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MiCA Stablecoin Rules Are Strictly Followed By Binance With Latest Updates
SOURCE: COINCU Square post
Key Points:
Binance will implement the EU's MiCA stablecoin rules on June 30, 2024, requiring regulated stablecoin issuers.MiCA stablecoin rules aim to enhance market clarity and stability, potentially increasing the adoption of Regulated Stablecoins.
Binance announced its plan to implement the new Markets in Crypto-Assets (MiCA) stablecoin regulations, which will come into effect on June 30, 2024, across the European Economic Area (EEA).
Read more: Understanding Types Of Stablecoins, Their Stability And Value
Binance Adopts EU's MiCA Stablecoin Rules
The significant regulatory framework, developed by the European Union over several years, aims to enhance oversight and consumer protection in the cryptocurrency market.
The MiCA stablecoin rules will mandate that stablecoins be issued and offered to the public only by regulated entities. These will be classified as “Regulated Stablecoins.” Existing stablecoins that do not meet these requirements will be deemed “Unauthorized Stablecoins” and will face certain restrictions.
To comply with these new MiCA stablecoin rules, Binance will implement phased changes to manage the availability of Unauthorized Stablecoins for EEA users, ensuring a smooth transition to Regulated Stablecoins. These changes will commence on June 30, 2024, and will include the following measures:
Binance Convert: The convert function for Unauthorized Stablecoins will switch to a “sell-only” mode. Depending on jurisdictional fiat channel availability, users can sell Unauthorized Stablecoins for other digital assets, Regulated Stablecoins, or fiat currencies. Buying Unauthorized Stablecoins via the Convert function will be disabled.Spot Trading: Trading pairs involving Unauthorized Stablecoins will remain available until further notice. Trading pairs with Unauthorized and Regulated Stablecoins will coexist during the transition period.Wallet Services: Custody and wallet services for Unauthorized Stablecoins will continue, allowing users to deposit or withdraw these stablecoins from their Binance wallets.
MiCA's Impact on Cryptocurrency Market
Unless otherwise noted, Binance will impose general restrictions across its entire product suite, preventing users from engaging in new products or services involving Unauthorized Stablecoins from June 30, 2024.
The regulatory update reflects the EU's efforts to bring more clarity and stability to the cryptocurrency market with the MiCA framework. Binance's measures demonstrate its commitment to compliance and user protection within this evolving regulatory landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
#Binance #COINCU #BTC #altcoins #BinanceLaunchpool
Key Points:
Binance will implement the EU's MiCA stablecoin rules on June 30, 2024, requiring regulated stablecoin issuers.MiCA stablecoin rules aim to enhance market clarity and stability, potentially increasing the adoption of Regulated Stablecoins.
Binance announced its plan to implement the new Markets in Crypto-Assets (MiCA) stablecoin regulations, which will come into effect on June 30, 2024, across the European Economic Area (EEA).
Read more: Understanding Types Of Stablecoins, Their Stability And Value
Binance Adopts EU's MiCA Stablecoin Rules
The significant regulatory framework, developed by the European Union over several years, aims to enhance oversight and consumer protection in the cryptocurrency market.
The MiCA stablecoin rules will mandate that stablecoins be issued and offered to the public only by regulated entities. These will be classified as “Regulated Stablecoins.” Existing stablecoins that do not meet these requirements will be deemed “Unauthorized Stablecoins” and will face certain restrictions.
To comply with these new MiCA stablecoin rules, Binance will implement phased changes to manage the availability of Unauthorized Stablecoins for EEA users, ensuring a smooth transition to Regulated Stablecoins. These changes will commence on June 30, 2024, and will include the following measures:
Binance Convert: The convert function for Unauthorized Stablecoins will switch to a “sell-only” mode. Depending on jurisdictional fiat channel availability, users can sell Unauthorized Stablecoins for other digital assets, Regulated Stablecoins, or fiat currencies. Buying Unauthorized Stablecoins via the Convert function will be disabled.Spot Trading: Trading pairs involving Unauthorized Stablecoins will remain available until further notice. Trading pairs with Unauthorized and Regulated Stablecoins will coexist during the transition period.Wallet Services: Custody and wallet services for Unauthorized Stablecoins will continue, allowing users to deposit or withdraw these stablecoins from their Binance wallets.
MiCA's Impact on Cryptocurrency Market
Unless otherwise noted, Binance will impose general restrictions across its entire product suite, preventing users from engaging in new products or services involving Unauthorized Stablecoins from June 30, 2024.
The regulatory update reflects the EU's efforts to bring more clarity and stability to the cryptocurrency market with the MiCA framework. Binance's measures demonstrate its commitment to compliance and user protection within this evolving regulatory landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
#Binance #COINCU #BTC #altcoins #BinanceLaunchpool
#COINCU
Thai Police Corruption Case: Officers Extort Millions from Chinese Resident
In mid-October, six Thai police reportedly broke into a Chinese citizen’s house, Mr. Sai, on the grounds of investigating passport forgery. They threatened to settle the case with 10 million #USDT , having taken phones and computers in an attempt to pressure him. Mr. Sai partially gave in and made the transfers. Later, he went to report the case to higher authorities. Such a case brought 12 arrests, of which 9 were police officers.
This high-profile case has brought to light corruption issues within Thailand’s law enforcement. Mr. Sai took action against intimidation and threats; the case was a bit more than a slip-up but part of deep-seated behavior misconduct. During the investigation, it was learned that the police officers, together with civilian accomplices, fabricated legal claims to extort money from Mr. Sai. Now, Thai police promise to prosecute those responsible for the scheme, according to qq.com.
Thai Police Corruption Case: Officers Extort Millions from Chinese Resident
In mid-October, six Thai police reportedly broke into a Chinese citizen’s house, Mr. Sai, on the grounds of investigating passport forgery. They threatened to settle the case with 10 million #USDT , having taken phones and computers in an attempt to pressure him. Mr. Sai partially gave in and made the transfers. Later, he went to report the case to higher authorities. Such a case brought 12 arrests, of which 9 were police officers.
This high-profile case has brought to light corruption issues within Thailand’s law enforcement. Mr. Sai took action against intimidation and threats; the case was a bit more than a slip-up but part of deep-seated behavior misconduct. During the investigation, it was learned that the police officers, together with civilian accomplices, fabricated legal claims to extort money from Mr. Sai. Now, Thai police promise to prosecute those responsible for the scheme, according to qq.com.
#COINCU
The Terra Shuttle Bridge, a platform for transferring assets between Terra and other blockchains, has been permanently disabled. Remaining $LUNC and $USTC tokens in the bridge wallets were burned to finalize the shutdown, a move aligned with #TerraformLabs Chapter 11 bankruptcy process. The closure comes after the platform’s significant crash in May 2022. Terra plans to transfer assets from the Shuttle Bridge to a new wallet, simplifying user redemption. This announcement spurred a slight recovery in the Terra Classic (LUNC) price, signaling investor optimism around the platform's restructuring efforts.
The Terra Shuttle Bridge, a platform for transferring assets between Terra and other blockchains, has been permanently disabled. Remaining $LUNC and $USTC tokens in the bridge wallets were burned to finalize the shutdown, a move aligned with #TerraformLabs Chapter 11 bankruptcy process. The closure comes after the platform’s significant crash in May 2022. Terra plans to transfer assets from the Shuttle Bridge to a new wallet, simplifying user redemption. This announcement spurred a slight recovery in the Terra Classic (LUNC) price, signaling investor optimism around the platform's restructuring efforts.
#COINCU
North Korean hacker group #BlueNoroff has been targeting cryptocurrency firms with a new malware campaign called "Hidden Risk" since April 2023. The campaign primarily exploits MacOS vulnerabilities, delivering malware through phishing emails with fake PDF links. Once opened, these PDFs download malware that gives hackers remote access to victims' systems, enabling them to steal sensitive data, including private keys for digital wallets.
The #FBI and #CISA have issued warnings about ongoing threats from North Korean hackers, particularly BlueNoroff, which has long targeted the crypto industry. In recent months, the group has increased its efforts, including using fake domains to further deceive and extort victims. This campaign follows a pattern of cyberattacks linked to the #LazarusGroup , which is also associated with high-profile cybercrimes.
North Korean hacker group #BlueNoroff has been targeting cryptocurrency firms with a new malware campaign called "Hidden Risk" since April 2023. The campaign primarily exploits MacOS vulnerabilities, delivering malware through phishing emails with fake PDF links. Once opened, these PDFs download malware that gives hackers remote access to victims' systems, enabling them to steal sensitive data, including private keys for digital wallets.
The #FBI and #CISA have issued warnings about ongoing threats from North Korean hackers, particularly BlueNoroff, which has long targeted the crypto industry. In recent months, the group has increased its efforts, including using fake domains to further deceive and extort victims. This campaign follows a pattern of cyberattacks linked to the #LazarusGroup , which is also associated with high-profile cybercrimes.
#COINCU
#JPMorganChase has announced an instant #EURUSD conversion service on its #Kinexys blockchain, aimed at providing faster, more cost-effective solutions, especially for fintech companies. This new blockchain service, which reduces conversion times from one to two days to instant transfers, is anticipated to attract significant user interest. #JPMCOIN , JPMorgan’s blockchain token, will support this service by generating revenue through transaction fees and foreign exchange spreads. The Kinexys platform has seen substantial growth, with transaction volumes up tenfold year-over-year, and further expansion is expected. The bank’s CEO, Jamie Dimon, noted that JPMorgan is leading in blockchain implementation, emphasizing the bank’s continued focus on scaling this technology.
Additionally, other notable blockchain and crypto developments include the Tether CEO detailing the reserves backing $USDT, a major investment in Swisstronik, and speculation that BlockDAG's hybrid technology could potentially surpass $BTC and $ETH with significant price growth.
#JPMorganChase has announced an instant #EURUSD conversion service on its #Kinexys blockchain, aimed at providing faster, more cost-effective solutions, especially for fintech companies. This new blockchain service, which reduces conversion times from one to two days to instant transfers, is anticipated to attract significant user interest. #JPMCOIN , JPMorgan’s blockchain token, will support this service by generating revenue through transaction fees and foreign exchange spreads. The Kinexys platform has seen substantial growth, with transaction volumes up tenfold year-over-year, and further expansion is expected. The bank’s CEO, Jamie Dimon, noted that JPMorgan is leading in blockchain implementation, emphasizing the bank’s continued focus on scaling this technology.
Additionally, other notable blockchain and crypto developments include the Tether CEO detailing the reserves backing $USDT, a major investment in Swisstronik, and speculation that BlockDAG's hybrid technology could potentially surpass $BTC and $ETH with significant price growth.
#COINCU
#Polymarket , a decentralized prediction market platform, is rumored to be planning a token airdrop after its success during the 2024 U.S. presidential election. The platform saw significant growth, with betting volumes reaching $3.6 billion by November 5, 2024. Polymarket has hinted that users who reinvest their winnings into new markets might be eligible for rewards and future token drops. This follows the platform's recent rise in popularity and significant fundraising efforts, including a $70 million investment round. Although no official confirmation has been made, some users have received messages suggesting upcoming airdrops for those reinvesting in the platform. Polymarket has also attracted high-profile investors like #PeterThiel and #VitalikButerin .
$POL
#Polymarket , a decentralized prediction market platform, is rumored to be planning a token airdrop after its success during the 2024 U.S. presidential election. The platform saw significant growth, with betting volumes reaching $3.6 billion by November 5, 2024. Polymarket has hinted that users who reinvest their winnings into new markets might be eligible for rewards and future token drops. This follows the platform's recent rise in popularity and significant fundraising efforts, including a $70 million investment round. Although no official confirmation has been made, some users have received messages suggesting upcoming airdrops for those reinvesting in the platform. Polymarket has also attracted high-profile investors like #PeterThiel and #VitalikButerin .
$POL
The Solana Optimistic Network (#SOON ) has launched its public testnet, marking a significant step in blockchain scalability. The testnet is fully integrated with the decoupled Solana Virtual Machine (#SVM ), which improves compatibility with Ethereum's fraud proofs. This integration allows for seamless operation with Ethereum's fraud detection systems while expanding into a broader decentralized ecosystem.
Recent benchmarks for SOON show impressive performance, achieving 30,000 transactions per second (TPS) and 50-millisecond block times. This positions SOON as a potential solution to scalability issues faced by both Solana and Ethereum networks, enhancing dApp performance on its platform.
SOON's development has attracted notable industry figures, including Lily Liu (Solana Foundation), Anatoly Yakovenko (Solana Labs co-founder), and Jonathan King (Coinbase Ventures), who supported the project through its "co-builder" round. This strategic backing reinforces SOON’s goal of becoming a leading blockchain solution for scalable, high-performance applications - #COINCU
$SOL
Recent benchmarks for SOON show impressive performance, achieving 30,000 transactions per second (TPS) and 50-millisecond block times. This positions SOON as a potential solution to scalability issues faced by both Solana and Ethereum networks, enhancing dApp performance on its platform.
SOON's development has attracted notable industry figures, including Lily Liu (Solana Foundation), Anatoly Yakovenko (Solana Labs co-founder), and Jonathan King (Coinbase Ventures), who supported the project through its "co-builder" round. This strategic backing reinforces SOON’s goal of becoming a leading blockchain solution for scalable, high-performance applications - #COINCU
$SOL