Binance CEO sets Hope on Crypto Market despite It falls

Binance CEO, Founder, and Crypto Billionaire Changpeng Zhao showed to the followers his belief that crypto markets undergo the same pattern almost every year
17 June 2018   1592

The Binance team seems has never been worried by crypto sell-offs, otherwise known as the developers and associates behind the largest cryptocurrency exchange in the world. Binance CEO Changpeng Zhao, also known as “CZ,” has supported Binance’s belief in the overall markets and believes that this market decrease is just a phase that will overcome. On June 9, 2018 Zhao tweeted that the most recent price decline was simply a repetitive fact that the whole market seems to go through every year. The recent fall in the crypto market seems to be one of the worst in years, worrying many traders and long-term investors. Although a long-range lens, Zhao is seemingly apathetic of the significant capitalization drop.

To the old timers, it’s the same pattern every year. People seem to think BTC price was flat before this year,” the crypto billionaire stated. Just the units on the left [are] different.
Changpeng Zhao,
CEO, Binance, on Twitter 

It`s an interesting fact, that CZ’s claims are actually correct. In 2012 Bitcoin’s price reached at $35 before crashing down to the lower $4 amounts. It would take about 18 months before bitcoin would see $35 again, but once it did, its price lifted once. Consequently, we saw similar patterns of meteoric rise and shockingly devastating slides in almost every case.

Bitcoin’s price of 2012 grew to $35 before crashing back down to the lower $4
Bitcoin’s price of 2012 grew to $35 before crashing back down to the lower $4

Essentially, as price makes outstanding gains, the previous volatility can be easily ignored since the lifts and drops become smaller when looking at a graph. When the graph is analyzed microscopically, nevertheless, it is in fact nowhere near a “steady” upstream trend.

It was previously declared by Changpeng Zhao about his hopeful future of the digital asset atmosphere and excitement especially for the ICO space. Binance and its team members are not becoming victim to the skeptics and incertitude towards the prices in the market, and are really doubling down on their beliefs in the overall market through courageous investments.

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   15

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.