Like most bridges, Multichain uses a mint-and-lock mechanism to move assets between the 92 blockchains it interacts with. For example, if a holder of USDC stablecoin bridges the asset from Ethereum to Fantom via Multichain, the token gets locked up in a smart contract on Ethereum and then issued anew on Fantom – in this case, as a “wrapped” token called anyUSDC. Source
The launch of the crypto exchange in Thailand comes at an opportune time, as the country continues to embrace digital innovation and blockchain technology. The world’s largest crypto exchange Binance has teamed up with Gulf Innova Co Ltd, a major technology firm in the Gulf area, to launch a new crypto exchange in Thailand. With the launch scheduled for the fourth quarter of 2023, this collaboration could shape the future of Thailand’s crypto landscape. Binance shared the announcement in a blog post, stating that its joint venture with Gulf Innova…
“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users, Binance Head of Asia, Europe, and MENA Richard Teng said in a statement. Gulf Energy is one of Thailand’s largest private power producers. Source
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Cryptocurrency exchange Binance continues expanding its global reach by securing new regulatory approvals in Thailand. Gulf Binance — a joint crypto venture of Binance and Gulf Energy’s innovation arm Gulf Innova — has received digital asset operator licenses from Thailand’s Ministry of Finance. The licenses enable the firm to operate a crypto exchange regulated by the country’s Securities and Exchange Commission. Announcing the news on May 26, Binance said Gulf Binance is set to launch a new digital asset exchange in Thailand by Q4 2023. The new crypto venture will…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance is preparing to roll out a new product that would enable non-fungible token (NFT) holders to borrow crypto against NFT assets. Binance NFT loan supports only ethereum borrowing Crypto exchange giant Binance will launch the Binance NFT loan service on May 26, according to an announcement. The new product, which comes nearly two years after the unveiling of the Binance NFT marketplace, will support ethereum loans for now, along with high-valued NFT collections like Bored…
The new service, called Binance NFT Loan, “will allow people to use blue-chip NFTs to borrow crypto, starting with ETH, introducing the benefits of DeFi to the Binance NFT community,” Binance said in a press release. According to the platform, the tool offers competitive interest rates, instant liquidity, zero gas fees and liquidity protection. Source
Crypto exchange Binance has announced its collaboration with US law enforcement agencies, seizing $4.4 million worth of crypto assets connected to cybercrime organizations operating in North Korea. In a series of tweets on May 25, Binance revealed that its investigations team actively worked with US authorities to disrupt the illicit revenue-generating activities of four now-sanctioned entities based in North Korea. The coordinated efforts were undertaken in compliance with lawfully served warrants and close cooperation with law enforcement, according to Binance. The Department of the Treasury’s Office of Foreign Assets Control…
OFAC claims that at least $2 million worth of cryptocurrencies was moved through wallets to fund North Korea’s weapon of mass destruction (WMD) programs. The Treasury’s Office of Foreign Assets Control (OFAC) says it has sanctioned several crypto wallets that have links to North Korea. According to a Tuesday statement, the wallets were being hosted on the crypto exchange Binance. Although the crypto exchange may not have directly controlled the wallets since any user could have signed up for them. OFAC Identifies Addresses of Wallets US officials have traced the…
Binance, the world’s largest cryptocurrency exchange company, finds itself in the spotlight following accusations that it has been mixing customer funds with company revenue, allegedly violating U.S. financial rules. The claims were raised by three independent sources, who disclosed to Reuters that the dubious activities allegedly occurred in 2020 and 2021, involving billions of dollars. One case reported that Binance combined $20 million from a corporate account with $15 million from a customer account on Feb. 10, 2021. The alleged actions prompted three former U.S. regulators to assert that Binance…