Binance Square

Mt_Gox_BTC_Dip

7.7M views
3,494 Discussing
🔻 Bitcoin dips 3% as Mt. Gox begins internal coin movements, sparking renewed selling pressure. 💰 The leading cryptocurrency briefly fell below $63,000 after the defunct exchange moved over $2.84 billion in BTC, likely for creditor repayments. Join the discussion and share your insights on the impact of these movements on the crypto market!
Binance News
--
Bitcoin Dips 3% Amid Mt. Gox Coin MovementsAccording to CoinDesk, Bitcoin faced renewed selling pressure on Tuesday after blockchain data revealed that the defunct exchange Mt. Gox began moving coins internally, potentially for creditor repayments.The leading cryptocurrency by market value dipped 3%, briefly falling below $63,000 after testing the $65,000 mark during early Asian trading hours. The decline occurred as the wallet associated with Mt. Gox initially moved 0.021 BTC ($1,000) to a blockchain address. This small movement, likely a transfer test, was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet, as tracked by Arkham Intelligence. The movement was likely part of the repayment plan, according to on-chain sleuth Lookonchain.Mt. Gox, once the largest bitcoin exchange globally, went bust in 2014 after losing hundreds of thousands of bitcoin in a hack. The exchange began repaying its debt on July 4, raising fears of mass selling by creditors who have waited for reimbursements for a decade. Bitcoin's drop also impacted the broader market, with ether, the second-largest digital asset by market value, dipping over 2.5% to $3,400. The CoinDesk 20 Index (CD20), a broader market gauge, fell over 2% to 2,182.

Bitcoin Dips 3% Amid Mt. Gox Coin Movements

According to CoinDesk, Bitcoin faced renewed selling pressure on Tuesday after blockchain data revealed that the defunct exchange Mt. Gox began moving coins internally, potentially for creditor repayments.The leading cryptocurrency by market value dipped 3%, briefly falling below $63,000 after testing the $65,000 mark during early Asian trading hours. The decline occurred as the wallet associated with Mt. Gox initially moved 0.021 BTC ($1,000) to a blockchain address. This small movement, likely a transfer test, was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet, as tracked by Arkham Intelligence. The movement was likely part of the repayment plan, according to on-chain sleuth Lookonchain.Mt. Gox, once the largest bitcoin exchange globally, went bust in 2014 after losing hundreds of thousands of bitcoin in a hack. The exchange began repaying its debt on July 4, raising fears of mass selling by creditors who have waited for reimbursements for a decade. Bitcoin's drop also impacted the broader market, with ether, the second-largest digital asset by market value, dipping over 2.5% to $3,400. The CoinDesk 20 Index (CD20), a broader market gauge, fell over 2% to 2,182.
--
Bullish
$XEN I expect this to do some great 🆙 move this upcoming rally. Black line was the major support zone which got broken hence it moved ⬇️ & on 1D almost find support around 0.0(6)1$ I added this last week & will hold for next t 2-4 months , Today 30% 🆙 ⬆️ Buy 🎯:- 0.0(6)1$ Profit & maximum 🎯 mentioned in 📊. I expect this to reclaim Black line 0.0(6)25$—0.0(6)30$ again by this monthly end & find support over it. HUGE VOLUME INFLOW SINCE 2 weeks. Weekly RSI almost about to breakout for the first time. #CRIPTOHINDUSTAN #xen #XenCrypto #ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip
$XEN

I expect this to do some great 🆙 move this upcoming rally.
Black line was the major support zone which got broken hence it moved ⬇️ & on 1D almost find support around 0.0(6)1$

I added this last week & will hold for next t 2-4 months , Today 30% 🆙 ⬆️
Buy 🎯:- 0.0(6)1$

Profit & maximum 🎯 mentioned in 📊.

I expect this to reclaim Black line
0.0(6)25$—0.0(6)30$ again by this monthly end & find support over it.

HUGE VOLUME INFLOW SINCE 2 weeks.
Weekly RSI almost about to breakout for the first time.

#CRIPTOHINDUSTAN #xen #XenCrypto #ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip
🎉 3,000,000 Users Playing BabyDoge Paws! 🎉 We're thrilled to announce that BabyDoge Paws has reached an incredible milestone with 3 million users! Thank you for being part of our amazing community. Keep playing and spreading the word!Stay tuned for more updates and exciting features! #Babydogepaws #SOFR_Spike @babydogecoi #Mt_Gox_BTC_Dip
🎉 3,000,000 Users Playing BabyDoge Paws! 🎉

We're thrilled to announce that BabyDoge Paws has reached an incredible milestone with 3 million users!

Thank you for being part of our amazing community.

Keep playing and spreading the word!Stay tuned for more updates and exciting features!
#Babydogepaws #SOFR_Spike @babydogecoi #Mt_Gox_BTC_Dip
🚨URGENT! MUST READ.🚨 ~ 🚨Bitcoin is about to DUMP.🚨 ~ So before I start this post, I want to address the fact that this dump has nothing to do with Mt. Gox, this dump was inevitable to happen since we're too overbought on the daily. ~ 1D: #BTC is currently getting rejected at the mid-range, which also aligns with the 0.618 fib level. Typically, after a down trend, sometimes we have a dead cat bounce where the price retraces to the 0.618 fib level before dumping again. In order to invalidate this, we need to flip the 72k level into support. Also, as you guys can see, $BTC never retested the 20 EMA after we broke out of it, ever since losing it in early June. A retest will happen sooner or later. The levels of the dump is marked in the 4H chart. ~ 4H: Bitcoin has completed 5 waves up on the 4 hourly time frame and is on its way to do an ABC correction, I believe that the C wave bottom will be somewhere between the 0.618 & 0.5 Golden Fib zones. Which also aligns with the 20 EMA retest on the the daily. I've drawn in yellow what I expect the ABC correction to look like. ~ If you want to know what the most bearish scenario can be, then I've also attached a 4H chart showing that, if we lose the July 8 low, we're in a technical target to 1.272 Fib level sitting at $51,450, & if we have a deeper retracement, then 1.618 Fib level sitting at $48,054 ~ Thanks for reading, stay safe.🤝🏻 $BTC #ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #SOFR_Spike #SOFR_Spike #BinanceTurns7
🚨URGENT! MUST READ.🚨
~
🚨Bitcoin is about to DUMP.🚨
~
So before I start this post, I want to address the fact that this dump has nothing to do with Mt. Gox, this dump was inevitable to happen since we're too overbought on the daily.
~
1D: #BTC is currently getting rejected at the mid-range, which also aligns with the 0.618 fib level. Typically, after a down trend, sometimes we have a dead cat bounce where the price retraces to the 0.618 fib level before dumping again. In order to invalidate this, we need to flip the 72k level into support.
Also, as you guys can see, $BTC never retested the 20 EMA after we broke out of it, ever since losing it in early June. A retest will happen sooner or later.
The levels of the dump is marked in the 4H chart.
~
4H: Bitcoin has completed 5 waves up on the 4 hourly time frame and is on its way to do an ABC correction, I believe that the C wave bottom will be somewhere between the 0.618 & 0.5 Golden Fib zones. Which also aligns with the 20 EMA retest on the the daily.
I've drawn in yellow what I expect the ABC correction to look like.
~
If you want to know what the most bearish scenario can be, then I've also attached a 4H chart showing that, if we lose the July 8 low, we're in a technical target to 1.272 Fib level sitting at $51,450, & if we have a deeper retracement, then 1.618 Fib level sitting at $48,054
~
Thanks for reading, stay safe.🤝🏻
$BTC
#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #SOFR_Spike #SOFR_Spike #BinanceTurns7
Here is the easiest way to get your account banned on binance ....🚨 1) Using Vpn to log into your account... we all know what vpn is...and using it to log into a centralized account as binance could get you banned...this is because it suggests a)Account phising b) hack attempt c) fraudulent activity Avoid using vpn for centralized exchanges....follow for daily tips and updates in this bull run. #ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #BinanceTurns7 #SOFR_Spike #VanEck_SOL_ETFS
Here is the easiest way to get your account banned on binance ....🚨

1) Using Vpn to log into your account... we all know what vpn is...and using it to log into a centralized account as binance could get you banned...this is because it suggests

a)Account phising
b) hack attempt
c) fraudulent activity

Avoid using vpn for centralized exchanges....follow for daily tips and updates in this bull run.
#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #BinanceTurns7 #SOFR_Spike #VanEck_SOL_ETFS
--
Bearish
The global cryptocurrency market cap now stands at $2.4T, a 3.33% increase over the last day, according to CoinMarketCap data. Bitcoin (BTC) has been trading between $62,932 and $66,129 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $65,352, up by 3.77%. Most major cryptocurrencies by market cap are trading higher. Market outperformers include WLD, BNX, and DYM, up by 43%, 36%, and 31%, respectively.#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #US_Job_Market_Slowdown #BinanceTournament #VanEck_SOL_ETFS $BTC $BNB $
The global cryptocurrency market cap now stands at $2.4T, a 3.33% increase over the last day, according to CoinMarketCap data.
Bitcoin (BTC) has been trading between $62,932 and $66,129 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $65,352, up by 3.77%.
Most major cryptocurrencies by market cap are trading higher. Market outperformers include WLD, BNX, and DYM, up by 43%, 36%, and 31%, respectively.#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip
#US_Job_Market_Slowdown #BinanceTournament #VanEck_SOL_ETFS $BTC $BNB $
How to Make $100 Daily with Crypto: A Guide to Generating Daily Income #crypto #CryptoIncome 🔗Introduction Looking for a reliable income source? Crypto might be your answer! Learn how to make $100 daily with crypto. Understanding Crypto What is Crypto? - Digital currency using cryptography for secure transactions. - Operates on decentralized blockchain technology. Why Invest? - High Returns:Potential for significant gains. - Decentralized: Not controlled by governments; value driven by market demand. - Liquidity: Quick transactions at any time. - Transparency: Accessible to everyone. Risks: - Manage risks carefully for successful investing. Ways to Generate Daily Income with Crypto Trading: 📈 - Buy and sell crypto daily for profit. - Note: Can be risky; invest wisely. Holding: 🏦 - Long-term investment strategy. - Hold and sell at a higher price later. Staking: 🔗 - Earn rewards by verifying blockchain transactions. - Requires technical knowledge. Mining: ⛏️ - Contribute computing power to the blockchain. - Requires specialized hardware. Airdrops: 🎁 - Free tokens from crypto projects. - Not a reliable income source, but a fun bonus. Choosing the Right Crypto Exchange Key Factors: - Security, reputation, fees, supported cryptocurrencies, ease of use. Top Exchange: Binance: Low fees, high liquidity, wide range of cryptocurrencies. Managing Risks while Trading Crypto Investment Tips: - Never invest more than you can afford to lose. - Diversify investments across multiple cryptos. - Stay informed with market news. Conclusion Generating daily income with crypto is possible through: - Trading - Holding - Staking - Mining - Airdrops Choose a reliable exchange and manage risks carefully. With dedication, you can make $100 daily with crypto! #VanEck_SOL_ETFS #Mt_Gox_BTC_Dip

How to Make $100 Daily with Crypto: A Guide to Generating Daily Income

#crypto #CryptoIncome

🔗Introduction

Looking for a reliable income source? Crypto might be your answer! Learn how to make $100 daily with crypto.

Understanding Crypto

What is Crypto?
- Digital currency using cryptography for secure transactions.
- Operates on decentralized blockchain technology.

Why Invest?
- High Returns:Potential for significant gains.
- Decentralized: Not controlled by governments; value driven by market demand.
- Liquidity: Quick transactions at any time.
- Transparency: Accessible to everyone.

Risks:
- Manage risks carefully for successful investing.

Ways to Generate Daily Income with Crypto

Trading: 📈
- Buy and sell crypto daily for profit.
- Note: Can be risky; invest wisely.
Holding: 🏦
- Long-term investment strategy.
- Hold and sell at a higher price later.

Staking: 🔗
- Earn rewards by verifying blockchain transactions.
- Requires technical knowledge.

Mining: ⛏️
- Contribute computing power to the blockchain.
- Requires specialized hardware.

Airdrops: 🎁
- Free tokens from crypto projects.
- Not a reliable income source, but a fun bonus.

Choosing the Right Crypto Exchange

Key Factors:
- Security, reputation, fees, supported cryptocurrencies, ease of use.

Top Exchange:
Binance: Low fees, high liquidity, wide range of cryptocurrencies.
Managing Risks while Trading Crypto

Investment Tips:
- Never invest more than you can afford to lose.
- Diversify investments across multiple cryptos.
- Stay informed with market news.

Conclusion

Generating daily income with crypto is possible through:

- Trading
- Holding
- Staking
- Mining
- Airdrops

Choose a reliable exchange and manage risks carefully. With dedication, you can make $100 daily with crypto!

#VanEck_SOL_ETFS #Mt_Gox_BTC_Dip
#lovely memory[09/06, 9:37 pm] Shafiq Bhatti: 🚨Active Now my Lovely members 🚨 I am going to post a single in 30 minutes 🕑 Guys 100X profitable single ✅ I am fully prepared for the signal but only can post immediately I am going to a ready for post a single Are you ready ? And Please follow me guys more next profitable trade 😊 I need to love and support And Thanks to all my lovely 😍 members 🌹 [09/06, 9:40 pm] Shafiq Bhatti: Hello Everyone 👋 I am Totally sure about this signal💥 It's my guaranteed 100% profitable signal 🔥 Everyone buys now at market price and makes profit 💕 Follow me for more profitable signals everyday 😘#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip ,#ETH_ETFs_Approval_Predictions #US_Job_Market_Slowdown
#lovely memory[09/06, 9:37 pm] Shafiq Bhatti: 🚨Active Now my Lovely members 🚨

I am going to post a single in 30 minutes 🕑

Guys 100X profitable single ✅

I am fully prepared for the signal but only can post immediately

I am going to a ready for post a single

Are you ready ?

And Please follow me guys more next profitable trade 😊

I need to love and support

And Thanks to all my lovely 😍 members 🌹
[09/06, 9:40 pm] Shafiq Bhatti: Hello Everyone 👋
I am Totally sure about this signal💥

It's my guaranteed 100% profitable signal 🔥

Everyone buys now at market price and makes profit 💕

Follow me for more profitable signals everyday 😘#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip ,#ETH_ETFs_Approval_Predictions #US_Job_Market_Slowdown
--
Bullish
GoodDollar ($G ) - Crypto Spotlight on Binance! 🌟 Hey Binance community! 📣 Have you heard about GoodDollar (G$)? It’s creating a buzz in the crypto world today! 🌊 Though it's not available for trading on Binance just yet, here’s the lowdown: 🔹 Current Price: $0.000042 🔹 24-Hour Trading Volume: $33.98 🔹 Market Cap: $0 (yep, you read that right!) 🔹 Maximum Supply: 2.2 billion coins GoodDollar aims to revolutionize the economy with its universal basic income model. Even though it's not tradeable on Binance at the moment, keeping an eye on innovative projects like this can be super exciting! What do you think about GoodDollar's mission? Is it the future of fair finance or just another crypto experiment? Let's discuss! Drop your thoughts below! ❤ Your generous tips help us provide top-tier investment advice! ❤ #ETH_ETF_Approval_23July #BinanceHODLerBANANA #Mt_Gox_BTC_Dip #BinanceTurns7 #BinanceTournament
GoodDollar ($G ) - Crypto Spotlight on Binance! 🌟

Hey Binance community! 📣

Have you heard about GoodDollar (G$)? It’s creating a buzz in the crypto world today! 🌊 Though it's not available for trading on Binance just yet, here’s the lowdown:

🔹 Current Price: $0.000042
🔹 24-Hour Trading Volume: $33.98
🔹 Market Cap: $0 (yep, you read that right!)
🔹 Maximum Supply: 2.2 billion coins

GoodDollar aims to revolutionize the economy with its universal basic income model. Even though it's not tradeable on Binance at the moment, keeping an eye on innovative projects like this can be super exciting!

What do you think about GoodDollar's mission? Is it the future of fair finance or just another crypto experiment? Let's discuss! Drop your thoughts below!

❤ Your generous tips help us provide top-tier investment advice! ❤

#ETH_ETF_Approval_23July #BinanceHODLerBANANA #Mt_Gox_BTC_Dip #BinanceTurns7 #BinanceTournament
𝐇𝐨𝐰 𝐔𝐒𝐀 𝐄𝐥𝐞𝐜𝐭𝐢𝐨𝐧 𝐰𝐢𝐥𝐥 𝐞𝐟𝐟𝐞𝐜𝐭 𝐂𝐫𝐲𝐩𝐭𝐨, 𝐀 𝐪𝐮𝐢𝐜𝐤 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 🚨 🚨 The world of cryptocurrency is buzzing with excitement and now is the perfect time to jump on board. Why is crypto the hottest topic today? Here’s the scoop: widespread adoption by major companies like Tesla and PayPal is making crypto more credible and mainstream. The space is a playground of groundbreaking developments, from decentralized finance (DeFi) to non-fungible tokens (NFTs). The dramatic price swings of cryptocurrencies offer thrilling opportunities for significant gains. Governments worldwide are focusing on crypto regulation, creating a dynamic and ever-evolving market. Crypto is constantly in the headlines, keeping it in the public eye and driving interest and investment. But that’s not all! The upcoming American elections could shake the crypto world even further. Regulatory changes are on the horizon, with pro-crypto candidates potentially bringing policies that fuel innovation, while stricter regulations from others could stabilize and legitimize the market. Broader economic policies can influence investor confidence, making this a crucial time to get involved. Elections create uncertainty, leading to increased market volatility—perfect for savvy investors. Supportive officials can foster government and institutional interest in blockchain technology, driving growth and new opportunities. Join the Crypto Revolution now! The crypto world is not just about digital currency; it's about being part of a global movement towards innovation and financial independence. Don’t miss your chance to be at the forefront of this exciting revolution. Connect, learn, invest, and grow. Get started today: educate yourself, join crypto communities, and start your journey towards a future where technology and finance blend seamlessly. #ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #BinanceTurns7 #ETH_ETFs_Approval_Predictions #BinanceTournament
𝐇𝐨𝐰 𝐔𝐒𝐀 𝐄𝐥𝐞𝐜𝐭𝐢𝐨𝐧 𝐰𝐢𝐥𝐥 𝐞𝐟𝐟𝐞𝐜𝐭 𝐂𝐫𝐲𝐩𝐭𝐨, 𝐀 𝐪𝐮𝐢𝐜𝐤 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 🚨 🚨

The world of cryptocurrency is buzzing with excitement and now is the perfect time to jump on board. Why is crypto the hottest topic today? Here’s the scoop: widespread adoption by major companies like Tesla and PayPal is making crypto more credible and mainstream. The space is a playground of groundbreaking developments, from decentralized finance (DeFi) to non-fungible tokens (NFTs). The dramatic price swings of cryptocurrencies offer thrilling opportunities for significant gains. Governments worldwide are focusing on crypto regulation, creating a dynamic and ever-evolving market. Crypto is constantly in the headlines, keeping it in the public eye and driving interest and investment.

But that’s not all! The upcoming American elections could shake the crypto world even further. Regulatory changes are on the horizon, with pro-crypto candidates potentially bringing policies that fuel innovation, while stricter regulations from others could stabilize and legitimize the market. Broader economic policies can influence investor confidence, making this a crucial time to get involved. Elections create uncertainty, leading to increased market volatility—perfect for savvy investors. Supportive officials can foster government and institutional interest in blockchain technology, driving growth and new opportunities.

Join the Crypto Revolution now! The crypto world is not just about digital currency; it's about being part of a global movement towards innovation and financial independence. Don’t miss your chance to be at the forefront of this exciting revolution. Connect, learn, invest, and grow. Get started today: educate yourself, join crypto communities, and start your journey towards a future where technology and finance blend seamlessly.

#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #BinanceTurns7 #ETH_ETFs_Approval_Predictions #BinanceTournament
$BTC continue it's Upward momentum and Soon it will again break it's strong resistance 65,477. Based on the $BTC /USDT data, the current price is $64,738, showing a -1.13% decrease. The 24h high is $65,993.14, and the 24h low is $63,854.00, with volumes of 27,916.02 BTC and 1.81B USDT. For long trades, an entry point near the 24h low ($63,854.00) is advisable, aiming for resistance around $65,993.14. For short trades, consider entering around the 24h high ($65,993.14), targeting support at $63,854.00. This approach leverages recent price movements and key support/resistance levels to provide potential profit opportunities for traders. #ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #ETH_ETF_Approval_23July #BinanceTurns7 #SOFR_Spike {future}(BTCUSDT)
$BTC continue it's Upward momentum and Soon it will again break it's strong resistance 65,477.
Based on the $BTC /USDT data, the current price is $64,738, showing a -1.13% decrease. The 24h high is $65,993.14, and the 24h low is $63,854.00, with volumes of 27,916.02 BTC and 1.81B USDT.
For long trades, an entry point near the 24h low ($63,854.00) is advisable, aiming for resistance around $65,993.14.
For short trades, consider entering around the 24h high ($65,993.14), targeting support at $63,854.00.
This approach leverages recent price movements and key support/resistance levels to provide potential profit opportunities for traders.
#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #ETH_ETF_Approval_23July #BinanceTurns7 #SOFR_Spike
Binance Unveils Binance Account Bound Token (BABT) for On-Chain Identity Verification Binance, the world’s leading cryptocurrency exchange, has launched the Binance Account Bound Token (BABT), addressing a significant challenge in the industry: on-chain identity verification. Key Features of BABT: - Purpose: The BABT is issued to users who successfully complete Binance’s Know-Your-Customer (KYC) process. This token serves as proof of KYC compliance. - Utility: The BABT can be used across various cryptocurrency and decentralized finance (DeFi) platforms, including mixers. - Characteristics: As a form of Soulbound Token (SBT) — a concept introduced by Ethereum’s Vitalik Buterin — BABTs are non-transferable. They cannot be exchanged between individuals or addresses and can be revoked by the issuer, though they can be reissued within 72 hours if needed. Binance’s initiative aims to enhance collaboration with regulators to enforce KYC/AML (anti-money laundering) standards while leveraging blockchain technology to do so. Criticisms and Concerns: - Feasibility: Some critics question the practicality of BABTs. James McCall highlighted concerns about the assumption that blockchain addresses are unique to individuals and not subject to sharing or compromise. He suggests that this could lead to a market for these accounts. - Regulatory Challenges: Zack Burks, founder of Mintable, cited potential issues related to FAFT and AML requirements, jurisdictional differences, and the risk of private keys or wallets being sold. He argues that while the BABT is an innovative concept, it may face challenges in broader adoption due to regulatory and practical hurdles. Future Outlook: Other companies may be observing Binance’s implementation to gauge its effectiveness and potential for integrating DeFi protocols with centralized platforms. This summary presents the key points of Binance’s new BABT initiative, including its intended benefits, features, and the criticisms it faces. #Mt_Gox_BTC_Dip #MtGoxJulyRepayments #US_Job_Market_Slowdown #SOFR_Spike
Binance Unveils Binance Account Bound Token (BABT) for On-Chain Identity Verification

Binance, the world’s leading cryptocurrency exchange, has launched the Binance Account Bound Token (BABT), addressing a significant challenge in the industry: on-chain identity verification.

Key Features of BABT:

- Purpose: The BABT is issued to users who successfully complete Binance’s Know-Your-Customer (KYC) process. This token serves as proof of KYC compliance.
- Utility: The BABT can be used across various cryptocurrency and decentralized finance (DeFi) platforms, including mixers.
- Characteristics: As a form of Soulbound Token (SBT) — a concept introduced by Ethereum’s Vitalik Buterin — BABTs are non-transferable. They cannot be exchanged between individuals or addresses and can be revoked by the issuer, though they can be reissued within 72 hours if needed.

Binance’s initiative aims to enhance collaboration with regulators to enforce KYC/AML (anti-money laundering) standards while leveraging blockchain technology to do so.

Criticisms and Concerns:

- Feasibility: Some critics question the practicality of BABTs. James McCall highlighted concerns about the assumption that blockchain addresses are unique to individuals and not subject to sharing or compromise. He suggests that this could lead to a market for these accounts.
- Regulatory Challenges: Zack Burks, founder of Mintable, cited potential issues related to FAFT and AML requirements, jurisdictional differences, and the risk of private keys or wallets being sold. He argues that while the BABT is an innovative concept, it may face challenges in broader adoption due to regulatory and practical hurdles.

Future Outlook:

Other companies may be observing Binance’s implementation to gauge its effectiveness and potential for integrating DeFi protocols with centralized platforms.

This summary presents the key points of Binance’s new BABT initiative, including its intended benefits, features, and the criticisms it faces.

#Mt_Gox_BTC_Dip #MtGoxJulyRepayments #US_Job_Market_Slowdown #SOFR_Spike
Login to explore more contents
Explore the latest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number