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PBOC Instructs China’s Banks to Forbid All Cryptocurrency Related Activities Immediately

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Bitcoin-Investors King

China’s central bank has sent notice to the country’s financial institutions instructing them to stop dealing with cryptocurrency transactions.

The disclosure notes that the People’s Bank of China (PBOC) aims to protect Chinese citizens and “combat the speculation of Bitcoin and other virtual currency transactions.”

On June 21, 2021, the People’s Bank of China (PBOC) issued a notice to a number of financial institutions concerning crypto transactions.

The PBOC says it has discussed the issue of cryptocurrencies with financial services firms like the Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank, Industrial Bank, and the Alipay (China) Network.

The PBOC stressed that “virtual currency trading activities disrupt the normal economic and financial order, breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, and seriously infringe the people’s property safety.”

China’s payment institutions and banks must implement strict guidelines on “bitcoin risks,” “token issuance financing risks,” and other regulatory requirements the PBOC notice details.

Financial institutions “must not provide account opening, registration, and registration for related activities,” the central bank added.

China’s Postal Savings Bank followed up with a statement and explained that it will not allow cryptocurrency transactions in any manner.

“According to relevant regulations of the People’s Bank of China, no institution or individual may use our bank’s accounts, products, services, and channels to conduct token issuance financing and ‘virtual currency’ transactions,” China’s Postal Savings Bank said.

The Postal Savings Bank also said if Chinese citizens notice crypto activity or any virtual currency “related behavior, you can report it to our bank.”

The PBOC news follows the June 20 mandate from Sichuan officials that banned bitcoin mining in the region. Since the banning in five major Chinese provinces, Bitcoin’s hash rate has plummeted to 100 exahash per second (EH/s).

Chinese journalist Colin ‘Wu’ Blockchain also tweeted about the PBOC notice on Monday and said two other financial institutions released statements concerning the subject. “The Agricultural Bank of China once again released the deleted webpage, and Alipay also issued a related statement,” the regional reporter said.

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Bitcoin

BTC Gains 15 Percent In 3 Hours Amid Tight Squeeze

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Bitcoin Price - Investors King

The price of Bitcoin has surged more than 10 percent in just a few hours earlier today, with prices quickly surging from roughly $35,000 to tag just shy of $40,000 on July 26.

Price action shows a violent short squeeze that occurred as prices broke above $35,000, with bullish momentum suddenly accelerating as prices quickly rallied 15 percent from roughly $34,000 to $39,800 over the course of fewer than three hours.

By contrast, BTC had taken the past five days to gain from roughly $30,000 to $34,000. As of this writing, Bitcoin is changing hands for roughly $38,500.

According to CoinMarketCap, Bitcoin is the top gainer for the past 24 hours among the top 30 crypto assets by capitalization, posting a gain of nearly 13 percent.

The sudden rally has seen numerous technical indicators return to offering bullish signals, popular analyst, Lark Davis, informing his 426,000 followers that BTC’s price is again trending above its 50-day moving average.

Polkadot and Chainlink are also among the day’s top gainers, each having increased by more than 10 percent in the past 24 hours.

With Dogecoin up by 11.83 percent for the day, it would appear the impact of Elon Musk’s Twitter account on the meme-coin’s markets is beginning to wane, with Tesla’s CEO posting a meme asserting that “Dogecoin is money” on July 25.

Despite Musk’s efforts, Dogecoin appears to have moved in lock-step with the broader altcoin markets, with most large-cap crypto assets having posted high single-digit gains for the day.

Despite next month’s fast-approaching London upgrades for Ethereum, Ether is also lagging behind the pack, posting a gain of  7.82 percent in the past 24 hours.

As such, ETH is the weakest-performing cryptocurrency ranked among the top 10 by capitalization for the past day.

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Cryptocurrency

Patricia Relocates Headquarters to Europe

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Patricia

Patricia Technologies Limited is proud to announce that we have moved our operations to the Republic of Estonia, with our headquarters now domiciled in the Northern European country.

This global movement is set to strengthen our relationships with marketers and agencies in the global crypto markets, whilst also positioning us as the leading cryptocurrency trading company in Nigeria, Africa, and Europe.

This recent development is accompanied by the launch of our new and upgraded Patricia app version 2, which features lots of new updates and upgrades, including crypto swap; a betting feature that enables users to use crypto to place bets; the app also introduces new cryptocurrencies (coins) to add to the already existing Bitcoin. There’s also an automated buy limit for crypto traders, and the Refill service has also been upgraded to include international transactions.

Looking at how we have managed to dominate the Bitcoin market in our 3 years of existence, our CEO and Founder, Hanu Fejiro Agbodje quipped that “What originally came as disastrous news turned out to be the cornerstone we needed for this worldwide expansion” referring to crypto trading Ban by the Nigeria Government.

He also remarked that “the decision to expand and move our headquarters to Europe is part of our plans to improve our business strategy”. We want to play in the big league, there’s no passion to be found playing small, we want to be in the most sophisticated markets in the world, this is an opportunity for us to lead the fifth Revolution”.

As one of the industry’s fastest-growing financial solutions providers, our goal is to empower brands and individuals to take control of their digital finance through an advanced cross-border payment solution provided by Patricia Business.

We presently have an established presence in Ghana, Kenya, South Africa, and China.

For more information or to get in contact with us, please send a mail to: hello@mypatricia.co.

About Patricia
Patricia is an Africa-centric integrated alternative payment and e-commerce company that facilitates the easy use of digital currencies like Bitcoin, and other digital assets for everyday transactions.

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Binance US is Eyeing an IPO, Says Changpeng Zhao

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Binance - Investors King

“Our partner in the U.S. is looking at the potential IPO [initial public offering] route,” Zhao said on Friday at the “Redefine Tomorrow” event organized by SCB 10X — the venture arm of Thailand’s oldest Siam Commercial Bank. The IPO route, however, “is not 100% fixed yet,” he said.

After Coinbase’s listing earlier this year on Nasdaq, the U.S. now has an ecosystem where crypto companies can go public, according to Zhao. Indeed, several U.S.-based crypto firms, including Gemini, Kraken, and Circle, are looking to do just that.

As for Binance itself, Zhao said an IPO is not in immediate plans, but that might change in the future. This is a notable change from what Zhao told The Block earlier this year. At the time, he said Binance wants to take a more crypto-native “path” forward, i.e., expanding the utility of its “utility token” BNB, instead of doing a traditional IPO.

But now before Binance itself could go for an IPO, it will need to change its company structure, said Zhao, because most regulators want to see a headquarters, an office, or a legal entity.

“We are setting up those structures,” he said. “Once those structures are in place, you may make it easier for an IPO to happen. So that’s not out of the question. But right now, we are still in the early stages.”

Compliance efforts
The crypto space is now “relatively heavily regulated,” according to Zhao. To that end, Binance has to make a “big pivot from a technology startup into a financial services company,” said Zhao.

Crypto now is “very much understood as a financial asset type, we just got to treat it as such, and we have got to run the company as such,” he said.

And given increased regulatory attention, Binance is also stepping up its compliance efforts, said Zhao. “We are hiring many traditional compliance people, also ex regulators” to improve Binance’s communication with regulators, he said. He acknowledged that communicating with regulators is currently not one of Binance’s core strengths.

Now Zhao is, in fact, looking for a new Binance CEO, one he hopes will have a “very strong regulatory background.” He first disclosed his plans to step down to The Block earlier this year. At the time, he said he would like to resign from the CEO role in the next two to five years to focus entirely on growing the BNB and Binance Smart Chain ecosystems. Those plans now appear to be firmer.

Binance has long been subject to global regulatory scrutiny, with an increased focus in recent weeks. Government agencies in the U.S., the U.K., Japan, Italy, Thailand, Poland, and the Cayman Islands, have all either issued warnings or taken action against the exchange.

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