• Binance back in business.
• Fiat currency exchanges now possible for US traders.
• International competition for geographic hub status.

US cryptocurrency platform, Binance.US has revealed it is accepting US dollar deposits and withdrawal after restoring USD fiat services. Customers of Binance.US can withdraw and deposit USD via ACH bank transfers with no fees and continue to use the platform’s features, including buying, selling, and converting the platform’s accepted 160 cryptocurrencies.

The re-opening of full trade comes 19 months after Binance.US paused USD transactions, which the company stated was “due to escalating regulatory challenges.” A key motive behind the move to limit its activities was the legal action taken against Binance, its founder and CEO Changpeng Zhao, and operator of its US exchange by the US Securities and Exchange Commission (SEC).

The SEC accused Binance of falsely inflating trading volumes to create a misleading impression of market activity. The company was also alleged to have misused customer funds, allowing US users to access its platform despite ongoing restrictions, and deceiving investors about its ability to monitor and prevent fraudulent trading activities.

At the time, Binance.US cited the SEC’s “extremely aggressive and intimidating tactics” as a primary reason for disruptions to its services.

During the suspension, the company announced that it was functioning as a “crypto-only exchange,” dealing with crypto-denominated deposits, trading, and withdrawals, not fiat currencies.

Binance back in business

The latest round of restoration of services came after a great deal of change in the cryptocurrency landscape, including Zhao stepping down as CEO and Binance reaching a settlement in the case by agreeing to pay US$4 billion to the US government. The US’s new president is highly supportive of cryptocurrency, and several cryptocurrency exchanges that had previously withdrawn from the US, due to strict regulations under the Biden administration, are now returning.

Interim CEO of Binance.US, Norman Reed, commenting on the significance of restoring fiat (USD) transactions, said, “The marks one of the most important chapters for Binance.US since July 2023, when we were forced to begin operating as a crypto-only platform. We have been looking forward to the day that we would be able to offer full USD services again.”

The new lease of life for Binance.US could be an indication of the market shifting toward a more stable and regulated environment, or, depending on your point of view, a less-regulated arena in which exchanges can act with greater degree of impunity.

International jostling for position

The current rise in the value of Bitcoin – due in part to the US administration’s proposals to include cryptocurrency in federal reserves and the incumbent president’s welcoming approach to digital currencies – has given fresh impetus to other geographies to position themselves as cryptocurrency ‘hubs’. Hong Kong and Singapore have taken steps to amend or enact regulatory measures that are accepting of cryptocurrencies, and various other APAC countries are circling the possibilities that digital currencies purport to offer.

Last year, Singapore’s Monetary Authority gave out more than a dozen MPI (major payment institution) licences to cryptocurrency exchanges, including Coinbase and Blockchain.com, up from the four such licences it granted in 2023.

Hong Kong’s licensing regulations are somewhat tighter than Singapore’s, due in part to the territory’s close ties with mainland China. The Chinese administration has a selectively positive and sometimes mercurial attitude to cryptocurrencies. As of the end of 2024, Hong Kong had licensed seven cryptocurrency exchanges, and is increasingly seen as friendly towards cryptocurrency trade.

The return of Binance to its full trading status will help the market’s geographic balance. The SEC’s acceptance of Binance.US back into the fold will bolster the US digital currency economy, if not for the collective good of the US people, then at least as a representation of its ‘America First’ economic policies.

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In a major leap for the cryptocurrency industry, Bybit, Crypto.com, and Binance have each unveiled AI-powered educational tools aimed at enhancing the user experience and the financial literacy of their traders. These launches signify more than just incremental advancements; they may herald a paradigm shift in crypto-education and trading, marking a new era of technological integration.

TradeGPT: Bybit’s intelligent educator

Bybit’s TradeGPT takes a revolutionary approach to personalized financial education. Developed as part of the exchange’s mission to become the Crypto Ark of the world, it offers real-time market analysis and answers to users’ questions in multiple languages. In doing so, it acts as a mentor and guide to the complex world of Web3.

According to Vivien Fang, head of financial products at Bybit, the launch of TradeGPT reflects a broader vision for what financial education can be in today’s rapidly evolving financial landscape. “Essentially, we built the tool that we all wished we’d had when we began our careers in financial engineering and trading,” Fang said.

The tool aims to provide the type of financial education and mentorship that, according to Fang and her team, is “sorely needed in our hyper-financialized world.”

This launch seems more than just another product offering; it’s part of a broader mission. By providing TradeGPT for free, Bybit is emphasizing its commitment to becoming the world’s Crypto Ark—a sanctuary of knowledge and insight in the often chaotic seas of cryptocurrency trading.

Why real-time analysis matters

Cryptocurrency markets are notoriously volatile. Traditional educational content, though valuable, often falls short of providing traders with the timely insights they need to navigate these fluctuating waters. This is where the real-time market analysis feature of TradeGPT comes in. By leveraging Bybit’s market data, trading analytics, and technical analysis tools, it offers an unprecedented level of real-time financial mentorship that can significantly impact a trader’s decision-making and profitability.

While English dominates much of the crypto world, language barriers have long been an obstacle for many traders. TradeGPT seeks to break down these barriers by offering support in multiple languages, thereby democratizing access to financial literacy in the crypto space. This multilingual support represents a seismic shift in making the industry more inclusive.

Crypto.com’s Amy: The AI whisperer of the cryptocurrency trading world

Similarly, Crypto.com has introduced Amy, an AI companion designed to help users learn about the crypto industry with near real-time information about specific tokens and projects. While Amy is still in its beta phase, it shows great promise.

Amy’s near-real-time data offerings make it an invaluable resource. With this feature, even average users can have access to timely, relevant information—something that was once the purview of only the most seasoned traders. This accessibility could fundamentally change traders’ decisions, equipping them with the resources to capture opportunities in the fast-moving crypto sector more effectively.

Binance Sensei: The new guru on cryptocurrency trading

Not to be outdone, Binance has launched an AI-powered educational tool called Binance Sensei, aimed at enhancing the user experience on its educational platform, Binance Academy.

What sets Binance Sensei apart is its user-friendly chat interface. By allowing users to enter keywords or pose questions directly, it streamlines the educational experience. This is especially important in an industry notorious for its complexity and intimidating jargon. Binance Sensei brings a new level of interactivity to crypto-education, setting a standard for future platforms to follow.

Binance Academy, established in 2018, provides a wide range of content in over 30 languages. Integrating Binance Sensei takes this further by making the platform even more accessible. Binance’s commitment to free, ad-free, and registration-free education democratizes knowledge in a way that aligns with the crypto ethos of decentralization and open access.

How platforms are ensuring safe AI integration

The use of AI in managing and interpreting sensitive financial data raises valid concerns about security. While specific details remain undisclosed, it’s reasonable to expect that these platforms employ robust security measures, especially given the sensitive nature of the financial data they manage. As we move forward, security protocols will likely evolve to ensure data protection and the reliability of the trading advice offered.

These educational tools are just the beginning. Learnings from these pilots will undoubtedly influence future AI-powered projects, promising more sophisticated tools and platforms. 2023 might become a milestone in technological adoption in the cryptocurrency industry, specifically in education and real-time market analysis.

The launches of TradeGPT by Bybit, Amy by Crypto.com, and Binance Sensei by Binance are not just isolated instances of innovation. They are indicative of a broader trend towards the integration of AI in the crypto industry. These platforms aim to make financial literacy and real-time market insights more accessible than ever, fundamentally changing how traders interact with the crypto market.

AI and cryptocurrency complement each other

Far from conflicting, AI and cryptocurrency can potentially forge a mutually beneficial partnership. The computational prowess of AI could tackle some of the most persistent challenges in cryptocurrency, like scalability and efficiency. Through machine learning, these algorithms can fine-tune the consensus mechanisms that underlie blockchain technology, leading to quicker transaction times and enhanced system performance.

On the flip side, cryptocurrencies could provide a new avenue for incentivizing advancements in AI. In a token-based economy, contributors to AI projects could be rewarded with digital assets, fostering a collaborative and innovative environment. Networks built on blockchain technology can offer a secure and transparent medium for sharing and trading AI-generated knowledge, all without requiring a middle man.

Consequently, these AI-integrated tools possess the potential to revolutionize not only crypto trading but the broader financial landscape in the years ahead.

The post Need some trading tips? How top cryptocurrency trading platforms are using AI appeared first on TechWire Asia.

Even in Australia, a country where crypto-assets continue to see immense activity, the Commonwealth Bank of Australia announced that they will enable crypto trading services on the bank’s app for customers.

Mastercard has also announced that it is partnering with three Asian crypto companies to launch bitcoin payment cards. They include Hong Kong’s crypto finance firm Amber Group, Thailand’s crypto exchange Bitkub and Australia’s trading platform, Coinjar.

The partnership intends to introduce cryptocurrency-linked credit, debit, and prepaid cards for both individuals and businesses across the Asia Pacific. Cardholders will be able to instantly convert bitcoin and other digital currencies into fiat currencies, which can then be spent online or offline with any of the merchants that accept Mastercard payments.

Yet, despite the increased usage and demand for crypto assets management platforms and such, Binance, which is the world’s largest crypto trading exchange has been banned in some countries in Southeast Asia. In fact, China has also announced a complete halt to crypto trading and has begun cracking down on privately mined cryptocurrencies.

The Monetary Authority of Singapore (MAS) also warned of sharp speculative wings and potential risks for retail investors who invest in cryptocurrencies. Speaking at the Singapore Fintech Festival, Ravi Menon, managing director of MAS said the Singapore central bank “frowns on cryptocurrencies or tokens as an investment asset for retail investors”.

Interestingly though, according to the Crypto Asset Management Market 2021-2025, the global crypto asset management market size is projected to grow to US$1.2 billion by 2026, with the APAC region expected to provide significant growth opportunities for vendors operating in the cryptocurrency management market during the forecast period.

The report highlighted that rapid advancements in the network infrastructure, cloud computing, economic growth, and stable geopolitical system have provided a platform for the growth of solution providers in the APAC region.

Also, mobile apps created for exchanging cryptocurrencies have been making things easier for asset traders and miners. There have been several stock market apps that now feature cryptocurrency apps which not only allow to have total control over the digital assets but trade with them. When powered by blockchain, these cryptocurrencies can be used for all sorts of payments and transactions.

The report also showed that electronic wallet apps tend to store digital assets and money allowing the user to spend on transactions involving blockchain technology. These digital asset tracker apps are trying hard to provide updated information about the rates, trades, market dynamics, and a portfolio of various cryptocurrencies. Examples of crypto asset management providers include Coinbase, Gemini, and Crypto Finance, Vo1t, and BitGo.

Buying, selling, and trading crypto assets

As such, Ripple, a provider of enterprise blockchain and crypto solutions, will be launching its Ripple Liquidity Hub in 2022. Currently available in preview mode, the solution will allow customers to seamlessly access crypto assets from a variety of global venues, including market makers, exchanges, OTC desks, and in the future decentralized venues. The product will support turn-key integration and smart order routing to source digital assets at optimized prices giving customers the ability to easily buy, sell, and hold crypto assets.

For nearly two years Ripple has leveraged Liquidity Hub for internal liquidity management as part of its On-Demand Liquidity product, powering millions of transactions, worth billions of dollars. Now Ripple will make the product available for its hundreds of customers globally, as well as any financial institutions, banks, fintech, or corporates who need support preparing for an inevitable crypto-first world.

“We understand firsthand the need for easy and efficient liquidity management – and as such, we’ve received questions from our customers who require solutions that can be a one-stop-shop to buy, sell and hold crypto assets. The combination of Ripple’s crypto DNA and long history working with financial institutions makes us uniquely positioned to address this problem for our customers as they prepare for a tokenized future,” said RippleNet GM Asheesh Birla.

Unlike existing solutions available, Liquidity Hub is designed for enterprise customers and their unique needs through easy onboarding by offering a streamlined API for accessing digital assets from a breadth of liquidity pools. There will also be optimized pricing for a breadth of digital assets, enabling enterprises to provide their customers with the best price from a variety of liquidity venues. Enterprises won’t be required to pre-fund accounts for Liquidity Hub and can receive access to working capital through Ripple to fund their business operations.

Ripple’s first partner of the alpha product is Coinme, the largest licensed cryptocurrency cash network in the U.S., with thousands of locations across the country. Initially, Coinme will utilize the underlying technology platform of Liquidity Hub, with plans to unlock additional functionality as it becomes available.   

The post The Ripple effect for crypto assets appeared first on TechWire Asia.

In China,  the government has ordered a halt to foreign virtual currency trading in bank commercial savings and transactions products. China has already begun cracking down on privately mined cryptocurrencies that led to the market price for Bitcoin to fall off a cliff. Institutions, including banks and online payments channels, were told not to offer clients any service involving cryptocurrencies, such as registration, trading, clearing, and settlement.

While China is halting crypto trading, the rest of Asia Pacific are taking a different view. In Southeast Asia, crypto trading, crypto payments, and even crypto exchanges are slowly becoming mainstream as banks and financial institutions are beginning to understand the potential that comes with it.

For example, in Singapore, a survey recently showed that the adoption of crypto payments is slowly increasing, with many keen on trying out the payment method. The Monetary Authority of Singapore has also given the green light to three firms to provide digital payment token services. One of them is DBS Vickers, a subsidiary of DBS Bank, which will provide digital payment token services as a major payment institution and directly support asset managers and companies to trade in digital payment tokens.

Over in Thailand, Nikkei Asia reported that the Siam Commercial Bank has acquired a 51% controlling stake in local cryptocurrency exchange operator Bitkub Online, signaling a change in the approach to fintech and crypto. Meanwhile, El Salvador became the first nation in the world to adopt bitcoin as a legal tender several months ago.

Reports have also shown that Mastercard is preparing to announce that any of the thousands of banks and millions of merchants on its payments network can soon integrate crypto into their products. This includes bitcoin wallets, credit and debit cards that earn rewards in crypto and enable digital assets to be spent, and loyalty programs where airline or hotel points can be converted into bitcoin.

Crypto trading in Australia

In the land down under, the Commonwealth Bank of Australia (CBA) has become the country’s first bank to offer customers the ability to buy, sell and hold crypto assets via the bank’s app. CBA has partnered with one of the world’s largest regulated crypto exchanges and custodians, Gemini, and leading blockchain analysis firm, Chainalysis to enable this. Both partnerships have allowed the bank to design a crypto exchange and custody service that will be offered to customers through a new feature in the app.

The bank reported that the pilot crypto trading service will start in the coming weeks and is hoping to roll out more features to customers next year. Research from CBA showed that a large number of customers want the ability to access crypto assets as an investment class and are already buying, selling, and holding crypto assets through a variety of crypto exchanges.

CBA will provide customers with access to up to ten selected crypto assets including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

According to Matt Comyn, CBA CEO, the emergence and growing demand for digital currencies from customers create both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.

“We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide the capability, security, and confidence in a crypto trading platform. CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs,” he said.

For Dave Abner, Global Head of Business Development, Gemini, the exponential growth of digital assets internationally, coupled with Gemini’s institutional-grade security and proactive regulatory approach, positions the partnership to set a new standard for banks and financial platforms in Australia and across the globe.

Comyn added, “Customers have expressed concern regarding some of the crypto services in the market today, including the friction of using third party exchanges, the risk of fraud, and the lack of trust in some new providers. This is why we see this as an opportunity to bring a trusted and secure experience for our customers. We remain committed to reimagining banking and will continue to bring more functionality into the CommBank app including investing and shopping.”

A paradigm shift for Australian banks?

Interestingly, CBA’s move to offer crypto trading is somewhat not on the same vie as the other major banks that represent the “big four” of the region. The National Australian Bank, Westpac Banking Corp, and Australia and New Zealand Banking Group Ltd, which make the big four with CBA, faced criticism at a parliamentary hearing in September for refusing to do business with cryptocurrency providers.

Reports by Reuters state that CBA was studying the space at the time but had previously canceled some business accounts of customers who were doing business with cryptocurrencies.

CBA led the Australian industry’s entry into the fast-growing Buy Now Pay Later sector earlier this year in an attempt to fend off competition from Afterpay Ltd. The bank also recently announced a cash incentive for merchant customers who offer their new Buy Now Pay Later product, StepPay.

The bank has also acquired a minority stake in a Silicon Valley-based AI firm, H2O.ai Inc, in a bid to provide smarter and personalised products to its customer base. CBA said it would partner to use H2O.ai’s cloud-based machine learning platform across its operations to develop AI-based products, giving it a lead against its rivals in designing smart financial products.

Dr Andrew McMullan, CBA’s Chief Data & Analytics Officer said, “H2O.ai will help us to better predict bills and forecast cash flows for both retail and business customers so they can plan ahead. Customers want to be in control, and through the combination of our award winning app, powered by artificial intelligence, we can deliver products and services in the moment to manage unexpected expenses or irregular incomes.

We are not just helping customers make better decisions about their finances, but also about how they can reduce and offset their energy usage and carbon emissions. We will be using our AI models to orchestrate a range of services available across the CBA ecosystem for customers, including through our own products like the Green Loan to help homeowners finance solar or a battery, or through recently announced partnerships such as Amber Energy and CoGo.”

It will be interesting to see how the remaining banks in the big four will react to CBA’s crypto services move. It is unclear if they will be looking to offer similar services as well in the future but one thing is for certain, crypto trading is only going to get bigger and be more influential in the future, especially with more consumers eager to have a piece of the pie as well.

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