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Cryptocurrency Exchange Binance partners with Elliptic to boost Regulatory Compliance


Leading cryptocurrency exchange Binance has recently partnered with blockchain monitoring solutions provider Elliptic to revolutionize its regulatory compliance. The initiative is a part of Binance’s international expansion’s ventures.

Binance’s chief compliance officer Samuel Lim said,

“The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build greater trust among our users, regulators and financial institutions. This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”

Last month, the Binance exchange partnered with blockchain analytics firm CipherTrace, to fulfill on its AML initiatives after regulators from Binance’s home jurisdiction of Malta approved its activities.

Moreover,  Binance is seeking to debut its decentralized trading ecosystem, Binance DEX, in the coming months.

In March, Binance developers announced that they will be introducing a new lottery format for their next crypto project. The project will be released through Binance Launchpad.  

The exact number of tickets a user will be determined over a 20 day period. Also, if a user can maintain a good balance for the aforementioned period, they will be awarded a maximum of 5 tickets per account.

Furthermore, the lottery draw will be carried out through “a transparent, randomized system with a random selection of lottery tickets based on tail digits. For instance, if a user keeps up to 199 BNB in their Binance account, they will receive 1 lottery ticket, to participate in the exchange’s lottery program.

Each lottery ticket will have a unique number. If in case a user claims multiple lottery tickets, the numbers will be consecutive.

As reported by CoinMarketFeed, Binance has recently updated its white paper’s section devoted to quarterly manipulations with its native token Binance coin (BNB).  In the section “Repurchasing plan” in the older version, Binance mentioned that it would buy BNB each quarter using 20% of their profits, and then subsequently destroy them until the exchange buys 50% of all 100 million BNB back.

However, in the new version of the white paper, Binance has replaced “Repurchasing plan” with “The Burn” section. The section explains that every quarter, the exchange will be destroying  BNB based on the trading volume on its crypto-to-crypto platform. The process will continue till it destroys 50% of all the BNB.Both versions mention that the exchange will eventually destroy 100 million BNB, leaving 100 million BNB remaining.

Binance BNB’s description on its website has remained unchanged at press time since November 2018, stating that Binance “plans to use 20% of its profits each quarter buy back and burn BNB, until 50% of the total BNB supply (100 million BNB) is burned. As a Binance spokesperson Binance will still burn 20% of profits within the process described in the new version of the white paper.