"If we want to launch Venus in a country, we’ll make sure it complies with the regulations."
After witnessing Facebook’s regulatory battles over the Libra network, Malta-based cryptocurrency exchange Binance says that it will be taking a different approach to handling the launch of Venus, its own initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.
So far, the approach seems quite simple: “if we want to launch Venus in a country, we’ll make sure it complies with the regulations,” Binance co-founder He Yi said in an interview with Bloomberg.
Yi said that although much of the inspiration behind the creation of Venus was drawn from Libra, there are a few other key differences: for one thing, Venus will focus on developing partnerships outside of the Western world--she referred to Venus as a “Belt and Road version of Libra,” referencing China in particular. Yi said that the projects’ geographic scope would be similar to Beijing’s extensive initiative to build up its infrastructure.
Binance’s technical approach to its global cryptocurrency project is also a bit different than Facebook’s: unlike Libra, which aims to create a single cryptocurrency that will be pegged to a “basket” of fiat currencies, Venus’s goal is to create multiple coins through partnerships with “governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger Blockchain ecosystem."
The olive-branch sort of approach that Binace seems to be taking towards regulators in its Venus initiative can be considered as evidence that the cryptocurrency exchange is attempting to improve its relationships with regulators, particularly within the east.
Bloomberg reported that in the past, “[Binance] quit markets including Japan and China to avoid clashes with local financial watchdogs. But more recently Binance has set up regulatory-compliant exchanges in friendlier jurisdictions like Singapore and Malta, allowing customers to trade using real money.”
Facebook admitted that it is inexperienced with blockchain--that’s not a problem for Binance
Binance has already issued a number of stablecoins on its public blockchain, including a GBP-pegged Stablecoin (BGBP) and a BTC-pegged stablecoin (BTCB).
“Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments,” the blog post announcing the launch of the initiative explained.
This could give the company another leg up on Libra. Facebook said in a quarterly report at the end of July that “we do not have significant prior experience with digital currency or blockchain technology, which may adversely affect our ability to successfully develop and market these products and services.”
In the same report, Facebook said that the obstacles in front of Libra are so large that “there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all.”
After witnessing Facebook’s regulatory battles over the Libra network, Malta-based cryptocurrency exchange Binance says that it will be taking a different approach to handling the launch of Venus, its own initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.
So far, the approach seems quite simple: “if we want to launch Venus in a country, we’ll make sure it complies with the regulations,” Binance co-founder He Yi said in an interview with Bloomberg.
Yi said that although much of the inspiration behind the creation of Venus was drawn from Libra, there are a few other key differences: for one thing, Venus will focus on developing partnerships outside of the Western world--she referred to Venus as a “Belt and Road version of Libra,” referencing China in particular. Yi said that the projects’ geographic scope would be similar to Beijing’s extensive initiative to build up its infrastructure.
Binance’s technical approach to its global cryptocurrency project is also a bit different than Facebook’s: unlike Libra, which aims to create a single cryptocurrency that will be pegged to a “basket” of fiat currencies, Venus’s goal is to create multiple coins through partnerships with “governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger Blockchain ecosystem."
The olive-branch sort of approach that Binace seems to be taking towards regulators in its Venus initiative can be considered as evidence that the cryptocurrency exchange is attempting to improve its relationships with regulators, particularly within the east.
Bloomberg reported that in the past, “[Binance] quit markets including Japan and China to avoid clashes with local financial watchdogs. But more recently Binance has set up regulatory-compliant exchanges in friendlier jurisdictions like Singapore and Malta, allowing customers to trade using real money.”
Facebook admitted that it is inexperienced with blockchain--that’s not a problem for Binance
Binance has already issued a number of stablecoins on its public blockchain, including a GBP-pegged Stablecoin (BGBP) and a BTC-pegged stablecoin (BTCB).
“Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments,” the blog post announcing the launch of the initiative explained.
This could give the company another leg up on Libra. Facebook said in a quarterly report at the end of July that “we do not have significant prior experience with digital currency or blockchain technology, which may adversely affect our ability to successfully develop and market these products and services.”
In the same report, Facebook said that the obstacles in front of Libra are so large that “there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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