The planned changes to the law are likely to have less dramatic effects on the crypto industry than previously feared.

The US Treasury Department has presented its new bill to regulate financial services, which would prohibit US-registered crypto exchanges from interacting with self-managed crypto wallets

In a corresponding announcement on Friday evening, the Department for Combating Financial Crime (FinCEN) presented the planned changes to the law that would force crypto exchanges to “obtain and confirm the identity of their customers if the counterparty involved in a transaction uses a self-managed wallet and the transaction is greater than $ 3,000 “.

Initially, this is only a draft, with the Ministry of Finance giving all parties who would be affected by such a law 15 days to comment

The first rumors of such a bill had already surfaced last month . The outgoing Finance Minister Steven Mnuchin was accused of wanting to significantly influence crypto regulation before the end of his term in office. In the announcement he writes:

“This bill addresses some aspects of the digital currency market that pose a threat to our national security. We want to close these security loopholes that attackers could misuse for their own purposes.”

However, several influential politicians have already spoken out against the bill, which many see as a fundamental attack on peer-to-peer (P2P) transactions. However, since there is no explicit legal regulation for these, the Ministry of Finance has great influence here.

However, the bill is far less bad than many feared beforehand. Rather, existing regulations for transactions, which concern the collection of customer information from US $ 3,000, would only be extended to all registered crypto companies that interact with self-managed wallets.

Through a press release Binance, the famous exchange crypto, has announced a giveaway to celebrate the launch of Ethereum 2.0.

We remind you that in less than 24 hours the Beacon chain will be launched, the first step towards the completion of ETH 2.0 and, to celebrate the event, Binance has decided to take advantage of the opportunity to hold a themed competition for all its users.

This competition will start tomorrow, December 1st, and will last 15 days, until December 15th. In order to win, the trading volumes that are made on the platform for each account will be taken into account.

How to participate in Binance’s giveaway Ethereum
There will be 2 different competitions, depending on the amount a user trades on Binance, in particular Futures.

The first is for VIP Tier 0 and 1 users who can win as many as 165 ETHs. There will be 320 winners. In order to participate in the giveaway you must trade at least 5000 USDT. The higher the amount you trade with, the higher the prize could be.

As far as the second competition is concerned, we have a ranking by volumes traded: the best 50 traders will compete for a pool of 155 ETHs and the first will take home 32 ETHs, while the last 1.20 ETHs.

It is interesting to note that the sum of the total prizes made available by Binance is 320 ETH, i.e. 10 times the minimum stake required to become an Ethereum validator in the Beacon Chain.

Beware of scams
We are certainly in the presence of a good initiative, but it could become a breeding ground for potential scammers and fraudsters, as this competition is under the voice of Binance’s Giveaway Campaign, so the advice is to be careful in case criminals create similar posts.