Bitcoin Slumps After Binance Is Said to Face Warning in Japan
Bitcoin fell after one of the world’s largest cryptocurrency exchanges was said to face a government rebuke for operating without a license in Japan, heightening concern that increased regulatory scrutiny will curb demand for digital assets.
Japan’s Financial Services Agency is planning to tell Binance, the trading venue founded by Zhao Changpeng, to stop operating in the country without official approval, a person familiar with the matter said. Binance has several staff in Japan and has been expanding without receiving permission, the person said.
Bitcoin erased gains after Nikkei first reported the FSA’s plans, and the cryptocurrency was trading 2.2 percent lower at $8,700.85 as of 10:33 a.m. in London. Rival coins including Ether and Ripple also dropped.
Governments around the world have been stepping up scrutiny of cryptocurrencies in recent months amid worries that they’re facilitating everything from money laundering to tax evasion and fraud. Japan, one of the most active markets for digital assets globally, introduced a licensing system for virtual currency exchanges last year in an effort to improve oversight.
Binance told Bloomberg News in January that it was working to acquire a license in Japan. The exchange is “engaged in constructive dialogue” with the FSA and has “not received any mandates” from the regulator, Zhao said on Thursday.
Read more: What the World’s Governments Are Saying About Cryptocurrencies
To date, the FSA has issued licenses to 16 cryptocurrency exchanges, including bitFlyer Inc. and Quoine. Another 16 were given permission to operate without a license. Among those was Coincheck Inc., which suffered a $500 million hack in January.
In the wake of the Coincheck theft, Japanese authorities have clamped down on the industry. Last month, the FSA issued an administrative penalty against Macau-based Blockchain Laboratory Ltd. for giving seminars and providing consultation services in Japan without a license. And this month, it suspended several local venues for poor security measures.
Binance has consistently ranked as the world’s largest cryptocurrency exchange by volume since late last year, according to Coinmarketcap.com. It held the top volume ranking for the past 24 hours, trading $1.8 billion, the website shows.
KOINEX ANNOUNCED NANO LISTING
INDIA's biggest exchange koinex announced that they will list nanocurrency tommorow. Koinex while doing koinvote(a community driven voting system to list new coins) has already listed the winner currency Tron and runner up stellar lumens(XLM). Due to the high demand and populatiy of nano currency,koinex finally listed the third currency from koinvote.
Nano is a fastest peer to peer currency without transiction cost by using a unique block lattice structure where each user have it's own blockchain .
Nano was trading at 1$ in december and surged to nearly 3500% in january when masses came to know about the potential of currency. Recently major game streaming platform Twitch announced their integration with Nano currency which brought some popular streamers and community to the super currency. Still nano is in it's early phase of adoption where more and more merchants ,institutions and masses realizing the potential of the currency
IBM's tiniest computer is smaller than a grain of rock salt
IBM has unveiled a computer that's smaller than a grain of rock salt. It has the power of an x86 chip from 1990, according to Mashable, and its transistor count is in the "several hundred" thousand range. That's a far cry from the power of Watson or the company's quantum computing experiments, but you gotta start somewhere. Oh, right: it also works as a data source for blockchain. Meaning, it'll apparently sort provided data with AI and can detect fraud and pilfering, in addition to tracking shipments.
The publication says that the machine will cost under $0.10 to manufacture, which gives credence to IBM's prediction that these types of computers will be embedded everywhere within the next five years. The one shown off at the firm's Think conference is a prototype, of course, and as such there's no clear release window
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