The cryptocurrency market’s roller-coaster movement has caught the eye of a lot of individuals, including investors and popular proponents in the space. Bitcoin [BTC], the largest cryptocurrency in the market, has seen a massive crash below the $4,000 point that triggered the ongoing bear run. Reports show that if the ongoing bear run goes on for three more weeks, it will be the longest bear run in the history of Bitcoin.
Although plagued with problems, associated applications and platforms have seen a stupendous rise in business and one such example is Binance, the largest cryptocurrency exchange on the planet. The Changpeng Zhao-led exchange has made multiple headlines the past few weeks, ranging from launching its own exchange to carious tie-ups with various crypto companies.
Binance’s latest product is the Jersey-based Binance Jersey, with the cryptocurrency experiencing “crazy demand”. Zhao, more popularly known as CZ, had said that the exchange has been “overwhelmed” by registrations even as the UK struggles to handle the Brexit situation.
Binance Jersey will allow users to trade Euro and the British Pound [GBP] with Bitcoin and Ethereum [ETH], with the option to avail asset management services. CZ had tweeted:
“Binance.je is overwhelmed with registrations. There is a backlog of KYC (Know Your Customer) verifications already. More resources are allocated to reduce it. In the meantime, we appreciate your understanding and patience. Just crazy! One thing we do ‘well’ is underestimating ourselves, and the market.”
Even Binance’s Chief Financial Officer [CFO], Wei Zhou, gave his opinion on the situation by saying:
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption.”
The United Kingdom has had a very on-off relationship with cryptocurrencies, with positive reports being mixed with negative ones. A major upturn in terms of UK and digital assets was the news of UK’s Santander Bank receiving British Pounds from Akbank, a Turkish bank using Ripple’s blockchain technology. Olga Ulutaş, Executive Vice-President in charge of Direct Banking, had said:
“Now we have started to transfer money from GBP via Ripple to Santander UK with Blockchain infrastructure. With this important technology, our customers will now be able to benefit from the possibility of transferring money to international money transfers at a much lower cost.”
Subscribe to AMBCrypto’s Newsletter
LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus
LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.
According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.
The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.
On the basis of the above data, Russia is indeed a positive LocalBitcoins market.
The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.
Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.
LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.
Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.
Subscribe to AMBCrypto’s Newsletter