Binance Announces Launch of NFT Marketplace

Binance announced that it will be launching its own Non-fungible Token (NFT) market on June 24, following the steps of platforms like Crypto.com and Gemini.

The platform aims to become the “ultimate destination” for NFT and digital collectible enthusiasts looking to add content from some of the “world´s top creators and artists” to their digital collections.

Over the next weeks, the exchange will be announcing the name of some of the creators that will be launching their content on the platform on June 24, with a slate that will include digital artists, musicians, athletes, and celebrities.

So far, Binance has announced that users will have access to content by Two-time BRIT Award winner Lewis Capaldi, visual artist Trevor Jones, Esports team eStarPro, and football stars Michael Owen and Alphonso Davies.

A program for content creators by the name of the “Innovative creators program” was announced earlier in May to allow content creators interested in joining the emerging NFT collectibles space to do so.

The marketplace will make use of Binance Smart Chain, the network launched by Binance back in April of 2019, which has become an increasingly popular alternative to the Ethereum network over the past months when it comes to NFTs and Decentralized Finance.

CipherTrace Now Supports Binance Smart Chain

CipherTrace, one of the leading cryptocurrency cybersecurity companies in the world, announced on May 27th that it has added analytics support for Binance Smart Chain, which will allow the identification of higher-risk financial transactions taking place in the network.

The addition of Binance Smart Chain support is just the latest addition to the more than 1000 virtual assets that the cybersecurity firm already analyzes, expanding the compliance support the company can provide projects looking to make use of the blockchain network.

CipherTrace’s CEO, Dave Jean, referred to the development by stating:

“We are very excited to announce analytics support for one of the fastest-growing blockchains currently being deployed by developers. One of the advantages of our data attribution system is that once we add analytics for a blockchain, we also add support for all applications built on that network. This efficient system gives us the ability to adjust to the constantly-changing cryptocurrency landscape much faster than competitors, setting us apart from other blockchain analytics companies.”

As regulatory concerns in the crypto space continue to grow, analytics solution is becoming more important for projects relying on blockchain technology and cryptocurrency as it allows the compliance with global anti-laundering regulations.

Changpeng “CZ” Zhao: No One Can Shut Bitcoin Down

Binance’s CEO, Changpeng Zhao (also known as CZ), referred to the inability of any government or regulator to shut down Bitcoin due to the growing popularity the cryptocurrency has acquired over the past years, which in conjunction with its decentralization makes it to resilient to censoring efforts.

Speaking at the Consensus 2021 virtual conference, CZ referred to the growing regulatory efforts by government entities around the world that can no longer ignore the growing cryptocurrency ecosystem but also are unable to shut it down.

Referring to Crypto as a “new tool that can increase the freedom of money all around the world”, Zhao shared his belief that regulators should embrace crypto and blockchain technology, as the crypto industry is not meant to be a competitor and should be able to work together with regulators.

It was reported back on May 13th that Binance was facing an investigation by the United States Department of Justice (DOJ) and Internal Revenue Service (IRS) concerning the role that the use of the crypto exchange could be playing on tax evasion and money laundering.

While Binance was not accused of misbehaving in any way, the news resulted in a drop in the crypto market total market capitalization as well in Binance Coin’s (BNB) value. Back then, CZ criticized how the article had mischaracterized the exchange’s collaboration with the agencies despite having described their position.

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