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Binance is reportedly in talks with financial regulators in the United Arab Emirates (UAE) about establishing a potential headquarters there.Sponsored
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Binance executives have been holding discussions with officials from special economic zones within the Persian Gulf federation about a prospective move, according to anonymous Bloomberg sources. These authorities include Abu Dhabi Global Market (ADGM), Dubai International Financial Centre, and Dubai Multi Commodities. Binance CEO Changpeng “CZ” Zhao said last month that Binance had chosen a location for its global headquarters but would only announce it after communicating with regulators.

There are other indicators that would underscore the UAE as Binance’s choice. For instance, Binance recently acquired former senior officials from a few of the economic zones. These include hires such as Mark McGinness from Dubai Financial Services Authority, and Matt Gamble from ADGM. Earlier, Zhao had praised the UAE as being “pro-crypto,” along with France and Singapore, and recently bought his first home there as well.Sponsored
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Establishing HQ

Establishing global headquarters is a major milestone for the world’s largest cryptocurrency exchange by volume, as it has largely eschewed having one since its inception in 2017.  However, following regulatory pressure, including probes and consumer warnings from several countries, Zhao plans to create several global bases.

Singapore seemed like a natural choice, following Zhao’s appraisal and his residency there for the past two years. However, these plans now seem unlikely, as the local unit recently withdrew its application to operate an exchange there.

Binance spokesman Patrick Hillmann said that “meaningful conversations” with governments, and key stakeholders around the world were ongoing. “We are considering several potential strategies, including possibly establishing multiple regional headquarters,” he added. In addition to different regional approaches, Hillmann emphasized that access to local talent and a fostering environment for blockchain technology were also key considerations. He concluded and any major announcements on further HQ plans would come next year. Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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BNB tested the $532.8-mark after facing strong resistance while Filecoin formed a descending triangle. Their near-term technicals flashed bearish bias. Waves, on the other hand, displayed mixed signals.
Binance Coin (BNB)
Source: TradingView, BNB/USDT
Over the past few days, BNB formed an up-channel as the bulls endeavored to retest the $532.8-mark after breaching it for a day on 16 December. 
The 4-hour chart saw a longer green candlestick on 18 December as the price bounced back from the lower channel (yellow) and crossed the 20-SMA (red) hurdle.
The previous down-channel (white) saw a recovery from the $505-mark that the bulls have ensured for seven weeks now. 
At press time, BNB traded 22.5% below its ATH at $532.2. The RSI felt resistance near the midline for the past eight days as it swayed near the 50-mark. Moreover, the DMI lines flashed a bearish bias. Since the last two candlesticks were on rather decreasing volumes, any break above $532.8 could be difficult to sustain.
Filecoin (FIL)
Source: TradingView, FIL/USD
FIL witnessed a descending triangle breakdown on 3 December. Its move persistently slackened as the bulls failed to hold the $52.5-mark (20-week resistance). The price action steadily marked lower highs while the pressure started mounting on bulls to hold their ground. On 3 December, FIL poked its nine-month low at $32.5.
Over the past 14 days, FIL yet again saw a descending triangle on its 4-hour chart. Now, the bulls will strive to hold the $35.6-mark to prevent any further breakdown. 
At press time, the alt traded at $36.44. While the Supertrend understandably flashed sell signals, the RSI faced immediate resistance near the midline. Further, the DMI slightly preferred the bears, but the ADX displayed a weak directional trend.
WAVES
Source: TradingView, WAVES/USD
WAVES consistently fell since mid-October as it marked two down-channels and snapped off multiple resistance points. The altcoin lost nearly half of its value from 15 October till date.
Over the past few days, bears breached the $16.9 (18-week support) until the price action bounced back from its lower channel near the $14.3-mark. The down-channel breakout fueled a short-term bullish push above the 20-50 SMA. However, it saw a strong pullout immediately on 17 December.
At press time, WAVES traded at $17.47. The RSI dipped from the overbought region toward the midline and moved sideways. The DMI preferred the bulls with a high directional trend. Nevertheless, the MACD histogram flashed red signs after falling below the zero-line. 

By

Prashant Jha

Published 3 seconds ago Updated 3 seconds ago

Binance global crypto exchange’s American affiliate firm Binance.US has on-boarded its first-ever Chief risk officer in the form of  Sidney Majalya from Intel Corp. Majalya has served as the vice president, legal, and chief compliance officer at the largest U.S. semiconductor maker and he is expected to bring his expertise into crypto regulations.

Majalys said he is looking forward to his role at Binance and belive its “not a company where I have to come in and do convincing about the importance of compliance,”
Binance.US had a major change in operations as the former CEO of the firm Brian Brooks resigned after just four months of taking up the role, citing differences over strategic direction. The crypto exchange then hired Brian Shroder, a former executive at Ant Group Co., and Uber as the new CEO.

Binance.US taking all measures before the IPO?
2021 has proven to be the year of the cryptocurrencies, given not just did the price of the Bitcoin and thousands of other altcoins rose to new all-time highs, but many crypto startups also raised hundreds of millions of dollars to become a unicorn. The likes of NYDIG and FTX raised near a billion dollars in 2021 alone and Binance.US might be looking to follow on the same path.
The CEO of Binance Changpeng Zhao in a recent interview has confirmed that the US affiliate platform is looking to raise a “couple hundred” million dollars in a funding round that is expected to finalize soon. The recent hiring seems to be in line with Binance’s long-term goal in the U.S.
The world’s leading crypto exchange faced a major regulatory dilemma in the middle of the year when nearly a dozen nations issued compliance warning against the exchange. When many market pundits thought Binance would succumb to the regulatory scrutiny, the exchange rose and made key changes to address the issues and is now reported to be worth billions of dollars.

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Advertisement &nbsp &nbsp MyLottoCoin, a DeFi-powered play-to-earn lottery DApp, has been through quite some challenges this year and is glad to have endured and emerged stronger on the other side. Initially, the platform launched on the Ethereum blockchain in the summer of 2020. This host, despite being DeFi’s most favored network, presented some challenges: high[Read more…]

As Bitcoin entered the $46,000-mark, the corresponding effects were witnessed in most altcoins as they struggled to counter the bearish force. As a result, Cardano, Binance Coin, and the Sandbox were trading in the red zone over the past day.
Cardano (ADA)
Source: TradingView, ADA/USDT
While most cryptos relished an Uptober, ADA lost nearly 60% of its value since its ATH on 2 September. After a 13.05% breakdown from the rising wedge, the price action steeply plunged to poke the $1.19-mark on 11 December.  
Although the alt formed a descending triangle (yellow), the bulls retested the $1.26-mark (20-week resistance) four times before initiating a breakout. This push came alongside the news of the development of Cardano’s layer-2 scaling solution (Hydra). 
However, at press time, ADA traded at $1.227 after noting a 5.49% 24-hour loss. Now, the price action found immediate testing support at the $1.2-mark.
The RSI exhibited a bearish inclination and seemed to head south. Further, the DMI and MACD implied a seller’s market but flashed a weak directional trend. The recent bearish move pushed the price above the 20-50-200 SMA.
Binance Coin (BNB)
Source: TradingView, BNB/USDT
BNB formed a descending channel (white) after an up-channel breakdown on 9 December. As a result, the alt saw a 13.57% eight-day loss. 
With this downfall, the bears pushed the price below its immediate resistance at the $532-mark. Over the past day, BNB bulls endeavored to test the above level twice but failed to surpass it. Now, the lower EMA ribbon (dark yellow) stood as an immediate hurdle for the alt to conquer.
At press time, BNB traded at $531. The RSI felt resistance near the midline for the past eight days. Keeping in mind the overall market sentiment, the bulls may find it difficult to trigger a sustained rally above the $569-mark. Moreover, the DMI lines flashed a bearish bias while the ADX displayed a weak directional trend.
The Sandbox (SAND)
TradingView, SAND/USDT
Since its ATH on 25 November, the alt has steadily declined. The bears retested the $6.03-mark twice before a further downturn. Over the past few days, it moved in a down-channel (yellow) and seemed to find support at the golden 61.8% Fibonacci level. 
At press time, the alt traded at $4.8251 after noting a 7.7% 24-hour loss. The RSI dipped below the midline and showed slackening signs.
Further, the DMI displayed a bearish bias. But the ADX depicted a weak directional trend. Regardless of the bearish tendencies, the OBV did not seem to suggest a sharp decrease in buying pressure.

With his great experience, Sidney Majalya will be a great addition to Binance US arm. He will oversee risk and compliance issues and report to Binance.US’s CEO Brian Shroder. Binance.US, the US arm of the largest cryptocurrency exchange platform Binance, has welcomed onboard Sidney Majalya, top compliance executive at Intel Corp. (NASDAQ: INTC). Majalya will serve as the company’s first Chief Risk Officer. He will join the Binance.US team starting from January 2022.Join us in welcoming Sidney Majalya as Chief Risk Officer.He’ll join the team next month as part of our commitment to expand our world-class risk and compliance organization.Learn more: https://t.co/O1HkVxuPHh pic.twitter.com/tjge8wa6B4 — Binance.US 🇺🇸 (@BinanceUS) December 16, 2021Brian Shroder, CEO of Binance.US, said:“I am thrilled to welcome Sidney as the latest addition to our growing executive team, as we seek to further professionalize and build a world-class compliance and risk organization. In view of our focus to make Binance.US the most compliant and consumer-centric digital asset platform in the U.S., I know the organization will greatly benefit from Sidney’s tremendous experience, talent, and judgment.”Currently, Sidney Majalya is Vice President Legal, Chief Compliance Officer & Group Counsel to Global Government Affairs at Intel Corporation. His key responsibilities include managing the company’s antitrust, anti-corruption, and other legal compliance risks on a global basis. He is also in charge of leading Intel’s ethics program and serving as co-chair for Intel’s Ethics & Compliance Oversight Committee (ECOC). Prior to Intel, he was the Head of Investigations, Legal Compliance and Global Compliance at Uber Technologies, Inc. (NYSE: UBER). Besides, Majalya worked as Sr. Compliance Counsel at Oracle Corporation.Majalya said:“I’m excited to be joining the team and energized by the company’s mission to create an inclusive crypto ecosystem at scale with the most advanced technology in the industry. Binance.US is deeply committed to compliance, and our priority is to maintain and grow a world-class compliance and risk organization that earns the utmost confidence and trust of our customers, investors, and regulators.”With his great experience, Sidney Majalya will be a great addition to Binance US.arm. Majalya will oversee risk and compliance issues and report to Binance.US CEO, Brian Shroder.Binance.US CEOs TurnoverThis year, Binance US has expanded its executives headcount several times. Back in April, Binance.US welcomed Brian Brooks, the former Coinbase Inc (NYSE: COIN) executive who helmed the Office of the Comptroller of the Currency (OCC) under US President Donald Trump, as its new CEO. Brooks replaced Catherine Coley. Notably, at that time, he appeared to be a huge win for the company. However, his contribution to Binance US business was over just several months after joining.In August, Brian Brooks left the CEO position at Binance.US as a result of “differences over strategic direction”. Notably, his departure came as Binance was facing intense scrutiny from regulators worldwide.After Brian Brooks left, Binance.US was looking for a new CEO for some time. Finally, it hired Brian Shroder, an executive who had overseen operations in Asia for Uber and the Chinese fintech giant Ant Group. When joining the company, Schroder said he would try his best to guide Binance.US toward an IPO. In addition, he said the firm “has all the right ingredients to become the largest and most successful cryptocurrency and digital asset exchange in the United States.” Blockchain News, Business News, Cryptocurrency news, Editor’s Choice, News Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general. Thank you!You have successfully joined our subscriber list.

Binance Asia Services Ltd., the Singaporean arm of the global crypto exchange recently withdrew its license before the Monetary Authority of Singapore (MAS) acquired a major stake in a native exchange. The move puzzled many given the Singapore arm of the crypto exchange has been operating in the country under special operational rights granted by the MAS. The global platform of the exchange has faced regulatory scrutiny by MAS earlier, but the native company was expected to make headway in the country.

An insider familiar with the matter told Bloomberg that Binance Asia Services Ltd. failed to meet the central bank’s criteria for safeguarding against money laundering and terrorism financing. The MAS allows platforms to withdraw their license if they are aware of possible rejection. This helps platforms as it doesn’t give away the actual reason for rejection.
“Applicants can withdraw their applications should they see fit, upon which those who are operating under the exemption will be required to cease providing regulated payment services,” the MAS spokesperson said.
Binance didn’t list an official reason for its departure and claimed it as a decision based on “strategic, commercial and developmental considerations globally.”
Binance CEO Claims Fake News
Binance CEO, Changpeng Zhao also known as CZ took to Twitter to dismiss the recent insider article about failing to meet AML regulations as fake news and FUD. He also claimed Binance is committed to making Singapore a crypto hub in Asia.

More fake news / FUD on SG, just ignore.

Truth: Binance is committed to help make SG a crypto hub in Asia.
— CZ 🔶 Binance (@cz_binance) December 17, 2021

After pulling out of Singapore, now the top cryptocurrency exchange is eyeing Indonesia as a key destination to maintain its stronghold in Asia. Binance recently announced they have partnered with the biggest telecom firm in Indonesia to launch a cryptocurrency exchange in the country. The crypto exchange has also indicated opening headquarters in Abu Dhabi.
Nearly 70 fintech firms in Singapore are still awaiting regulatory approval to officially operate cryptocurrency-related services. out of a total of 170 applications received after legislation governing the payments industry went into effect in January 2020.  So far, four firms have been approved, including DBS Group Holdings Ltd.’s brokerage unit and Independent Reserve.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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The overall trend for the BNB coin is still bullish and will remain so until the price sustains above 500 support. Currently, the price is again retesting this crucial support, trying to obtain proper support. Moreover, a piece of positive news for BNB traders is that Binance is launching a crypto exchange in Indonesia and continues to expand its business in the Asia Pacific region. 

Key technical points: 

The dynamic support of the 50-day EMA turns into a dynamic resistance as the BNB coin price breaks below. 
The intraday trading volume in the BNB coin is $1.72 Billion, indicating a 25.30% loss.

The last time when we covered an article on BNB/USD, on November 18th, the coin price gave a huge lower price rejection near the $500 support zone. The support remains essential as it coincides with the 50% Fibonacci retracement level. 
However, the previous bullish retracement failed to rise above the selling pressure and resulted in a downfall back to the $500 support zone. This time, the momentum is increased, and a bearish fallout is possible.
Presently, the coin trades at $511 while forming a bearish engulfing candle in the daily chart. Moreover, the intraday trading volume shows a decline of 25%. The bearish metrics increase the chances of a $500 fallout.

The crucial EMAs (20, 50, 100, and 200) show a bullish alignment while the price breaks below the 50-day EMA. Therefore, the following supporting average, the 200-day EMA, stands strong at $457.
The daily Relative Strength Index (38) shows a drastic fall in the slope which may soon cross the oversold boundary at the 30% mark.
BNB/USD 4-hour Time Frame Chart

So far, the BNB coin price has not yet displayed any signs of reversal at the bottom support. This, violating the $500 support, the coin would be threatened to drop near the $450 mark. 
On the contrary, if the price manages to sustain above this level, the crypto traders should wait for the price to breach the nearest resistance level of $535 for better confirmation.
As per the traditional pivot levels, the nearest resistance for the coin price is $530, followed by $571. As for the opposite end, the support levels are $490 and $446.

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Binance Holdings has officially established a joint venture in Indonesia to establish a cryptocurrency exchange with a local telecom operator-led consortium.Sponsored
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The partnership will enhance the market position of the world’s largest crypto exchange in the world’s fourth-most populous country. Binance had already invested in Tokocrypto, one of the largest crypto exchanges in the country. 

Expanding the use of blockchain technology throughout the Southeast Asian country was another aim of the deal, according to Binance CEO Changpeng Zhao. “Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is a significant step in that direction,” he said in a statement.Sponsored
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Partners or not?

The consortium is led by MDI Ventures, which is the venture-capital unit of state-owned telecom company PT Telkom Indonesia, the country’s largest operator of telecommunications services. As part of a firm of that size MDI Ventures is also Indonesia’s largest technology investment firm in its own right, managing more than $830 million globally in a portfolio that straddles healthcare, logistics, and financial technology. 

Through the consortium, MDI Ventures claims to have access to over 170 million consumers in Indonesia. However, the statement neglected to name any of the other companies, while MDI Ventures CEO Donald Wihardja declined to provide any further details on the consortium.

When reports of talks surrounding the deal surfaced last week, PT Bank Central Asia (BCA), controlled by the billionaire Hartono family, seemed to be the prime contender for consortium leader. Some of Indonesia’s most powerful businessmen, the Hartonos own e-commerce businesses, a telecom services firm, and a major cigarette manufacturer. Although this was thought to have been their entry into cryptocurrencies, they were not mentioned as part of the deal.

Official positions

Overall, Indonesia’s government has been largely supportive of crypto assets, refusing to instate a ban on a market with transactions that amounted to 370 trillion rupiah ($26 billion) in the first five months of the year. Although it allows for crypto assets to be traded alongside commodity futures as an investment, it forbids the use of crypto as currency.

This view is consistent with the country’s religious authorities, who declared the use of crypto as currency to be haram, or banned, because it retains elements of uncertainty, wagering and harm. However, the authorities conceded that crypto could be traded as a commodity if it ​​abides by Shariah tenets and can show a clear benefit.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Binance’s role in the project will involve supplying asset management infrastructure and technology to sustain the expansion of the new exchange.Binance, the world’s largest cryptocurrency exchange, is all set to collaborate with a consortium led by MDI Ventures, a corporate venture capital initiative by Telkom Indonesia, for the inauguration of a new digital asset exchange in Indonesia.According to the Chief Executive Officer of Binance Changpeng Zhao, Binance is currently looking out for prosperous avenues to develop Blockchain and cryptocurrency environments around the world, hence the massive step to erect an exchange in Indonesia. According to CZ, Indonesia has the potential to become one of the frontrunner nations for the development of Blockchain and cryptocurrency with its acing technology and impressive economic prowess. The consortium that has partnered with Binance consists of digital and fintech firms that are known to have a significant clientele of approximately 170 million consumers in Indonesia, one of the largest countries in the world in terms of population. MDI Ventures is a major Indonesian Technology investment firm, with an international portfolio valued at over $830 Million across various industries. However, the announcement did not disclose the names of any other companies involved in the MDI-led consortium.Binance’s role in the project will involve supplying asset management infrastructure and technology to sustain the expansion of the new exchange.The previous week, Binance’s associate in Singapore invested in Hg Exchange, a private exchange established by an alliance of leading capital market intermediaries. This latest deal was supposed to furnish Binance with a post-money stake of 18% in HGX. The market operator license by Singapore’s monetary authority was issued to HGX this year. However, two days ago, the Singapore affiliate of Binance withdrew its local application, shutting down its digital payment token business in a relatively crypto-friendly company. While the firm did not give any particular reason for its decision, it has been on the receiving end of global scrutiny following its unobtrusive withdrawal.Even though the company is only four years old, Binance’s growth rate has always been fascinating. The company has managed to become the number one cryptocurrency exchange in terms of trading volume, keeping up with its winning streak. According to Binance’s website, the company’s main trading platform observes daily trading volume worth $2 Billion and more than 1.4 million transactions per second.Prior to this announcement, Binance was allegedly in conversation with PT Bank Central Asia, headed by billionaire brothers Budi and Michael Hartono, and Telkom Indonesia (Indonesia’s largest telecom operator), on the idea of running a novel venture. While the Hartonos are Indonesia’s richest family, the Indonesian government holds around 52% of Telkom Indonesia. The latest crypto venture by Binance will allow it to tap into the growing country of 273 million people. Blockchain News, Business News, Cryptocurrency news, News Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world. Thank you!You have successfully joined our subscriber list.