Crypto exchange Binance challenges Facebook's Libra with its own platform (2024)

FAQs

Why did Facebook stop Libra? ›

They said they wanted to revolutionize the global financial system. The project ran in to fierce opposition from policymakers alarmed that Libra could give Facebook too much control over the money system, and infringe on users' privacy.

Libra was a cryptocurrency created by Facebook, renamed into Diem at the end of December 2020 and wound down in January 2022.

Using Libra is straightforward. You buy the currency through a digital wallet and use it for various online transactions. Whether sending money to friends or buying goods online, investing in Libra coin aims to make these processes smoother. Its global reach means you can send money across borders without hefty fees.

Binance is one of the safer exchanges compared to others. So if you're actively trading crypto and need to keep it on an exchange, Binance is a pretty secure choice. However, if you're holding large amounts of crypto long term, a private hardware wallet may be a better choice than keeping it on an exchange.

United States regulatory response

The U.S. House Committee on Financial Services Democrats sent a letter to Facebook asking the company to stop development of Libra, citing concerns of privacy, national security, trading, and monetary policy.

02/5Extremely manipulative

Libra loves peace and beauty and for their own need to be in a perfectly balanced state, they detest confrontations. But if confrontations were to happen, their dark sides would come out. They can be extremely manipulative in tipping the scales in their favour.

Leadership. Libra Group is privately owned by the Logothetis family, whose members fill several key roles in the organization. George Logothetis is the company's executive chairman and founding CEO, appointing Manos Kouligkas to succeed him as CEO in 2022.

The Libra cryptocurrency is getting a new name today, Diem, in an effort to show that the project has “organizational independence” as it attempts to get regulatory approvals for launch.

Sterling (ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound (sign: £) is the main unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling.

Since the Libra undertaking is now in the hands of the new Libra Association—a group of companies (including Facebook) and nonprofits—and is formally independent of Facebook, Libra could still launch.

What is the difference between Facebook Libra and Bitcoin? ›

“Bitcoin is permissionless, fully decentralized, deflationary and volatile. Libra is permissioned, more centralized, governed by supply and demand and pegged to fiat currencies.”

For those who are not registered users of Facebook and it's applications, there is also a way how to buy Libra coin, and it's called the Novi wallet. Novi wallet is a new digital wallet dedicated to the Libra payment system. It is created by Facebook and allows sending Libra coins in a fast and simple way.

Is Binance allowed in the US? Can US residents use Binance safely? Yes, you can Binance US |Buy & Sell Crypto is a cryptocurrency exchange for U.S.-based users. Its partner company, Binance, is one of the largest crypto exchanges in the world.

Yes, you can use Binance in the US. But the American version of the platform (Binance.US) is quite limited compared to the international one.

Cons of Binance

Limited Fiat Options: The selection of supported fiat currencies may be limited. Risk of Hacks: Binance has experienced security breaches in the past. Withdrawal Fees: Binance may charge withdrawal fees for certain cryptocurrencies.

In astrology, Libra is the seventh sign of the zodiac, considered as governing the period from about September 22 to about October 23.

Diem ultimately unraveled because of regulatory scrutiny. The project's grand ambitions for a global digital currency were routinely scaled back as it faced more and more pushback and red tape. Eventually the U.S. Federal Reserve warned that a Diem stablecoin may never be approved, all but ending the Diem dream.

The Libra Association will consist at first of up to 100 founding members including Facebook, each of which will invest at least $10 million to fund the association's operations, and receive interest earned off the reserve.