Binance US Continues To Defy SEC Inquiry: How Could This Effect Bitcoin Spark?

The U.S. Securities and Exchange Commission has accused Binance, the world’s leading crypto exchange, of not cooperating with an ongoing investigation, and the SEC declared in a court filing that the crypto exchange has only released 220 documents and screenshots without dates. 

This may significantly impact the digital currency industry as a number of U.S. participants utilize the exchange for conducting transactions. However, another platform, Bitcoin Spark, has made insights into the cryptocurrency industry. The digital network aims to provide cryptocurrency enthusiasts with multiple income sources. 

What is Binance US?

Binance is a global digital exchange that holds virtual currencies for blockchain participants. On the other hand, Binance US is a cryptocurrency exchange developed for United States citizens only. 

This is to create an evident reputation and abide by the U.S. regulators to avoid repercussions such as temporary suspension, account restriction, and termination. The U.S. Securities and Exchange Commission has an ongoing lawsuit with the U.S. Digital Exchange. The SEC states that the exchange refuses to cooperate in providing full documents. 

Will Binance US collapse?

Binance is a leading cryptocurrency exchange with over 100 million users and $50 million daily trading volume. Binance US is facing much regulatory scrutiny from the U.S. Securities and Exchange Commission. The regulatory commission accuses the U.S. crypto exchange of engaging in web deception. 

Recently, Binance Global Exchange’s CEO and Founder, Changpeng Zhao, halted operations in the United States due to these allegations. The crypto giant also stated that banks in the United States refused to operate in fiat to crypto exchange. However, blockchain natives in the U.S. believe that the digital business will bounce back. 

Bitcoin Spark a Future Generation Platform

The new cryptocurrency platform has managed to garner a massive number of institutional and individual investors. Recent reports suggested that the digital currency had acquired funds from Bitcoin and Ethereum whales. An enormous development from the blockchain network. In reciprocation, the platform will ensure transparency and efficiency with its participants. The platform has been audited by essential auditing networks such as Vital Block and Cognitos. 

Bitcoin Spark has an official decentralized application with two main goals: to provide users with rewards no matter the computational power and to put proof-of-process into utility. The application will be utilized as a wallet for the Bitcoin Spark network alongside other digital networks such as Solana, Ethereum, and XRP. 

Nevertheless, the network will not be compatible with EVM wallets such as Metamask upon launch. Individuals willing to utilize BTCS on these wallets must acquire wrapped BTCS on the Ethereum network. 

All the processing will be conducted on the network GPU/ CPU. Only the RAM will be stored in an external source. This will inhibit centralization as large-scale miners take over the mining industry and receive more rewards. It is a security concern as 50 plus one percent power can lead to security problems in the network, such as a 51% attack. 

The network will develop a platform and make it public for blockchain developers to create their applications and wallets to avoid dependency on the network’s team and enhance complete decentralization.  

Learn more about Bitcoin Spark on:

Website: https://bitcoinspark.org/