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Binance joins Neo Council, 2.1 million NEO used to secure two Top 21 positions

Binance Staking has secured two positions on the Neo Council. At the time of press, Binance has voted with approximately 2.1 million NEO to secure its places in the Top 21. Binance is the world's largest custodial exchange with nearly US $9.07 billion in 24-hour volume, according to CoinCap.io. Binance Staking is a service that allows users to earn distributions offered on proof-of-stake or other networks that distribute rewards to participants. The platform provides two types of staking: flexible and locked. Flexible staking offers fewer rewards but allows users to move the underlying assets at any time. Locked staking requires users to deposit a token for a specific time frame but provides higher yields. For example, a minimum of 0.01 NEO locked for 15, 30, 60, or 120 days will earn increasing yields of 5.79%, 7.49%, 8.79%, and 13.56% (made in GAS distributions), respectively. In the announcement post, Neo Global Development said "Binance Staking's new membership in the ...
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Russian crypto exchange YoBit advertises pump scheme


Russia-based cryptocurrency exchange YoBit has announced a scheduled pumping of coins selected at random.

In its tweet, YoBit gave no specific reasons for its action, wherein "we will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount – 10 btc)." The exchange, which lists thousands of altcoins, also provided a timer 22 hours prior to the trades. As of this writing, there are six hours left before execution of the scheme.

We can only wait to see the effect on whatever coins are selected, but the tweet is notable for its unusual nature. Usually, when an asset is bought in the hopes of spurring demand from other investors, it is done more discreetly, so as to sell at a peak.

Last February, the U.S. Commodity Futures Trading Commission (CFTC), which has classified cryptocurrencies as commodities under its jurisdiction, had already warned the public of pump-and-dump scams, saying, "As with many online frauds, this type of scam is not new-it simply deploys an emerging technology to capitalize on public interest in digital assets." It remains to be seen, however, how regulatory agencies will react, given the forthrightness of the exchange.

Commenters on the YoBit tweet expressed disbelief, amusement, and outrage, as well as cluelessness. Several users on reddit have confirmed the existence of e-mails sent by the company, with address news-mailer@yobit.net, indicating that the exchange had not been hacked.

Already, trading platform Coinigy has tweeted its plan to delist YoBit from its network of cryptocurrency exchanges, "due to overwhelming negative experiences as documented on social media and forums, among other reasons." However, it said it would be "asking for feedback first. As a popular platform in the crypto trading space, it is essential for us to be diligent and not promote sites that may harm our users."

YoBit has been operating since 2015.

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