BIT BIZ

After top-leading crypto exchange Binance announced it will go legit back in June one of the first steps was to cut ties with the US. The platform soon announced it will implement restrictions for US passport holders worldwide, as well as those who are US-based.

Binance grew to become one of the biggest names in the crypto world by allowing everyone to trade myriad tokens. Many of those are unavailable or limited on other exchanges, so Binance was the welcoming place for all who wished to go beyond the existing limits. During the past year, the platform decided to formalize its services and strengthen its place on the market. For that reason, Binance established its bases in the UK, Uganda, and Singapore.

However, they did announce a plan to create a special platform accustomed to the needs and the characteristics of the US market. For that purpose, Binance is teaming up with BAM Trading Services. For the time being, the US customers still won’t be able to sign up for the global Binance service. As for the existing US users, they were granted a 90-day grace period, after which they will be unable to deposit funds or make trades on the website. Still, US users could access the platform with a VPN. In addition, Binance allows its customers to sign up for a limited account without a KYC – which does not require providing verification documents, such as a passport copy. This way, they can access the platform no matter which country they are based in, but with a twist – they can only withdraw 2 Bitcoins a day.

The latest scoop is that Binance.us will launch in the next couple of weeks. This deadline aligns with a rough date the grace period for the existing US users will come to an end. And if the deadlines are met, the clients shouldn’t have any problems or feel a difference in their everyday trading, since things will keep running smoothly. Also, KYC onboarding is expected to start a few days earlier, allowing users extra time to verify their accounts and make deposits.

The venture comes as a great relief to many valued clients based in the US. When Binance initially became unavailable to them back at the beginning of September, they lost many trading options for crypto assets. Also, there are plans for launching a decentralized exchange with the addition of new features such as margin trading.

Our phones are always beside us. They are our most prized possessions, holding key data about our lives – our contacts, music and pictures, even our credit card information. In today’s day and age of supreme technology, it feels like everything is at our reach. In just a few clicks we can pay our bills, check out a movie or get in touch with a friend. But with everything so out in the open, how can we protect the same information we are desperate to share at the same time?

Sirin Labs is a company that prides itself on providing the top-leading mobile cybersecurity. Based in Switzerland, Sirin Labs aims to give you security and efficiency wherever you are, and whenever you use your smartphone. For that purpose, they developed Finney – a blockchain smartphone with an embedded cold storage crypto wallet. Sirin Labs connects the wide and hectic economy with a quality user experience. The smartphone operates on the ecosystem – an operating system that is completely secure by storing all the information on a blockchain, keeping them safe from misuse. The proprietary operating system gives its users an Android-like experience with enhanced security.

The system also includes a proprietary Token Conversion Services, which makes converting crypto coins and tokens easier than ever before. The Sirin Token is a utility token created especially for the purpose of making your navigation through the crypto world effortless. It currently consists of the Sirin OS, Finney smartphone and Sirin Decentralized Application Store. With the last addition, you can acquire any app of your liking within the Sirin world, without worrying about different privacy policies. This system is based on an understanding of how crucial it is to keep your private information exactly that – private at all times unless you choose otherwise.

Finney’s blockchain smartphone is based on completely secured communication and a decentralized application ecosystem. With encrypted calls, e-mails, and SMS, all your contact with the outside world will be kept private between you and your correspondent. The end-to-end encryption protects your calls and messages, while your e-mails cannot be shared with third parties.

One of the most important distinctive features of the blockchain smartphone is the multi-layered cybersecurity suite. It includes a special Intrusion Prevention System (IPS) which gives you cyber protection in real-time. This way, you are in full control of all your communication, payments and data sharing.

As promised, another set of tariffs on Chinese goods went into action on September 1. Over $112 billion of goods imported from China meant booming prices of clothing, shoes and other consumer goods arriving in US ports. Initially, over 82% of inputs were immediately affected by the tariffs, while the Peterson Institute for International Economics expects an overall effect on 99% until December 15.

The current situation is not a surprise. The effect it has on the economy is hurtful but expected. The US President Donald Trump claims the decision is coming after a long and detailed consideration of all aspects of the situation, as well as any other. The risk on consumer’s pockets is eminent, and this outcome was expected and feared for over a year now.

Retailers across the US are aiming to prevent the damaging consequences to their businesses by jacking up prices in the following months leading up to Thanksgiving craze. The retail industry could be an unexpected supporter of Trump’s plans regarding tariffs. Still, the strategic precision itself is no longer possible in these surroundings.

So, what does it mean for the consumers’ wallets? It’s highly unlikely you will find a rack marked: “Prices raised by trade war here”, so you will have to do a little research on your own. Keep in mind that the individual chains are the ones with pricing power. The current situation has its separate effects on the markets, too. The S&P 500 index is considerably close to the recession levels, despite the higher-than-expected stocks performance since the beginning of the year.

What is the current state of the US economy? So far, this is marked as the month of the biggest fall since 2012. The levels are even lower than after the election of the current US President Donald Trump. The initially strong economy over the past 2 years is providing the president an extra push and encouragement to go bold and beyond with the tariffs on Chinese goods, but the moves have previously shown to be damaging to both economies.

Still, Trump’s plan is not only set in motion but will be continued with another 15% tariffs on $300 billion worth of Chinese import by the end of the year. As a response, Beijing has reinstated tariffs on US crude oil. The cycle continues, bringing Asian stocks down and the prices of gold and oil to sky-high levels. The continuation of the US-China trade talks is in question now more than ever, with Beijing advising Washington to focus on the deal rather than slapping more tariffs, which are unproductive for both sides.

As the deadline for the UK’s long-awaited EU departure approaches, Brexit hit another snag when new PM Boris Johnson announced Parliament suspension. What could it mean for the deal, and subsequently, the economy?

After several extensions gained by the former prime minister Theresa May regarding Brexit, the deadline was set to October 31st. It soon became clear that the majority of both House of Commons and House of Lords would most likely block the deal, so Johnson took action. With the blessing given by the Queen herself, the Parliament’s absence in the Brexit decision could take a turn for the worse.

Furthermore, the suspension also gives less time for legislators to debate and try to stop a no-deal Brexit, which is the most likely solution. The addition to the already complicated situation is Johnson’s request for an unusually long Parliament suspension, especially considering the essence and the urgency of the Brexit issue.

On the other hand, the opponents of the no-deal are working harder and faster to block it, which would force Johnson to go back to Brussels and ask for another extension of the deadline. Also, there is a fair number of supporters who consider the entire process has dragged on long enough and would stand by any deal that results in the UK’s detachment from the European Union.

Protesters from all around the country are speaking out and showing their outrage regarding the decision about the Parliament shut down, but the disapproval is also evident within the Parliament itself. From undermining the basic democratic values to pushing personal agendas, Lords and Commoners are making the Parliament shake from the inside with their takes on this matter.

Considering that this session has run quite long, the pressure of making a decision is that much more intense. The PM’s intentions so far prove that the key to his political stand is a “do or die” Brexit – meaning, Johnson is determined to meet the October 31st deadline no matter what it takes. The Parliament’s sessions usually last a year, but the current one has been running for over two years – since June 2017. During the shutdown, otherwise known as prorogation – all the debates and voting are suspended, and the laws waiting to pass through most commonly meet a bitter end. According to Johnson’s plan, this would be the longest Parliament shutdown of 23 working days, if not longer.