Weekly update: Google crypto ads ban, Coinbase granted e-money license and Binance blockchain move

  • Binance is planning to take BNB off Ethereum, onto its own blockchain.
  • Google is set to ban cryptocurrency related content from June.
  • Coinbase has been awarded an e-money exchange by the FCA.

Binance has revealed plans to shift its own coin BNB off Ethereum onto its own blockchain showing a move towards a decentralised exchange. Centralised exchanges have come under fire for exposing customers funds to hackers, such as the CoinCheck hack of over $400 million. Binance have also put out a $250,000 reward for any information relating to a recent attempt to steal money from user’s trading accounts.

Google has announced it will ban cryptocurrency related content from June amongst fears of online scams. Bitcoin.com estimates that $9 million is lost per day ranging from fraud to large scale exit scams. This move follows a similar ban by Facebook earlier this year. Twitter may be the next to follow suit but CEO Jack Dorsey has shown a fondness for cryptocurrency stating Bitcoin will be the world’s global currency within ten years, as TechCrunch reported.

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A Bitcoin physical coin representing the digital currency. Photograph by Tim Copeland

Coinbase was granted an e-money licence by the UK’s Financial Conduct Authority. This means it has passed tests on its management of fiat money which customers will be able to use to buy goods online. Yesterday, Coinbase said it had opened a Barclay’s bank account, which they can now use instead of sending Euros through an Estonian bank. This suggests positive sentiment from banks towards cryptocurrency related businesses.

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Lightning Technology, which aims to help Bitcoin achieve scalability, has gone live on mainnet. Lightning Labs, which has received investment from Twitter’s Jack Dorsey, said this was “an important milestone.” Critics still argue that this reduces Bitcoin’s security as the transactions take place off-chain.

Over the past week, the price of Bitcoin has dropped from $8,900 to $8,000 amongst to advertising bans and fears of regulations. Other cryptocurrencies have followed this price movement except DigixDAO which has risen thirty two per cent over the past two days. This is part of a longer term downtrend for the market since its peak in December.


Article written by Tim Copeland

None of this is financial advice. I take no responsibility for any decisions you may make.

 

 

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