Binance tightens customer verification requirements, and Cardano grows 19% in 24 hours
Crypto exchange Binance has tightened the conditions for working on the platform
Binance cryptocurrency platform has updated the terms of work on the exchange for new users. They were obliged to provide an identity card, as well as to undergo a check in the face recognition system.
At the same time, for existing users of the platform who have passed only the basic level of verification, there will be restrictions on withdrawing funds, canceling orders and closing deals. They will also have to go through intermediate verification. Thus, Binance intends to ease the pressure of international regulators, which has increased in recent years.
“Binance strongly recommends that users go through interim verification immediately to avoid delays in the verification process and restrictions on access to services,” the exchange said in a statement.
Cardano gains 19% overnight
According to data from Coinmarketcap, Cardano is up 19.10% over the past 24 hours, hitting a new all-time high. Today, August 20, the ADA price is at $2.5.
Over the week, the cryptocurrency rate has grown by 24%. And over the last month — by 136%. This happened against the background of expectations by market participants for the Alonzo Purple hard fork, thanks to which support for smart contracts will be added to the blockchain network and the possibility of creating DeFi will appear. The update is scheduled for September this year.
“As we get closer to this hard fork, we will provide the opportunity to test Plutus, a complete set of smart contract tools, and then we will start supporting it right from now. This gives us the foundation for the development of Cardano. Soon thereafter, we will have more and more decentralized applications and other innovations,” said Nigel Hemsley, the Head of Delivery at Cardano.
The SEC believes that the agency can regulate the DeFi sphere
The Chairman of the SEC, Gary Gensler, expressed the opinion that his department is quite capable of regulating projects in the field of DeFi. According to the official, if such projects offer valuable tokens or something like that as a reward, then the US Securities and Exchange Commission should take control of such activities.
Gensler noted that it makes no difference how “decentralized” the project is. He believes that some DeFi projects are reminiscent of peer-to-peer lending platforms that should be controlled by regulators.
“There’s still a core group of folks that are not only writing the software, like the open source software, but they often have governance and fees. There’s some incentive structure for those promoters and sponsors in the middle of this,” said the SEC chairman.
