Category Archives: BSC News

Binance Holdings Ltd. is reportedly in conversation with two parties to set up a cryptocurrency trading exchange in Indonesia. Bloomberg reported citing sources that the venture could include the Hartonos, Indonesia’s richest family that controls PT Bank Central Asia along with interest in sectors like telecom and e-commerce. The other party is a state-owned telecom operator called PT Telkom.

EXCLUSIVE: Binance, the world’s largest crypto exchange, is in talks with Indonesia’s richest family and a state-owned telecom operator for a venture https://t.co/OlcVeRW2FX pic.twitter.com/WfDYoxqcsO
— Bloomberg Crypto (@crypto) December 10, 2021

The development follows chatter that Binance as an influential global exchange will improve crypto adoption in Indonesia. The country had earlier this year announced plans for a central bank digital currency. Now, the central bank is pushing for a digital form of the rupiah to ‘fight’ private cryptocurrencies, as per earlier reports.
It is worth noting that recently, Indonesia’s council of religious leaders ended up prohibiting crypto for Muslims. A decision that was announced by the National Ulema Council (MUI) and was considered to be in line with the Shariah law. And lately, the country’s top leaders have continued to tighten the regulations around cryptos.
Therefore, the partnership can also provide Binance with a firm footing in the Asian nation. None of the parties have commented on the matter and the deal is yet to be finalized.
Binance on expansion spree
Apart from Indonesia, Binance recently expressed plans to expand in the U.K. As the world’s largest exchange in terms of trade volume, Binance has also come under fire from regulators globally. However, Binance aims to become a registered crypto-asset firm in the U.K in the next six to 18 months. Binance Asia has also applied for a license in Singapore to provide digital asset services in the country.
In a previous interview, Binance CEO Changpeng Zhao had reiterated that Europe and the U.S are large markets, and he wishes to leverage it. And, Binance has been be currently focusing on working “closely with regulators all around the world,” according to CZ.
Recently Binance Labs also led a $1.5-million seed round for BBS network for a SocialFi project. Ken Li, Investment Director of Binance Labs then stated,
“Our team has been deeply exploring the Web 3.0 SocialFi landscape, and we are excited by what decentralization can do for the creator economy, as well as billions of daily social media users.”

Binance, the world’s largest crypto exchange by trading volume, is reportedly in talks with Indonesia’s richest family, the Hartonos, to open a crypto exchange. As per a report published in Bloomberg, Binance Holdings Ltd. is looking to finalize a crypto venture with billionaire siblings Budi and Michael Hartonos-controlled PT Bank Central Asia (BCA), and Indonesia’s largest state-owned telecom firm PT Telkom Indonesia. The report also claimed that the BCA may enter into the partnership using a separate business entity and the terms of the partnership could vary at the time of finalization. If finalized, it would be the second crypto venture for Binance in Indonesia. The first came in the form of a partnership with crypto trading platform Tokocrypto.A new crypto venture involving the country’s richest family and the largest telecom firm would give Binance a strong foothold in the country with positive crypto regulations. The Indonesian government treats the crypto market as an investment class and allows its trading alongside commodity futures.BCA didn’t immediately respond to Cointelegraph’s requests for comments. Binance declined to comment.Related: Binance plans to become registered UK firm despite regulatory setbacksAfter facing major regulatory challenges in the second and third quarters of 2021, Binance is now looking to expand its footprint in the Asia Pacific region. The Singapore arm of the crypto trading giant recently acquired an 18% stake in a local private securities exchange, Hg Exchange. The crypto exchange giant led another $1.5 million funding round for an Asian tokenized messaging platform, the BBS Network.Apart from new acquisitions and fundings, Binance’s sister company in the United States, Binance.US, is reportedly in the final stages of closing a multi-million funding round. Changpeng Zhao, the CEO of the global exchange, had revealed in November this year that the firm is expected to raise “a couple hundred million.”

Singapore, Singapore, 9th December, 2021,
SYN CITY, the first-ever mafia-themed metaverse game on the blockchain, has broken new records this week, with the listing of their in-game tokens and assets, in what has become one of the most successful IGOs to date. SYN CITY launched its IGO on the Binance NFT platform, with various in-game collections, and was flooded with over $3.5 million USD in volume less than 30 minutes after launch. Today SYN CITY is ranked number 1 for collections on the Binance NFT platform, number 2 for the last 7 days, and number 3 for the last 30 days.
SYN CITY is quickly becoming more popular with over 200 thousand community members. The mafia metaverse, which was set up by ex-Tron Head of Business Roy Liu, works on a DAO system, where all community members govern their own syndicates. The game was created by ex Ubisoft, Roblox, EA, and Disney team members. The Binance IGO listing saw SYN CITY drop limited-edition NFTs and in-game assets especially created for Binance. 
According to SYN CITY’s Roy Liu, “We have been blown away by the success of this listing, and are completely thrilled to create a parallel universe for the Binance community among many others. Thanks to all the support from our community members, Binance NFT, and the Binance NFT ecosystem, it is clear we are creating something amazing here, and we will certainly grow and scale together with our community.“
The play-to-earn model has boosted the popularity of on-chain gaming, and in the last quarter alone the number of Unique Active Wallet (UAW) connected to game dApps climbed to 754,000. This accounts for approximately half the entire industry’s gaming activity. NFT games account for 20% of all NFT trading volume, but there is one major shortcoming.
SYN CITY introduces a free-to-play-to-earn gaming model, which takes the emphasis away from players having to pay-to-play, and encourages engagement by incentivizing pure gameplay and in-game interaction. 
The importance of IGOs is rising as a new model of crowdfunding, which allows users to purchase tokens ahead of new game launches. The most popular blockchain games can also drop their NFT collections onto the Binance NFT platform.
About SYN CITY
SYN CITY is the first-of-its-kind “mafia metaverse” game built for the blockchain. Constructed by a team of experienced game developers, SYN CITY brings the mafia and syndicate-style gameplay on-chain while introducing a unique in-game governance feature called Mafia-as-a-DAO (MaaD). The platform’s native token, SYN, offers players access to several earning opportunities like events and governance rewards. Gamers can take part in daily events, including PvP, PvE, and Syndicate-based contests like cross-chain tournaments. 

Contacts

Ryan Dennis
[email protected]

Binance Labs is a chain-agnostic investor and incubator focused on supporting the global blockchain ecosystem and decentralized web. Their portfolio includes 1inch, Audius, Axie Infinity, Chiliz, Elrond, Injective, Matic / Polygon, Sandbox and Terra.
Ken Li is an Investment Director at Binance Labs, with a focus on equity & token investments in Web3 social, gaming & crypto adoption platforms. He recently joined the Bitcoin.com News Podcast to talk about the market:

Ken also helps lead the Binance incubation program. Prior to Binance, Ken led blockchain investment & incubation strategy at BCG Digital Ventures and started his career as a management consultant at Bain.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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More Popular NewsIn Case You Missed It

press release

PRESS RELEASE. Label Foundation has recently announced its readiness to deploy on the Binance Smart Chain, utilizing the cross-chain bridge that they have developed in cooperation with the Tokyo-based blockchain development company, Curvegrid. The deployment of the bridge pinpoints to the initiation of the Label’s integration into the Binance Smart Chain’s ecosystem.
Label may be understood as a blockchain-oriented international education content platform which presents an incubation system that readily supports various promotion, distribution and investment processes in an attempt to eliminate obstacles and challenges pertaining to existing content production as well as investment procedures.
Previous to this development, Label Foundation has expanded its ecosystem with key partnerships within the blockchain and education industry. It has already collaborated with OPENTRACK, a leading music education platform operated by Clesson. The partnership will provide a batch of world-class instructors that will provide early content within the Label ecosystem. They announced that they are committed to bringing world-class artists, such as Scoop DeVille, Mark Lettieri, Docskim and many other Grammy-nominated artists to their platform to incubate and NFTize their IP rights.
Label Foundation’s primary objective is to hence provide its users with high-quality educational and entertaining resources. Apparently, with their migration to the Binance Smart Chain ecosystem, Label will be able to leverage all the best features of the mainnet to scale and increase their performance of their decentralized application.
An innovative platform
Through Label, an NFT framework has been constructed atop the Ethereum Network and Binance Smart Chain, and it is supported by the LBL utility as well as governance tokens, with a single purpose of establishing a fair profit-sharing economy with permissionless IP rights incorporation. Label is hence a decentralized P2P (Peer To Peer) incubation platform that invests in high-quality entertainment and education material via the DAO (Decentralized Autonomous Organization) voting system, allowing donors to collect profits via the NFT ownership mechanism.
Also, the Label platform creates an ecosystem that seeks to establish an unbiased and decentralised incubating system, with the goal of providing content creators in the MOOC industry with improved accessibility. It therefore strives to enhance a seemingly unfair profit structure which is often prevalent in the sector and to also prevent copyright infringement instances from occurring throughout the industry.
Bridge with BSC
As per the latest developments, Label is now officially bridged to Binance Smart Chain (BSC) and the token shall be deployed via the MultiBaas Middleware, built by Curvegrid. The bridge shall link Ethereum Mainnet with Binance Smart Chain, allowing for the smooth movement of LBL tokens from ERC-20 to BEP-20 and vice versa.
Additionally, Solanium shall be joining LABEL as a strategic adviser, assisting in the expansion of the LABEL ecosystem. In the Solana (SOL) ecosystem, Solanium is a platform based in Amsterdam and primarily used for governance voting, decentralized fundraising, and time weight token staking. Furthermore, Label’s IDO is also anticipated to take place on RedKite and NFTb for the purposes of conducting public sale.
As per its whitepaper, Label aims to offer an unrivalled sales framework and infrastructure situated on the usage of blockchain technology via the aforementioned incubating system. Through this, experts, professionals and specialists alike can be found and invested in. Moreover, through effective system integration, Label will also create a fair profit sharing environment for the purposes of intellectual property rights. Lastly, with the establishment of its NFT Market, Label will launch a virtuous loop that will initiate the Global Value Chain by making the IP rights embedded in the non-fungible token readily transactable. To that end, it is also partnering up with various organizations from the entertainment and media industry to focus on the cultivation of its respective incubating system.

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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More Popular NewsIn Case You Missed It

The Binance exchange has been faced with a lot of regulatory woes this year with many regulators including the MAS proscribing the activities of the trading platform.Binance Asia Services, the Singapore subsidiary of the Binance exchange has announced it has taken an 18% post-money stake in HG Exchange (HGX), with the deal pending regulatory approval. According to the official announcement, the partnership will help both Binance and HGX advance the integration and use of blockchain technology in Singapore.HG Exchange is one of the pioneering outfits that is the first member-driven private securities exchange. The platform is notably powered by the Zilliqa Blockchain and was founded by leading financial institutions PhillipCapital, PrimePartners, and Fundnel. The exchange was recognized by the Monetary Authority of Singapore (MAS) and was granted a Recognised Market Operator license earlier this year. HG Exchange is known to list the shares of private companies and it plans to expand its suite to include wines, real estate, and art.“Crypto and traditional financial offerings continue to converge. Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology,” said Richard Teng, CEO of Binance Singapore. “We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore.”Beyond the stake it now has in HG Exchange, Binance Singapore is also heavily invested in collaborating with several stakeholders in the blockchain ecosystem in Singapore. The company said it will continue to drive collaboration with local partners, government agencies and talent, to support the sustainable growth of the blockchain ecosystem globally.“In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and development of requisite local talent needed,” Teng added.The model Teng is using to steer the affairs of Binance Singapore stems from his experiences as the Chief Executive Officer of Financial Services Regulatory Authority at Abu Dhabi Global Market. Teng joined Binance in August as the trading platform sought to onboard a number of experienced players to deepen its ties with regulators across the board.Binance Singapore Stake in HGX: Turning the Tides AroundThe Binance exchange has been faced with a lot of regulatory woes this year with many regulators including the MAS proscribing the activities of the trading platform. In response, the exchange suspended the bulk of its services in Singapore and the firm has made a concerted effort to establish a local regulatory compliant trading outfit.“As the market leader, Binance constantly evaluates its product and service offerings,” Binance revealed in one of its latest announcements. “We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance.”With the emergence of Binance Singapore and the strategic investments in licensed entities, the exchange is turning the tides around in its favor and thus entrenching its bid to become a more recognized player in the Southeastern state. Business News, Cryptocurrency news, Investors News, Market News, News Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Thank you!You have successfully joined our subscriber list.

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Binance Asia Service (a.k.a Binance.sg), the Singaporean arm of the world’s leading cryptocurrency trading venue, has invested in the private securities exchange – HG Exchange (HGX) – on December 8th.
Binance’s Strategic Stake
According to the official press release, BAS revealed an 18% post-money stake in HGX. Richard Teng, the CEO of Binance Singapore stated that the platform plans to work collaboratively with HGX ​to foster the blockchain ecosystem in the region and added:
“Crypto and traditional financial offerings continue to converge. Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology.
In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and development of requisite local talent needed.”
For the uninitiated, HGX was founded by prominent institutions such as brokerage firm PhillipCapital, financial service group PrimePartners, and investment firm Fundnel. Additionally, it is powered by the blockchain platform Zilliqa. Singaporean regulator, the Monetary Authority of Singapore (MAS), recently granted HGX a Recognized Market Operator license.
Regulator Tussle For Binance Not Over
Despite acquiring an 18% stake at the regional private securities exchange and getting access to engage with a regulated market operator, Binance is yet to cement its position in Singapore.
Reports earlier suggested that the cryptocurrency firm planned to withdraw its application from the region. Singapore is a tough nut to crack. Besides, with the mounting regulatory threat across different parts of the world, the CZ-led exchange is now looking elsewhere to build its headquarter.

Binance Asia Services, the Singapore arm of major cryptocurrency exchange Binance, has acquired a stake in a local private securities exchange, Hg Exchange (HGX).On Dec. 7, the company officially announced an acquisition of a post-money 18% stake in HGX, a stock exchange licensed and regulated by the Monetary Authority of Singapore.Binance Singapore CEO Richard Teng said that the new investment will help Binance and HGX further expand the scale of products and services “supported by blockchain technology” in Singapore.“Crypto and traditional financial offerings continue to converge. We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore,” Teng stated.HGX is a community-driven private stock exchange, founded by financial institutions like wealth management firm PhillipCapital, local financial services group PrimePartners, and Fundnel, a Southeast Asian private investment technology platform. The exchange reportedly uses the Zilliqa blockchain.After working as CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market, Teng joined Binance Singapore as CEO in August 2021, a few years after the Singaporean branch was launched. According to the CEO, Binance continues working closely with “key government agencies” to support the growth of the blockchain ecosystem and is actively hiring local talent.Related: Singapore suspends exchange Bitget’s license over K-pop coin promotionThe new investment comes soon after Binance experienced some regulatory issues in Singapore. In late September, Binance restricted Singapore users from using its platform, citing compliance matters. Previously, Binance limited product offerings in Singapore amid regulators alleging that the company may have violated payments laws.Huobi opted to exit Singapore as a global company in order to launch a dedicated local entity in November 2021.

The past four days have marked a decent bullish attempt for a recovery, but several cryptos, including Ethereum Classic, struggled to negate the 38.2% Fibonacci resistance. However, EOS registered double-digit gains over the past few hours to cross the aforestated hurdle.
On the other hand, Binance Coin continued its long-term movement but showed mixed near-term signs. 
Binance Coin (BNB)
Source: TradingView, BNB/USDT
BNB managed to form a symmetrical triangle after an up-channel breakdown on 4 December. Despite a market-wide breakdown, the alt did not part ways with its long-term bullish tendencies. After poking its six-month high on 7 November, the price action saw a pullback as the bears ensured the long-term resistance at the $648.8-mark.
The bears retested the $583.2 resistance thrice before finally breaching it to hit BNB’s five-week low on 4 December.
At press time, BNB traded at $575.8. The RSI was in an uptrend for the past four days and showed some revival signs as it pointed north. These signs helped the alt to trade above its 20-SMA (red). However, the DMI continued to show a bearish bias.
Ethereum Classic (ETC)
Source: TradingView, ETC/USDT
ETC witnessed a steep plunge while the bulls failed to sustain the 19-week support as it poked its 32-week low on 3 December post a symmetrical triangle breakout. After poking its ten-week high on 9 November, the bulls lost their edge as the price declined between the down channel. 
The 61.8% Fibonacci resistance proved vigorous as the bulls failed to breach it after multiple retesting attempts. Now, the 38.2% Fibonacci level stood as a strong hurdle.
At press time, ETC traded at $40.46. The RSI was northbound as it saw a 20 point surge over the past two days and swayed near the midline. The MACD also projected a bullish comeback. However, the recent bullish push was on rather decreasing trading volumes, signaling a weak move on their part.
EOS
TradingView, EOS/USDT
The bearish phase kicked in after an up-channel incline. EOS poked its seven-week high on 10 November. As EOS obliged the 12-week-long resistance (at the $5.4 mark), it witnessed an up-channel breakdown and oscillated in a down-channel (yellow). 
As the bulls failed to sustain the four-month resistance at the $3.65-mark, the altcoin plummeted to its 46-week low on 3 December.
However, over the past few hours, EOS saw an over 14% gain and traded at $3.621. This incline saw a push above the 38.2% Fibonacci level, depicting a strong bullish move. If the bulls continue their rally, the price would likely spring above the $3.65-mark (immediate resistance). 
The RSI saw a 33 point surge over the past two days as it seemed to head north. Additionally, the MACD and AO displayed an increasing momentum in favor of bulls.