- 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
Shiba Inu price stagnancy brings investors’ losses to a 28-month high
Shiba Inu has been rather dormant these past four weeks, which is bearing a negative impact on the investors. The meme coin market has been struggling to make headlines as the lack of increase in altcoin’s market value has left investors in peril, which is now driving them to pull back and wait until SHIB starts rising again.
LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier
Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants. However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.
THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range
THORChain is testing a crucial multi-month obstacle after a remarkable climb. The move has completed the altcoin’s recovery rally following the 15% fall of September 27. RUNE has outperformed the broader market, with Bitcoin and Ethereum recording only up to 3% in daily gains.
Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability
Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.