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Binance Set To Launch Fiat Support in South Africa

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Binance Set To Launch Fiat Support in South Africa
Binance Set To Launch Fiat Support in South Africa

Binance CEO Changpeng Zhao has announced that the company will launch a fiat gateway for South African users, allowing them to make Rand deposits. The announcement was made on day one of the Blockchain Africa conference being held in Johannesburg this week. CZ confirmed that South African traders would soon be able to make Rand deposits on the platform through the Binance website. This is part of an ongoing push into Africa that started in Uganda in 2018:

“Africa illustrates one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access. According to the World Bank, approximately 66 percent of sub-saharan africans are listed as unbanked. So instead of trying to bank the unbanked, let’s try and Bitcoin the un-Bitcoined.”

With a foothold in 35 African countries, CZ said that South Africa was one of the bigger countries that the company had planned to service:

“Looking at South African specifically, crypto adoption continues to rise with SA being one of the top five countries in terms of cryptocurrency ownership. Today I’m excited to announce that Binance is launching a South African fiat-to-crypto gateway soon. This will enable South Africans to buy cryptocurrencies with their local bank accounts.”

Binance South Africa country manager, Tanya Knowles, elaborated on the company’s plans in her own keynote speech on Wednesday. Knowles said that many South Africans currently enjoy freedom of information and movement, but lack freedom of money. Binance, the world’s largest cryptocurrency exchange by trade volume, currently supports trading in 180 countries and handles over 1.4 millions transactions per second. The value of its global transactions is around $4B per day, according to Coin360. South Africans will soon be able deposit and use their Rands to interact with the entire Binance Ecosystem. Users will have access to give initial trading pairs including BTC/ZAR, BNB/ZAR, ETH/ZAR, USDT/ZAR and BUSD/ZAR.

Knowles also announced that the Binance Charity Foundation would be donating $1M to support the growth and development of blockchain education in South Africa. The organisation will be looking to partner with local companies in order to deliver effective educational programs to drive the development of the sector in South Africa. Knowles said that the Rand support would be officially launched on the Binance platform in the next few weeks.

Exchange news

China’s Oldest Exchange OKCoin Readies Moving To Japan

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China’s Oldest Exchange OKCoin Readies Moving To Japan
China’s Oldest Exchange OKCoin Readies Moving To Japan

OKCoin, one of the oldest exchanges in China, is continuing its crypto exchange business expansion, announcing on March 30 that it has officially secured licensing in Japan.

Per its announcement, OKCoin Japan has completed its registration with the Kanto Local Finance Bureau. According to the firm, this makes OKCoin the first international exchange to obtain a cryptocurrency exchange license through the official application procedure in Japan. OKCoin Japan said that ever since its establishment in September in 2017, it has been preparing itself to be in a position to achieve a business framework that can comply with Japanese law.  OKCoin marketing manager added that:

“OKCoin wants to get recognition from the Japanese authority in terms of their own technologies, products, teams, compliance & regulation system and internal management system, etc., in this way, they finally get approved by the license.”

OKCoin is now officially headquartered in San Francisco and has a number of offices worldwide including Malta. OK Group has expanded its business bases in China, the United States, Europe, Malaysia and the Philippines since its establishment in 2013. With the expansion in Japan, the blockchain company is set to employ over 1,000 globally, OKCoin says. Before OKCoin Japan’s exchange officially launches, users can now pre-register by visiting the firm’s main site to create an account. It will support the Japanese Yen and deal with major crypto assets, including BTC, ETH, ETC, LTC, and BCH. As reported previously, OKCoin added support for the Singaporean dollar earlier this month. It is the third fiat currency supported by OKCoin after the United States dollar and euro

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Altcoin News

Binance Gets Rid Of FTX Tokens Citing Confusion

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Binance Gets Rid Of FTX Tokens Citing Confusion
Binance Gets Rid Of FTX Tokens Citing Confusion

Major crypto exchange, Binance, has decided to remove leveraged FTX tokens from its exchange, explaining that customers don’t understand the product. “Due to lack of understanding of how leveraged tokens work by many of our users, Binance has decided to delist all existing FTX leveraged tokens and corresponding trading pairs,” the exchange announced on March 28. Binance will shut off deposits and withdrawals for the assets on March 31 at 8 a.m. UTC, with a stoppage in trading at 10 a.m. on the same day.

On March 11, Binance announced its listing of two FTX leveraged ERC20 tokens, known as BNBBULL and BNBBEAR. Customers could trade these assets against USDT or BUSD, Binance’s own stablecoin. Each token represented a 3x leveraged long or short position in Binance Coin (BNB). “Users can buy leveraged tokens just like normal tokens on a spot market,” Binance said in its March 11 announcement. “However, there is no need for them to manage collateral, margin, liquidation prices, or anything that a normal margin user needs to manage.” A quick press time scan also showed several other available bull and bear pairings, such as EOS, ETH and XRP, as well as a simple “Bull” and “Bear” option paired against USDT and BUSD.

As part of the March 28 announcement, Binance plans to remove “BULL, BEAR, ETHBULL, ETHBEAR, EOSBULL, EOSBEAR, BNBBULL, BNBBEAR, XRPBULL and XRPBEAR.” The exchange included both USDT and BUSD pairings in the delisting. Binance’s work with FTX comes after the crypto giant made an equity investment in the crypto derivatives platform back in December 2019. Binance also bought a stake in the platform’s FTX token.

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Blockchain News

Binance Launches Its Own Debit Card, Initial Testing Set To Be in Malaysia

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Binance Launches Its Own Debit Card, Initial Testing Set To Be in Malaysia
Binance Launches Its Own Debit Card, Initial Testing Set To Be in Malaysia

Binance enters the crypto debit card sector with news of an official Binance Card on March 26. Issued by Visa, the card will initially be available in South East Asia, though other regions will be unlocked soon, the company states. Like most other crypto cards, the Binance Card allows its users to spend their cryptocurrencies by converting them into fiat and piggy-backing off established debit card networks. A fairly unique aspect of the Binance Card is that its internal balance will be in cryptocurrencies, initially Binance Coin (BNB) and Bitcoin (BTC). As Josh Goodbody, head of growth at Binance Card, said:

“Initially, users can deposit BNB and BTC to their Binance Cards directly from their Binance.com wallet or any other crypto wallet.”

During the testing period, the card’s transaction currency will be the U.S. dollar. This means that clients outside of the United States may need to pay foreign exchange fees for most purchases. Nevertheless, Goodbody reassures that local currencies will be made available throughout the year. During Binance Card’s beta testing period in April, it will only be available to residents of Malaysia. Ordering the card costs $15, though the company promises that there will be no monthly or yearly maintenance fees. The card will also be paired with its own app to help manage it, including handling deposits from Binance exchange accounts, viewing transaction history, and changing the card’s PIN.

The exchange has been on a roll since early 2019, expanding into many different branches of the crypto industry. Throughout the year, Binance posted achievements such as hosting the first major initial exchange offering, launching its own blockchain, U.S. subsidiary, decentralized exchange, and derivatives platform. Many of its co-founders, notably the CEO Changpeng Zhao, have repeatedly stated that their vision for cryptocurrency has a much wider reach than just an exchange — their goal is to disrupt and revolutionize the entire financial system. The cryptocurrency card is the natural evolution of that vision. As Goodbody elaborated, the company plans to make the card available globally:

“We’ll first introduce the beta version of the Binance Card in Malaysia this April, and we’ll add more regions throughout the rest of this year. We see this as a global product.”

Binance is also constantly expanding its fiat bridge options, integrating multiple banking and debit card partners to let users purchase crypto as easily as possible anywhere around the globe. The exchange’s leadership in the Blockchain space carries a responsibility toward the community. Binance was recently embroiled in a scandal where its customers’ funds were used as a weapon in Steem’s governance battle.

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