OKEx to Release Own Token

Exchange reported that the launch of the token does not imply an ICO
26 January 2018   1542

The new token, released by OKEx, called OKB and was originally based on the ERC-20 standard.

As the exchange's message says, at the moment a significant part of the information regarding OKB is still confidential, and additional details will be disclosed soon.

Nevertheless, the exchange already declares that the launch of the token does not imply an ICO. In addition, in the future, OKB will be transferred to its own OKChain exchange. OKB will become a key part of the architecture and development of the exchange, while it will be accepted not only on OKEx, but also in other projects of the company.

In total, it is planned to issue 1 billion OKB tokens, 50% of which will be distributed free of charge to OKEx users, which will allow them to take a more active part in the further development of the exchange.

In addition, as the exchange explains, 20% of tokens (200 million) will be reserved for developers. During the first year they will not be available for withdrawal, after which they will be issued at a rate of 20 million per year.

Another 10% (100 million) of tokens will be sold to the world financial institutions at a price of 1ETH = 2000 OKB. 50% of them will be "locked" for the first six months. Another 10% will be transferred to early investors with a grace period of 2 years and the operational activities of OK Blockchain (3 years), respectively.

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.