Blockchain Report — 11/13/2018. Summary: Binance CEO Says…
By: Christopher Durr
Tags: Bitcoin, Blockchain, Investing, News, Cryptocurrency

Summary: Binance CEO Says Cryptocurrency Market Is Still Good, Trading Volume Is Better Than It Seems; Cryptocurrency Exchange EtherDelta Pays $400,000 Fine To U.S. SEC; Singapore Government Develops Blockchain Based Token System

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Binance CEO Says Cryptocurrency Market Is Still Good, Trading Volume Is Better Than It Seems

According to CCN, Binance CEO Changpeng Zhao (a.k.a. CZ) believes that the cryptocurrency market is still rock solid despite the fall in prices since the beginning of January. He said that although trading volume has fallen significantly, it is still better than a few years ago. CZ said:

“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business.”

CZ also clarified that the number of Binance users has been steadily increasing since January as well as a steady increase in the number of people depositing Bitcoin onto Binance.

Finally, CZ emphasized that trading volume listed on websites such as Coinmarketcap can be wrong because they don’t record over the counter (OTC) transactions. That means the actual trading volume for cryptocurrencies is 2x or 3x the amount listed on Coinmarketcap.

CZ thinks that a cryptocurrency price rally will happen. “Sooner or later, something will trigger it,” he says.

Cryptocurrency Exchange EtherDelta Pays $400,000 Fine To U.S. SEC

According to The Daily Hodl, the United States Securities and Exchange Commission (SEC) has announced that they’ve settled charges against Zachary Coburn. Coburn is the owner and founder of the ethereum-based cryptocurrency exchange EtherDelta.

The SEC decided to charge Coburn with unlawfully operating a securities exchange and failing to register with the SEC as an exchange. Stephanie Avakian, who works with the SEC, says:

“EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption.”

What makes this case especially interesting is that the EtherDelta exchange runs using smart contracts and it runs entirely on code. However, the SEC says that ultimately the programmer who wrote the code must take the same responsibility as a person running a centralized exchange.

Singapore Government Develops Blockchain Based Token System

According to NewsBTC, a trading platform was created between the Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX). The aim of the platform is to enable the settlement of tokenized securities among different blockchani platforms.

MAS chief fintech officer Sopnendu Mohanty stated:

“This project has demonstrated the value of blockchain technology and the benefits it can bring to the financial industry in the short to medium term. The concept of asset tokenisation, as well as other learnings gleaned from this project, can potentially be applied to a broad spectrum of the economy, creating a whole new world of opportunities.”

Tinku Gupta, head of technology for SGX, meanwhile said:

“We are delighted to drive this important industry effort to accelerate innovation in the marketplace. Based on the unique methodology SGX developed to enable real-world interoperability of platforms, as well as the simultaneous exchange of digital tokens and securities, we have applied for our first-ever technology patent.”

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