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How Safe is Binance According to the Top Hackers [Must Read Review]

Binance exchange is a rapidly growing cryptocurrency platform with great bandwidth and infinite scaling margin. This service supports over 100 cryptocurrency pairs. Using this technical platform, more than 6 million registered users make around 1.5 million transactions every second per day. How Safe Is Binance Exchange? This platform offers simple trading conditions to the users,

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Binance exchange is a rapidly growing cryptocurrency platform with great bandwidth and infinite scaling margin. This service supports over 100 cryptocurrency pairs. Using this technical platform, more than 6 million registered users make around 1.5 million transactions every second per day.

How Safe Is Binance Exchange?

This platform offers simple trading conditions to the users, but a question that remains in the mind is “how safe is Binance?”

In March 2018, the third-party application requested users’ secret keys for a transaction and later Bitcoin prices were raised.

As a result, Binance platform is entirely changed with new transaction options. The platform even paid off to the users, so there was no money loss for the users.

This service currently runs on a centralized management system with total control over coins and transactions. However, the new version is planned to be on a decentralized site.

Since Binance is not a wallet, or cold storage and does not support any smart contracts, it’s ensured that Binance is a safe exchange platform for users.

What are Binance Security Measures?

Following are the main security measures that Binance exchange platform offers: 

1. Use Latest Technology to Secure the Platform

At Binance, the professionals only rely on the latest technologies for maintaining better integrity of every transaction and each account. These new technologies rely on artificial intelligence (AI) for facial recognition and identity. Even data analytics solutions are used for monitoring every movement on the platform. Therefore, it’s easy to find any suspicious activity and call out for cyber forensic investigations. In the investigation, the experts work to trace the roots of any hack attempts on the platform. If there were any hack attempts, appropriate measures are taken instantly to fail the intruders. 

2. Binance’s Customer Service is Unbeatable

According to Binance’s support team, they have helped thousands of users in retrieving their lost money. In many cases, their customer support service even takes extra steps to ensure complete customer satisfaction. So far, they have retrieved over 3,229,045.91 crypto tokens of distinct denominations for the registered users. 

3. Risk Control System Constantly Analyses Unusual Activity

With advanced technology and personnel intellect, Binance has a strong risk control management system. This high-tech system is efficient enough to analyze every unusual movement on the site. Their system is constantly looking out for suspicious activities and irregular trades, so it’s almost impossible to hack it. 

4. The Secure Asset Fund for Users (SAFU) Promises Safety Commitment

At Binance, the customer support team ensure that every user using their exchange are protected from hackers, even in the most unlikely situations. In July 2018, they created the Secure Asset Fund for Users (SAFU) for allocating 10% of transaction fees for offering insurance to any potential breach.  

5. Binance Works With Highly-Qualified & Skilled Risk Management & Data Professionals

Binance ensures user safety on their investments as it claims to offer the best platform-wide security. They work with some of the best professionals in their AI, cyber forensics, big data, and other fields. All these security professionals work each day to refine their big data systems and AI with deep knowledge of dealing with risks that need to be resolved in the trading ecosystem. 

How Safe is Binance Wallet?

The additional security is ensured with two-factor authentication, which is a combination of a password and code sent to the user by SMS or via the Google Authenticator app. 

It is recommended not to keep the coins on the exchange platform. This is because the site may be hacked or someone may get access to your account password. You must store each currency only in the cold wallets and transfer the amount to Binance when you want to make the actual deal.

The verification process includes

  • ID Card Image
  • Real Name
  • Selfie with ID Number and Photo

After reaffirmation of this information, the user can withdraw 100 BTC every day. Every trader must undergo this check before the transaction for extra safety. 

What Happened When Binance Was Hacked?

It was shocking news when on August 7, 2019, the world’s biggest cryptocurrency exchange was victimized to a hacking scenario. This scandal saw miscreant allegedly taking possession of a large chunk of the company’s Know Your Customer (KYC) data. 

Reportedly, the hacker was demanding approximately 300 Bitcoins (around $3.5 million) from Binance platform or else the data would have been released everywhere. 

Hackers also targeted certain Telegram groups, featuring a large number of sensitive data. However, all the data lacked Binance’s digital watermark. So, there were some doubts about the authenticity of the material.  

On this sensitive subject, Binance’s security team mentioned that no evidence proved that the data has been obtained from the Binance exchange platform – as there was no watermark of the company.  

They also claimed that the images released by the hacker could be from the older times when the premier trading platform was using third-party service to process their KYC verifications.  

The exchange also asked the hacked to provide them detailed information about the source from which they collected the KYC data. But the individual only demanded the 300 BTC and didn’t provide any further evidence to prove the authenticity of the content.  

Binance’s remedial measures to control the bleeding

Binance’s security team took firm measures to control damages and offered a reward of over 25 Bitcoins to anyone who could supply them the information to track down the hackers in this incident. Later, the issue was resolved as the hacked data was not genuine.  

But the leading crypto exchange also lost around 7,000 Bitcoin (approx. $40 million) at the time of hack rumors. However, nothing has affected the image of the company so far. Binance’s performance has only improved over the years, according to hackers and users.  

How Safe is Binance – Can I Store Coins There?

We would not suggest you to keep all your coins on the one exchange but yes, you can store coins on Binance. The traders can store their Bitcoins or Altcoins on their online wallet. The current balance is visible by clicking on “Balances” and “Tools.”

Steps to withdraw money from coins: 

  • You may use the “Withdraw” option to protect the coins
  • Enter the wallet address
  • To withdraw the coins, the exchange will charge a small fee

Ripple on Binance 

If you want to take Ripple, you have to use the Limit or Market orders. The Ripple amount is shown on the first window along with the inscription “Price”. The online trader must indicate an “Amount” for buying the sum in the second field.  

Later, choose the different percent of the saved coins for exchange, for example, 20%, 60%, or all the available funds. The new coins received in the platform for each operation are also displayed in the “Amount” window.  

Now, Click on the Buy XRP button. 

Binance for iOS 

Here’s how to install Binance app on an iOS device:

  • Download the Binance app for iOS. Let it install. 
  • Open Settings > General > Device Management. Now, fill up the trust field. 
  • The application is all set to run. 

Conclusion

If you still doubt, whether Binance is a safe exchange, let’s say it aloud – it a secure platform. With 4.5 ratings out of 5, this exchange platform ensures all trading process is safe and secure. The site makes use of a pin code, as well as a new generated secret key to reach to open a registered account. Plus, there are not serious hacks committed in Binance history. This assures that the leading exchange is safer to use.

Source: https://railsonwave.it/how-safe-is-binance/

Blockchain

BTG Pactual becomes first bank in Brazil to participate directly in the crypto market

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Financial institutions have been increasingly keen on being part of the booming $2 trillion cryptocurrency market, with over 13 of the world’s largest banks pushing roughly $3 billion in funding so far, into cryptocurrency. The latest major news came from Brazil.

One of the leading Brazilian investment banks BTG Pactual has been trending within the crypto community. It launched a new platform enabling customers to make direct investments in cryptocurrencies. Ergo, making it the first major financial institution in Brazil to participate directly in the crypto market.

According to local news outlet, The Rio Times,

“…the launch of Mynt, a platform that allows BTG Pactual Digital and BTG+ clients to trade directly, cryptocurrencies such as bitcoin and ether.”

Andre Porthilo, BTG Pactual’s head of digital assets, stated,

“At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.”

One thing that remained in common with different banks incorporating these tokens is the fact that they have been responding to “demand from our customers who wish to trade crypto.” This news is no different.

Plans

BTG Pactual CEO, Roberto Sallouti laid out his plan of action with this development. He opined, “As a new asset class, we will also have content to educate and inform our customers about these assets and the technology.”

Needless to say, Brazil has witnessed an immense amount of crypto traction. That said, regulators too have taken steps to curb illicit activities. As asserted by the CEO, the said bank will be regulated by both the Brazilian Securities Commission and the local central bank. Moreover,

“With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility…”

Past

The said bank had previously incorporated digital assets in previous operations as well. In 2019, it launched its real estate-backed security token ReitBZ. This step was executed post-examining digital assets for a couple of years. Just recently, the bank announced collaboration with Gemini, the U.S.-based crypto exchange. Gemini provided custody services to the first Bitcoin fund issued by a Brazilian investment bank.

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Source: https://ambcrypto.com/btgpactual-becomes-first-bank-in-brazil-to-participate-directly-in-the-crypto-market

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Basel Committee Crypto Rules Face Backlash

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/basel-committee-crypto-rules-face-backlash/?utm_source=main_feed&utm_medium=rss

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Blockchain

Ethereum NFT Game Sorare Fantasy Soccer Raised $680 Million

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Ethereum NFT game Sorare fantasy soccer just raised $680 million and it is now valued at $4.3 billion while launching a US office so let’s read more today in our latest Ethereum news.

The Ethereum NFT game Sorare fantasy soccer raised $680 million and the french startup now plans to expand into other sports as well as to onboard women’s soccer teams and US office. Sorare is an Ethereum-based fantasy soccer game based on NFT trading cards and grew dramatically in 2021 with a rising base and huge trading volume not to mention the new licensed teams in the mix. Today, however, the startup is using the momentum with the announcement of a new funding round.

NFT Game Founder, scammer, eth, cryptopunks

The $680 million Series B round values the company at $4.3 billion after a $50 million Series A round which was announced back in February and the new series was led by Japanese tech and investment conglomerate SoftBank that has a number of crypto industry dealings through SBI holdings financial services division. Sorare is focused on soccer with players from more than 175 licensed clubs like FC Barcelona, Juventus FC, and Paris Saint Germain FC as some of the most popular. Nicolas Julia, the co-founder and CEO of Sorare said that this week the company plans to expand into other sports and it will open a US-based office in the upcoming months to help “continue to grow with fans and sports leagues.” He continued:

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“We have ambitious plans to keep growing Sorare into a sports entertainment giant. The new funding will be used to help us continue to grow a world-class team, expand to new leagues and new sports, and keep improving our experience for users, including shipping a mobile app.”

nba top shot

Dapper Labs’ NBA Top Shot is similar to Sorare, built around NFTs and based on professional athletes. An NFT acts like a deed of ownership to a scarce digital item so in the case of Sorare, it’s a digital trading card that can be purchased and resold with each available in limited quantity. One NFT card can even reach $290,000. Unlike Top Shot, however, Sorare has an ongoing game component and is similar to other fantasy sports in that you can choose your top players each week as well as the leagues with other users. Sorare also has close ties with Ubisoft as it took the accelerator program this year.

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Source: https://www.dcforecasts.com/ethereum-news/ethereum-nft-game-sorare-fantasy-soccer-raised-680-million/

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