Huobi exchange launches Ethereum Classic

Huobi, one of China’s largest exchanges, introduces ETC trading on July 13
12 July 2017   3115

Distributed database that is used to maintain a continuously growing list of records, called blocks

Ethereum Classic finally gets the green light as one of China’s largest exchanges, Huobi, launches ETC trading later today.

Not only this might be considered to be great news for all ETC users, but also it indicates some significant changes in cryptocurrency market world since Huobi is not the first platform to recently add ETC trading.

Ethereum Classic

Is a continuation of the original Ethereum blockchain - the classic version preserving untampered history; free from external interference and subjective tampering of transactions

Huobi provides a system of incentives. Thus, bonuses are given to those who make a deposit of more than 50 ETC from 12 to 17 July. In addition, Ethereum Classic will be traded with low commissions for a while (from July 12 to July 16 - 0.01% and 0.05% - from July 16 to July 21).

The market reacts positively to the news as for the last day Ethereum Classic has grown in price in comparison with other crypto-currencies:

Ethereum Classic on chart Ethereum Classic on chart

It is evident there is a global demand for Ethereum Classic right now. Whether or not this is due to the ongoing Ethereum network issues, remains to be seen.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.