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The Trading Mesh

Binance Recent Announcements

Mon, 09 Apr 2018 08:42:06 GMT           

With a 24-hour trading volume of $1.76 billion, Binance.com is ranked as the world's largest cryptocurrency exchange. Launched in July 2017, Binance has risen to become one of the most popular exchanges in the world. In recent months, the Hong Kong-based website has dominated both positive and negative news.

On February 8, 2018, Binance made headlines after temporarily shutting down its trading platform for a system upgrade. While it’s normal for any company to launch an upgrade of their systems, such news in the cryptocurrency space elicits mixed opinions. Suspension of trading services has happened before, and it has often not ended well. 

The last huge trading platform to suspend its services was Mt. Gox in 2014, and the result was that more than $450 million worth of bitcoins had been hacked. Fortunately, trading on Binance resumed within 24 hours. Within a couple of weeks, the trading platform was contending for the number one spot for the biggest trading network based on 24-hour trading volumes.

March 7th Hacking Attempt

Binance made headlines once again on 7th March 2018, this time for a serious hacking attempt. Traders on the platform reported on social platforms that some of their funds had been traded without their consent. Initially, Binance denied any hacking attempt. Instead, they noted that a trading bot was responsible for the illegal trading. The company later announced that there was an unsuccessful hacking attempt on their platform.  On March 11th, the company announced a $250,000 bounty for anyone who had news about the attempt. 

Binance announced that the bounty was to be rewarded to the first person who revealed any helpful information and evidence that could lead to a jurisdiction. If more than one person provides evidence, the reward would be shared. The company also announced that the bounty reward was to be paid in BNB coins, Binance’s own tokens. 

$10 million in Bounty

Not only did Binance announce a $250,000 bounty for the March 7th hacking attempt, but they also allocated $10 million in future bounty rewards.  Binance welcomes anyone from any part of the world to reveal the crucial information. The company also invited other cryptocurrency exchanges to make initiatives to protect themselves against hackers.

With the tough warnings, this exchange hopes to send a message to any hacker that the trading platform is not a soft target. 

New Listings

Being the largest trading exchange means that new cryptocurrency networks are competing to get listed. In the last 3 months, Binance has listed at least one altcoin per week. 

POA Network (POA)

Listed on February 28, POA is an ethereum based side-chain with additional technologies to help developers build faster, cheaper and more secure decentralized applications. POA’s own technology is the Proof of Authority protocol. At the time of writing, the network had a market cap of $60.22 million and was trading at $0.298 on Binance.

Zilliqa (ZIL)

Zilliqa was listed on 5th March 2018. The blockchain platform was designed to solve scalability issues by handling thousands of transactions per seconds. AT the time of writing, Zilliqa had a market cap of $294.86 million, trading at $0.045.

Ontology (ONT)

Ontology is a fast-rising altcoin for its unique ability to provide both smart contracts and decentralized public ledgers. When launched on March 8th, the company announced that they had already made crucial announcements to drive their platform forward. Ontology has a market cap of $705.33 million at the time of writing and trades at $1.312 on Binance.

Storm

STORM is a fairly popular cryptocurrency network, but it was only listed on Binance on 12th March. STORM’s platform is the Storm Play, a mobile app that allows users interact with different products and get rewarded in STORM coins. The app allows members from any part of the world. At the time of writing, STORM had a market cap of $76.97 million and was trading at $0.019 on Binance.

QTUM

QTUM is a Singapore-based startup aimed at enhancing compatibility for different technologies in the blockchain industry. QTUM is particularly focused on ensuring smart contracts, and decentralized applications are able to run on a familiar foundation. QTUM has a market cap of $1.409 billion at the time of writing, and the QTUM token was trading at $19.

NEM (XEM)

NEM is the latest cryptocurrency network to get listed on Binance. First launched in 2015, NEM is a smart assets-based blockchain. The platform enables developers to customize their own blockchains and finalize developments on a safe, cheaper platform. NEM was only listed on 20th March and has yet to attract traders.  

Additional News

On March 14th, Binance announced they would support the swap of the EOS MainNet token to the new platform. EOS is a blockchain platform that enables developers to build decentralized apps with unlimited scalability and decentralized ledgers that eliminates user fees.

On 16th March, Binance announced that they would begin support for Super Bitcoin, a fork that happened on block 498,888. Super BTC supports block sizes of 8MB to handle scalability issues. Binance announced that SBTC traders would now have the ability to withdraw their SBTC coins, albeit with the same strict regulations as any other trader. 

On 19th March, the trading platform announced that they had changed their twitter username from @Binance_2017 to @Binance. If you search the twitter handle, you will realize that it is yet to be verified. Binance is working to get verified and once done the new handle will possess the blue “verified” tick.

Binance Chain

Soon, Binance traders will have the opportunity to buy and sell cryptocurrencies on a decentralized trading platform. Announcing the news on March 13th, Binance noted that they had plans to launch a second platform; a Binance chain. The goal of the exchange is not yet clear, but Binance did note that they wanted to make history by continuously improving their services. 

Conclusion

Binance is not only the biggest exchange today; it is one of the most respected platforms by cryptocurrency traders online. Their customer support team is ever active. The exchange is user-friendly and is constantly updated with new altcoins. If you choose to give Binance a try, research extensively about how it works so that you make an informed decision.