks and safeguard their crypto asset holdings.

FTX, BlockFi, and Genesis Global Holdco's bankruptcy claimants' information was compromised by Kroll, a financial and risk advising firm. Changpeng Zhao (CZ), the CEO of Binance, one of the biggest cryptocurrency exchanges in the market, alerted his 8.6 million followers of possible phishing attempts targeted at these people.

FTX, BlockFi, and Genesis Global bankruptcy claims are the subject of phishing attempts, according to Changpeng Zhao, who alerted his Twitter followers to the threat. A particular kind of bitcoin fraud called phishing asks victims for their private keys or other sensitive information. Using a misspelt URL or clickable link in a phishing email, the attacker wins the victim's confidence.

The data leak at Kroll has been widely reported on social media.

CZ posted a piece from Binance on phishing defence that urged users not to click on links in emails containing security alerts. Some of the advice from the post include going to the website after double-checking the spelling and looking for a https at the beginning of the URL.

The CEO of Binance urged users to save their passwords and private keys. If they refrain from sending emails containing sensitive personal information, #crypto traders in the ecosystem are more likely to withstand phishing assaults.

#Binance has obtained authorizations and registrations in 18 markets globally, making it the first cryptocurrency exchange with a full licence in El Salvador.

The exchange holds the first non-provisional Digital Assets Services Provider licence as well as a licence as a Bitcoin Services Provider.

Binance is now able to provide locally customised goods and services thanks to these certifications.

Binance, the largest #cryptocurrency exchange by trading volume, is now free to operate in El Salvador under President Nayib Bukele after obtaining necessary authorization that would enable it to provide tailored goods and services to El Salvadorean citizens.

Binance has obtained authorizations and registrations in 18 markets globally, making it the first cryptocurrency exchange with a full licence in El Salvador.

The exchange holds the first non-provisional Digital Assets Services Provider licence as well as a licence as a Bitcoin Services Provider.

Binance is now able to provide locally customised goods and services thanks to these certifications.

After obtaining vital licencing that will enable it to offer tailored products and services to El Salvador's citizens, Binance, the largest cryptocurrency exchange by trading volume, is ready to operate freely in the nation of President Nayib Bukele.

The first non-provisional Digital Assets Services Provider (DASP) licence and a Bitcoin Services Provider (BSP) licence are two important licences that Binance Exchange has obtained in El Salvador. The two licences provide Binance full exchange status in El Salvador and give the company permission to provide "tailor-made products and services in the nation."

The National Commission of Digital Assets (Comisión Nacional de Activos Digitales) issued the DASP, whilst the Central Reserve Bank (Banco Central de Reserva) issued the BSP.

With this, Binance has received authorization for 18 markets worldwide, which is a significant accomplishment given that no other exchange has received as many authorizations. Now, the exchange is registered in a number of countries, including France, Italy, Spain, Sweden, and Dubai.

Using Min Lin, the head of Binance's Latin American division, as an example:

Binance is still collaborating with regulatory bodies from all around the world to support international norms for the blockchain and cryptocurrency industries.

Even while the exchange will have operational independence in the Central American nation, it is still restricted by strict regulatory authorities in the US. With Binance Coin (BNB) and Binance USD (BUSD) being classified as securities, the US Securities and Exchange Commission (SEC) is still pursuing the exchange and its CEO, #ChangpengZhao .

In addition, Binance and its CEO are under investigation by the financial watchdog for mixing and transferring billions of dollars in user funds to a third party company owned by CZ.

Together with the SEC, the US Commodities Futures Trading Commission (CFTC) is taking action against Binance over claims that it provided unregistered cryptocurrency derivative products and instructed American customers to use VPNs to get around compliance measures, among other things.

It should be noted that Binance has refuted both reports, blaming FUD, but has continued to operate under both regulators' strict control. Recently, the US Department of Justice (DOJ) has been considering filing fraud charges against the exchange, but it is choosing to go cautiously in order to protect users.

Binance has obtained authorizations and registrations in 18 markets globally, making it the first cryptocurrency exchange with a full licence in El Salvador.

The exchange holds the first non-provisional Digital Assets Services Provider licence as well as a licence as a Bitcoin Services Provider.

Binance is now able to provide locally customised goods and services thanks to these certifications.

After obtaining vital licencing that will enable it to offer tailored products and services to El Salvador's citizens, Binance, the largest cryptocurrency exchange by trading volume, is ready to operate freely in the nation of President Nayib Bukele.

The first non-provisional Digital Assets Services Provider (DASP) licence and a Bitcoin Services Provider (BSP) licence are two important licences that Binance Exchange has obtained in El Salvador. The two licences provide Binance full exchange status in El Salvador and give the company permission to provide "tailor-made products and services in the nation."

The National Commission of Digital Assets (Comisión Nacional de Activos Digitales) issued the DASP, whilst the Central Reserve Bank (Banco Central de Reserva) issued the BSP.

With this, Binance has received authorization for 18 markets worldwide, which is a significant accomplishment given that no other exchange has received as many authorizations. Now, the exchange is registered in a number of countries, including France, Italy, Spain, Sweden, and Dubai.

Using Min Lin, the head of Binance's Latin American division, as an example:

Binance is still collaborating with regulatory bodies from all around the world to support international norms for the blockchain and cryptocurrency industries.

Even while the exchange will have operational independence in the Central American nation, it is still restricted by strict regulatory authorities in the US. With Binance Coin (BNB) and Binance USD (BUSD) being classified as securities, the US Securities and Exchange Commission (SEC) is still pursuing the exchange and its CEO, Changpeng Zhao.

In addition, Binance and its CEO are under investigation by the financial watchdog for mixing and transferring billions of dollars in user funds to a third party company owned by CZ.

Together with the SEC, the US Commodities Futures Trading Commission (CFTC) is taking action against Binance over claims that it provided unregistered cryptocurrency derivative products and instructed American customers to use VPNs to get around compliance measures, among other things.

It should be noted that Binance has refuted both reports, blaming FUD, but has continued to operate under both regulators' strict control. Recently, the US Department of Justice (DOJ) has been considering filing fraud charges against the exchange, but it is choosing to go cautiously in order to protect users.

Daniel Acosta, General Manager for Central America and the Caribbean at Binance, praised the move as well, calling it a chance for cooperation with the El Salvadorian government on cryptocurrency adoption, financial inclusion, innovation, and client protection.

#BNB price stagnates while Binance advances internationally

Despite the biggest cryptocurrency exchange making headway globally, Binance Coin (BNB) is still trapped in a range. While bulls attempt to post further gains, the altcoin is testing the $247.9 level of the 50-day EMA. BNB price might hit the $256.5 resistance level and, in a strongly bullish scenario, run into the 100-day EMA at $261.8 if seller momentum increases above current levels.

The rising momentum is indicated by the relative strength index (RSI), which is pushing north. The Awesome Oscillator (AO) histograms are also positive, indicating that bulls are driving the market.

In an unexpected turn of events, #Ripple Labs Inc celebrated a ground-breaking victory against the U.S. Securities and Exchange Commission (SEC), marking a notable milestone for the crypto industry. The U.S. District Judge Analisa Torres ruled that Ripple's sale of its XRP tokens on public exchanges did not infringe federal securities law. Following the decision, the value of XRP rocketed by 75% on Thursday afternoon, according to data from Refinitiv Eikon.

This news couldn't have come at a better time for the crypto sector. The verdict brings hope to numerous other crypto firms battling with the SEC over the regulatory jurisdiction over their products.

Meanwhile, the announcement triggered the renowned U.S. crypto exchange, Coinbase, to reopen XRP trading on its platform. Paul Grewal, Coinbase's chief legal officer, commented on the case via Twitter, stating, "We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist." This announcement influenced Coinbase stock to surge by 24%, closing at $107 per share on Thursday.

In light of this event, #ChangpengZhao , CEO of #Binance, took to Twitter to declare, "Binance never delisted XRP." Binance, the leading player in the crypto sphere, celebrated its 6th anniversary yesterday. CZ's announcement could serve as a regretful reminder for those exchanges that chose to delist XRP in the past due to Fear, Uncertainty, and Doubt (FUD). As these developments unravel, it's clear why Binance stands at the forefront of the industry - a result of their correct decisions, resilience against FUD, and relentless effort.

Brad Garlinghouse, the CEO of Ripple, hailed the ruling as not only a significant win for Ripple but a critical triumph for the entire U.S. cryptocurrency industry.

The SEC, on the other hand, was satisfied with a part of the ruling, stating that Ripple violated federal securities law by selling XRP directly to sophisticated investors. However, the decision to appeal the ruling will be considered once the final judgment is issued.

Ripple's #XRP sales were deemed not to constitute securities under the law as there was no reasonable expectation of profit tied to Ripple's efforts. This puts other digital currencies on notice and opens the door for further discussions on token regulation.

However, the SEC did manage to score a partial win as Judge Torres deemed that Ripple's sales of XRP worth $728.9 million to hedge funds and other sophisticated buyers were unregistered securities sales.

This landmark ruling could set the tone for other legal battles between crypto companies and the SEC. Furthermore, it raises new calls for Congress to clarify the status of digital assets, which the crypto industry has been long advocating for. As Tom Emmer, the House of Representatives Majority Whip, rightly pointed out on Twitter, "a token is separate and distinct from an investment contract it may or may not be part of," and it's high time to make it law.

The development surrounding the Ripple Labs case will undoubtedly influence the course of cryptocurrency regulation in the U.S. Despite the ongoing uncertainty, one thing is clear: this ruling and its implications will reverberate through the crypto industry for years to come.

Celebrate as we may, let's remember that the crypto landscape is far from static. In the meantime, eyes remain on Ripple, and indeed, the rest of the crypto industry, as we continue to navigate these uncharted waters.

Binance CEO #ChangpengZhao (CZ) has addressed claims that Binance significantly sold down #bitcoin (BTC) in reaction to growing rumours and accusations making the rounds in the cryptocurrency community. A price decline of 7% for Bitcoin has been attributed to these assertions.

CZ responded on Twitter by retweeting a thread from user ZkHopium, who presented a thorough analysis refuting the accusations and identifying the situation's core causes.

The ZkHopium thread clarifies the circumstances around the Venus Protocol liquidation of Binance Coin (BNB). It indicates that the exploit took place on the #Binance Smart Chain (BSC) on October 6th, 2022, producing 2 million BNB.

Of this sum, 900,000 #BNB were put on Venus Protocol to borrow USDT and USDC valued about $150 million. In retaliation, the BNB network destroyed more than 2 million BNB, which at the time was worth around $550 million, thereby eliminating these tokens from circulation.

Venus Protocol approved a governance proposal naming BNB Chain as the sole liquidator for the loan in order to speed up the liquidation procedure. The liquidator's wallet was then replenished by BNB Chain with 30 million BUSD in December 2022, 30 million USDT in June 2023, and 30 million USDT on August 21, 2023.

A collateral component or liquidation threshold is a part of the Venus Protocol's liquidation process. Liquidators can progressively liquidate up to 50% of the collateral when triggered, earning an extra 10% of the collateral's value in fees.

ZkHopium's study points up a number of important elements that distinguish this example from others. One liquidator in particular is not motivated to engage in market dumping, to start with. Second, no bots are used to front-run the liquidations; instead, they are carried out manually.

Moreover, considering the amount of the loan, the liquidation tranches are anticipated to be substantially lower than the 50% mark.

Regarding the claims, #CZ acknowledged ZkHopium's thorough investigation and stressed the "insignificance" of the effect a $30 million liquidation would have on the price of Bitcoin.

CZ said that the majority of incentives are given in BNB and that Binance does not issue BTC. Although $30 million represents less than 0.001% of Bitcoin's daily trading volume, he emphasised that the purported concern of a substantial influence on the price of BTC is incorrect.

The chart above shows that BNB is now trading at $217 at the time of writing. For the previous 24 hours, it has just slightly decreased by 0.2%.

Bitcoin Hovers Almost $26,000 Despite Slight Decline

By market capitalization, Bitcoin, the most valuable cryptocurrency, is presently valued at $26,000 and has declined by 2.4% since briefly reaching the $26,700 level.

Keith Alan, a co-founder of the research and analysis company Material Indicators, has made the following observations on the market scenario despite the present low levels of volatility:

The economic data that was provided this morning had little effect on volatility, but it will help shape the story that Jerome Powell will tell on Friday when he speaks at Jackson Hole.

The Jackson Hole Symposium is approaching, and interest in Federal Reserve Chairman Jerome Powell's remarks is growing. As a result, the Bitcoin market is starting to exhibit symptoms of heightened activity.

Keith Alan contends that while the economic data won't have an immediate impact on volatility, it will influence Powell's speech's narrative.

As the Bitcoin market gets closer to the weekend, this expectation will probably cause it to become more volatile. As Powell's speech progresses, traders and investors are preparing for any market swings in the anticipation that his remarks may have a substantial influence on the cryptocurrency market.