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The world of cryptocurrencies and blockchain has exploded in recent years. However, a lack of understanding surrounding this technology has led to a number of false beliefs and misconceptions, causing many people to approach digital assets with unwarranted suspicion and uncertainty. To combat this, Binance has made it part of its mission to provide accessible Web3 education to everyone and work to enhance crypto comprehension.

Through these efforts, Binance aims to debunk common misconceptions and promote greater crypto literacy. Their goal is to clear up confusion and help improve the general publics understanding of crypto. Its crucial to have a thorough understanding of the basics and think critically, as this will help people better comprehend and, ultimately, use cryptocurrency. Time to bust some crypto myths!

Myth: Crypto Is Only Used By Criminals

The use of crypto for illegal activities has been a topic of concern since the early days of this new form of digital currency. The publics perception of cryptocurrencies as being inherently linked to criminal activities (such as money laundering, drug trafficking, and cybercrime) can largely be traced back to the early media coverage around cryptocurrency specifically the infamous Silk Road marketplace.

Silk Road was an online black market that operated on the dark web from 2011 to 2013, offering a platform for the anonymous buying and selling of illegal goods and services using Bitcoin. The marketplace was notorious for its involvement in drug trafficking, and the association between crypto and Silk Roads illicit activities contributed to the negative reputation of cryptocurrencies in the mainstream media.

The perceived anonymity and decentralization of crypto have given rise to concerns that they facilitate criminal activity. Many media outlets often choose to focus on high-profile cases of crypto-related crimes, furthering the idea that digital assets are mostly used by those seeking to engage in illegal activities while avoiding detection.

Reality: Data Shows That Crypto Is Mainly Used by Ordinary People

The reality is that crypto is primarily used by ordinary people and exists as a legitimate tool for a variety of everyday transactions. Binance alone has more than 120 million registered users. As with any emerging (or existing) technology, criminals will always use it for nefarious purposes. That said, illicit activity comprised just ~0.15% of crypto transactions in 2021 down from 0.62% in 2020 despite the industrys exponential growth and money laundering accounted for 0.05%.

And dont just take Binances word for it. This is data from Chainalysis, an independent blockchain analysis company. Chainalysis data is often used by government agencies, including the United States Federal Bureau of Investigation (FBI), Drug Enforcement Agency (DEA), and Internal Revenue Service Criminal Investigation (IRS CI), as well as the UKs National Crime Agency (NCA), to investigate and combat crypto-related crimes.

In the traditional fiat space, close to $800 billion to $2 trillion is laundered every year, which is around 2-5% of the global GDP as reported by the United Nations Office on Drugs and Crime (UNODC). Compare that to crypto, and the amount is a minuscule 0.03% of that. Criminals dont like crypto because the fact that the transactions are publicly and permanently recorded actually enables investigators. In contrast with traditional financial investigations, the transparent nature of crypto makes it easier to identify bad actors.

Criminals Dont Like Transparency

Blockchain is inherently transparent. All transaction data is recorded in a public ledger. Anyone at any time can examine the entire codebase. Using crypto for nefarious purposes leaves an excellent paper trail for prosecutors to lock in a conviction.

Europol and the Basel Institute on Governance have stated that crypto is key to tackling organized crime. You simply cannot move large amounts of money around without getting noticed. In fact, crypto exchanges continue to be one of the primary allies in the fight against criminal activity. For example, in 2021, Binance helped take down a cybercriminal ring laundering $500 million in ransomware attacks.

Law enforcement agencies remain the spearhead of the collective fight against crime. Acquiring the required resources, skills, and tools, as well as partnering closely with crypto companies, has been a top priority for agencies globally. In the US, the Treasury Dept has asked for more funding to track and fight crypto crime, and the DoJ and FBI have set up dedicated national cryptocurrency enforcement task forces.

In addition, the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, has issued standards for virtual assets mirroring the ones for fiat. But implementation has lagged behind: out of 200 countries committed to FATF standards, only 19 have implemented the one for virtual assets (as of March 2023).

Final Thoughts

The idea that crypto is primarily a hotbed of illicit activity is grossly overstated. In fact, the vast majority of crypto transactions and investments are legitimate and focused on real-world use cases with the potential to transform the global economy. The emergence of blockchain tech has opened up new opportunities for financial innovation, and cryptocurrencies are just one aspect of this rapidly-evolving landscape.

From decentralized finance (DeFi) to non-fungible tokens (NFTs), the potential applications of crypto and blockchain technology are vast and varied. The industry has only scratched the surface of what is possible. While there are certainly risks and challenges, its important to approach this exciting new tech with an open mind and a willingness to learn and adapt in order to fully realize its potential for positive impact. There should also be the appropriate guardrails in place to try and eliminate bad actors something no financial services ecosystem is immune to.

Fact: Crypto is primarily used by ordinary people. Independent data shows that just 0.15% of crypto transactions involve illicit activity. If youre a criminal, youre more likely to get caught using crypto than if you use cash or the traditional finance system.

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Debunking Crypto Myths With Binance! The Myth of Crypto Being ... - Bitcoin News

Binance Coin (BNB) and Cardano (ADA) are among the most popular cryptocurrencies in the market. However, these two market titans have been losing steam lately. While Binance Coin (BNB) and Cardano (ADA) have seen their prices drop by more than 70% from their all-time highs, a new contender has emerged to challenge them: TMS Network (TMSN).

TMS Network (TMSN) is a blockchain-based platform that provides fast, secure, and transparent trading of all derivatives, including stocks, CFDs, cryptocurrencies, and forex. TMS Network (TMSN) recently completed the second stage of its presale, raising over $3.9 million and recording a 10x gain from the token price when the presale began. The third stage is already underway at a price of $0.06. TMS Network (TMSN) aims to revolutionize the trading industry by eliminating intermediaries and other issues plaguing centralized trading platforms.

Binance coin (BNB) is one of the most popular cryptocurrencies in the world, but it has been facing some challenges lately. Binance Coin (BNB) has lost more than 20% of its value in the past month and is currently trading below $310.

One of the main factors that have affected Binance Coin (BNB) is the regulatory pressure on Binance, the largest cryptocurrency exchange and the issuer of Binance Coin (BNB). Binance has been facing scrutiny from authorities in several countries, such as the UK, Japan, Germany, and Canada, over its compliance with anti-money laundering and consumer protection rules.

According to crypto data provider Kaiko, Binance has recently seen its market share decline due to regulatory problems in the United States. According to the firm, the fall was partly caused by recent news that the Commodity Futures Trading Commission (CFTC) sued the exchange, its CEO Changpeng Zhao, and the companys former top compliance officer Samuel Lim with a slew of regulatory infractions.

Cardano (ADA) is unquestionably one of those initiatives with enormous potential and is a profit-generating asset. Cardano (ADA) has built a robust community based on peer-reviewed academic research over the years. However, Cardano (ADA) has recently lost steam and stagnated in the market.

Cardanos pricing needs to give more hints about its future trajectory as it consolidates. Cardano (ADA)is reaching a critical support level, and a breach below might destabilize the bearish tilt. Despite the gloomy forecast, the Cardano (ADA) price remains to watch.

Based on Cardano (ADA) price fluctuations at the start of 2023, crypto experts predict an average Cardano (ADA) rate of $0.4 in April 2023. The lowest and highest prices are projected to be $0.37and $0.45, respectively.

TMS Network (TMSN) is a decentralized all-in-one trading platform built on Ethereum that aims to disrupt the existing trading industry. The TMS Network (TMSN) platform aspires to be a one-stop shop for all of a traders requirements. TMS addresses the most pressing issues in todays trading environment. These include; price inconsistency, high trading fees, price manipulation, wash trading, transaction delays, insufficient trading experience, and a lack of trading education among traders.

To ensure profitable trading opportunities, the platform combines a variety of tools such as trading bots, strategy builders, and on-chain research tools. TMS Network (TMSN) also aims to address the issues associated with centralization, such as censorship and corruption. TMS Network (TMSN) utilizes blockchain technology to build decentralized networks and ensure that users are always in control of their assets, guaranteeing secure and transparent transactions.

The TMS Network (TMSN) also rewards token holders with a commission collected from the trading volumes generated by other network users. This commission increases as network usage increases. You can get yourself TMSN tokens today at a discount and become part of the TMS ecosystem. Simply register for the protocols ongoing presale with as little as $200. Market analysts have predicted up to 1000x returns for early investors.

For more information on TMS Network (TMSN), please see the links below:

Presale: https://presale.tmsnetwork.ioWebsite: https://tmsnetwork.ioTelegram: https://t.me/TMSNetworkIOTwitter: https://twitter.com/@tmsnetwork_io

Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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Binance Coin (BNB) and Cardano (ADA) Lose Steam As TMS Network (TMSN) Jumps 10x in Presale | Bitcoinist.com - Bitcoinist

Binance, a leading blockchain ecosystem and cryptocurrency infrastructure provider, has announced its collaboration with Showmax, Africas video streaming service to further promote crypto adoption in the continent.

They are offering the first 500 new enrollees a one-month subscription on the SVOD platform for Easter.

Speaking on the campaign, the Marketing Lead, Binance West Africa, Emmanuel Ebanehita, expressed immense satisfaction, citing that the collaboration could not have come at a better time,

He said: Were thrilled to be collaborating with Showmax to provide an incredible opportunity for our new users to be active participants in Web3. This promotion comes at a time where many Africans are eagerly embracing the underlying technology behind crypto. It is also a testament to our commitment to providing accessible and convenient platforms for individuals to engage in the digital economy.

Read also: Binance, ScholarX partner to drive blockchain adoption across Nigerian markets

The promotion is available to users in Nigeria and winners will be announced within seven days after the promotion ends on Binance Africas Twitter, as well as the Binance Nigeria and the Binance West Africa Telegram groups. This will be followed by an email outreach to the winners within two weeks after the campaign ends.

Also speaking about the alliance, Opeoluwa Filani, General Manager, Showmax Nigeria, said:We are excited about our partnership with Binance which will see more people have access to the world-class entertainment content on the Showmax service. This partnership demonstrates our commitment to make premium content more readily available and accessible.

To qualify for this offer, users have to sign up, complete their KYC verification and make a transaction worth at least $10 or its equivalent on either Binance P2P or Binance Fiat. Users are then to confirm their participation by filling out this form.

Binance Africa is dedicated to fostering meaningful connections with its target audiences by implementing innovative measures that prioritize crypto education and adoption initiatives.

The partnership with Showmax is an exciting example of how the company is achieving this goal, leveraging creative and forward-thinking solutions to engage with users in new and exciting ways.

Binance, a leading blockchain ecosystem and cryptocurrency infrastructure provider, has announced its collaboration with Showmax, Africa's video streaming service to further promote crypto adoption in the continent.They are offering the first 500 new enrollees a one-month subscription on the SVOD platform for Easter.Speaking on the campaign, the Marketing Lead, Binance West Africa, Emmanuel Ebanehita, expressed immense satisfaction, citing that the collaboration could not have come at a better time,He said: "We're thrilled to be collaborating with Showmax to provide an incredible opportunity for our new users to be active participants in Web3. This promotion comes at a time where many Africans are eagerly embracing the underlying technology behind crypto. It is also a testament to our commitment to providing accessible and convenient platforms for individuals to engage in the digital economy.Read also: Binance, ScholarX partner to drive blockchain adoption across Nigerian marketsThe promotion is available to users in Nigeria and winners will be announced within seven days after the promotion ends on Binance Africas Twitter, as well as the Binance Nigeria and the Binance West Africa Telegram groups. This will be followed by an email outreach to the winners within two weeks after the campaign ends.Also speaking about the alliance, Opeoluwa Filani, General Manager, Showmax Nigeria, said:"We are excited about our partnership with Binance which will see more people have access to the world-class entertainment content on the Showmax service. This partnership demonstrates our commitment to make premium content more readily available and accessible.To qualify for this offer, users have to sign up, complete their KYC verification and make a transaction worth at least $10 or its equivalent on either Binance P2P or Binance Fiat. Users are then to confirm their participation by filling out this form.Binance Africa is dedicated to fostering meaningful connections with its target audiences by implementing innovative measures that prioritize crypto education and adoption initiatives.The partnership with Showmax is an exciting example of how the company is achieving this goal, leveraging creative and forward-thinking solutions to engage with users in new and exciting ways.

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Binance, a leading blockchain ecosystem and cryptocurrency infrastructure provider, has announced its collaboration with Showmax, Africa's video streaming service to further promote crypto adoption in the continent.They are offering the first 500 new enrollees a one-month subscription on the SVOD platform for Easter.Speaking on the campaign, the Marketing Lead, Binance West Africa, Emmanuel Ebanehita, expressed immense satisfaction, citing that the collaboration could not have come at a better time,He said: "We're thrilled to be collaborating with Showmax to provide an incredib...

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Binance, Showmax partner to deepen crypto adoption in Africa - Businessday

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The Virtual Assets Regulatory Authority (VARA), the entity that oversees crypto activities in Dubai, has asked Binance to provide more information about its business requirements in its efforts to tighten regulatory guardrails in the emirate, Bloomberg reported.

Citing three anonymous sources, Bloomberg reported on April 5 thatthe regulator had asked Binance to submit more information about the exchanges ownership structure, governance and auditing processes. The people close to the matter said VARA has requested the same details from global crypto players looking to be licensed in Dubai.

VARA officials have also required Binance to provide similar information, on top of board procedures, at its global group level, with queries taking longer to address given the exchanges size and complexity, two of the sources said.

The increased scrutiny over virtual assets service providers (VASPs) in Dubai adds to Binances woes as it faces more pressure from regulators in the United States.

Last week, the United States Commodity Futures Trading Commissionfiled a lawsuit against Binance and its CEO, Changpeng Zhao, alleging that the exchange engaged in improper compliance procedures and trading.

Zhao has since rejected the claims, calling them an incomplete recitation of facts and saying that Binance does not trade for profit or manipulate the market.

Binance received a preparatory minimal viable product (MVP) license from VARA in September last year. The permit allows the platform to set up an office in the United Arab Emirates and provide digital asset exchange services to pre-qualified investors. However, the company cant yet offer locally regulated digital asset services in the emirate.

The largest crypto exchange by trading volume would need to submit the necessary requirements to VARA to upgrade to an operational MVP license, which would allow it to offer its services to qualified individual and institutional investors, before securing a full market product permit.

Related: Groceries to luxury cars: The state of crypto adoption in Dubai

Currently, only digital asset custodian Hex Trust has secured an operational MVP license from the Dubai regulator.

According to VARAs website, VASPs already providing their services must comply with their requirements before the end of June.

Magazine: Best and worst countries for crypto taxes Plus crypto tax tips

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Dubai regulator demands Binance provide info on ownership, governance: Report - Cointelegraph