Weekly Roundup: Binance.US halts fiat services, Coinbase does business as usual, XRP hits key milestone
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
