Binance to halt US dollar bank transfers

Binance to halt US dollar bank transfers

by | Mar 14, 2023 | Blockchain

The biggest cryptocurrency exchange, Binance, recently declared that it will stop accepting withdrawals and deposits from bank accounts that utilize US dollars. The ban will start on Wednesday. The restriction of USD bank transactions on the exchange was not explained by the exchange in any way. The ban would only affect 0.01% of Binance's clients, the company did note.

So, the understandably wary bitcoin community experienced a tiny degree of fear as a result of this statement All you ought to know about the suspension will be covered in this post. We'll even speculate on why Binance made the choice it did. All you ought to know about the suspension will be covered in this post. We'll even speculate on why Binance made the choice it did.

Are USD bank transfers on Binance.US being suspended?

Binance, no. The US is not stopping bank transactions in USD. Just Binance, the foreign version that Americans are not permitted to use, would be affected by this ban.

Keep in mind that Binance.US was created as a distinct legal corporation so that the exchange could join the US market without having to impose more restrictions on its other non-US consumers. Being a significant portion of Binance, it would be troubling if Binance.US prohibited USD bank transactions. US customers make deposits and withdrawals via USD bank transfers. It is seldom employed

Also Read: Binance Coin Rattles the Market with Plan to Halt USD Bank Transfers

In their release, Binance stated that just 0.01% of customers use USD bank transfers on the platform. It makes natural that Binance would halt the service given the low number of users. But Binance did not say that; they only said that since few people use it, their decision to stop it is not a big concern.

If this were the cause, Binance would have most certainly made it clear in its release. Additionally, discontinuing a service because too few people use it is not a good idea. These clients could switch to an exchange that does provide that choice.

Because of these factors, we don't believe that Binance banned USD bank transactions for just this reason.

Regulatory issues with the US exist for Binance.

We believe that Binance's regulatory troubles with the United States are the much more likely cause. This information was made public in December 2022 when the Justice Department said it was thinking about prosecuting leaders of Binance for financial offences connected to money laundering and the transmission of illegal monies via Binance.

Because of this, the exchange could reject USD bank transactions. According to the US Justice Department, Binance has often had lax anti-money measures, which have allowed criminals to utilize the exchange to circumvent US sanctions and launder money.

The US government's stake in the exchange would be significantly diminished by halting all withdrawals from and deposits into USD bank accounts. The US authorities will be interested in an exchange, it is a simple reality if it can be used to withdraw US dollars to a foreign bank account., This explanation would also explain why Binance has not disclosed the cause of the ban.

They don't want to frighten the market since that might quickly lead to a crash. However, every other way of buying and selling cryptocurrency on the exchange, including deposits and withdrawals in euros, the Binance spokesman stated, will not be impacted. According to the spokesperson, Binance customers will still be able to purchase and trade cryptocurrency using credit cards, Google Pay, Apple Pay, and on the Binance peer-to-peer marketplace.

Also Read: Binance Increases USDC Holdings As BUSD’s Market Cap Slides Lower

The largest cryptocurrency exchange in the world by volume, Binance, caters to a worldwide user base but blocks access to its site for Americans due to regulatory issues. Instead, it refers US users to Binance US, an affiliate that operates a much smaller exchange.

Although Binance rejected to provide an official description, the suspension of USD bank payments is probably due to problems with its bank partner Signature Bank, which said last month that no longer crypto SWIFT transactions would be executed under $100,000.

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Binance Coin Rattles the Market with Plan to Halt USD Bank Transfers

Binance Coin Rattles the Market with Plan to Halt USD Bank Transfers

by | Mar 7, 2023 | Binance, Market News

A brief overview of Binance Coin (BNB)

Binance Coin (BNB) is a cryptocurrency created by Binance, one of the largest cryptocurrency exchanges in the world. BNB is a utility token on the Binance exchange, allowing users to pay for trading fees, listing fees, and other services at a discounted rate. Binance also periodically uses a portion of its profits to buy back and burn BNB tokens, reducing the total supply and potentially increasing its value. Binance Coin has gained popularity and has become one of the top cryptocurrencies by market capitalization due to its usefulness and strong adoption.

Significance of the announcement to suspend USD bank transfers

The announcement by Binance Coin (BNB) to halt USD bank transfers has significant implications for the cryptocurrency industry. The decision has shocked many investors, given the popularity of Binance as a cryptocurrency exchange. The move is expected to rattle the market and may lead to a decline in the value of Binance Coin, at least in the short term.

One of the reasons for the announcement is the increasing regulatory pressure that Binance is facing. The exchange has been scrutinized by regulatory authorities worldwide, particularly in the United States, where it has been accused of facilitating money laundering and other illegal activities. By halting USD bank transfers, Binance may be trying to avoid further regulatory scrutiny and protect itself from potential legal action.

The decision to suspend USD bank transfers may also be an attempt by Binance to shift its focus away from fiat currencies and towards cryptocurrencies. Binance has been promoting the use of cryptocurrencies as an alternative to traditional fiat currencies, and this move may be an indication of its commitment to this vision. By eliminating USD bank transfers, Binance may encourage users to use cryptocurrencies exclusively on its platform.

Overall, the announcement by Binance to suspend USD bank transfers is significant for the cryptocurrency industry. It highlights the increasing regulatory pressure that cryptocurrency exchanges face and may have implications for the broader adoption of cryptocurrencies. The move may also shift the focus of cryptocurrency exchanges away from fiat currencies and towards cryptocurrencies.

Impact of the announcement on the cryptocurrency market

The announcement of Binance Coin's plan to suspend USD bank transfers has significantly impacted the cryptocurrency market. The news has caused widespread concern among investors and traders, and the price of Binance Coin has already dropped significantly in response.

One of the biggest concerns is the potential impact on liquidity. Many traders and investors use USD bank transfers to buy and sell cryptocurrencies, and the suspension of this service could make it more difficult to move funds in and out of the market. It could result in reduced trading volume and increased volatility, which could have a ripple effect throughout the entire cryptocurrency market.

Another concern is the impact on Binance's reputation. Binance is one of the world's largest and most well-respected cryptocurrency exchanges, and any disruption to its services could cause investors to lose confidence in the platform. It could lead to decreased trading volume and a drop in the exchange price of Binance Coin and other cryptocurrencies.

However, some analysts have pointed out that the suspension of USD bank transfers could be a strategic move by Binance to shift its focus towards other payment methods, such as cryptocurrencies and stablecoins. By reducing its reliance on traditional banking services, Binance could increase its efficiency and reduce its exposure to regulatory risks.

Overall, the announcement's impact on the cryptocurrency market remains to be seen. While the news may spook some investors, others may see it as a sign of Binance's commitment to innovation and a shift towards more decentralized payment methods. Only time will tell how the market will respond to this news, but one thing is sure - the cryptocurrency industry is always full of surprises, and anything can happen.

Binance Increases USDC Holdings As BUSD’s Market Cap Slides Lower

Binance Increases USDC Holdings As BUSD’s Market Cap Slides Lower

by | Mar 4, 2023 | Binance, Market, Market News

Binance, one of the most popular cryptocurrency exchanges, and Ingenico, a leading payment processor, have joined forces to provide customers in France convenient options for making payments using digital assets. Binance Pay users will soon be able to make cryptocurrency purchases at two establishments using Ingenico's POS system: the bar La Carlie and the boutique Miss Opéra.

The release says that more than 50 different digital currencies are welcome in the scheme. At first, merchants will only accept cryptocurrency payments; however, a crypto-to-fiat solution that will allow them to accept fiat currency payments is scheduled for pilot in the second quarter of 2023.

Also Read: Binance Announces Users Can Now Buy Crypto Using Apple Pay and Google Pay

Binance plans to expand its services to additional European nations in the near future. Several European countries have given Binance their blessing, including France, Italy, Lithuania, Spain, Cyprus, Poland, and Sweden. In-store terminals don't often support cryptocurrency usage without integration. Two French retailers, Le Carlie and Miss Opéra, are going live as part of the experimental programme in France.

On February 20th, the cryptocurrency trading platform revealed that the crypto giant had introduced a paid technology platform card in Brazil in partnership with payment giant Mastercard. Bitcoin, Ether, and BUSD are just a few of the 13 cryptocurrencies that may be used with the card. It will be made accessible to all Binance users in Brazil with a valid national ID.

The new device, which is supposed to be a "all-in-one," will streamline the onboarding process for both businesses and customers. All Binance users in Brazil with a valid national ID will get access to the card, which will allow them to make purchases and pay bills using a total of 13 different cryptocurrencies.

USDC Holdings

Companies can gain a fresh perspective on the market thanks to this relationship. As the head of Binance Card and Binance Pay, Jonathan Lim, explained, "their market dominance and new payment solutions allow us to speed our access to consumers without having to construct our own terminals or software."

The company has announced that the Binance card would have a 0.9% fee for each cryptocurrency transaction, as well as up to 8% rewards with cryptocurrency and free ATM withdrawals. The company announced that its Binance card would charge 0.9% for cryptocurrency transactions, provide up to 8% cashback in cryptocurrency, and provide free ATM withdrawals.

Martin Lee, a data journalist for Nansen, reports that USDC holdings on Binance have increased week over week. Lee tweeted on Tuesday, "Interesting to watch the number of USDC on Binance climb so much since the BUSD news." Lee went on to say that in the past week, USDC on Binance increased by $1.5 billion. Unless its market capitalization falls below DAI's $5 billion, the Paxos-managed stablecoin will remain the third largest stablecoin.

Once a major player in the top ten crypto assets by market capitalization, BUSD is dangerously close to falling out of the top 10 altogether. He said that, "considering that you can't trade using USDC" on Binance, he would have anticipated a greater growth in the supply of tether (USDT) than USDC.

The Nansen analyst also pointed out that the USDC balance in Binance's main wallet is at an all-time high of $1.8 billion today, the highest level seen in the past 90 days. A total of $1.821 billion USDC is stored in Binance's wallet as of 2:00 PM (ET) on February 21, 2023. Binance stopped supporting USD Coin (USDC) trading pairs on September 5, 2022, and converted all customer USDC holdings to BUSD. As of today, the quantity of BUSD that have been taken from circulation since Paxos said it will no longer mint BUSD stands at 3.55 billion, according to reports in the news.

Also Read: Binance News: Crypto Exchange Has Good News For TRON Users

Binance stores just over 100 million Tether (USDT) in the same wallet, however Nansen's portfolio viewer only displays ERC20-based balances. Tokens worth 5.34 million DAI and 79.24 million TUSD are also stored in the Binance wallet. Two weeks after Binance's decision, Wazirx followed suit by automatically converting USDC and other stablecoin balances to BUSD.

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Top Three Potential Gainers To Buy In 2023: Binance Coin, Shiba Inu, And Big Eyes Coin

Top Three Potential Gainers To Buy In 2023: Binance Coin, Shiba Inu, And Big Eyes Coin

by | Feb 26, 2023 | Altcoin, Altcoin News, Binance, BNB, Meme Coin, News, Shiba Inu

Keeping up with the ever-changing cryptocurrency market might make it difficult to determine which digital tokens are worthwhile investments. Anyone looking to diversify their holdings in cryptocurrencies before the end of 2022 may be unsure of which coins are now in demand. Believers in the power of cryptocurrencies are always on the lookout for ways to improve their holdings.

With the market's recent volatility, it's clear that you need to know everything there is to know about the token you're investing in if you want to see a profit. Depending on how the market evolves, these currencies may be worth considering an investment in. The majority of altcoins have seen price declines over the past year, but there is cause for hope: the performance of several projects is showing signs of improvement.

Binance

Binance Coin (BNB) is the original digital asset of the Binance blockchain and cryptocurrency exchange. It was developed in 2017 as a utility token for the Binance platform and can be used to cover the cost of trading, listing, and other services offered by the exchange. It's the fuel cost for the Binance smart chain. You can use it to make purchases on the Binance platform, in addition to its functionality as a token on the platform. Users of products that support BNB can make and receive payments with the cryptocurrency.

When used to buy things on the Binance platform, BNB can get you fee reductions, which is one of its key perks. In sum, Binance Coin is a prominent digital asset that enjoys high levels of adoption and recognition. Coins can be spent on a wide variety of services, including those related to banking, leisure, tourism, and more.

Shiba Inu (SHIB)

Once the Dogecoin blockchain split in August of 2020, a new cryptocurrency called Shiba Inu emerged. Since meme coins usually don't have a specific application, their value is contingent on the hype and allegiance of the community. The Shiba Inu dog breed inspired the term because of its unique appearance, which has made it a common meme target. Because to their distinct nature and identification with a specific trend, meme coins have seen significant growth over the past few years.

Also Read: Top 5 Upcoming Asian Cryptocurrency Projects

Apart than SHIB, you can put your money into Tamadoge, Meta Masters Guild, or Fight Out. These coins are garnering much-deserved attention because of their novel features and applications. While 2022 was a terrible year for all currencies, 2023 has been good for Shiba Inu (SHIB). Due to the restoration of regular trading venues, the value of cryptocurrency tokens has increased. That's why SHIB has been picking up steam for the past week.

Shiba Inu, like Dogecoin, is an open-source cryptocurrency that aims to be quick, inexpensive, and simple to use. They developed the Canine system so that their platform could provide access to specific DeFi features including staking, exchanging, and earning rewards. Its total quantity is 1 quadrillion (1,000,000,000,000) coins, and it relies on a consensus system based on proof-of-work.

Also Read: Shytoshi Kusama Reveales New Plans For Shibarium.

The Shiba Inu community is also expanding into the virtual world of the metaverse. In quick succession, it planned the WAGMI (we're all going to survive) church. Because of these recent changes, Shiba Inu is now a rare meme currency. It worked with the well-known Third Floor company to design a stunning, meditative virtual environment.

Big Eyes (BIG)

A meme coin called Big Eyes Coin has just been released with the intention of creating a crypto version of a cat cafe. In the world of crypto, the cat community will benefit from this endeavour. The presale for its token, BIG, is now on stage eight. The total sales of BIG have topped $13 million. It will promote the expansion of NFTs, which will benefit societies everywhere. Meme coins previously only catered to those who adored canines. Big Eyes is rewriting that history, though. Memes and newfound truths (NFTs) will be born out of this for cat people.

Some cryptocurrency backers are concerned that Big Eyes will replace PetCoin as the internet's favourite meme token. Making the world a better place, even if it's just one step at a time, is crucial for Big Eyes. Thus, it has a predetermined charity wallet in which to contribute to the betterment of the world, in particular the protection of our oceans.

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Binance has temporarily ceased operations of Terra Traditional (LUNC) Burns: Token Drops 12%

Binance has temporarily ceased operations of Terra Traditional (LUNC) Burns: Token Drops 12%

by | Jan 6, 2023 | Binance, Market News, News

Binance is a cryptocurrency exchange that is the largest in the world in terms of daily cryptocurrency trading volume. It was formed in 2017. Its headquarter is in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who previously built high frequency trading software. Binance was founded in China but relocated its headquarters soon before the Chinese government put limits on cryptocurrency trading.

Binance was investigated for money laundering and tax evasion by the US Department of Justice and the Internal Revenue Service in 2021. The UK's Financial Conduct Authority ordered Binance to discontinue all regulated activities in the UK by June 2021. Binance provided Russian authorities with client information, including names and addresses, in 2021.

Binance Suspends Terra Classic ($LUNC) Trading, LUNC Price Drops

Binance, the world's largest cryptocurrency exchange, has temporarily halted the burning of Terra Classic (LUNC) transaction fees until March 2023. The move follows the discussions around Proposals 10983 and 11111 to support the commodities pool. Furthermore, instead of 100%, the crypto exchange will burn 50% of LUNC spot and margin trading costs.

Binance Makes Terra Classic (LUNC) Burning Changes

Cryptocurrency exchange Binance announced on December 28 that it is changing its LUNC burn process to continue to help the Terra Classic community in limiting the LUNC token supply. Thus, Binance will burn 50% of the LUNC spot and margin trading fees instead of 100% with effect from December 28. Binance claims the decision follows recent developments linked to Proposals 10983 and 11111, in which LUNC burn is re-minted as a development fund.

Furthermore, until March 1,2023, the crypto exchange will postpone delivering Terra Classic (LUNC) trade fees to the burn address. It will restrict the re-issuance of LUNC trading fees unless the community approves crucial measures. Furthermore, Binance is in talks with the Terra Grants Foundation, lead by Terra Classic core developer Edward Kim, to implement the necessary adjustments.

It entails generating a new burn wallet to prevent LUNC token re-minting and whitelisting Binance's wallets to avoid tax when transferring between these wallets. Binance has stated that if the community does not make these modifications, the crypto exchange may discontinue the burn mechanism.

Terra Rebels was blamed by Validator LUNC DAO for entirely breaking its partnership with Binance. He proposes that the LUNC community meet the requirements in order to keep Binance's support. The community voted to cancel Proposal 10983, which would have restored 10% remint from the 0.2% burn tax and added it to the communal pool instead of 50% remint.

What are Binance's demands?

The exchange is in contact with the Terra Grants Foundation team in order to make certain improvements. Binance has requested the construction of a new burn wallet, according to the announcement.

The exchange will transmit the LUNC spot and margin trading costs to the new wallet, which will not enable the burn amount to be re-minted. The company has also requested that its wallets be whitelisted. It is done to avoid paying the transaction tax while transferring funds between these wallets.

Binance has halted delivering LUNC trading fee burn donations till March 1st. This will provide the project enough time to make the required improvements. However, if the adjustments are not implemented within the time limit specified, the exchange "will consider withholding the burn contribution in the future."

The price of LUNC has fallen by 12% in the last 24 hours. It is crucial to note, however, that the asset has recovered 47% since December 22nd. LUNC was trading at $0.00016568 at press time, up 1% in the previous hour.