Binance Legal Problems, Solution Would Be Found – Glitzkoin

Glitzkoin takes it commitment to increase GTN exchange listings in 2021 seriously. Starting in early 2021 and until July 2021 when this report was being compiled, the Glitzkoin GTN token has been listed on at least 5 additional exchanges. The process is ongoing, with more listings scheduled in the coming months. 

Crypto enthusiasts have often wondered why, GTN was not yet listed on Binance. Rated as the world’s number 1 crypto exchange, Binance and CEO Changpeng Zhao, have been at the forefront of the crypto industry. While it is true that Binance is at this time facing legal hurdles in a few nations, this is surely not the reason why you do not see the Glitzkoin GTN token on Binance. 

We remain confident that, Binance would be in a position to clear the legal challenges. The crypto industry has developed to a large extent at a time when, crypto legislation had not taken shape. There is nothing wrong in being legally scrutinized. The best way in our opinion, is to negotiate settlements and trash out problems with the authorities. 

The Glitzkoin CEO spoke about the contribution made, by Binance and its CEO Changpeng Zhao to the crypto industry. In his words, “… Binance set the standards for next gen crypto exchanges. This in a way forced other exchanges to lift, their quality of service and technology. Changpeng Zhao has been an inspiration to crypto space. He and Binance have a lot more to offer to the crypto industry”.

Glitzkoin is encouraged by the positive views, expressed by Binance CEO Changpeng Zhao – this relates to crypto legislation. In a series of Tweets the CEO, stated that crypto laws would help the development of the crypto industry. 

It is no secret that Glitzkoin has consistently, called for fair and reasonable crypto legislation. CEO Navneet Goenka, has clearly stated that development of cryptocurrency, should ideally be done under a well established legal framework. We believe that, crypto legislation should cover all aspects of the industry – taxation, crypto crime, misuse of cryptocurrency, crypto security, crypto exchange operations etc. 

Glitzkoin Russian Business Advisor Mikhail Koslov feels that, “… Binance must negotiate its legal hurdles. Confrontation will help no one … fortunately the Binance CEO has taken a clear stand in support of crypto legislation. No doubt that, Binance and its CEO have been instrumental in developing, the crypto industry”.

We plan to complete a few milestones before, we approach Binance for the GTN listing. Details will be publicly disclosed only, after the listing is finalized and confirmed by Glitzkoin and Binance. 

Navneet Goenka further stated that “… we have absolutely no reservations, about listing the GTN token on Binance. I have no doubt that Changpeng Zhao will get through these legal hassles soon. He is a tough guy and surely did not, have it easy all along as he steered Binance to the top. My best wishes are always with him”. 

 

 

GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry. 

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.  

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases. 

 

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.  

                                                                                     

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