Malaysia Presented Rules for Cryptocurrency Exchanges

Malaysia's central bank asks the public to weigh in on measures aimed at solving problems related to cryptocurrencies
15 December 2017   2373

Yesterday Bank Negara Malaysia released a report, presenting new draft regulations for cryptocurrency exchanges that operate in the country. In the report bank asks the public to weigh in on measures aimed at easing money laundering and terrorist financing concerns related to cryptocurrencies.

The proposed regulations require businesses to verify their customers identities, monitor transactions and report any suspicious activities to Malaysian authorities. Additionally, companies must report usage statistics to the central bank.

If approved, the regulations would apply to any person or company which exchanges cryptocurrency on behalf of someone else. And while the regulations acknowledge that companies might use cryptocurrencies, the nation officially still does not recognize them as legal tender.

According to the release, Bank Negara Malaysia is taking recalls on the draft rules until January 14.

In November, governor of the Central Bank of Malaysia stated that from next year those converting cryptocurrencies into conventional currency will be designated as "reporting institutions" in accordance with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

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.