Many prominent faces in the crypto-community have been advocating changes in US law and regulations for the effective inclusion of cryptocurrencies in the financial realm. However, in yet another blow to the crypto-world, regulatory uncertainty in the US market has led to the delisting of nine cryptocurrencies from the leading exchange, Poloniex.
The platform announced that it was disabling trading services for nine crypto-assets; Ardor [ARDR], Bytecoin [BCN], Decred [DCR], GameCredits [GAME], Gas [GAS], Lisk [LSK], Nxt [NXT], Omni Layer [OMNI], and Augur [REP] from May 29 for its US user base.
The exchange however, clarified that the assets would be supported for customers outside the country. The platform revealed that the lack of clarity in the country’s cryptocurrency regulations precipitated the delisting. Poloniex, on its official Twitter handle, posted that it was uncertain whether US watchdogs would consider the aforementioned altcoins to be securities.
Poloniex was acquired by Circle, a leading payment provider platform, in February 2018. Following Poloniex geo-fencing the assets in the US region, Jeremy Allaire expressed his “frustration” in a series of tweets, calling out the country’s growing “limited environment” for digital assets. He stated,
“Recent guidance from US regulators on what crypto assets would be deemed securities has led to these actions. We don’t agree that they should be considered securities but need to ensure we are in compliance with US law.”
The CEO further asserted that simple classifications such as security, commodity or currency, did not apply to digital assets, which are a new class of “financial instruments.” He stated,
“We need policies that encourage development and use and the creativity of technologists and builders all around the world. We will continue to push for rules specific to digital assets globally.”
He asserted that classifying certain crypto-assets as a security under US law would “destroy its utility.” Allaire also urged the community to plan out ways to “enable the utility of digital assets, while guarding against potential investor protection risks like fraud and thefts.”
Referring to the underlying technology as “transformative,” Allaire stated that the lack of clarity on the legal status of cryptocurrencies would obstruct the participation of people and businesses in the US.
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Binance Chain testnet undergoes ‘Galileo’ update via hardfork; mainnet to follow suit
Binance Chain’s testnet underwent a hardfork today at block height 24,020,000, at around 2019/06/26 7:00 AM (UTC). The new update will have various bug fixes, improvements to the existing chain, and is expected to improve on-chain performance.
.@Binance Chain Galileo Upgrade Announcement
The Binance Chain testnet is expected to have a scheduled hard fork upgrade at block height 24,020,000, around 2019/06/26 7:00 AM (UTC). Binance Chain Mainnet will also be undergoing an upgrade at a later date.https://t.co/0d46tN1qDx pic.twitter.com/FGsMs9WcTe
— Binance DEX (@Binance_DEX) June 26, 2019
The new announcement details all the features the new update will include for DEX users, or any exchanges that list BNB, or run a client. The BNB blockchain will provide validators access to create a “delist protocol” and vote on delisting trading pairs that have very little volume for a long time via governance.
The Galileo update will also provide a “Time Locking” feature for token assets, while also improving the Match Engine in Binance DEX, which according to the blog is “not optimized in some cases.” The complete list of changes is available for users to read in the changelog.
The testnet changes will be followed by changes on the mainnet. The blog added,
“Binance Chain Mainnet will also be undergoing an upgrade a few weeks later (please stay tuned with the later announcement).”
Additionally, Binance also announced the launch of Binance 2.0 for everyone, which also includes the margin trading feature on Binance. The Binance 2.0 has the website revamped, with the old one being decommissioned soon.
While some users complained that there were problems depositing USDT, others complained that margin trading feature was still not available.
A Twitter user, @rallyqt, commented,
“- Galileo upgrade
– Binance stable coin
– Binance DEX
Keep building & piecing the Binance ecosystem together! 🧩
@cz_binance, how many users signed up for Binance this year? Alt fomo season starts when exchanges have to temp close due to an influx of users haha 😉😊”
“We have increased our registration capacity in anticipation of this, a year ago. It should work, in theory, let’s see what happens. 😂
Registrations are definitely picking up speed.”
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