Blockchain Report — 11/19/2018

Summary: Binance Sends $600 Million In Bitcoin For Only A $7 Fee; SEC Settles Charges Against Two ICOs For Selling Unregistered Securities; Sberbank CEO Says Industrial-Scale Blockchain Adoption Is Imminent

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Binance Sends $600 Million In Bitcoin For Only A $7 Fee

Image result for bitcoin fee

According to CCN, the cryptocurrency exchange Binance made a massive transaction that shows the power of blockchain technology and Bitcoin. In one transaction for block 550221, Binance transfered $1 million and paid only $8 in fees.

Another transaction sent by Binance to a cold storage wallet, which is more notable due to its sheer size, was for $600 million. That made it the largest unspent transaction for the day, and one of the largest transactions in the history of Bitcoin.

Found in block 550155, the $600 million transaction cost Binance only $7 in fees. What’s important to note is that a transaction of this size, in the traditional banking system, would take several weeks. The transaction on Bitcoin took only a few hours to complete.

If this transaction were done using PayPal, it would have cost approximately $17.4 million in fees to transfer $600 million.

SEC Settles Charges Against Two ICOs For Selling Unregistered Securities

According to Forbes, the U.S. Securities and Exchange Commission (SEC) has settled charges against two initial coin offerings (ICOs). These two ICOs raised in $27 million in total by selling unregistered securities tokens. The two companies running the two ICOs are CarrierQ and Paragon.

CarrierQ is a boston company that raised $15 million in an ICO for the Airfox project. CarrierEQ agreed to pay a $250,000 penalty and returned the funds that they raised. Paragon is an online company that attempted to build a platform for selling legalized marijuana. Paragon agreed to pay a $250,000 penalty and returned $12 million that it raised in its ICO.

Airfox and Paragon did not admit or deny to the SEC selling unregistered securities, as part of the agreement to paying the penalty. Stephanie Avakian, co-director of the SEC’s enforcement division, said:

“We have made it clear that companies that issue securities through ICOs are required to comply with existing statutes and rules governing the registration of securities… These cases tell those who are considering taking similar actions that we continue to be on the lookout for violations of the federal securities laws with respect to digital assets.”

Sberbank CEO Says Industrial-Scale Blockchain Adoption Is Imminent

According to Toshi Times, Sberbank’s CEO Herman Gref said that he believes that “industrial-scale adoption” of blockchain will soon arrive. Specifically, he believes that blockchain adoption will rapidly increase with the “next year or so”.

What’s especially important about this statement is that Sberbank isn’t some no-name bank. Sberbank is the largest bank in Russia, and the third largest bank in Europe. Gref continued by saying:

”The hype surrounding the technology has passed, and it has entered a stage of industrial development… The technology will take a year or two to be applied on an industrial scale.”

Gref has consistently been a cryptocurrency supporter, and said that he’s optimistic about adoption of cryptocurrency and blockchain within the next 10 years.

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