Binance and the US regulators are nearly concluding the years-long turmoil caused by investigations that have held the exchange by the collar. The reports first surfaced online through a post initiated by Bloomberg Reports, which cited credible sources. According to Bloomberg, Binance is on track to pay a settlement fee of $4 billion to the US Department of Justice to allow the exchange to continue its operations in the US while following the jurisdiction’s regulations. The financial watchdog blames Binance for several counts of money laundering, fraud, and intentional violation of sanctions imposed by lawmakers. The settlement, if reached, could be a big win for crypto, propelling digital assets such as BNB and BTCS.
Is Binance Safe?
Binance is the largest centralized cryptocurrency and derivatives exchange by trading volume. The exchange is popularly known to rank among the safest cryptocurrency exchanges in the world. The Binance team announced it had set aside $1 billion as collateral to insure customer deposits in case the exchange is hacked or funds are stolen. Not all exchanges have a customer insurance policy, which puts Binance a step forward toward safeguarding crypto investors. However, Binance is a centralized entity, meaning the deposits are under Binance’s control. The phrase, not your keys or coins, applies to the Binance case. Investors should consider using independent non-custodial wallets to store their digital assets safely.
Is Bitcoin Spark safe?
Bitcoin Spark is setting the pace for alternatives as blockchain history’s most advanced BTC hard fork. While other forks strive to clone and recreate Bitcoin using its underlying code, Bitcoin Spark aims to develop a new ecosystem where Bitcoin users can thrive. One of the features that Bitcoin Spark founders have majored in is evolving the project’s overall security to ensure the funds and on-chain activities are always protected.
Part of the comprehensive security measures the BTCS team is taking includes a narrowed analysis approach to the project’s secure functionality. Earlier on, the team onboarded a group of community members to interact with the smart contracts execution layer as the team, alongside a group of experienced white hat hackers, studied the network to identify potential vulnerabilities and exploitable avenues that malicious hackers may use to jeopardize the protocol’s security layers.
Additionally, the team has developed a new and more secure consensus mechanism that increases the number of network operating nodes to eliminate the threat of a 51% attack. Bitcoin’s centralization in mining has inclined the project towards a potential risk involving two mining firms, Antpool and Foundry USA, that control more than half of the digital platform’s mining activities. Increasing the number of node operators secures Bitcoin Spark by decentralizing the mining activities and preventing the establishment of a monopoly similar to what happened to Bitcoin mining.
Bitcoin Spark Sprouts with a Mega bonus event
The Bitcoin Spark community is showing great anticipation for a scheduled mega bonus event that the project’s developers plan to announce on X (Twitter). The bonus event will take place soon to reward the project’s participants who have supported the ongoing ICO event. Investors participating in the ICO phase 10 when the bonus event goes live will activate a world of financial possibilities by increasing their BTCS holdings. The bonus event will include massive token giveaways that will significantly reduce the cost to users. The project will debut BTCS tokens on major exchanges, including Uniswap and XT.com, on November 30th at $10 per token compared to the current price of only $3.75.
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