Binance Adds 2 Trading Pairs With XRP As Base Currency: TRX/XRP & XZC/XRP

Siamak Masnavi

At 06:24 UTC on Monday (24 December 2018), crypto exchange Binance announced on Twitter that the exchange was launching two new trading pairs with XRP as the base/quote currency: TRX/XRP and XZC/XRP.

Here is the tweet:

Here is the text of Binance's announcement:

"Binance will add TRX/XRP and XZC/XRP trading pairs with XRP as the quote asset into the new Combined ALTS Trading Market (ALTS) at 2018/12/24 11:00 AM (UTC). The original ETH Trading Market (ETH) will be renamed into the ALTS Trading Market, to support more trading pairs with different quote currencies. Please note that ALTS does not represent a new coin or token. It is the symbol for Binance's new Combined ALTS Trading Market."

As you can, trading with these two new pairs is set to be enabled at 11:00 UTC on December 24th. 

As for an expnantion of the second part of the announcement, here it goes. Binance supports four types of base/quote currencies:

  • Bitcoin (BTC): the group of pairs that use Bitcoin as the base currency is referred to as "BTC Markets";
  • Ether (ETH): the group of pairs using ETH as base currency used to be called "ETC Markets", but since more base currencies, such as XRP are being introduced, it is being renamed to "ALTS Markets";
  • Binance Coin (BNB): the group of pairs that use BNB as the base currency is called "BNB Markets"; and
  • Stablecoins (USDT, TUSD, PAX, USDC): the group of pairs that use a supported stablecoin as the base currency is called "USDⓈ Markets".

XRP fans knew they were going to receive from Binance as a Christmas or New Year present something they had been wishing for all year when the Co-Founder and CEO of Binance, Changpeng Zhao ("CZ"), sent out the following tweet around 1.5 hours earlier (at 04:56 UTC):

As XRP fans were cheering CZ's tweet, they knew that "shortly" meant in the near future, but few suspected that it would be mean within the next few hours!

And in case you are wondering why CZ had chosen TRON (TRX) and Zcoin (XZC) as the first two cryptocurrencies to be supported, at 06:34 UTC, he sent out another tweet to explain that this was done "to thank TRX and XZC for supporting #Binance charity efforts."

At press time, according to data from CryptoCompare, XRP, the second most valuable cryptocurrency, is trading at $0.4343, up 16.34% in the past 24-hour period.

Featured Image Courtesy of Binance

Weekly Newsletter

BitMEX Slammed as Roubini Raises the Stakes in War Against Crypto

Neil Dennis

Every new concept has its critics and there's none so vehemently opposed to cryptocurrencies as New York University academic Nouriel Roubini, who has just taken his most vicious swipe yet at the emerging asset class.

In an essay entitled "The Great Crypto Heist", published this week on the website Project Syndicate, the NYU Stern Business School professor accuses financial regulators of "being asleep at the wheel" while an army of unregulated exchanges, propagandists and scammers commit "rampant fraud and abuse".

He singles out crypto-derivatives exchange BitMEX as being a particular threat to retail investors. Roubini clashed earlier this month with Arthur Hayes, the chief executive of BitMEX.

Regulation

But first, the professor explains why the sector needs to be more closely monitored. The broader financial sector came under increased regulatory scrutiny following the 2008 financial crisis, to protect investors and society. 

The regulatory regime does not capture cryptocurrencies, however, which are launched and traded outside the domain of official financial oversight, he says.

The result is that crypto land has become an unregulated casino, where unchecked criminality runs riot.

BitMEX

He rounds on BitMEX, registered in the Seychelles, which offers highly-leveraged bets on the rises and falls of cryptoassets: products more broadly known as derivatives.

These investment products have come under the microscope of regulators in many countries. The UK's Financial Conduct Authority would like to ban the sale of cryptoasset derivatives and exchange-traded notes to retail customers, saying they are too difficult to value and are prone to extreme price movements due to the volatile moves of the underlying cryptoassets.

Other global regulators have made moves to reduce the amount of leverage offered by crypto-derivatives exchanges. Roubini points out that with a 100-1 leverage, even a 1% price move in the underlying assets could trigger a margin call that wipes out the investor's entire account and leave them owing the exchange.

Hayes, boasted openly that the BitMEX business model involves peddling to 'degenerate gamblers' (meaning clueless retail investors) crypto derivatives with 100-to-one leverage.

BitMEX aslo runs a proprietary trading desk - an internal, for-profit desk that trades cryptocurrencies with its own money - that has been accused of front-running its own clients, Roubini asserts. He adds:

Hayes has denied this, but because BitMEX is totally unregulated, there are no independent audits of its accounts, and thus no way of knowing what happens behind the scenes.

Perhaps his most grand accusation in the essay, however, is that exchange is being used for criminal activity:

BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere; the exchange does nothing to stop this, as it profits from these transactions.

Tiff in Taipei

Roubini accused Hayes this month of holding back the broadcast of a video recorded of their clash at conference in Taipei - to which Hayes had secured exclusive right to.

In the essay, he continues this accusation, saying:

I suppose this is par for the course among crypto scammers, but it is ironic that someone who claims to represent the 'resistance' against censorship has become the father of all censors now that his con has been exposed.

Crypto Cancer Metastasized

In his final dig at the industry, Roubini says crypto trading has created a multi-billion dollar industry that does not just include the exchanges, but also "propagandists posing as journalists, opportunists talking up their own books and lobbyists seeking regulatory exemptions.

It is time global regulatory bodies stepped in, he concludes:

So far, regulators have been asleep at the wheel as the crypto cancer has metastasized. At a minimum, Hayes and all the others overseeing similar rackets from offshore safe havens should be investigated, before millions more retail investors get scammed into financial ruin.

So far, Hayes appears to have remained silent following the article's publication. No activity on his Twitter account. But the ball is now firmly in his court as the war of words heats up.