Morocco bans cryptocurrency

The Office des changes has reported that the use of cryptocurrencies within the country can lead to sanctions under current law
22 November 2017   1915

Morocco's foreign exchange authority claims that cryptocurrencies transactions within Morocco constitute an "infringement of the exchange regulations" that are punishable by penalties stated in current laws.

The office strongly encourages the public to comply with the rules of the foreign exchange, which stipulate that international financial transactions must be carried out through authorized intermediaries and only with the foreign currencies listed by the Bank Al-Maghrib, the central bank of Morocco.

This is a hidden payment system that is not backed by an organization, the use of virtual currencies entails significant risks for their users.

 

The Office des changes statement

Last week, MTDS, digital services company, started to introduce bitcoin as a way of payment for its services in Morocco. It is not yet clear how the official statement will affect the firm. It remains to be seem how the statement of the Office des Changes will affect  the company.

However, the Office des Changes along with the central bank of Morocco and the Professional Group of Banks of Morocco (GPBM) – is closely following the evolution of virtual currencies in the country.

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   158

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.