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The Republic of Palau is currently offering a blockchain-based verified ID and digital residency service that can be used for KYC and ID verification with the help of Binance.
BNB Chain and ID NFTs for Palau
Binance Founder and CEO Changpeng Zhao (CZ) was in the Republic of Palau and met with Palauan President Surangel Whipps Jr. to announce a partnership that will enable the country to issue identity tokens to its digital residents in the form of a Non-fungible Token (NFT) on Binance’s BNB Chain blockchain.
“CZ and Binance will open doors of opportunity to develop new industries, and new businesses here in the hope of being able to bring our young people back to Palau and be a part of the technology and new creation there,” President Whipps Jr. said. “There are regulations that we need to implement in the digital residency program, but more important is the Business Registration Act. It's nice to commit Binance to help us from the regulatory side.”
Met with the Senators and House of Delegates of Palau to discuss how to use blockchain for tourism (payments, bookings) and new industries, Digital IDs, etc. MOU in place. Onto execution. pic.twitter.com/NcwH1yC1xn
— CZ 🔶 Binance (@cz_binance) June 10, 2022
The Binance CEO also noted how the company plans to move forward in the partnership.
“We will explore further investing in Palau's financial system. We have expressed our interest in, beyond cryptocurrency, the traditional financial services sectors, including payment services, digital banking, and more,” Zhao stated.
The Republic of Palau and California-based blockchain development company Cryptic Labs announced the launch of the Root Name System (RNS), a digital residency program in January of this year, to provide global citizens with a physical identification card issued by the government of Palau.
Now, with Binance's help in transitioning to BNB Chain, the planned uses for the new NFT ID RNS will be more extensive, including Know Your Customer (KYC) functions, permissions access to digital banking, verified on-chain signatures, and access to government-issued identity-requiring services.
The latest event with the Republic of Palau displays Binance applying the power of the BNB Chain to practical applications on a national scale. This will create a solid launchpad for the further growth and expansion of BNB Chain in the future, especially given the recent launch of BNB Chain's ambitious technical development roadmap to boost the ecosystem.
Binance's Victory in the Legal Field
The close relationship with the Republic of Palau reflects Binance’s significant progress in improving the regulatory side of the world government, having also recently obtained a license to operate in the UAE, France, Italy, and possibly Germany. Binance also said it will establish a global headquarters (most likely in Dubai) and abandon the decentralized working culture.
In the Southeast Asia region, Binance is gradually returning to the Malaysian market through an investment in a domestic crypto exchange fully approved by the Securities Commission of Malaysia (SC).
Similarly in Indonesia, Binance has launched a new cryptocurrency exchange through a joint venture with a consortium led by MDI Ventures, the investment arm of Telkom Indonesia, after successful negotiations with the country's richest family. In reaching a cooperation agreement with the Thai billionaire, Binance is ready to set up another crypto exchange in the country.
What is Binance:
Binance is the world's largest cryptocurrency exchange, founded in Shanghai, China by Changpeng Zhao (CZ). Binance supports over 740 trading pairs on its platform.
With a low transaction fee (0.1%) as well as fast transaction processing, Binance has become the exchange with the largest trading volume in the cryptocurrency market. Binance exchange's technology is capable of processing 1.4 million orders per second, making it a top exchange in terms of trading volume.
Where to find Binance:
Website | Twitter | Discord | Telegram
What is BNB Chain:
BNB Chain (Build & Build Chain) is a new blockchain developed and combined from Binance Smart Chain and Binance Chain, with many changes in technology and development vision.
BNB Chain will be a multi-chain platform, developing other side-chains besides BSC, thereby helping to increase blockchain performance, meeting user needs, and developing protocols on this blockchain.
BNB Chain remains a community-based, open-source, and decentralized ecosystem. Through the concept of MetaFi (“Meta” is metadata and “Fi” is DeFi), the BNB Chain community aims to build the infrastructure that underpins the world's parallel virtual economy.
For more information on BNB Chain, these links:
Website | Twitter | Discord | Telegram | GitHub
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto!
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News


Binance Urges Euro Users to Convert to Tether as Banking Woes Continue

The exchange is grappling with more banking problems as it calls on Euro users to swiftly convert their funds into Tether (USDT) before October's end.
Summary
- Binance banking troubles continue as Paysafe, its banking partner, unilaterally stops processing EUR deposits for Binance users, leading Binance to urge users to convert their EUR balances to Tether (USDT) by October 31.
Crypto exchange Binance is facing another challenge as it urges users to swiftly convert their euros into Tether (USDT) before the end of October. The move comes after Binance lost the support of its banking partner, Paysafe.
This is an important announcement impacting some EUR / Paysafe users. There should also be replacement fiat channels going live soon. Please stay tuned. 🙏
— CZ 🔶 Binance (@cz_binance) September 28, 2023
Important Updates for Paysafe Users | Binance Support https://t.co/9XoF4olkjN
According to a September 28 announcement, Binance stated that Paysafe had "unilaterally decided to stop processing EUR deposits for Binance users." Paysafe users were advised to convert their Binance EUR balances to USDT by October 31.
While users can still withdraw their EUR balances to their bank accounts, they will no longer be able to trade EUR spot trading pairs as of September 28. Open orders in EUR trading pairs will also be canceled. Binance Convert, which facilitates token swaps, will face restrictions for EUR transactions.
Paysafe had previously enabled fiat deposits and withdrawals for Binance users in Europe, including via SEPA bank transfers. This latest setback adds to Binance's ongoing regulatory and debanking issues in the Western markets.
Earlier this year, Paysafe also suspended support for transactions in British pounds due to concerns raised by UK financial regulators. In addition to the Paysafe ordeal, Binance faced challenges in the Netherlands and Belgium, with services being ordered to halt but later reopening for Belgian residents.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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