Venezuela's Petro Pre-sale and ICO Dates Announced

38,4 million tokens of Venezuela's cryptocurrency Petro will be released during pre-sale from February 20 (04:00 UTC) to March 19 (04:00 UTC), while the ICO will be held from March 20
20 February 2018   1583

Venezuelan cryptocurrency Petro received a mixed response from the country's population and from foreign investors. While the critics and the opposition think that it's just a way to not get sanctioned or kicked out of the office for Venezuelan President Nicolas Maduro, some foreign investors have really taken interest in the new oil-backed cryptocurrency.

Largest support is promised by Brazil as their businessmen are prepared to invest $300 million with a starting investment of $100 million. Also, according to Venezuela’s Minister of Foreign Trade and International Investment José Vielma Mora other countries such as Canada, Poland, Denmark, Honduras, Norway, and Vietnam, have expressed interest in utilizing Petro coin for international trade. All these countries as of now are willing to receive Petro in payment for food and medicine, which is desperately needed in Venezuela in current situation.

So, President Maduro has already ordered the issuance of first 100 million of Petro tokens for the upcoming pre-sale. It will take place from February 20 (04:00 UTC) to March 19 (04:00 UTC). 38,4 million tokens will be released for the pre-sale, and they can be converted to Petro coins at any moment between the coin launch date and the end of the initial offer.

ICO will be held from March 20 (04:00 UTC), so, a day after the end of the pre-sale. 44 million Petro will be available for purchase at $60 per coin, which is the price of a barrel of crude oil in Venezuela at the end of the second week of January. The price may be changed, according to the white paper.

On 20th February president of Venezuela reported on Twitter about the begin of pre-sale of El Petro.

According to the head of oil-rich Venezuela, this digital currency is designed to strengthen the economy of the country, suffering from the crisis and US sanctions.

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.