Binance Monthly Review, Aug 2021: Safeguarding Your Crypto Journey
In August 2021, we introduced new initiatives as part of our ongoing commitment to user protection, Binance NFT announced a new update with a fresh look and feel, CZ shared his thoughts on crypto regulation and chatted with Maye Musk about the NFT metaverse.
From Bitcoin to NFTs, the world of crypto experienced a busy month of August. Outside of crypto, we hope everyone is taking a break from the charts to enjoy the summer weather. Now onto the market recap for this month.
August Market Recap: Topping $50K
August marked another positive month for cryptocurrencies as the total crypto market cap increased around 23%, from ~$1.62T on Aug 1, 2021 to ~$2T at the time of writing.
Bitcoin (BTC) briefly traded above 50K for the first time in three months on Aug 23, 2021 before bouncing off. It currently trades at ~$47,090 as of writing.
During the same period, Ethereum (ETH) traded above $3,000 this month, hitting ~$3,352 on Aug 24, 2021, its peak price over the past three months. At the time of writing, Ethereum trades at ~$3,111.
The Big Story: Our Commitment to User Protection
1. CZ Shares His Thoughts on Crypto Regulation
Hey Binancians, CZ here! I recently shared my thoughts on crypto regulation and how it plays a crucial role in the industry and the work we do at Binance. Crypto needs regulation, and industry leaders must step up and work alongside policymakers and regulators to build the blockchain-powered financial ecosystem of the future, paving the way forward for the next billion users.
2. Improvements to Customer Support
At Binance, our users have always been the driving force behind every decision. Thank you for the feedback and comment you’ve given us regarding our customer support. We’ve improved and overhauled the customer support experience, including a revamp of the internal structure, faster turnaround time for hiring new agents and key operational changes to better address user needs.
3. Binance P2P expands its risk roadmap.
Binance P2P’s top priority is to provide a safe and secure crypto trading experience for users. As part of our ongoing commitment to user protection, we’re expanding our robust risk management measures and security features.
Everything You Need to Know About Binance NFT 2.0
Based on feedback from users, we’ve launched a series of new upgrades and fresh features to the Binance NFT platform, including a fresh look and feel for our mystery boxes, new ways to interact with your favorite creators and a redesigned interface to improve your browsing experience. In just 2 months, Binance NFT has accomplished record-breaking milestones, completing 25 million BUSD in sales, onboarding 400 creators worldwide and selling over 300,000 mystery boxes.
Explore the Metaverse With CZ, Maye Musk and More
What is the Metaverse and why is it being called the next version of the Internet? We recently had a panel with Koda ambassador & fashion icon Maye Musk, CEO and founder of Binance, CZ, Head of Binance NFT Helen Hai and Head of USM Metaverse marketing Vitaliy Tyan for a discussion on all things NFTs, the metaverse and how it all relates to the blockchain and crypto ecosystem. If you missed the panel, you can click the link below for the full recording of the live stream.
...Did We Mention The Responsible Trading Summer Camp?
Thank you to everyone who tuned in this week for our Responsible Trading Summer Camp. We hope you gained some new skills and insights on trading, managing and growing your portfolio and safeguarding your crypto journey. If you missed the webinar sessions, you can click below for the full event recordings.
What’s Ticking on The Exchange?
New listings this month:
MOBOX (MBOX): The native utility token for MOBOX, a GameFi platform that combines automated DeFi yield farming and gaming NFTs.
Tribe (TRIBE): The governance token for Fei Protocol, an algorithmic DeFi stablecoin.
WAX (WAXP): A layer-1 network that is built for virtual collectibles and gaming.
Alpaca (ALPACA): A leveraged yield-farming platform that runs on Binance Smart Chain.
Harvest (FARM): Multi-chain DeFi yield aggregator and yield optimizer platform.
Mina (MINA): Layer-1 blockchain protocol built for dApps
Raydium (RAY): Automated market maker and decentralized exchange built on the Solana blockchain.
MOBOX (MBOX): Starting from August 20, stake your BNB, MBOX and BUSD into separate pools to farm MBOX tokens over 30 days. (Read more)
New Trading Pairs:
August 13, 2021: ORN/BUSD, QUICK/USDT, TLM/TRY (Read more)
August 20, 2021: FIS/BRL, FOR/USDT, GHST/USDT, REQ/USDT, TRU/RUB (Read more)
This Month’s Ongoing Activities:
Trade with BUSD and get rewards. VIP 0 & VIP 1 users who achieve a first-time deposit of at least 300 BUSD to their futures wallet, and trade a minimum of 10,000 BUSD during the campaign period will be eligible to share a prize pool of 100,000 BUSD futures trading vouchers. Available until Sep 7. (Read more)
Verify your account and get a 500 BUSD Savings Trial Fund Voucher. Complete Intermediate Verification to get a 7-day 500 BUSD Savings Trial Fund Voucher. Available until Sep 18. (Read more)
Trade GameFi Tokens to Collect Cards and Share $200,000 in Rewards! Collect all the eight ALICE, SAND, MBOX and WAXP-related GameFi token cards to unlock the final GameFi Master Badge and win your share of the $200,000 in rewards! Available until Sep 2. (Read more)
Other News Beyond The Exchange
New P2P payment methods for African countries. Buy and sell crypto in Africa with minimal fees using Moov Money, Orange Money, MTN Mobile Money and Tigo Money. (Read more)
New fiat currencies added to Binance P2P. Trade Tanzanian Shillings (TZS), Rwandan Francs (RWF) and CFA Francs (XOF and XAF) on the Binance P2P trading platform. (Read more)
Highlights By The Week
Week 1 Highlights
Binance restricts derivatives product offerings in Hong Kong. As part of our ongoing compliance efforts, we are the first major cryptocurrency and digital assets exchange to proactively restrict access to derivatives products to Hong Kong users. (Read more)
Hear a success story from one of our Binance Angels. Read Sen's account of his crypto journey from beginner to Binance Angel and best-selling NFT artist. (Read more)
Introducing the Binance Tax Reporting Tool. Instantly generate statements and transaction records dating back to more than one financial year, and integrate with third-party tax vendors to file your taxes in seconds. (Read more)
Week 2 Highlights
Binance P2P expands its risk roadmap. As part of our ongoing commitment to user protection, we’re expanding our robust risk management measures and security features. (Read more)
How BUSD facilitates crypto adoption. We recently shared a report about BUSD’s role in the increasing adoption of crypto worldwide. (Read more)
Binance Smart Chain Announces New “Most Valuable Builder” Program. In news beyond Binance, Binance Smart Chain announced the launch of its newest incubation program, titled MVB III: Beyond the Big Bang. (Read more)
Week 3 Highlights
Binance hires a US cybercrime expert. Our latest hire, Greg Monahan, a former US Treasury Criminal Investigator, joins our team as a Global Money Laundering Reporting Officer. (Read more)
Learn how Binance Angels recovered $98,000 in crypto for a user. Read how the Binance Angels recently recovered the equivalent of 98,000 USDC transferred to the wrong network address. (Read more)
Level Up Your Crypto Game (With Academy Articles)
How is crypto taxed? HODLer or trader, you’ll need to pay taxes on your crypto at some point depending on your jurisdiction. Find out what you need to know in this article about crypto taxes. (Read more)
Trade crypto responsibly. Get a crash course on how to develop an action and keep yourself accountable on your trade activity. (Read more)
BTC price history overview. Read the data and learn how to analyze Bitcoin’s price history over the past years. (Read more)
Know your customer. Learn about KYC, also known as know-your-customer, and how it’s used to proactively combat criminal activity in the world of crypto. (Read more)
Anti-money laundering. AML, also known as anti-money laundering, helps combat illegal movement and washing of money. Learn more about AML in this educational article. (Read more)