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Introducing the Inaugural Binance World Championship: Celebration of Users with Over $4.2M Crypto Rewards

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Inspired by upcoming global sporting events, Binance hosts exclusive trading tournaments and promotions to celebrate community excellence  

DUBAI, UAE, June 5, 2024 /PRNewswire/ — Binance, the global blockchain ecosystem trusted by over 190 million users worldwide, is thrilled to announce the launch of its first-ever Binance World Championship. With the largest ever rewards pool in Binance’s history at over $4.2 million, this championship is part of Binance’s broader efforts to celebrate its users and community. Both new and existing users are invited to learn more about crypto, take part in the campaigns, showcase their trading skills and be rewarded.

Over the next few months, the world’s attention will be fixed on several global sporting events that bring nations and individuals together in friendly rivalry. Inspired by the spirit of these exciting events, Binance World Championship will be bringing together the thrilling excitement of competitions with the vast possibilities of crypto. The championship officially kicks off today and spans three weeks, concluding on June 25, 2024.

Binance World Championship features three skills-based tournaments and three exclusive promotions across various products within Binance’s vast ecosystem. From newcomers to budding traders to trading veterans, all eligible users are given the chance to take part in their chosen activities and complete the tasks for a chance to be amongst the victors that earn attractive rewards.

The tournaments comes with its own prize pool and requirements, including:

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  • Spot: Complete spot-related tasks and compete in trading volumes to get a share of the $1.2 million prize pool.
  • Futures: Take part in the Futures Grand Tournament, which includes both solo and team competitions, for a chance to share up to $3 million in rewards.
  • Convert: Study and trade the next day’s top-performing assets to share a daily 500 USDC reward pool, with a total of 12,000 USDC available to be won.

In addition to the tournaments, Binance users can also enjoy three exclusive promotions during this three-week period:

  • Earn: Subscribe to Simple Earn’s Flexible and Locked Products to share up to $100,000 in rewards.
  • Buy Crypto: Complete your first crypto purchase or fiat deposit with the ‘Buy Crypto’ feature to share 15,000 USDT in rewards.
  • Cross-Product: Trade at least $100 on Convert, Spot and Futures each for a chance to win 1 BNB.

Rachel Conlan, Chief Marketing Officer at Binance, shared: “With the launch of the first-ever Binance World Championship, we are excited to be celebrating our users and uplifting community excellence. Echoing the camaraderie and competitive spirit integral to sports, this championship aims to offer engaging and enriching experiences to all our users – from novices to the veterans of the crypto world. We are not only giving our community a chance to enhance their understanding of crypto but also recognizing their unwavering support through rewarding opportunities.”

“As the championship unfolds over the coming weeks, we look forward to seeing our users showcase their skills and knowledge. Our hope is that they will further discover and unlock the expansive possibilities of crypto during this process,” added Rachel.

More information on the Binance World Championship can be found here.

Disclaimer: The products and services referred to herein may be restricted in certain jurisdictions or regions or to certain users, in accordance with applicable legal and regulatory requirements. These materials are intended only for those users who are permitted to access and receive the products and services referred to and are not intended for users to whom restrictions apply. You are responsible for informing yourself about and observing any restrictions and/or requirements imposed with respect to the access to and use of any products and services offered by or available through Binance in each country or region from which they are accessed by you or on your behalf. Binance reserves the right to change, modify or impose additional restrictions with respect to the access to and use of any products and/or services offered from time to time in its sole discretion at any time without notification.

About Binance

Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 190 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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New partnership between BIS and MAS targets climate risks in finance

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The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have recently collaborated on an innovative initiative.

The BIS, an institution dedicated to fostering international monetary and financial cooperation, and the MAS, Singapore’s central bank responsible for monetary policy, financial regulation, and supervision, have teamed up to tackle a pressing global challenge.

Their partnership aims to develop a blueprint for a climate risk platform designed to integrate regulatory and climate data. This platform will enable financial authorities worldwide to better identify, monitor, and manage climate-related risks within the financial system.

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The BIS, through its Innovation Hub Centre in Singapore, is addressing financial stability concerns posed by climate change. The MAS adds its regulatory expertise and focus on sustainable finance to the effort. Both institutions recognize the complex challenges posed by climate change, including significant data gaps and the difficulty of assessing associated risks.

Project Viridis, led by the BIS Innovation Hub, outlines the essential features and metrics of the proposed climate risk platform. This platform is designed to provide comprehensive data on financed emissions, exposure to physical risks, and forward-looking assessments under various climate scenarios. As the impact of climate change on global financial markets escalates, adaptive and innovative responses are necessary.

The partnership also leverages advanced technologies such as natural language processing to extract and analyze climate-related data from corporate disclosures. This enables a deeper understanding of financial institutions’ climate-related risks and identifies potential areas requiring more intensive risk assessment.

Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, stated, “Project Viridis demonstrates how regulatory data can be integrated with climate data, extracted from corporate disclosure documents using natural language processing techniques. This provides authorities with insights into climate-related financial risks, helping them form an initial view of financial institutions’ risk exposures and identify areas that may require deeper risk assessment.”

Source: fintech.global

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