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How High Can Pi Network Price Go If Listed on Binance?
Pi Network (PI) price is experiencing a notable surge despite a broader crypto market decline. Over the past 24 hours, PI has risen 5%, defying the downturn. Market volatility has surrounded Pi Network, with wild price swings sparking debates about its future. Despite uncertainties, many investors remain confident in its potential.
Since its listing on multiple Pi exchanges on February 20, PI has shown high volatility. Investors are closely watching for a potential Binance listing, which could further impact its price. The anticipation of a major exchange listing continues to drive speculation, keeping PI in focus despite ongoing market fluctuations
If Listed On Binance, How High Can Pi Network Price Go?
Pi Network recently gained attention after Binance held a community vote from February 17 to February 27 for its potential listing. Verified users with at least $5 in assets participated via Binance Square. The vote ended with 86% of 294,955 voters supporting the listing. However, Binance stated that the results were “for reference,” leading to uncertainty within the community.
On March 8, Binance introduced a new co-governance mechanism for token listings and delistings. This system allows the community to provide input on future listings. Binance acknowledged receiving suggestions from users and announced updates to its listing process following evaluations. The Pi Network community remains optimistic about a potential listing under the new framework.
Currently, Pi Network is listed on major exchanges such as OKX, Bitget, MEXC, and Gate.io. However, tier-1 platforms like Binance, Coinbase, Upbit, Crypto.com, and Kraken have yet to add the token
Pi Network’s market capitalization stands at $9.85 billion, securing the 11th position in global rankings. Its price movement remains closely watched as speculation continues regarding a possible Binance listing. The exchange’s updated approach may influence the token’s future accessibility and valuation

Bitcoin analysts warn of $95K ‘bear trap’ despite record $102K monthly close
Bitcoin may be headed to a “bear trap” below $95,000 despite staging its first monthly close above $100,000
Bitcoin
BTC
$98,300
fell below the $100,000 psychological mark on Feb. 2 for the first time since Jan. 27 Cointelegraph Markets Pro data shows
The decline comes amid inflation concerns after President Donald Trump imposed import tariffs on goods from China,Canada and Mexico
However the dip could be the start of a wider correction, potentially taking Bitcoin to $95,000, according to Ryan Lee chief analyst at Bitget Research
On the downside, the $95,000 range remains a critical support area. The interplay between labor market trends, Fed policy expectations, and market sentiment will be the main catalysts to monitor in the coming weeks,Lee told Cointelegraph
However, Bitcoin could see more upside in February if next week’s labor market data points to a sluggish economy,added the analyst
The US Bureau of Labor Statistics is set to publish its US labor market report on Feb. 7 Weakening labor market data may strengthen the case for a rate cut by the Federal Reserve, which creates a more supportive environment for Bitcoin according to Lee
Bitcoin secures record monthly close above $102,000
However, Bitcoin recorded its first monthly close above $100,000 in crypto history in January
Bitcoin closed the month above $102,412 which is over 6% higher than its previous record monthly close of 96,441 registered in November 2024
Some analysts believe that Bitcoin’s current correction may only be a bear trap, including popular crypto analyst Sensei, who shared the below chart in a Feb 2 X post
Despite the potential for a short-term correction, Bitcoin’s prospects remain bullish for the rest of 2025, especially after spot Bitcoin exchange-traded funds ETF surpassed a record $125 billion milestone just over a year after they first debuted for trading in the US on Jan. 11, 2024
Analyst predictions for the rest of the 2025 market cycle range from $160,000 to above $180,000

Ethereum trader earns $16M as ETH price falls to $3K
A savvy cryptocurrency trader has made nearly $16 million by capitalizing on Ether’s price decline.
The trader generated $15.7 million worth of unrealized profit on a leveraged Ether
ETH
$3,057
short position, which involves “borrowing” the underlying cryptocurrency from a broker, selling it at the current price and then repurchasing it once the price falls — a strategy used by traders to bet on the price decline of an asset
The trader opened the 50x leveraged short position when ETH traded at $3,388, with a liquidation threshold of $4,645, Hypurrscan data shows
The trader earned an additional $2.3 million worth of funding fees on their leveraged position.
While leveraged trading can potentially increase returns, it can significantly amplify downside risks and lead to the loss of the initial investment
In January 2024, a pseudonymous trader lost over $161,000 worth of funds in a single trade after being liquidated on a leveraged position, illustrating the risks of leveraged trading.

Bitcoin tumbles will be ‘less abrupt’ after realized profit drops 76%

Bitcoin’s daily realized profit metric has fallen 76% since the initial hype about $100,000 Bitcoin began to wane, according to crypto analysts
Near-term Bitcoin price dips probably won’t be as deep as last week’s 10% plunge, as selling pressure has significantly eased since its first spike above six figures, according to one crypto analysis. Others remain skeptical
With such a decline in realized profit and sell-side pressure, we can expect future declines to be less abrupt than the one experienced last week,” Bitfinex analysts said in a Dec. 9 markets report
On Dec. 6, over 24 hours, Bitcoin (BTC) dropped almost 10% from $103,493 to under $93,000, just one day after surpassing the $100,000 price level for the first time on Dec. 5, according to CoinMarketCap data
Bitcoin is up 0.34% over the past seven days. Source: CoinMarketCap

Cointelegraph reported that the sudden price decline from $98,338 to $92,957 triggered over $303.5 million in liquidations of long positions within the hour, pushing total liquidations over the 24 hours to $404 million.

Is Terra Luna Price Recovering in 2024
Volatility in the cryptocurrency market is the order of the day, and Terra Luna Classic (LUNA) has stood out as one of its most captivating narratives. After declining massively in 2022, Terra Luna is trying to make a comeback in 2024. Falling by 100% from its peak 2 years ago, to soaring in value by over 20% in the past month, LUNC price trajectory is worth investigating. This article explores the reasons for this possible comeback, analyzing technical analysis, market sentiment, and recent developments in the Terra ecosystem
Terra Luna, a project of Terraform Labs, has stood out in the crypto industry for its unique strategy with stablecoins. The main purpose of the platform was to transform digital payments through developing algorithmic stablecoins tied to various fiat currencies, supported by the LUNA token
However, in May 2022, Terra Luna encountered a major setback, when its stablecoin UST deviated from its target price. This led to LUNA collapsing drastically in value
This occurrence greatly damaged investor trust and prompted Terraform Labs to make a significant rebranding push to regain confidence in the network.

Market Performance of Terra Luna
In 2024, Terra Classic (LUNC) demonstrated a significant bounce back, being traded at $0.0001211 and holding a market capitalization of $701.54 million
In the previous week, LUNC price has experienced an 8% increase, maintaining a favorable pattern with a 24.55% growth in the last month and a 43.66% rise in the last year
Despite of LUNC trading 100% lower than its all time high of $119.18 it achieved two years ago, its recovery is fueled by growing market confidence and rejuvenated investor enthusiasm
Understanding price trends is essential and moving averages play a vital role in achieving this. The EMA and SMA for LUNC show a positive outlook
Although the 100-day SMA indicates a sell signal, shorter-term moving averages point to a buying trend, signaling a possible short-term uptrend.

insists its virtual mempool is different, and is necessary for addressing Ethereum's large hidden costs.
"We're not going to try to take over Ethereum or something," said Linehan, "but there's no way that this becomes the base layer for the future of the global economy if it's wasting $400 million of its users' money every year on things that literally do nothing for them. That's pure waste
When a user tells a blockchain wallet to submit a transaction to a chain like Ethereum, they are typically sending that transaction to a public mempool – a waiting area for yet-to-be-confirmed transactions operated by a decentralized network of bots and traders. "Block builders" and "searchers" work together to assemble transactions into bundles, called blocks, which eventually get written to the blockchain's digital ledger
Builders and searchers scour the mempool for profitable trading opportunities and will sometimes re-order transactions or squeeze their own trades into blocks to extract an extra profit for themselves. This phenomenon, "maximal extractable value," can sometimes lead to higher costs, failed transactions and slow-downs for everyday blockchain users
Metamask will leverage some of these same operators – builders and searchers – to power its virtual mempool. Unlike on Ethereum's public mempool, the virtual mempool's builders and searchers will be financially penalized if they fail to execute transactions at the prices quoted by MetaMask to users
Linehan says "95%" of the builders and searchers that currently operate Ethereum have already opted into its virtual mempool program, which will begin rolling out in phases over the course of this week. A more limited version of the tech, "Smart Swaps," has already been available for several months
The size of MetaMask's virtual mempool network – combined with its transparent inner workings and novel incentive scheme – makes it wholly unique from conventional private mempools, said Linehan
In addition to ensuring better prices for users, Linehan says that the Smart Transactions feature will make it easier for

Popular Crypto Wallet MetaMask Rolls Out 'Smart Transactions' to Combat Ethereum Front-Running

MetaMask, the most popular crypto wallet for Ethereum, is rolling out a new feature this week designed to help users avoid the consequences of maximal extractable value, or MEV
The optional new feature, called Smart Transactions, will allow users to submit transactions to a "virtual mempool" before they are officially cemented on-chain. According to Consensys, the company behind MetaMask, the virtual mempool will protect against certain kinds of MEV strategies, and it will run behind-the-scenes simulations of transactions to help users get lower fees
MEV is extra profit that blockchain operators can extract from users by previewing or re-ordering transactions before they are written to the network, sometimes likened to the unsavory practice of front-running orders in traditional financial markets. MEV has a major impact on how Ethereum operates – boosting prices for users, slowing down transaction speeds, and even causing transactions to fail under certain network conditions
There's $400 million every year that are being wasted on reverting transactions, stuck transactions, and just very obviously predatory MEV front-running and sandwich attacks," Jason Linehan, director of the Special Mechanisms Group division of Consensys, said in an interview
Everyone agrees it's a huge problem," said Linehan. "From a user experience perspective, the idea that you pay for a transaction that does nothing, that's, like, nonsensical."
MetaMask's solution – its virtual mempool – bears some resemblance to a private mempool, which has become an increasingly popular strategy for ensuring transaction privacy and protecting against MEV. It's the platform's first step in a much more ambitious roadmap, which CoinDesk reported on earlier this year, to radically shift how MetaMask routes transactions to Ethereum under the hood
Private mempool services can sometimes raise centralization concerns since they allow middlemen to touch transactions before they are published to Ethereum. Consensys

Bitcoin is Pricing in Two Fed Rate Cuts For 2024, Trader Says

Bitcoin remains above $70K as Asia begins its trading day
One trader told CoinDesk that its too early to tell if slowing GBTC outflows will be a positive sign for bitcoin's price
Bitcoin (BTC) looks to extend Wednesday's gain, trading near $70,800 while ether {{ETH}} changed hands above $3,500 as the market continues to digest a higher-than-expected U.S. CPI and slowing outflows from the Grayscale Bitcoin Trust (GBTC)
Bitcoin exhibited strength against a hawkish CPI report and strong inflation data seeing only a retracement back down to $67,000 following the fed minutes announcement," Semir Gabeljic, director of Capital Formation at Pythagoras Investments, said in an email note. "[Still] The drop of -2% from Monday's retest of $73,000 showcases risk assets, including BTC, pricing in two rate cuts instead of three for the remainder of 2024
Bettors on decentralized predictions platform Polymarket seem to be evenly split on the number of rate cuts by the end of 2024
Twenty-six percent of bettors have put money on there being one cut, while 28% believe there will be two cuts, and 21% bet on no cuts at all.
Meanwhile, Jun-Young Heo, a derivative trader at Singapore-based Presto, pointed out that the market recovered quickly after the higher-than-expected CPI announcement compared to gold or the S&P 500 index.
The implied volatility of options expiring on April 26th is still trading at a premium while recent historical volatility is still trending down, Heo noted.
Some market participants are noting that bitcoin prices are reacting favorably to slower than usual outflows from the Grayscale Bitcoin Trust (GBTC)
On-chain data shows that outflow from GBTC is at $18 million, which is the lowest since the launch of the U.S. bitcoin ETFs.
"But we need to see a few more dates to find out whether GBTC outflows are becoming negligible amount since it has a higher fee than any other ETFs," Heo added

Only USDT

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Fantom (FTM) Launching Bridged Version of USDC As New Official Ecosystem Stablecoin
Ethereum (ETH) rival Fantom (FTM) is launching a new “canonical” stablecoin in partnership with USDC-issuer Circle.

Fantom will utilize the cross-chain messaging protocol Wormhole (W) to roll out the new stablecoin, USDC.e
Explains the Fantom Foundation,

“USDC.e on Wormhole is bridged from native USDC, located in a smart contract on Ethereum, and holds the potential to be upgraded to native USDC in the future. It will be the official, endorsed stablecoin of the Fantom ecosystem (and all future network upgrades).”

This initiative reduces liquidity fragmentation, introduces stability, and provides additional on-ramps to the ecosystem. By leveraging the Wormhole Native Token Transfers (NTT) standard, USDC.e will be available to all users and developers on Fantom.”

The Fantom Foundation also notes that if it comes to a mutual decision with Circle to upgrade to the actual USDC stablecoin, all USDC.e tokens will transition to the native asset “seamlessly.”

FTM is trading at $0.856 at time of writing. The 52nd-ranked crypto asset by market cap is up more than 4% in the past 24 hours.

Top US crypto exchange Coinbase and Circle co-created USDC in 2018 and jointly managed the asset, which aims to maintain a peg to the US dollar, through the Centre Consortium until last year.

In August, Coinbase Chief Executive Brian Armstrong and Circle CEO Jeremy Allaire said that Circle would bring all of USDC’s governance and operations responsibilities in-house.

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Bitcoin’s 2028 halving price target is $435K, historical data suggests

While the halving is associated with Bitcoin bull cycles, the current rally is mainly driven by ETF inflows argues Bybit’s Yang
The Bitcoin price
BTC $67,943
resulting in a roughly $303,600 BTC price at the 2028 halving

Saga (SAGA) Debuts on Binance as Its 51st Launchpool Project
Saga Protocol’s native token, SAGA, will debut on Binance on April 9.
Binance has announced the 51st project in its Launchpool.
Users will be able to farm the project’s native token for a limited time.
The token will then be listed on Binance.
The world’s leading crypto exchange by trade volume, Binance, has announced Saga (SAGA) as its 51st Launchpool project.
Saga is a Layer 1 protocol that allows developers to leverage “Chainlets” to build applications with “infinite” horizontal scalability. The project has raised $15 million and has partnerships with Polygon, Avalanche, Celestia, Marble, and Com2uS
In an announcement dated April 4, Binance unveiled Saga as the 51st project on Binance Launchpool. It invited users to stake their BNB and FDUSD into separate pools to farm SAGA tokens over four days.
Farming will run from April 5 to April to April 9, after which Binance will become the first exchange to list SAGA at around 14:00 (UTC). The token will launch with five trading pairs, including SAGA/BTC, SAGA/USDT, SAGA/BNB, SAGA/FDUSD, and SAGA/TRY.
As of April 4, the total supply of SAGA is 1,000,000,000, with 45,000,000 (4.5% of the total supply) allocated for Binance Launchpool rewards. When listed on Binance, the token will debut with an initial circulating supply of 90,000,000 (9% of the total).
The SAGA token can be used for a range of use cases, including staking and governance. Notably, developers on the Saga Protocol will use the token to pay network validators to instantiate and “keep their Chainlets alive.”
Binance said participation in Launchpool is subject to eligibility based on the user’s country of residence and completion of KYC processes to verify their accounts. In addition to the U.S., users from Japan Australia, Canada, New Zealand, and the Netherlands, among other prohibited countries, will be unable to participate in farming SAGA
Stay updated on the ARC-20 token support on Binance Inscription Marketplace
Binance Inscription Marketplace Enables ARC-20 Token Support

Binance Announces Expanded Support for Solana Meme Coins WIF and BOME
Binance, the world's leading cryptocurrency exchange, has unveiled plans for a significant expansion in its trading tools, targeting several cryptocurrencies within the Solana blockchain ecosystem. Notably, the exchange's latest move shines a spotlight on meme tokens Dogwifhat (WIF) and Book of Meme (BOME), along with Jito Network (JTO)
The decision to extend support for these particular tokens underscores their prominence within the Solana ecosystem. With trading volumes reaching staggering figures – $552.84 million for WIF, $460.38 million for JTO and $665.33 million for BOME, according to CoinMarketCap – it is evident that these assets have garnered substantial interest from traders and investors
While Jito Network stands out for its tangible applications and fundamentals as a liquid staking project, Dogwifhat and Book of Meme have made headlines as meme coins on Solana. Despite their silly origins, both tokens have soared to unprecedented heights, achieving billion-dollar capitalizations within a couple of months.
Binance's move to incorporate these meme coins into its trading portfolio signals a strategic effort to tap into the enthusiasm surrounding them. By offering enhanced trading options and enabling Spot Algo Orders Trading Bots services for BOME/USDC, JTO/USDC and WIF/USDC trading pairs, the exchange aims to cater to the evolving needs of its users, while capitalizing on the growing popularity of these assets
In essence, Binance's announcement not only reflects the vibrancy of the Solana ecosystem but also underscores the exchange's proactive stance in adapting to emerging trends within the crypto space

The next crypto sentencing: Binance's "CZ" set for April 30
Changpeng "CZ" Zhao will be sentenced in a federal court in Washington state this month after pleading guilty to one count of violating the Bank Secrecy Act
Why it matters: CZ and Sam Bankman-Fried (SBF), both founders of enormous and innovative cryptocurrency exchanges, were the two biggest names in the industry through the last boom, and are now both condemned before the courts of the United States.
Catch up fast: In November, less than three weeks after SBF was found guilty in New York of defrauding FTX customers and investors, CZ was charged across the country with one count of failure to maintain an anti-money laundering program at Binance
CZ's guilty plea was part of a larger deal with the U.S. government that also saw him stepping down as CEO, and his company paying a $4.3 billion settlement.
The big picture: The question now is how badly it will go for CZ, SBF's first investor and the one who brought him down.
The nature of charges against the two men were vastly different, as are their expected sentences SBF just received 25 years, while the charges against CZ reportedly call for up to 18 months in prison
Between the lines: CZ was released on a $175 million bond but has not been allowed to leave the U.S
In the charges against him, prosecutors describe how Binance allowed users to start accounts with nothing more than an email address, so long as they stuck to cryptocurrency-only transactions that is they deposited funds in cryptocurrency and withdrew it the same way
There were some limits on how much a user could withdraw, but there were also easy workarounds
In 2021,the company started to tighten requirements around vetting its customers but that didn't change what had happened before
While Binance developed an internal process for flagging suspicious activity Binance never filed an SAR [suspicious activity report] with FinCen the indictment signed by Tessa Gorman, acting U.S. attorney, and others, noted
Zoom out:Questions have long swirled around Binance but nothing seemed to stick Until it did

Binance Burns Over 4 Billion Terra Luna Classic Tokens
In a significant development for the cryptocurrency market, Binance, the world’s largest crypto exchange, has announced the burning of 4.17 billion Terra Luna Classic (LUNC) tokens. This move underscores Binance’s commitment to bolstering the Terra Luna Classic ecosystem and marks a milestone in the ongoing evolution of the crypto industry
Binance’s Token Burn Event
The crypto community saw one of the biggest token burn events today with Binance burning 4.17 billion Terra Luna Classic (LUNC) tokens, thereby marking the total number of tokens burned by the exchange till date to over 56 billion
With the Terra Luna community having previously vowed to burn landmark numbers on LUNC tokens to enhance the price, Binance has shown continued support to the Terra ecosystem under the leadership of the new CEO Richard Teng. Binance’s active commitment to Terra Luna Classic includes not only token burning but also engaging in various initiatives to support the ecosystem
According to the announcement, “The 20th version of the LUNC burn initiative by Binance purged around 350 million tokens, symbolizing trading fees collected from February 29 to March 30.
Following the token burn event, the prices of LUNC and USTC witnessed a significant upsurge with LUNC rising by 3% and trading at $0.000153. Nonetheless, it is evident from the overall trend that investor interests have renewed in the token and in the long run, Terra Luna tokens will mark a good upward movement

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Coinbase Ethereum Scaler Base Is Booming—And It's All Meme Coins,Of Course
Base,the Ethereum layer-2 scaling network incubated by crypto exchange Coinbase hit a daily record of $1.22 billion worth of trading volume at decentralized exchanges (DEXs) on Saturday. The frenzied surge in trading is due to a gold rush for meme coins that has Base-native coins like DEGEN and BRETT hitting over half a billion dollars each in market cap
The network set a record for unique daily wallets interacting with a DEX on Saturday with 172,000,according to public blockchain data curated by Dune and nearly matched that total again on Sunday
Decentralized exchange (DEX)volume on Base has dropped into the new week—but is still holding significantly higher than previous months, with about $965 million in volume on Sunday, and already $847 million worth so far on Monday as of this writing. As of this writing,Saturday's record is the only day that Base DEX volume has topped the billion-dollar mark
The vast majority of that volume is coming from Uniswap the cross-chain decentralized exchange, which sucked up $1.14 billion worth of the Saturday total.Uniswap has held a roughly 90% daily share of Base DEX volume over the past several days
Broadly, the Base network has seen a "parabolic"surge in overall transactions tweeted Alex Svanevik, founder and CEO of crypto analytics platform Nansen.The platform's data points to an all-time daily peak of nearly 2.39 million transactions on Friday,the most recent day shown on its Base dashboard
With the increase in volume and a significant surge in daily active users, Base might end up being the go-to destination for meme coins for this cycle—at least in the Ethereum ecosystem
Other meme coins have even started migrating to Base with HarryPotterObamaSonic10Inu launching a Base version of their token last week.The price briefly spiked to over $10 before coming back down to parity with its Ethereum mainnet counterpart
Many traders are calling for Base season in an effort to match the momentum of layer-1 network Solana.For the past few months

Binance forces conversion of 15 tokens to USDT
Cryptocurrency exchange Binance will force the conversion of 15 tokens into USDT
The reasons for Binance’s decision are unclear at press time. According to today’s platform announcement, Binance will convert tokens into USDT based on users’ funds in their Binance wallets at midnight on April 21
However, users can withdraw the airdropped or delisted tokens until this time. After the specified time, asset withdrawal will not be available. Deposits of any of the above tokens are no longer supported and will not be credited to user accounts
In total, the changes will affect 15 tokens: Moeda Loyalty Points (MDA), Helium (HNT), Mithril (MITH), DFI.Money (YFII), Mirror Protocol (MIR), Venus Reward Token (VRT), TokenClub (TCT), Augur ( REP), EasyFi (EZ), Swerve (SWRV), Boba Network (BOBA), Serum (SRM), Raiden Network Token (RDN), Cobak Token (CBK), OnX Finance (ONX)
At the end of March, Binance stopped supporting USDC deposits and withdrawals on the Tron network (TRC20). According to the exchange, USDC stablecoins will not be credited to user accounts via the TRC20 network after April 5. However, users will still be able to continue trading USDC on Binance
The decision comes shortly after USDC issuer Circle announced it had stopped supporting the Tron network. USDC will continue to operate on Tron until February 2025, but no new stablecoins will be issued on the network
Users will have the opportunity to transfer funds to other blockchains or exchange them for fiat currency. Circle did not disclose the reason for refusing to support the reasonably popular network

sorry guys is 2 part
What would it mean for Filipinos who are using Binance? They will have to transition It might not be an easy experience But it’s a transition that ultimately helps crypto grow into a mature and institutional industry…As crypto becomes more popular,we can expect regulators to continue raising the standards,he added
Mr Reyes said he remains optimistic about the growth of crypto in the country
Given that the majority of Filipinos are turning to local or international alternatives this slump will be picked back up in the medium to long run We’re in a bull run and Filipinos simply won’and can’afford to miss this chance he said
The ban on Binance will have a positive impact on local exchanges such as PDAX and Coins.ph since these are registered as virtual asset service providers (VASPs)he noted
Why doesnt Binance just get a VASP?The quick answer is they can’They would have to buy an existing one if they wanted to get a hold of it he added
On Sept1,2022,the Bangko Sentral ng Pilipinas imposed a three-year moratorium on the issuance of new VASP licenses subject to reassessment based on market developments and the impact of existing VASPs on the financial system
For Mr.Abello,the ban will not have a significant effect,as traders will find other means to transfer their funds
I don’t think this(the ban)is going to dampen the appetite of traders,knowing I’ve seen many communities that willlook for other means or other wallets to transfer their assets rather. However,from a perspective of a trader they will be more a bit mindful of secondary exchanges,so they will transfer to those recognized in the Philippines such as Coins.phhe said
He also said that crypto stakeholders are considering using legal means in response to the ban on Binance
We’re expecting that some people who have legal knowledge can question this approach through the Court of Appeals in the form of a temporary restraining order
Moving forward Mr.Abello said there should be discussions between regulators and stakeholders instead of imposing bans
Aside from the SEC banning

Ban on Binance seen to chill crypto landscape
THE PHILIPPINES ban on the crypto exchange Binance may have a chilling effect”on the industry,according to analysts
Overall, this action of the Securities and Exchange Commission (SEC) sends a chilling effect to all other exchanges, whether they are international or locaI Innovative Movement of the Philippine Association of Crypto Traders (IMPACT) Founding Chairman Arlone P. Abello said in a Viber message last week
The time will come that questions may arise he added
Last week,the SEC requested the National Telecommunications Commission (NTC) to block access to Binance for operating in the Philippines without a license.Subsequently the NTC ordered internet service providers to block access to the cryptocurrency giant
Jiro Luis S Reyes,chief executive officer of the Filipino-led crypto education platform Bit-skwela said in a Viber message that the ban on Binance is a net negative”for the country as it would affect adoption in the short term
This will definitely affect adoption, openness, and the financial benefit for Filipinos at least in the short run This kind of opportunity in crypto only happens every few decades. We don’t know how long it would take before the next global opportunity like this would occur. It would cost us too much in the long run to shy away from this emerging sector,he said
Investments made by Filipinos in Binance are still intact,with the ban only barring access to the crypto exchange domain,he noted
He also said the SEC’s ban could be bypassed with the use of a virtual private network (VPN) or a different domain name system DNS
If you access the site through a VPN,from another country,or a different DNS,then as of writing,you may still access Binance But these fixes may only be short-term and can be covered by either the SEC or Binance if they choose to do so
For his part, Nichel Merlimichael O.Gaba chief executive officer and founder of the Philippine Digital Asset Exchange PDAX said the domestic ban on Binance signals the maturation of the crypto industry and its increasing acceptance