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Binance: Cryptocurrency exchange’s DEX will not be made available in over 20 countries including US




Binance: Cryptocurrency exchange's DEX will not be made available in over 20 countries including US
Source: Unsplash

Binance, by far the largest cryptocurrency exchange in the world according to real volume and community stature, is riding high with several developments, including their Decentralized Exchange [DEX]. However, the DEX might not make it to the United States along with over 20 countries.

According to a steemit post by a kingscrown, several countries are “getting banned from using the site, the USA being one of [the] most known on the list”. The post cited MasterTrader777#BNB with an attached image which stated that the location of the access-seeking IP address was not authorized by

The countries in the list are the USA, Belarus, Bosnia & Herzegovina, Albania, Croatia, Kosovo, Macedonia, Moldova, Serbia, Zimbabwe, Liberia, Libya, Central African Republic, Democratic Republic of Congo, Cote D’Ivoire, Somalia, Sudan, South Sudan, Iraq, Iran, Lebanon, Syria, Cuba, Venezuela, Yemen, North Korea, Burma and the Crimean Peninsula in Ukraine.

Furthermore, the post added that trading and access to the wallet interface via would “no longer be available” from networks which have an IP address emanating from the aforementioned countries.

Binance DEX is the company’s effort to launch a decentralized exchange which will operate on their native blockchain, the Binance Chain, which has seen a migration of several tokens already. Binance Chain offers integration for several wallets including the official Trust Wallet, Coinomi, Ledger, Enjin, Exodus among others.

Competition on the DEX front is heating up with Binance’s Maltese neighbor OKEx looking to launch a DEX of their own, titled OKDEx. OKEx’s decentralized exchange will operate on their own blockchain OKChain and is slated for a June launch.

Despite signs of the Binance DEX not being made available in the United States, some Redditors had a solution. A user, rekkktttt, stated,

“A VPN would probably work fine but it’d be important to note that if they ended up demanding KYC from you at some point in the future you’d most likely be fucked. Binance’s DEX is far from your typical “real” DEX from what I understand so don’t expect being able to withdraw from a smart contract without anybody else’s permission if it comes down to something like that.”

However, some contend the prohibition in some geographical areas over other as disqualifying to be a Dex, BoyScout22 put it succinctly,

“not really a dex then”

To the above, rekkktttt, added,

“Of course it’s not. It has no features of a real DEX… it’s just a way to pump BNB and nothing else from the looks of it.”

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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long





Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
Source: Unsplash

On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”

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