Leading today’s crypto headlines was Facebook’s announcement it will significantly relax its ad policy for a number of cryptocurrency-related products and offerings. Bitfinex was again in the news, although this time it was with respect to the publication of its whitepaper ahead of a planned $1 billion token sale. Following the $40 million hack, Binance, in an attempt to give gloomy supporters something to look forward to, revealed they will begin rolling out a margin trading system "very soon."
Bitcoin (BTC), for the first time in nearly six months, rose north of $6,000 today. At time of writing, it is trading at $6,060.33 (+2.65%). Also seeing green today was ether (ETH) and the MVIS CryptoCompare Digital Assets 10 Index, which are currently $169.79 (-0.35%) and 2,865.4 (0.75%), respectively, at time of writing.
Facebook Flips Cryptocurrency-Related Ad Ban
In a blog post released by the social media giant, it explained it will “no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.” Worth noting, certain crypto-related ads, such as those for initial coin offerings (ICOs), that Facebook will keep banning. In relation to promoting cryptocurrencies or crypto exchanges, Facebook will continue to demand prospective advertisers firstly obtain pre-approval. This is the second time Facebook has loosened its policy on crypto-related ads since January 2018, when it introduced an all-encompassing ban.
Bitfinex Confirms $1 Billion IEO Rumors
Despite allegations of commingling from an ongoing investigation by the office of the New York Attorney General (NYAG), Bitfinex confirmed it is indeed planning to raise $1 billion through an initial exchange offering (IEO). As stated in a whitepaper published by the cryptoasset exchange yesterday, Bitfinex’s management intends to sell up to 1 billion LEO tokens at a unit cost of one tether (USDT). Reportedly, Bitfinex is currently conducting a private token sale round, which is set to close on May 11th, 2019. If required, Bitfinex will initiate a public token sale in the hope that the remainder of the LEO tokens can be sold.
Binance to Roll Out Margin Trading, CEO Reveals
In a live-streamed ask-me-anything (AMA) session, Binance co-founder and chief executive, Changpeng ‘CZ’ Zhao, declared the top-tier exchange – which yesterday suffered a 7,000 BTC hack – will begin rolling out a margin trading system “very soon.” The product is currently in a testing phase with large traders, CZ shared with his audience. Another notable outtake from the AMA was the Binance leader’s admission there are “a few different proposals and plans” in motion regarding stablecoin listings. It is “likely something may happen there,” added CZ, who was not yet able to commit to any particular option.