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Binance Enhances Safety Standards Amid Regulatory Pressure
Binance, a prominent player in the crypto exchange arena, is strengthening its safety measures to improve user security amid increasing regulatory pressures. Notably, the crypto exchange has recently introduced mandatory identity verification underscoring Binance’s dedication to reinforcing compliance norms.
Meanwhile, this move comes amid intensified regulatory scrutiny, particularly in Nigeria, where the exchange faces allegations of money laundering and tax evasion.
Binance Implements Stricter Verification Procedures
In response to escalating regulatory pressures, Binance has rolled out mandatory identity verification requirements for all sub-accounts created under the Binance Link Program. These enhanced compliance standards aim to ensure that only verified and compliant users have access to their sub-accounts in the crypto exchange.
In addition, Binance has also said that failure to provide the necessary Know Your Customer (KYC) documentation by May 20 this year will result in full account restrictions.
Meanwhile, the implementation of stringent verification measures reflects Binance’s proactive approach to addressing regulatory concerns and safeguarding its user base. By mandating compliance with KYC protocols, the exchange aims to avoid risks associated with illicit activities such as money laundering and fraud.
Notably, this strategic initiative aligns with Binance’s broader objective of fostering a secure, transparent, and user-friendly trading environment.
Binance, a prominent player in the crypto exchange arena, is strengthening its safety measures to improve user security amid increasing regulatory pressures. Notably, the crypto exchange has recently introduced mandatory identity verification underscoring Binance’s dedication to reinforcing compliance norms.
Meanwhile, this move comes amid intensified regulatory scrutiny, particularly in Nigeria, where the exchange faces allegations of money laundering and tax evasion.
Binance Implements Stricter Verification Procedures
In response to escalating regulatory pressures, Binance has rolled out mandatory identity verification requirements for all sub-accounts created under the Binance Link Program. These enhanced compliance standards aim to ensure that only verified and compliant users have access to their sub-accounts in the crypto exchange.
In addition, Binance has also said that failure to provide the necessary Know Your Customer (KYC) documentation by May 20 this year will result in full account restrictions.
Meanwhile, the implementation of stringent verification measures reflects Binance’s proactive approach to addressing regulatory concerns and safeguarding its user base. By mandating compliance with KYC protocols, the exchange aims to avoid risks associated with illicit activities such as money laundering and fraud.
Notably, this strategic initiative aligns with Binance’s broader objective of fostering a secure, transparent, and user-friendly trading environment.
Binance Enhances Safety Standards Amid Regulatory Pressure
Binance, a prominent player in the crypto exchange arena, is strengthening its safety measures to improve user security amid increasing regulatory pressures. Notably, the crypto exchange has recently introduced mandatory identity verification underscoring Binance’s dedication to reinforcing compliance norms.
Meanwhile, this move comes amid intensified regulatory scrutiny, particularly in Nigeria, where the exchange faces allegations of money laundering and tax evasion.
Binance Implements Stric
Meanwhile, this move comes amid intensified regulatory scrutiny, particularly in Nigeria, where the exchange faces allegations of money laundering and tax evasion.
Binance Implements Stric
TWO gems Still in Pre-sale !
I would like to shed some light on TWO upcoming #crypto projects which in my opinion have a #1000x possibility.
1. #LRT
Landrocker is a mining game in which one can mine planets for materials. These materials can then be used for crafting NFTS or traded for the games Native token. The project is based out of Dubai and the team behind it has an immaculate background.
The project is still in Pre-sale and has sold 15 out 20 rounds. The best thing is that the project is on Polygon which makes the
1. #LRT
Landrocker is a mining game in which one can mine planets for materials. These materials can then be used for crafting NFTS or traded for the games Native token. The project is based out of Dubai and the team behind it has an immaculate background.
The project is still in Pre-sale and has sold 15 out 20 rounds. The best thing is that the project is on Polygon which makes the
TWO gems Still in Pre-sale !
I would like to shed some light on TWO upcoming projects which in my opinion have a 1000x possibility.
1. #LRT
Landrocker is a mining game in which one can mine planets for materials. These materials can then be used for crafting NFTS or traded for the games Native token. The project is based out of Dubai and the team behind it has an immaculate background.
The project is still in Pre-sale and has sold 15 out 20 rounds. The best thing is that the project is on Polygon which makes the gas fee for purchase very less. Soon they are coming up with a 3D game.
2. #5SCAPE
It is a one of a kind project completely dedicated to VR.
The team too has a great background. They have recently come up with a teaser of their first game.
Projects are promising if someone wishes to enter the pre-sale.
DYOR NFA
I would like to shed some light on TWO upcoming projects which in my opinion have a 1000x possibility.
1. #LRT
Landrocker is a mining game in which one can mine planets for materials. These materials can then be used for crafting NFTS or traded for the games Native token. The project is based out of Dubai and the team behind it has an immaculate background.
The project is still in Pre-sale and has sold 15 out 20 rounds. The best thing is that the project is on Polygon which makes the gas fee for purchase very less. Soon they are coming up with a 3D game.
2. #5SCAPE
It is a one of a kind project completely dedicated to VR.
The team too has a great background. They have recently come up with a teaser of their first game.
Projects are promising if someone wishes to enter the pre-sale.
DYOR NFA
My Journey from 100 USDT to 450 USDT!
About two weeks ago on X, I saw a post from a coin named #JesusCoin . Although I am not a Christian, something inside me asked me to buy this coin. and I bought Jesus on SOL for about 100 USDT.
Initially, after buying, my investment went down to about 70 USDT, but I held onto it.
Today when I woke up my investment was 450 USDT equivalent.
I am still holding to it!
Just wanted to share!
About two weeks ago on X, I saw a post from a coin named #JesusCoin . Although I am not a Christian, something inside me asked me to buy this coin. and I bought Jesus on SOL for about 100 USDT.
Initially, after buying, my investment went down to about 70 USDT, but I held onto it.
Today when I woke up my investment was 450 USDT equivalent.
I am still holding to it!
Just wanted to share!
ARE CRYPTOCURRECIES LEGAL?
Fiat currencies derive their authority from the government or monetary authorities. For example, each dollar bill is backstopped by the U. S. government.
But cryptocurrencies are not backed by any public or private entities. Therefore, it has been difficult to make a case for their legal status in different financial jurisdictions throughout the world. It doesn't help matters that cryptocurrencies have primarily functioned outside most existing financial infrastructure.
In the U.S.
The legal status of cryptocurrencies creates implications for their use in daily transactions and trading. In June 2019, the Financial Action Task Force (FATF) recommended that wire transfers of cryptocurrencies should be subject to the requirements of its Travel Rule, which requires AML compliance.
In the United States in July 2023, courts ruled that cryptocurrencies are considered securities when purchased by institutional buyers but not by retail investors purchased on exchanges.
Enthusiasts called it a victory for crypto; however, crypto exchanges are regulated by the SEC, as are coin offerings or sales to institutional investors. So, crypto is legal in the U.S., but regulatory agencies are slowly gaining ground in the industry.
In Asia
Japan's Payment Services Act defines Bitcoin as legal property. Cryptocurrency exchanges operating in the country are required to collect information about the customer and details relating to the wire transfer.
China has banned cryptocurrency exchanges, transactions, and mining within its borders, but has a Central Bank Digital Currency (CBDC).
India was reported to be formulating a framework for cryptocurrencies, but until it is enacted, crypto is not yet illegal. Exchanges are free to offer cryptocurrencies.
In Europe
Cryptocurrencies are legal in the European Union. Derivatives and other products that use cryptocurrencies must qualify as "financial instruments." In June 2023, the European Commission's Markets in Crypto-Assets (MiCA) regulation went into effect.
#Write2Earn
Fiat currencies derive their authority from the government or monetary authorities. For example, each dollar bill is backstopped by the U. S. government.
But cryptocurrencies are not backed by any public or private entities. Therefore, it has been difficult to make a case for their legal status in different financial jurisdictions throughout the world. It doesn't help matters that cryptocurrencies have primarily functioned outside most existing financial infrastructure.
In the U.S.
The legal status of cryptocurrencies creates implications for their use in daily transactions and trading. In June 2019, the Financial Action Task Force (FATF) recommended that wire transfers of cryptocurrencies should be subject to the requirements of its Travel Rule, which requires AML compliance.
In the United States in July 2023, courts ruled that cryptocurrencies are considered securities when purchased by institutional buyers but not by retail investors purchased on exchanges.
Enthusiasts called it a victory for crypto; however, crypto exchanges are regulated by the SEC, as are coin offerings or sales to institutional investors. So, crypto is legal in the U.S., but regulatory agencies are slowly gaining ground in the industry.
In Asia
Japan's Payment Services Act defines Bitcoin as legal property. Cryptocurrency exchanges operating in the country are required to collect information about the customer and details relating to the wire transfer.
China has banned cryptocurrency exchanges, transactions, and mining within its borders, but has a Central Bank Digital Currency (CBDC).
India was reported to be formulating a framework for cryptocurrencies, but until it is enacted, crypto is not yet illegal. Exchanges are free to offer cryptocurrencies.
In Europe
Cryptocurrencies are legal in the European Union. Derivatives and other products that use cryptocurrencies must qualify as "financial instruments." In June 2023, the European Commission's Markets in Crypto-Assets (MiCA) regulation went into effect.
#Write2Earn
Listing price of Launchpool tokens!
Out of my own experience, I have realised that if you stake approximately 1 #BNB for launchpool rewards, you end up earning approximately 7 USDT Worth of tokens upon listing. This entered had been noticed with #ALT #Ai #Manta etc.
I am not saying this is always true, but for what it's worth this can be a key indicator on the listing price of the token.
You can calculate your rewards per hour * number of hours, approx 7 USDT for each BNB, and wholla you have a price range.
This is my observation, please DYOR.
Cheers!
#Write2Earn
Out of my own experience, I have realised that if you stake approximately 1 #BNB for launchpool rewards, you end up earning approximately 7 USDT Worth of tokens upon listing. This entered had been noticed with #ALT #Ai #Manta etc.
I am not saying this is always true, but for what it's worth this can be a key indicator on the listing price of the token.
You can calculate your rewards per hour * number of hours, approx 7 USDT for each BNB, and wholla you have a price range.
This is my observation, please DYOR.
Cheers!
#Write2Earn
India to top 270 mln crypto users, more than US-Europe combined
India is expected to have almost 270 mln crypto users this year, more than the United States and Europe combined, according to data presented by AltIndex.com.
Over the past years, India has seen a significant rise in cryptocurrency investors despite the government’s historically negative attitude toward the sector.
The country’s crypto market will continue growing in 2024 and reach far more users than any other country or region.
The Indian crypto market gained momentum during the pandemic years, causing the number of #crypto users to skyrocket by 570% in just two years and hit almost 120 mln in 2022.
The growing, well-educated middle class combined with a less-developed traditional financial system in the country was a key driver behind this impressive growth. But what started as a COVID-19-caused boom continued last year, with another 90 mln Indians embracing cryptos as an investment or payment method and pushing the total user count in the market to a whopping 206 mln.
With almost 270 mln people using digital coins in 2024, or 63 mln more than last year, India will have many more crypto users than the United States, the world’s largest crypto market.
Statistics show the US crypto market will hit 87.7 mln users this year, or three times less than India. Although ahead of the United States in total crypto user count, Europe will also stay far behind India, with 165.5 mln users in 2024.
Largest crypto nation
Besides being the world’s largest crypto nation, India will also see the biggest user growth in the following years.
Statista expects the number of crypto users in the country to jump by 21% and hit almost 330 million by 2028. Europe and the United States will see a 14% growth in this period, hitting 188 million and 100.7 million users, respectively.
The Statista survey also showed India will continue to have the lion’s share of the total crypto user count. In 2028, every third crypto user in the world will be from India, almost the same as this year.
#Write2Earn
India is expected to have almost 270 mln crypto users this year, more than the United States and Europe combined, according to data presented by AltIndex.com.
Over the past years, India has seen a significant rise in cryptocurrency investors despite the government’s historically negative attitude toward the sector.
The country’s crypto market will continue growing in 2024 and reach far more users than any other country or region.
The Indian crypto market gained momentum during the pandemic years, causing the number of #crypto users to skyrocket by 570% in just two years and hit almost 120 mln in 2022.
The growing, well-educated middle class combined with a less-developed traditional financial system in the country was a key driver behind this impressive growth. But what started as a COVID-19-caused boom continued last year, with another 90 mln Indians embracing cryptos as an investment or payment method and pushing the total user count in the market to a whopping 206 mln.
With almost 270 mln people using digital coins in 2024, or 63 mln more than last year, India will have many more crypto users than the United States, the world’s largest crypto market.
Statistics show the US crypto market will hit 87.7 mln users this year, or three times less than India. Although ahead of the United States in total crypto user count, Europe will also stay far behind India, with 165.5 mln users in 2024.
Largest crypto nation
Besides being the world’s largest crypto nation, India will also see the biggest user growth in the following years.
Statista expects the number of crypto users in the country to jump by 21% and hit almost 330 million by 2028. Europe and the United States will see a 14% growth in this period, hitting 188 million and 100.7 million users, respectively.
The Statista survey also showed India will continue to have the lion’s share of the total crypto user count. In 2028, every third crypto user in the world will be from India, almost the same as this year.
#Write2Earn
England's Law Commission Seeks Views on Draft Legislation to Label Crypto as Property
The Law Commission also called for evidence on its project on digital assets and electronic trade documents in private international law.
The Law Commission is seeking views on draft legislation to assign property rights to crypto and called for evidence for its project on digital assets and electronic trade documents.
The responses will determine the shape of legislation to be proposed to the government.
"Personal property rights are important for many reasons, including in the event of insolvency or where assets are interfered with or unlawfully taken," the commission said on Thursday.
"However, because digital assets differ significantly from physical assets, and from rights-based assets like debts and financial securities, they do not fit within traditional categories of personal property."
The Law Commission also called for evidence for its project on digital assets and electronic trade documents in private international law. The deadline for comments is May 16.
#Write2Earn #crypto #England #coindesk
The Law Commission also called for evidence on its project on digital assets and electronic trade documents in private international law.
The Law Commission is seeking views on draft legislation to assign property rights to crypto and called for evidence for its project on digital assets and electronic trade documents.
The responses will determine the shape of legislation to be proposed to the government.
"Personal property rights are important for many reasons, including in the event of insolvency or where assets are interfered with or unlawfully taken," the commission said on Thursday.
"However, because digital assets differ significantly from physical assets, and from rights-based assets like debts and financial securities, they do not fit within traditional categories of personal property."
The Law Commission also called for evidence for its project on digital assets and electronic trade documents in private international law. The deadline for comments is May 16.
#Write2Earn #crypto #England #coindesk
How much is crypto taxed in US/UK/Aus/NZ?
The United states
You'll pay up to 37% tax on short-term capital gains and crypto income and between 0% to 20% tax on long-term capital gains - although NFTs deemed collectibles may be taxed at 28%. The amount of tax you'll pay on crypto in the USA depends on how much you earn, the specific transaction, and how long you've held the asset
The United Kingdom
For capital gains from crypto over the £12,300 tax-free allowance, you'll pay 10% or 20% tax. For additional income from crypto over the personal allowance, you'll pay between 20% to 45% in tax. The exact amount you'll pay will depend on the transaction you've made, the tax that applies, and the Income Tax band you fall into.
Australia
For crypto investments in Australia, Capital Gains Tax applies. Report gains and losses in your Income Tax Return and pay Income Tax on net gains. Hold for a year and receive a 50% discount. Declare crypto in your ATO tax return if you've sold, traded, or earned it in the past financial year
NZ
In Newzealand, cryptocurrency is subject to normal income tax rates.You'll pay 10.5-39% depending on your annual income.
#Write2Earn #innocence #cryptotax #letuslive #ftl
The United states
You'll pay up to 37% tax on short-term capital gains and crypto income and between 0% to 20% tax on long-term capital gains - although NFTs deemed collectibles may be taxed at 28%. The amount of tax you'll pay on crypto in the USA depends on how much you earn, the specific transaction, and how long you've held the asset
The United Kingdom
For capital gains from crypto over the £12,300 tax-free allowance, you'll pay 10% or 20% tax. For additional income from crypto over the personal allowance, you'll pay between 20% to 45% in tax. The exact amount you'll pay will depend on the transaction you've made, the tax that applies, and the Income Tax band you fall into.
Australia
For crypto investments in Australia, Capital Gains Tax applies. Report gains and losses in your Income Tax Return and pay Income Tax on net gains. Hold for a year and receive a 50% discount. Declare crypto in your ATO tax return if you've sold, traded, or earned it in the past financial year
NZ
In Newzealand, cryptocurrency is subject to normal income tax rates.You'll pay 10.5-39% depending on your annual income.
#Write2Earn #innocence #cryptotax #letuslive #ftl
INDIAN USERS EMAIL UPDATE
Dear Binancian,
We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.
We remain committed to the adherence of local regulations and laws and we are dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry.
The ongoing situation is not unique to Binance and impacts other web3 industry players as well. We are working hard to engage in constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe.
If you are having trouble accessing your account or need support, you may reach out on https://twitter.com/BinanceHelpDesk. Any changes or updates will be communicated promptly via our official channels.
Thank you
Binance
Dear Binancian,
We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.
We remain committed to the adherence of local regulations and laws and we are dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry.
The ongoing situation is not unique to Binance and impacts other web3 industry players as well. We are working hard to engage in constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe.
If you are having trouble accessing your account or need support, you may reach out on https://twitter.com/BinanceHelpDesk. Any changes or updates will be communicated promptly via our official channels.
Thank you
Binance