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Binance exchange is a rapidly growing cryptocurrency platform with great bandwidth and infinite scaling margin. This service supports over 100 cryptocurrency pairs. Using this technical platform, more than 6 million registered users make around 1.5 million transactions every second per day.

How Safe Is Binance Exchange?

This platform offers simple trading conditions to the users, but a question that remains in the mind is “how safe is Binance?”

In March 2018, the third-party application requested users’ secret keys for a transaction and later Bitcoin prices were raised.

As a result, Binance platform is entirely changed with new transaction options. The platform even paid off to the users, so there was no money loss for the users.

This service currently runs on a centralized management system with total control over coins and transactions. However, the new version is planned to be on a decentralized site.

Since Binance is not a wallet, or cold storage and does not support any smart contracts, it’s ensured that Binance is a safe exchange platform for users.

What are Binance Security Measures?

Following are the main security measures that Binance exchange platform offers: 

1. Use Latest Technology to Secure the Platform

At Binance, the professionals only rely on the latest technologies for maintaining better integrity of every transaction and each account. These new technologies rely on artificial intelligence (AI) for facial recognition and identity. Even data analytics solutions are used for monitoring every movement on the platform. Therefore, it’s easy to find any suspicious activity and call out for cyber forensic investigations. In the investigation, the experts work to trace the roots of any hack attempts on the platform. If there were any hack attempts, appropriate measures are taken instantly to fail the intruders. 

2. Binance’s Customer Service is Unbeatable

According to Binance’s support team, they have helped thousands of users in retrieving their lost money. In many cases, their customer support service even takes extra steps to ensure complete customer satisfaction. So far, they have retrieved over 3,229,045.91 crypto tokens of distinct denominations for the registered users. 

3. Risk Control System Constantly Analyses Unusual Activity

With advanced technology and personnel intellect, Binance has a strong risk control management system. This high-tech system is efficient enough to analyze every unusual movement on the site. Their system is constantly looking out for suspicious activities and irregular trades, so it’s almost impossible to hack it. 

4. The Secure Asset Fund for Users (SAFU) Promises Safety Commitment

At Binance, the customer support team ensure that every user using their exchange are protected from hackers, even in the most unlikely situations. In July 2018, they created the Secure Asset Fund for Users (SAFU) for allocating 10% of transaction fees for offering insurance to any potential breach.  

5. Binance Works With Highly-Qualified & Skilled Risk Management & Data Professionals

Binance ensures user safety on their investments as it claims to offer the best platform-wide security. They work with some of the best professionals in their AI, cyber forensics, big data, and other fields. All these security professionals work each day to refine their big data systems and AI with deep knowledge of dealing with risks that need to be resolved in the trading ecosystem. 

How Safe is Binance Wallet?

The additional security is ensured with two-factor authentication, which is a combination of a password and code sent to the user by SMS or via the Google Authenticator app. 

It is recommended not to keep the coins on the exchange platform. This is because the site may be hacked or someone may get access to your account password. You must store each currency only in the cold wallets and transfer the amount to Binance when you want to make the actual deal.

The verification process includes

  • ID Card Image
  • Real Name
  • Selfie with ID Number and Photo

After reaffirmation of this information, the user can withdraw 100 BTC every day. Every trader must undergo this check before the transaction for extra safety. 

What Happened When Binance Was Hacked?

It was shocking news when on August 7, 2019, the world’s biggest cryptocurrency exchange was victimized to a hacking scenario. This scandal saw miscreant allegedly taking possession of a large chunk of the company’s Know Your Customer (KYC) data. 

Reportedly, the hacker was demanding approximately 300 Bitcoins (around $3.5 million) from Binance platform or else the data would have been released everywhere. 

Hackers also targeted certain Telegram groups, featuring a large number of sensitive data. However, all the data lacked Binance’s digital watermark. So, there were some doubts about the authenticity of the material.  

On this sensitive subject, Binance’s security team mentioned that no evidence proved that the data has been obtained from the Binance exchange platform – as there was no watermark of the company.  

They also claimed that the images released by the hacker could be from the older times when the premier trading platform was using third-party service to process their KYC verifications.  

The exchange also asked the hacked to provide them detailed information about the source from which they collected the KYC data. But the individual only demanded the 300 BTC and didn’t provide any further evidence to prove the authenticity of the content.  

Binance’s remedial measures to control the bleeding

Binance’s security team took firm measures to control damages and offered a reward of over 25 Bitcoins to anyone who could supply them the information to track down the hackers in this incident. Later, the issue was resolved as the hacked data was not genuine.  

But the leading crypto exchange also lost around 7,000 Bitcoin (approx. $40 million) at the time of hack rumors. However, nothing has affected the image of the company so far. Binance’s performance has only improved over the years, according to hackers and users.  

How Safe is Binance – Can I Store Coins There?

We would not suggest you to keep all your coins on the one exchange but yes, you can store coins on Binance. The traders can store their Bitcoins or Altcoins on their online wallet. The current balance is visible by clicking on “Balances” and “Tools.”

Steps to withdraw money from coins: 

  • You may use the “Withdraw” option to protect the coins
  • Enter the wallet address
  • To withdraw the coins, the exchange will charge a small fee

Ripple on Binance 

If you want to take Ripple, you have to use the Limit or Market orders. The Ripple amount is shown on the first window along with the inscription “Price”. The online trader must indicate an “Amount” for buying the sum in the second field.  

Later, choose the different percent of the saved coins for exchange, for example, 20%, 60%, or all the available funds. The new coins received in the platform for each operation are also displayed in the “Amount” window.  

Now, Click on the Buy XRP button. 

Binance for iOS 

Here’s how to install Binance app on an iOS device:

  • Download the Binance app for iOS. Let it install. 
  • Open Settings > General > Device Management. Now, fill up the trust field. 
  • The application is all set to run. 

Conclusion

If you still doubt, whether Binance is a safe exchange, let’s say it aloud – it a secure platform. With 4.5 ratings out of 5, this exchange platform ensures all trading process is safe and secure. The site makes use of a pin code, as well as a new generated secret key to reach to open a registered account. Plus, there are not serious hacks committed in Binance history. This assures that the leading exchange is safer to use.

Source: https://railsonwave.it/feed

Blockchain

Here’s how Viberate plans to tokenize live performances

You might remember Viberate as the music tech startup with an incredibly successful 2017 ICO when they sold out their VIB tokens (available on Binance, Bittrex, OKEx, and Uniswap) in under five minute

The post Here’s how Viberate plans to tokenize live performances appeared first on AMBCrypto.

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You might remember Viberate as the music tech startup with an incredibly successful 2017 ICO when they sold out their VIB tokens (available on Binance, Bittrex, OKEx, and Uniswap) in under five minutes. Today, they’ve grown into full blockchain-based music research and analytics platform and have just announced another ambitious project: launching the first-ever live performance NFT.

With World’s first “live gig NFT”, Viberate will explore new ways for music artists to trade their work.

Teaming up with the Blockparty marketplace, Viberate plans to drop special NFTs featuring exclusive content by one of the company’s co-founders, world-renowned Techno DJ, and producer UMEK. Besides three original remixes of his track “Lanicor”, bidding will also be open on his live performance.

If the concept proves to be successful and gains traction in the industry, Viberate plans on providing the option of gig token minting to nearly half a million music artists in its database, along with minting artist ID NFTs through a secure verification process. These ID NFTs will then act as a certificate of authenticity, reassuring the buyer that the contents indeed come from a verified artist.

Matej Gregorcic, Viberate co-founder and CEO, explains their plan: “What we’re testing out is quite straightforward. Any artist in the Viberate database will have the chance to offer the right to their live performance in the form of an NFT. People, be it organizers or fans, then bid on that token. The highest bidder will be able to decide between cashing in the token, meaning that the artist will play at their event, or reselling the token.

The collected funds are held in escrow until the day of the show. Once the event starts and the artist goes on stage, the token holder burns the token. This way, with the help of blockchain, both parties are secured and payments can be handled safely and transparently. We believe that the opportunity to handle bookings through NFTs comes at a great time, as the live music industry was hit extremely hard during the pandemic, so all the artists out there are looking for new ways to make sure there’s a gig waiting for them once live events return.”

To mint their own gig NFT or create a verified ID NFT, a music artist will first need to create and claim their profile on Viberate. For each NFT minted, they will need to lock VIB tokens into a smart contract and set the terms of the performance together with the initial price. Once the NFT is sold, the VIBs will be burned. Should an artist burn their NFT themselves, their VIBs will be returned to them.

Viberate and UMEK’s NFT drop will launch on Blockparty on Thursday, April 29, 2021, at 8:00 pm GMT+1 (3:00 pm EST).

Disclaimer: This is a paid post and should not be treated as news/advice.


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Source: https://ambcrypto.com/heres-how-viberate-plans-to-tokenize-live-performances

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CLS Group Posts Uptick in March FX Volumes as Markets Remain Active

FX swap demand last month even crossed the record achieved by the company in March 2020.

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CLS Group, a major foreign exchange settlement provider, reported positive growth in trading activities in March across all offered forex instruments. The company posted an average daily traded volume of $1.977 trillion for the month, which is 1.8 percent higher than February’s numbers.

The increase in the demand can be seen across forward, swap, and spot FX markets, where the company is operating. The demand for FX swaps leaped the highest last month with around a 3 percent jump to $1.377 trillion from February’s $1.353 trillion. It was even higher than what the company recorded in March 2020 when the entire financial market saw extreme volatility due to the Coronavirus breakout.

Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!

The forward and spot FX market also jumped higher by 2 percent each to $0.117 trillion and $0.483, respectively. However, the overall monthly figures remained lower than what the FX settlement provider reported a year ago.

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Following the Industry Trend

“In the first quarter of 2021, we witnessed record average daily traded volumes of USD1.95 trillion, demonstrating a consistent increase of FX market activity year-on-year,” said Keith Tippell, CLS’s global head of product. “This was despite a 10% decrease in overall volumes in the month of March 2021 compared to the record highs in March 2020, driven by the extreme market volatility relating to the COVID-19 pandemic.”

Tippell further elaborated that a significant portion of the FX demand was generated by two currency pairs, USD/JPY and USD/HKD, as both recorded a monthly uptick of 15 percent and 38 percent, respectively.

Meanwhile, the company is expanding its industry footprint with more and more partnerships. In the past few months, Capitolis and BGC Group tapped CLS to enhance their FX services.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/institutional-forex/execution/cls-group-posts-uptick-in-march-fx-volumes-as-markets-remain-active/

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Blockchain

CLS Group Posts Uptick in March FX Volumes as Markets Remain Active

FX swap demand last month even crossed the record achieved by the company in March 2020.

Avatar

Published

on

CLS Group, a major foreign exchange settlement provider, reported positive growth in trading activities in March across all offered forex instruments. The company posted an average daily traded volume of $1.977 trillion for the month, which is 1.8 percent higher than February’s numbers.

The increase in the demand can be seen across forward, swap, and spot FX markets, where the company is operating. The demand for FX swaps leaped the highest last month with around a 3 percent jump to $1.377 trillion from February’s $1.353 trillion. It was even higher than what the company recorded in March 2020 when the entire financial market saw extreme volatility due to the Coronavirus breakout.

Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!

The forward and spot FX market also jumped higher by 2 percent each to $0.117 trillion and $0.483, respectively. However, the overall monthly figures remained lower than what the FX settlement provider reported a year ago.

Suggested articles

FBS Broker Updates its Trading Platform for Excellent PerformanceGo to article >>

Following the Industry Trend

“In the first quarter of 2021, we witnessed record average daily traded volumes of USD1.95 trillion, demonstrating a consistent increase of FX market activity year-on-year,” said Keith Tippell, CLS’s global head of product. “This was despite a 10% decrease in overall volumes in the month of March 2021 compared to the record highs in March 2020, driven by the extreme market volatility relating to the COVID-19 pandemic.”

Tippell further elaborated that a significant portion of the FX demand was generated by two currency pairs, USD/JPY and USD/HKD, as both recorded a monthly uptick of 15 percent and 38 percent, respectively.

Meanwhile, the company is expanding its industry footprint with more and more partnerships. In the past few months, Capitolis and BGC Group tapped CLS to enhance their FX services.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/institutional-forex/execution/cls-group-posts-uptick-in-march-fx-volumes-as-markets-remain-active/

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Chinese Police Confiscated $3.8 Million in Crypto After Arresting EOS Gambling dApp Team

$3.8 million in bitcoin and EOS seized in China from a team of developers operating a decentralized gambling platform built on the EOS blockchain.

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Chinese police officers have confiscated nearly $4 million in various cryptocurrencies after a raid against several developers that operated a decentralized gambling app built on the EOS blockchain.

$3.8 Million in Crypto Seized

After receiving tips of suspected illegal activity involving the developers of the dApp called Biggame, the Jiangsu police department opened an investigation. Ultimately, this led to the arrest of 15 people.

During the raid, the authorities found and seized 1.3 million units of EOS and BTC. Converted in fiat currencies, this amount equals 26 million yuan or $3.8 million.

According to the report, this is the first criminal case the police solved in connection with illegal online gambling inside China.

The dApp’s structure allowed it to attract players to games such as Dice and Texas Hold’em. The customers placed their bets using EOS smart contracts.


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The Chinese officials reported that in the period between June 2018 and December 2020, the group behind the dApp allegedly gained profits from the operations with crypto assets worth 60 million yuan or about $10 million.

It’s not the first time Chinese police go after fraud related to blockchain-based applications and platforms. As reported last year, the authorities arrested 109 people connected with the cryptocurrency pyramid scheme PlusToken. The well-known Ponzi scheme has defrauded investors of more than $5.7 billion.

”Internet Cleansing Movement”

The biggest economy in Asia – China – appears to be one of the leading countries regarding cryptocurrency mining and distribution but has also had tons of experience with illicit activities coming within its borders.

The arrest in Jiangsu highlights the Chinese law enforcement’s goal to neutralize any illegal online activities – from gambling and telecommunication fraud to money laundering. The mission was referred to as ”Internet cleansing movement.”

Furthermore, the end of last year saw an increasing number of court rulings in this field. According to the officials, nearly 100 individuals have been convicted for laundering money via crypto deals that involved more than $30 million worth of the most widely utilized stablecoin – Tether (USDT).

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Source: https://cryptopotato.com/chinese-police-confiscated-3-8-million-in-crypto-after-arresting-eos-gambling-dapp-team/

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