Mobox (MBOX) coin: Is it a good buy with a listing on Binance?

Highlights 

  • Gaming platform Mobox would be listed for trading on cryptocurrency exchange Binance.
  • The native token used on the Mobox platform is known as Mbox.

Gaming platform Mobox would be listed for trading on cryptocurrency exchange Binance. Withdrawals for the digital currency will open on 20 August at 08:00 am (UTC). The native token used on the platform is known as Mbox. The coin is used for staking, as a game currency, governance, gaming auctions, and to open mystery boxes.

The price of the coin was at $4.55, up 151.19 per cent, with a 24-hour trading volume of $647,308,953 USD, as per CoinmarketCap. Its circulating supply stood at 37,105,468.36 MBOX.

Digital assets buzz

MOBOX combines optimising DeFi and gaming NFTs in order to form GameFi. DeFi entered the blockchain gaming scene recently. Blockchain is a system that records information in a manner that makes it almost impossible to hack, cheat, or change, the system.

Trading of most of the digital currencies changed little, and investors continued making a profit from big players in the space. But prices of major names fell on 20 August due to increasing volatility. On Thursday, the most popular digital currency globally, bitcoin, was down almost 1 per cent, compared to what it was a day before. Bitcoin was trading at $44,663.95, while its market capitalisation dropped to $839.24 billion.

Cryptocurrencies have been struggling to overcome the problem of scalability over the years. As digital currencies gained momentum and demand increased, speeds at which transactions are made have comparatively slowed down. Popular networks like Ethereum have been working to address the issue of scalability.

Cryptocurrencies have been in the eye of a storm for a while now. Various countries have cracked down on exchanges because of regulatory non-compliance. Binance, for example, has been having a hard time globally. In June, Financial Services Agency, Japan’s regulator, accused Binance of operating in the country illegally. This was the second warning that the exchange got in three years.

Global clampdown

Binance has also announced that it would have no operations in Canada any longer. Ontario Securities Commission pulled up Binance along with various other companies for non-compliance with regulations. In April, the US Securities and Exchange Commission investigated the exchange on charges of tax offences and money laundering and also warned consumers about trading on the platform.

UK’s Financial Conduct Authority also clamped down on the exchange’s operations and warned consumers that Binance did not have the required authority to conduct regulated trade in the country. China, too had put curbs on crypto mining activity in the sector and warned customers against digital assets trading.

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