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CZ: Binance Decentralized Exchange will support Hardware Wallets




CZ: Binance Decentralized Exchange will support Hardware Wallets
Source: Pixabay

Binance, the world’s largest cryptocurrency exchange, will connect their hotly anticipated Decentralized Exchange with hardware wallets, once the former is launched.

Changpeng Zhao, better known in the wider crypto-community as CZ, the CEO of Binance, confirmed in a tweet that the decentralized exchange would support hardware wallets as soon as it is launched.

His tweet read:

“Binance DEX will support hardware wallets from day one of launch. So that you can be sure you private keys never leave your device.”

However, CZ did not specify which hardware wallets will be included in this integration. Top hardware wallets like Ledger, Trezor and KeepKey are likely to be in the circle, according to speculation amongst crypto enthusiasts.

Binance-enthusiasts are abuzz with this latest development, with a Twitter user responding to CZ’s announcement:

“Binance killing it in the space. Not bad for a toddler.”

Another Twitter user commented:

“Binance will be the most secure crypto trading DEX”

Several users are still unsure about the role the exchange’s native token, Binance Coin [BNB], will have in the decentralized exchange, with some hoping there is a staking opportunity for the twelfth-largest coin in the market.

This announcement follows the launch of the exchange’s over-the-counter (OTC) trading desk, Binance OTC, with a focus on trades of an extensive volume, over 20 Bitcoins [BTC] or $70,000.

Bittrex, the United States-based cryptocurrency exchange also launched their OTC trading desk earlier this month, with a pool of over 200 crypto-assets on its platform. Bitfinex launched their OTC desk in 2016, with Coinbase looking to do the same.

Despite the top US financial regulator, the Securities and Exchange Commission (SEC), having warned the cryptocurrency industry that decentralized exchanges will have to adhere to the laws, consumers are looking at these exchanges as an opportunity to work around the identification laws.

Back in November 2018, the regulatory body fronted charges against EtherDelta, an Ethereum-based decentralized exchange, over the exchange’s failure to comply with the required laws. Zachary Coburn, the founder of EtherDelta, agreed to pay $388,000 in penalties, disgorgement, and interest for the same.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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