Cryptoblockade Petitions claimed by India`s Supreme Court

The Supreme Court (SC) of India has prohibited all high courts from filing petitions against the central bank’s (RBI) crypto-curbing circular from April
18 May 2018   1034

The cryptocurrency exchanges, adopters and advocacy groups pace different high courts (HC) around the country in filing petitions against the RBI’s circular from April – effectively barring banks from processing all cryptocurrency purchases – in a hearing on Thursday the Supreme Court has ordered that HCs will no longer let any petitions to be filed, according to the report by the local news resource Crypto Kanoon. The Supreme Court has also denied to put any stay, or a temporary delay, on the central bank’s circular.

The Delhi High Court was given the petitions against the RBI circular by the range of crypto firms including the exchange operator Kali Digital and Flintstone Tech, a crypto trading and storage platform. They claimed that RBI’s new measures were “arbitrary, unfair and unconstitutional”. Earlier this month, 4 more Indian exchanges challenged the RBI circular and its constitutional validity with a writ petition. During Thursday’s events` development, the Supreme Court has appointed the next proceeding on the matter on July 20 when it will hear related petitions filed at the court.

After numerous warnings against cryptocurrency-related investments over the years, the Reserve Bank of India published a sweeping policy banning all regulated financial institutions including banks from providing services to firms “dealing with or settling [cryptocurrencies]” on April 5. The RBI also mandated banks to settle and block their services and relationships with customers dealing with cryptocurrencies in a 3-month period that will run out on June 6.

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   156

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.