Tag: Binance

We are excited to announce that Binance has officially joined the FIDO Alliance, one of the most influential and largest associations focused on developing passwordless authentication standards. We are committed to providing our users with the highest level of security and convenience as a member of this prestigious alliance.

What Joining the Fido Alliance Means for Binance Users
We’re also pleased to announce that Binance will soon integrate passkeys to enhance security on our platform. Passkeys are based on FIDO standards and act as strong, phishing-resistant

password replacements. With passkeys, a user can quickly and safely sign in across multiple sites, apps, and devices with local biometric authorization. Binance will offer users a more secure and streamlined experience using passkeys on our platform without compromising on security.
Passkeys will be an excellent addition to our existing security features, which include multi-factor authentication (MFA) and multi-signature technology. We aim to provide our users with the best trading experience while keeping their assets safe and secure.

It’s About Being User Focused
Our FIDO membership and upcoming passkeys implementation will enhance users’ trust and confidence when using Binance services. In the crypto world, this is incredibly important as we demonstrate its growing maturity. We’ve set the foundations for improving users’ experience on Binance, so stay tuned for more updates as we improve our platform’s security and functionality.

What is the FIDO Alliance?
The FIDO Alliance is an open industry association that focuses on new authentication standards that help reduce the world’s over-reliance on passwords. The FIDO Alliance promotes the development of, use of, and compliance with standards for authentication and device attestation. According to FIDO, passwords are still popular even though there is a growing consensus that their use needs to be reduced, if not replaced. But even though effective PKI and strong authentication solutions have existed for years, barriers to widespread adoption are still in place.
The FIDO Alliance is working to change the nature of authentication with open standards that are more secure than passwords and SMS OTPs. These new solutions are easier for consumers to use and easier for service providers to deploy and manage.

The FIDO Alliance aims to fulfil this mission by:

Developing technical specifications that define an open,scalable,interoperable set of mechanisms that reduce the reliance on passwords to authenticate users.
Operating industry certification programs to help ensure successful worldwide adoption of the specifications.
Submitting mature technical specifications to recognized standards development organizations for formal standardisation.

If you still think that fiat is a make of car and a ramp is something that makes it easier to wheel your trolley, you probably haven’t yet begun trading cryptocurrency.

And that’s probably because there’s a lot you don’t know about it. One of the reasons that many people are put off dealing in cryptocurrency is the fact that they can’t see or touch it.

Not that we can be blamed – if it took time to muster up the trust to save money in a bank account rather than under the mattress, it’s going to take a whole lot longer to feel comfortable paying for something with virtual currency. That said, once you understand how cryptocurrency works, it makes a great deal of sense.

For example, one of the greatest advantages – and attractions – of cryptocurrency is the fact that no one owns it. This stands in direct contrast to fiat money (the money most of us use, such as paper money: one of the major stakeholders here is the government, which decreases the money legal tender). Then you have the organisations which own the traditional payment pathways, like banks. Their ownership of these channels means you have to ask when you want your money, or if you want to use it for a transaction. With crypto, on the other hand, there’s no need to ask permission: if you have the right software (which is free to use), you can act on your own.

That’s one of the main reasons crypto is so popular. There’s also the fact that you can use it to pay for pretty much anything you would usually buy with fiat money, and it’s affordable and fast. Say you wish to make a payment for something in Africa, for example, the person you’re paying would receive their money almost instantly, and it would cost you far less than a traditional payment. And, for those who have their misgivings about security when it comes to online transactions, it’s good to know that Binance has a workforce committed to security and compliance to ensure safety and security – even in this age of sophisticated digital fraud. In fact, the currency gets its name from the type of specialised computer coding (called cryptography) which is used to encrypt it and keep it secure.
But what is it, exactly?

Now you know why you should be using crypto – but you might not yet understand what, precisely, we’re talking about when we mention the term. The first thing you need to know here are literally thousands of other forms (22 000, to be exact), but bitcoin remains the most widely used because it was the first to be introduced (back in 2009): some are more secure or cost-effective, some are faster, some have been designed to handle more complex transactions.

One of the things that typically worries people who are still grappling with the concept of a decentralised currency is what it looks like. That’s obviously a tough one – but it may help to know that, just as the most basic unit of the rand is one cent, the most basic unit of any cryptocurrency is blockchain. That raises another question: what is blockchain? And here’s the surprising answer: it’s simply a database, created on a spreadsheet. One feature that doessingle

out blockchain is that you cannot delete or change any of the cells on the database. You can only add to them – which is why blockchains are called app-end only.

Each cell in the database is called a block, so it makes sense that several together are called a blockchain. Blocks can only be joined if the new one contains a digital fingerprint of the old one; then, they become cryptographically bound. The existence of that fingerprint is why blockchains can’t be changed: if a block is changed, the fingerprint changes. And, of course, because it’s a chain, every single block becomes affected in the same way, so any tweak made to the chain is immediately noticeable. Essentially, blockchain functions as a digital ledger, like a spreadsheet shared over several computers.

Your next question is probably this: if coins and notes are made in a mint, how is blockchain made? The answer is: blockchains are mined through a rather complicated process that requires software able to createblocks.

How to use it?

By now you know that when it comes to uses, there’s very little difference between crypto and fiat money – whatever you can buy with coins and notes, you can buy with crypto, too. You can also trade in crypto, or invest – so, again, it’s quite similar to fiat. You can even use it to earn a passive income.

If you’re interested in following any of these routes, it’s a good idea to read up a little more on crypto and find out which currency is right for you, as well as how to take part in trades or how to invest. You’ll find plenty more information on these topics at the Binance Academy which is available to the public:academy.binance.com.

In the blockchain industry, gender disparity continues to be apparent, where women’s involvement and representation are noticeably lower compared to men.

Although the exact numbers vary depending on the source and the specific industry area being analysed, studies consistently show that women are underrepresented in blockchain and cryptocurrency in general.

The Global Crypto User Index reports that of the 378 venture-backed crypto and blockchain companies founded globally between 2012 and 2018, only one had an all-female founding team, and only 31 (8.2%) had a combination of male and female founders. Outside of leadership, women are also grossly under-represented in the workforce, with 95% of people in the blockchain industry being men.

Notably, bridging the gender gap in blockchain will bring financial inclusion and economic empowerment to women globally, which will invariably have a strong impact on reducing poverty, increasing education, and overall development of local communities. This is apparent because improving gender economic equality leads to remarkable communal growth and development.

Bridging the Gap
Blockchain technology has endless possibilities but for it to succeed, inclusivity is key. Still, it can only be fully realised if organisations recognize that all individuals play an integral part in the success of their operations.
To address the gender gap in the blockchain technology sector, it is crucial for relevant stakeholders, such as government agencies and private organisations, to invest significant resources in education, adoption, and financial inclusion for women. Collaboration between the public and private sectors is necessary to achieve inclusive economic empowerment for women in this industry. By committing resources to these efforts, stakeholders can effectively bridge the gender gap and create a more equitable and thriving blockchain technology sector.
Binance, through its philanthropic arm, Binance Charity, uses the platform to promote women’s contributions to the blockchain. Its 8-week boot camp in collaboration with Utiva, for example, was established to equip women with the necessary tools and skills required for a career in blockchain. The training program covered several essential topics, including blockchain fundamentals, cryptocurrency basics, decentralization, web3, and the metaverse. Additionally, participants engaged in practical, hands-on projects to develop crucial critical thinking skills and tackle real-world issues with practical solutions.
As an organisation, Binance continues to address inequality in the blockchain industry, through inclusive and transparent employment principles. Remarkably, its efforts continue to pay off, witnessing an impressive turnaround in the perception, and participation of women in the world of blockchain.
The advancement in blockchain technology should be fueled by values that prioritise quality contributions, disregarding gender, race, or political affiliations. After all, The peer-to-peer system inherently embodies equality, with significantly lower barriers to entry and use compared to traditional financial markets. Inclusivity is paramount, as the blockchain industry strives to achieve critical mass and promote widespread adoption.

Binance Charity, the philanthropic arm of Binance, the world’s leading cryptocurrency and blockchain infrastructure provider, and Utiva, a technology education company in Africa that helps young people learn tech skills, today announced that they have selected the 1,000 Africans who will be taking part in a free 1-year intensive skill training program.

The scholarship year is set to kick off on 29 January, 2023 with a virtual launch day.

As unemployment rises across the continent, Binance and Utiva remain committed to providing digital education to enable more Africans to explore global career opportunities and secure roles as tech professionals. This scholarship program has enrolled young Africans between the ages of 18-35 from 19 countries, providing them with a platform to learn technology skills for a 12 month duration. Classes have been designed for beginners in collaboration with Binance Academy and include skills such as web development, front-end development, full-stack development, cloud computing and blockchain modules.

Binance Academy will further support this initiative by providing Web3 crash-course content to students and by offering live and recorded training sessions to Utiva instructors. Upon completion of the program, students will be awarded an NFT certificate as digital & verifiable proof of having successfully completed the program.

“Today, we’re celebrating the 1000 students selected for full scholarships as part of our Binance Charity Scholar Program. This is our most ambitious education outreach to date in the region and the overwhelming positive response further bolsters Africa as a key hub for emerging tech talent. We’re so excited for these young people, as they embark on an exciting new career journey.” said Helen Hai, VP of Binance and Head of Binance Charity.

Angela Naa Yaboley Okantey, a Ghanaian scholar, said: “I am very excited to have been selected for this scholarship program because it will provide me with financial support and opportunities to pursue my professional goals in the tech space as well as interact with other like-minded individuals. Overall, I believe that this scholarship would be an invaluable investment in my future and enable me to be a part of an industry reshaping the world.”

Renee Ovwigho, a Nigerian scholar, said: “I am thrilled about this opportunity because it would push me toward a successful career in Data Analysis. With many industries adopting blockchain technology recently, this would enable me to learn and provide me with the opportunity to make meaningful contributions to society.”

Miracle C. Amakom, a Cameroonian scholar, said: “As an engineering student, I’ve been on the lookout for reputable programs to get great training and professional development and I am super excited to be a part of this. Looking forward to my journey of becoming a full stack developer as this has always been my passion.”

The programme includes students across Nigeria, Senegal, Ghana, Cameroon, South Africa, Rwanda, Kenya and more. The collaboration aims to build a path for economic prosperity for the continent through skill training and access to vast job opportunities in the technology and Web3 sectors.

This project is part of the wider Binance Charity Scholar Program, enabling the next generation of digital leaders to develop their skills, knowledge and experience without financial barriers. Applications to study as part of this program have surpassed 80,000 worldwide since June last year.

Binance, the world’s leading crypto and blockchain infrastructure provider, with an ecosystem featuring an unmatched portfolio of crypto products, sees continued growth across Africa, making it one of the fastest growing regions for the company.

Increasing Crypto Adoption Across Africa

As a leader in the blockchain industry, Binance continues to innovate and boost new products and services that enable financial accessibility for Africans. Notably, the company recorded a significant increase in Binance Pay users across the continent, highlighting its strong use case and continued uptake. Binance Gift Card also became available in Ghana, making it the first of its kind on the continent.

In August, Binance enabled instant deposits and withdrawals for the South African Rand (ZAR). This launch enabled South African users to make fast payments, secure deposits via Instant EFT, providing a new and competitive fiat gateway for South Africa. In October 2022, Binance also added a fiat gateway for the Nigerian Naira through Cashlink. Following the fiat gateway launch, Nigerian users are now able to withdraw & deposit NGN directly to and from their wallets, enabling greater financial accessibility for African users.

Complementing increased adoption across the region, the blockchain giant also strengthened its presence in the East African, South African and Francophone African markets with new hires including new regional leads, Nadeem Anjarwalla (East Africa Regional Director) and Hannes Wessels (South Africa Regional Director) to head business operations in their respective regions. Overall, the Africa team more than doubled in size, highlighting the company’s focus on the region and the holistic crypto-forward mindset of the African continent.

Highlighting Binance’s efforts in the region, Founder and CEO “CZ” (Changpeng Zhao) said:

“Fueled by a strong appetite across African nations for a transformational system that drives innovation and financial inclusion, the African continent has the potential to lead the blockchain sector in the future. The multiple applications and use cases have been instrumental in accomplishing previously unimaginable feats for Africans. As a company, Binance is extremely grateful for the trust and partnership of Africans, and proud of our efforts in driving blockchain adoption and enabling greater financial accessibility for people in the region.”

Education As A Core Mission

Education has been at the heart of Binance’s mission across Africa and as of December 2022, the Binance Masterclass has now provided free crypto education to hundreds of thousands of Africans across the region – setting the benchmark for Binance and the industry globally. The company has also hosted over 300 offline and online education events to drive its mission.

In line with ongoing efforts for equality of access, Binance Africa launched a number of initiatives targeting the education of women such as the first-ever Blockchain for Women Bootcamp. From the 8-week bootcamp, 300 women graduated, equipped with the blockchain education, tools and skills needed to thrive and bring value to the space as part of Binance’s continued efforts to make crypto learning inclusive for all through both online and offline platforms.

Binance also launched a first-of-its-kind crypto hub in Cameroon and Africa, creating a smoother, safer and more hands-on experience for Binancians and crypto beginners at large. The hub also houses regular skills training sessions, enabling many to learn new skills in order to remain employable globally.

Later in the year, the Binance Charity x Utiva Scholarship Initiative was also launched and is set to educate 50,000 young people across Africa in technology and provide scholarships for 1,000 Africans in a 1-year intensive skill training program. The collaboration aims to build a path for economic prosperity for the continent through skill training, virtual education workshops, mentoring sessions and access to vast job opportunities in the technology and Web3 space.

Championing Transparency, Trust and Regulatory Compliance

Over the course of the year, Binance has continued to show its commitment to compliance, security and the support of innovation as essential pieces to establishing trust in the industry, leading to long-term growth in Africa and beyond.

This year saw Changpeng Zhao (CZ), the founder and CEO of Binance, visiting Ivory Coast and Senegal as part of his tour to connect with Binancians across the world and collaborate with policymakers. CZ’s stay in the region involved meetings with Alassane Dramane Ouattara, President of Ivory Coast and Macky Sall, President of Senegal, amongst others. These meetings were instrumental in promoting understanding of the space, discussing regulatory frameworks and establishing channels for international cooperation.

Additionally, in order to share knowledge on the best practices in tackling cybercrime, Binance recently participated in the 9th Africa Working Group Meeting on Cybercrime for Heads of Units in Rwanda with plans to lead on a number of security workshops across Africa for 2023.

On the global front, Binance’s launched its Global Advisory Board (GAB), comprising of distinguished experts in public policy, government, finance, economics, and corporate governance. Nigeria’s Ibukun Awosika and South Africa’s Leslie Maasdorp represent the African continent on the board, providing much more localised contributions on the toughest and most sensitive regulatory and compliance issues facing crypto, blockchain, and Web3 in the region.

The company also topped up its Secure Asset Fund for Users (SAFU) to $1B, the emergency insurance fund that was set up to protect Binance users in extreme situations. Alongside this, the Industry Recovery Fund was also set up to aid in rebuilding the industry and further protect users. Binance also released its Proof of Reserves (PoR) System and an update using the Merkle Tree data structure for users to verify holdings. The new PoR site was designed to show that Binance, as a custodian, is holding client funds in full, with reserves. People will be able to check the site and see Binance’s Proof of Reserves, showing Binance’s reserve ratio alongside customer liabilities.

It’s been a remarkable year of innovation at the company and Binance continues to ensure financial accessibility while promoting safety, compliance and collaboration in Africa and beyond.

Crypto exchanges have become the heart of the crypto ecosystem, they have succeeded in creating a network where millions of people can participate and reap the perks of financial inclusion.

Although, in light of recent happenings, there has been an increased sense of urgency for crypto market regulatory initiatives – some of which are already underway and are likely to be accelerated following the collapse of the crypto exchange, FTX. The priority of these regulatory initiatives will likely focus on the custody and protection of customers’ digital assets, transparency, and the reporting of reserves, assets, and liabilities.

This is why in a time of uncertainty and doubt, Binance – the world’s leading blockchain and cryptocurrency provider has recently taken active steps of its own to restore users’ confidence in the ecosystem. Below are some of the initiatives they have introduced to the community:
Topping Up SAFU to $1B: The Secure Asset Fund for Users (SAFU), established in 2018 is an emergency insurance fund that was set up to protect Binance users in extreme situations of loss and theft of their digital assets. Due to the recent market conditions, the fund originally valued at $1B fluctuated down to $735m earlier in the year; it has however been topped up to $1B. This insurance fund comprises BNB, BUSD, and BTC and the funds are raised by allocating 10% of all trading fees accumulated on its platform in the case of emergency scenarios, giving Binance the ability to stay ahead of situations where users’ assets have been compromised.

Establishing the Industry Recovery Initiative (IRI): In a recent post, Binance explained that the initiative was set up with the aim of rebuilding the industry and protecting users. It also stated that it will devote $1 billion in initial commitments to the recovery fund which may be increased to $2 billion “if the need arises.” Binance stated that IRI is not an investment fund, but terms it a “co-investment opportunity for organizations eager to support the future of Web3.” In addition, other investment firms including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have enrolled and committed an initial aggregate of $50 million between them to participate in the initiative and Binance has already received 150 applications from companies seeking support.

Publishing its Proof of Reserves System (PoR): On Friday, 25th November, following the disclosure of its hot and cold wallet, Binance published its bitcoin pro0f-of-reserves (POR) system, utilizing the Merkle Tree approach – which gives users the ability to verify specific contents that were included within a particular set of “sealed” data. Users can verify their BTC asset balances and transactions held on the crypto exchange’s platform.

Additionally, Binance has also highlighted its future plans for the POR list which include:
Launch the next batch of PoR, including additional assets in the next two weeks,
Involve third-party auditors to audit the PoR results.
Implement ZK-SNARKs for POR, improving privacy and robustness, and proving the total net balance (USD) of each user is non-negative. K-SNARKs are powerful tools that provide privacy and simplicity benefits to proof of reserves and liabilities. This is because Binance offers Margin and Loans services in certain countries, so audit results will show the Net Balance, Equity, and Debt of each user.

The crypto space is a rapidly evolving one and now more than ever, the crypto community demands more transparency from crypto exchanges. Collaborations such as the Industry Recovery Initiative need to be an integral part of all crypto exchange efforts for the ecosystem to have any chance of survival.

As explained by Binance CEO, CZ
In light of what has been happening in the crypto ecosystem in the last week, Binance Chief Executive Officer, Changpeng Zhao (CZ), has reiterated the need to focus on rebuilding and safeguarding users.

In a statement addressed to the crypto community, published on Tuesday, November 15th, 2022, CZ outlines the six most important requirements that the exchange and every other centralized exchange should adopt in order to ensure trust with users.

He explains that, “our role, first and foremost, must be to protect users. User funds must never be mismanaged and all measures must be maintained to keep user funds secure. Exchange operations should be transparent and we know Binance must lead by example.”

Below are the six principles that CZ outlines which help to keep centralized exchanges safe and secure for users:

Be risk averse with user funds
User funds must never be traded or invested.
We must provide risk warnings proactively for users so they understand the volatility across crypto.
Never use native tokens as collateral
Native tokens are exchange tokens that are created by the company that runs the exchange.
Native tokens play an integral role in the running of blockchains and ensures the strong foundations for blockchain
A healthy native token is the lifeblood of a successful blockchain.
Users need to be able to confidently depend on the native token their chosen blockchain relies on.
There also needs to be widespread utility – an example is the BNB chain which is a community-driven, decentralized and censorship-resistant blockchain, powered by BNB.

Share live proof of assets
As part of Binance’s ongoing commitment to transparency and fostering trust in the ecosystem, we have begun sharing details of key hot and cold wallet addresses.
This is a starting point while we work to create a Merkle tree proof of funds that we will share with the community in the next few weeks.
Our objective is to allow users of our platform to make informed decisions that are aligned with their financial goals.

Keep strong reserves
We established the SAFU fund to cover extreme circumstances. Today, there is about $1b in the fund.
Others across the industry should commit to doing something similar.

Avoid excessive leverage
It is unwise to take on debt to fund growth.
We call on our industry partners to be equally fiscally conservative.

Strengthen & Enforce Security Protocols 
Due to the fast evolving nature of industry and project protocols, there is a need for industry to form a better coalition to agree on standards for the quality of security measures for exchanges and projects.
Strong partnership with law enforcement is required to support investigations and recovery of stolen funds.
We need a better incubation program to equip new projects with appropriate security measures.
To ensure greater clarity of the complex flow of assets across the blockchain, we have to be prepared to make investments in on-chain analysis to fix weaknesses in existing models. We must address them to ensure transparency.
All exchanges should have strict KYC and AML measures in place

Overall, every exchange has a responsibility to the people who decide to invest with them. Thus, CZ emphasizes the importance of all centralized exchanges adopting the above stated principles to protect users. Ultimately, the onus is on the crypto exchanges to prove to regulators and the community that a few bad actors are not emblematic of the industry.