Binance CEO: 'Finally' Bitcoin (BTC) 'Volatility is Head in the Right Direction'

Changpeng Zhao (“CZ”), the CEO at Binance, the world’s largest cryptoasset exchange in terms of daily trading volume, recently noted via Twitter that “volatility” in the digital currency market is “finally” headed “in the right direction.”

Binance Is Prepared To Serve Customers As Bitfinex Goes Offline For Maintenance

Zhao’s comments came in response to the bitcoin (BTC) price surging about 5% ($300) to over the $4,000 mark in the past 24 hours according to CryptoCompare data. In addition to a significant increase in the bitcoin price, other major digital currencies were in the green as well.

Zhao, a Chinese-Canadian tech entrepreneur who previously served as chief technology officer at OKCoin and worked at Blockchain.com, welcomed the return of price volatility while also responding to user concerns regarding Bitfinex’s scheduled maintenance-related downtime. According to a tweet from Bitfinex’s official Twitter account, the British Virgin Islands-registered firm’s trading platform “will be offline” on January 7th, 2019 for “three to seven hours.”

Bitfinex Preparing To Upgrade To "Bear-Metal Servers" To Enhance "Security" And "Performance"

Bitfinex’s management team explained that the exchange company is in the process of “completing the final stage of [its] data migration to dedicated bare-metal servers, in a move designed to significantly enhance platform speed, security and performance.” Notably, the last time Bitfinex went offline for maintenance work, there had been extreme volatility in cryptocurrency prices.

 

As CryptoGlobe reported in December 2018, Binance co-founder Zhao had said: "2018 has been a tough year in terms of the pricing for cryptocurrency, and I think we see a lot of projects not making it this year. So, it's a correction year. But the technology was there, and we want to kick off 2019 with a bang.”

Moving Forward With Development & Expansion Plans, Even During Bear Market 

In order to increase awareness about blockchain technology and cryptoassets, Zhao mentioned that the Malta-based exchange would be hosting the Binance Blockchain Week, which will be held in Singapore (between January 19th-22nd). Expressing his optimistic views about the emerging digital asset industry, Zhao had stated last year:

So, I think the people in the industry are still very confident about the future. So, there's no worries about that.

When asked how willing Binance was to expand its operations during a bear market, Zhao had said:

Our strategy has not changed [because of the bear market]. We've launched one fiat exchange [in 2018] ... we still want to build 10 more fiat exchanges, and we are also launching our decentralized exchange, which is a very core blockchain technology based exchange. That will also allow much more freedom. None of our plans have changed. We're still pushing forward very aggressively.

Chainalysis Launches Real-Time Suspicious Transaction Alerts for 15 Cryptocurrencies

Blockchain intelligence firm Chainalysis has introduced "suspicious cryptocurrency transaction alerts" in "Chainalysis Know Your Transaction (KYT)", its "real-time anti-money laundering (AML) compliance solution".

Chainalysis, which was founded in 2014 by Dr. Michael Gronager (the current Chief Executive Officer), Jan Moller (the current Chief Technology Officer), Jonathan Levin (the current Chief Operating Officer), is a company with two main products:

  • Chainalysis Reactor -- its investigation software suite
  • Chainalysis Kknow Your Transaction (KYT) -- its compliance software suite

Chainalysis KYT supports "real-time transaction screening"; "case management capabilities"; "enhanced due diligence"; and "KYT for token issuers".

In a press release published on its blog on Thursday (August 22), Chainalysis says that Chainalysis KYT's alerts are "designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk by helping compliance teams focus on the most urgent activity and enforce compliance policies while better allocating resources."

John Dempsey, VP Product, Chainalysis, had this to say:

As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices.

According to Chainalysis, this new feature results in alerts being generated "whenever a transfer involves a risky counterparty and crosses a value threshold." Alert levels (Severe, High, Medium, and Low) are "based on factors such as category, service, direct versus indirect exposure, direction of funds, and amount," and are available for all 15 cryptocurrencies that Chainalysis supports (including BTC, ETH, BCH, LTC, USDT, and DAI).

Michael Breu, Gemini's Chief Compliance Officer, also chose to comment on this announcement:

As a New York Trust company we are required to monitor transactions on and off our platform. Tools like KYT alerts, which provide real time and ongoing blockchain analysis, coupled with Gemini's own compliance policies, help us meet our regulatory obligations.

 

Featured Image Credit: Photo via Pixabay.com