- Binance.US is ready to pull the plug on fiat deposits and withdrawals after banking partners suspended USD withdrawal support.
- Coinbase continued operating business as usual despite the US Securities and Exchange Commission’s lawsuit against the platform.
- XRP transactions crossed 1.16 million, hitting a key milestone for the community of holders.
The US financial regulator, the Securities and Exchange Commission’s (SEC) clampdown on exchange negatively influenced the crypto market and assets throughout the week. The SEC’s lawsuits against Binance and Coinbase resulted in several challenges for the platforms’ users.
Also read: Top 3 cryptocurrencies that outperformed Bitcoin, Ethereum this week: Terra LUNC, XRP and Lido DAO
Binance.US prepares to withdraw US Dollar deposits and withdrawals
After the US SEC waged a legal battle against the largest cryptocurrency exchange in the ecosystem, Binance.US faced mounting pressures from banking partners. Due to the lack of support for fiat deposits and withdrawals, the exchange notified its users of an upcoming pause of withdrawal channels as early as June 13.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US (@BinanceUS) June 9, 2023
The exchange continues to offer “crypto-only” deposits, withdrawals and trade for its users. The US-based crypto trading platform will also delist USD trading pairs starting next week, but it will continue to support stablecoin pairs.
Read more here.
Coinbase continues staking service and business as usual
Coinbase, the second-largest cryptocurrency exchange, has continued its staking service for users. After being hit by the SEC lawsuit, the exchange’s liquid staking platform observed a massive increase in withdrawals. Despite uncertainty among stakers and a decline in the volume of Ether staked with Coinbase, the exchange continues to power the staking service.
Find out more about this here.
XRP crosses key milestone, altcoin’s price sustains above $0.52 level
XRP was not listed as a “security” in the SEC’s lawsuit against Binance and Coinbase. The US financial regulator spared the asset from its list and this move garnered support from the XRP holder community.
XRP price sustained above the key level at $0.52 as the tumultuous events of the week unraveled and several other altcoins observed double-digit declines. Amidst the chaos, XRP crossed a key milestone and completed 1.16 million transactions, according to data from Messari.
The milestone is considered a bullish catalyst for the altcoin and is likely to support the altcoin’s upward trajectory next week. Read more about XRP here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.