BitForex to Become Trading Volume Leader

For a while, the indicator of the daily trading volume of the BitForex exchange was held at around $ 14 billion
02 August 2018   630

Due to the use of the so-called trans-fee mining model, little known crypto-exchange BitForex became the leader in terms of trading volume. This is reported by CryptoGlobe.

Coinmarketcap Trading Volume
Coinmarketcap Trading Volume

For a while, the indicator of the daily trading volume of the BitForex exchange was held at around $ 14 billion. To date, the value of this indicator has dropped to $ 5.3 billion. Nevertheless, it is more than five times higher than that of the popular Binance exchange.

Just yesterday, BitForex launched its BF token, which users of the trading platform can extract using the trans-fee model previously used on the CoinEx and FCoin exchanges.

The most popular trading pair on the BitForex exchange was BTC / USDT.

BitForex was launched in June this year. The site is based in Singapore, but Seychelles was chosen as the place of registration by the owners.

The company's website says that 80% of trade commissions are returned to holders of BF tokens. The latter will have the opportunity in the future to participate in solving key issues of the platform and its community. It is also indicated that the BF offer is limited to ten billion coins.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   146

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.