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Friday, February 15, 2019

Binance in profit despite bear market, no stock listing incoming, says CFO

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Wei Zhou, Binance CFO since September 2018, was interviewed via phone by the U.S.A business news channel CNBC.

Although the trading volume of Binance is definitely down when compared to the peaks in late 2017, they still exceed all other exchanges. Interestingly, when Zhou was asked if Binance is considering a stock listing, he said there were no plans, at least in the short term.

With regards to possible mergers and acquisitions of other firms, the answer went in the line of CZ’s best-known phrase, be careful what you wish for: “we are always on the lookout for high quality products”.

Chepicap has reported recently that Binance earnings for 2018 were around $450 million, despite CZ’s past prediction from the summer targeting profits between $500 million and $1 billion. However, all things considered, the latest bear run during the end of the year plunged prices lower than what CZ might have thought at first. Zhou ended the interview with an optimist valuation of Binance’s performance: “to date, even in this bear market, we still run a profitable business”.

Read more: CZ Binance interview: "something fishy" is going on with QuadrigaCX; Spend Card implements BNB: buy, sell and spend BNB using credit card

Why isn't XRP on Coinbase?; will it ever get Listed?

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XRP: the third largest cryptocurrency in the world (or is that second now?) with a market cap of over $12 billion, and one of the most loyal communities in crypto acting as around the clock marketing team; So why isn't XRP on Coinbase yet?

Throughout 2018, despite months upon months of campaigning, pleading and in some most cases whining to get a listing, Coinbase remained ambivalent towards XRP and its ‘army’.

Intermittent within the aforementioned campaigning, pleading, and whining, were rumors that Coinbase had decided to list XRP; rumors that tremendous an impact on price, especially in March when XRP rose to $1.08. Of course, speculation was ultimately proven false.

It's certainly not for lack of trying, Ripple even tried to bribe their way in, back in April last year when the firm attempted to bribe Coinbase by offering to lend the exchange $100 million worth of XRP to start letting users trade the asset. All to no avail…

Until suddenly. News flash.

Coinbase releases a list of 30 cryptocurrencies that they're “exploring”.

A multitude of prayers had been answered, XRP made the list…

“Being explored? That’s not good enough!” the XRP army exclaimed “… I know! Let’s incessantly tweet to Coinbase until they add XRP!”

The firm is accused of controlling a dominating share of XRP, essentially classifying the asset as a security.

Due to this accusation, some of the claimant’s assert that they were misled by the investment structure they bought into. In their eyes, XRP is a security - similar to a share in the company - and therefore Ripple violated securities law, by not keeping investors clued up about pertinent decisions as per the Securities Exchange Act of 1934.

Is XRP a security?

The SEC currently use the Howey test to decide whether or not a digital asset should be classed as a security.

Designed by the Supreme Court in 1946 the test filters out four deciding factors including; an investment of money in a common enterprise, an expectation of profits from said investment and if any profits come from the efforts of a third party promoter.

The initial lawsuit filing argues that XRP fulfills all these criteria and is therefore classified as a security:

“The XRP offered and sold by the defendants had all the traditional hallmarks of a security, yet defendants failed to register them as such… XRP purchasers reasonably expected to derive profits from their ownership of XRP, and [Ripple] themselves have frequently highlighted this profit motive.”

So, if found to be a security by the federal court, claimants would be in for a windfall, and Ripple would be in for a … fall.

Not everyone believes XRP is a security, this apparently includes CZ, CEO of Binance:

Wyoming Becomes First State to give Bitcoin Owners Full Property Rights

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Cryptocurrency advocates are celebrating Friday after the US state of Wyoming passed a bill giving direct property rights to cryptocurrency holders.

WYOMING SENATE PASSES CRYPTO PROPERTY BILL
Bill SF0125 passed its second and third Senate readings February 13 and 14 respectively, and will now go before governor Mark Gordon for endorsement, becoming law as early as next week.

The legislation allows Wyoming residents to own cryptocurrency tokens with complete legal protection, instead of only getting this through third-party storage.

Wyoming thus becomes the first US state to enact changes in the law empowering private ownership of cryptocurrency. As former Wall Street veteran and Wyoming Blockchain Coalition member Caitlin Long notes, the decision should enact a chain reaction of interest from consumers and businesses.

“This means (blockchain companies) will (probably) want to apply WY law to your contracts, domicile here, (and/or) have a physical presence here,” she concluded on Twitter following the Senate passing the Bill.

BUCKING THE TREND

In the US, state legislators have sole power over property rights, leading to a patchwork landscape across the country as different jurisdictions take markedly different stances on the area.

The combination of this variation plus the aggressive pursuing of securities laws violations by national regulators has made opening up shop in the US a daunting prospect for many cryptocurrency businesses.

Comparing Wyoming to New York, Long was already forecasting a shifting of preference among market participants.

“Wyoming protects (property rights, and) for institutional investors who must own indirectly, it protects (investors) far better than (New York) does,” she continued in further tweets.

“Have fun watching the transfer of capital away from NY (and) into WY in the coming years, (especially) as securities are increasingly issued on (blockchains.)”

As Bitcoinist reported, January already began seeing the process set in motion even before changes in the law, with Cardano announcing it was moving to the state. In December, lawmakers passed a blockchain bank bill in the face of heavy opposition.

Indonesia Officially recognizes Bitcoin As A Commodity

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Regulators in Indonesia have finally recognized Bitcoin and other cryptocurrencies as commodities, thus providing legal backing for trading virtual currencies. Consequently, cryptocurrency exchanges in the country now have a set of requirements that must be satisfied before being allowed to operate.

REQUIREMENTS FOR BITCOIN EXCHANGES IN INDONESIA

Indonesian Trade Ministry Futures Exchange Supervisory Board (Bappebti) issued regulation No.5/2019 which includes regulations for cryptocurrency exchanges, as well as, a formal recognition of cryptocurrencies as commodities. Based on the new ruling, virtual currency trading is now legalized in the country.

As part of the new set of laws, Bitcoin exchanges must employ the services of IT security experts and keep records of their transactions for a minimum of five years. Also, one of their servers must be domiciled in the country and they must have clearly defined organizational structures with departments like legal, audit, client support, IT, etc.

Speaking to Hukumonline, Bappebti chief, Indrasari Wisnu Wardhana, highlighted the need for these regulations saying:

We want to give protection to people who want to invest in crypto assets so that they aren’t cheated by fraudulent sellers.

These regulations form part of a larger set of rules for cryptocurrency commodity trading both in the spot and futures trading market.

bitcoin price bottom

On Thursday, (February 14, 2019), Bitcoinist reported that traders in the country were protesting the excessive paid-up capital restrictions imposed on cryptocurrency futures trading.

CRYPTOCURRENCY PAYMENTS STILL PROHIBITED

While these new laws provide legal certainty for cryptocurrency exchanges, such services have been operational in the country since as early as 2014. Despite the formal recognition given to virtual currencies as commodities, the ban on cryptocurrency payment is still in effect.

Onny Widjanarko, a top executive of Indonesia’s apex bank (BI) said that the bank was part of the deliberations that led to the recognition of cryptos as commodities. For Widjanarko, the decision by Bappebti does not negate its ruling against cryptocurrencies as its mandate is the protection of rupiah sovereignty and monopoly within the country.

Speaking to CNBC Indonesia on Friday (February 15, 2019), Widjanarko said:

BI still prohibits bitcoin or crypto as a means of payment. Commodities regulation is not an area of concern for the BI.

Thursday, February 14, 2019

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