updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Binance.US, the US-based arm of the world’s largest crypto exchange Binance, on Friday said it will remove and cease crypto trading for selected USD Advanced Trading pairs. The move comes as the US-based crypto exchange shifts to a “crypto-only exchange,” supporting only trading against other cryptocurrencies and stablecoins pairs.
Crypto exchange Binance.US in an official announcement on July 14 said it will permanently remove and cease trading for several cryptocurrencies against USD advanced trading pairs. These are Bitcoin, Ethereum, BNB, Litecoin, Polygon MATIC, Cardano, Solana, VeChain, and USDC stablecoin.
The impacted Advanced Trading pairs are ADA/USD, BNB/USD, BTC/USD, ETH/USD, LTC/USD, MATIC/USD, SOL/USD, USDC/USD, VET/USD.
Trading for these cryptocurrencies with USD Advanced Trading pairs will end on July 13 at 8 p.m. PDT / 11 p.m. EDT. While the USDC/USD pair is removed, trading for USD remains available on the USDT/USD Advanced Trading pair.
Moreover, users can continue to trade over 150 cryptocurrencies on the Advanced Trading interface in the USDT pairs. It adds that some cryptocurrencies may also support BTC, BUSD, DAI, or TUSD trading.
“We recommend that you carefully review your trades and execute or cancel open orders on impacted Advanced Trading pairs before they are removed from Binance.US.”
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BinanceUS facing many challenges in the U.S. including losing banking partners and money makers. While users can continue to buy, sell, and convert crypto with USD as well as use USD to buy and sell 21 cryptocurrencies, it warned that the remaining partners may terminate USD withdrawal services in the future.
On June 23, BinanceUS worked with its banking partners to resolve all delayed USD withdrawal requests. The crypto exchange will complete most USD withdrawal requests within the normal timeframe of 5 business days or less.
Also Read: BinanceUS, Crypto.com Joins Coinbase and Others To Relist XRP, Price Up 87%
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrencies on Binance’s US-based crypto exchange Binance.US trade at a discount, what the crypto community calls a “crypto depeg”. Top cryptocurrencies Bitcoin and Ethereum are trading at $27,500 and $1700 respectively, a discount of $3000 and $200 from global spot prices.
Meanwhile, USDT remains depeg to USD at $0.91 following the US SEC lawsuit and USD deposits and withdrawals suspension. Other altcoins are also available at a discount on the crypto exchange.
BTC and ETH prices jumped 2% on Binance.US as traders move to take an arbitrage opportunity, which means buying at low prices and selling at higher prices on another exchange. While it seems a better arbitrage opportunity, it can only be used by people having USD on Binance.US as deposits remain suspended for nearly a month.
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The crypto community has raised concerns over the future of Binance.US as most executives are exiting the crypto exchange.
Veteran trader Peter Brandt also noted the USDT depeg on Binance.US, blaming Binance CEO “CZ” and referring to it as the “scam of the decade.” He said the same exchange approved BTC sell orders at $8000 when it was trading at $60,000 on other crypto exchanges. He believes the community needs to question CZ about this.
The bubble is popping. Amazing that #cryptonerds who verbally debase $USD hold assets via $USDT via @cz_binance scam of the decade pic.twitter.com/z0H6gspLeo
— Peter Brandt (@PeterLBrandt) July 10, 2023
Adam Cochran also warned the community about trading on Binance.US and criticized Binance CEO “CZ” for market uncertainty as the US DOJ prepares to bring action against the exchange.
“All you Binance simps that believe CZ is a god who would never let you down, can deposit into Binance US and get cheap coins any time you want.”
In addition, the crypto market currently facing liquidity issues with investors continuing to hold and balance on exchanges hit lows. Global exchanges such as Binance and Coinbase are using several strategies and promotions to increase liquidity in the market. The last date for USD withdrawals on Binance.US is July 20.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The US Securities and Exchange Commission (SEC) started by suing Binance, and its US affiliate that operates Binance.US before casting the net wider to include Coinbase. The SEC filed a lawsuit against accusing Binance, its American firm Binance.US, and CEO Changpeng “CZ” Zhao of breaking federal securities laws Monday. It then filed a lawsuit against Coinbase on Tuesday for allegedly selling unregistered securities to the general public.
The SEC lawsuit has spurred panic among investors especially since the SEC argues that several crypto assets listed on the exchanges are securities rather than digital assets. The tokens identified as securities have registered a significant price decline with Binance’s BNB, Polygon’s MATIC, and Cardano’s ADA experiencing the most drops.
According to data from blockchain analytics companies Nansen and Glassnode, Binance, Binance.US, and Coinbase experienced a net outflow of $3.1 billion through the Ethereum network and $864 million in bitcoin (BTC) between Monday and Thursday.
Despite the regulatory difficulties, the exchanges processed the withdrawals promptly throughout the week and no delays have been reported so far.
According to Nansen data, Binance, the biggest cryptocurrency exchange in the world by trading volume, observed a net outflow of $2 billion on the Ethereum blockchain in just four days. This sum includes all Ethereum-based tokens including ETH. According to Glassnode’s data, BTC withdrawals were higher than deposits by about 31,868 BTC ($838 million).
Binance saw a sizeable net outflow on Wednesday of 13,953 BTC, the largest daily drawdown since December, when a faulty reserve report and the collapse of a rival exchange, FTX, undermined investor confidence.
Although the outflows seen this week were sizable, according to Binance’s crypto wallets, they only account for about 5% of all the assets held on the exchange.
According to Nansen, Binance.US saw net outflows of $75 million from the Ethereum network. The exchange is not tracked by Glassnode, so it is difficult to track the BTC outflows. It has however been met with the full wrath of the SEC, which has sought orders to freeze all .Binance.US assets.
For Coinbase, the Ethereum network saw a net outflow of $1 billion from Monday through Thursday according to Nansen. According to Glassnode’s data, Coinbase saw $25 million worth of Bitcoin outflows.Binance
Ongoing regulatory pressure has created a difficult working terrain for the banking partners of Binance.US.
Binance.US has told its customers that they may not be able to buy crypto with their US dollars from June 13. The Thursday announcement follows after the Securities and Exchange Commission (SEC) filed a lawsuit against the exchange and its founder Changpeng Zhao (CZ) on Monday.
SEC insists that Binance had violated the country’s securities laws. The exchange, on the other hand, says the regulator is only leveling “unjustified civil claims” against its business.
The official announcement reads in part:
“Today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.”
As it stands, the SEC is looking to freeze Binance.US’ assets. Interestingly, however, the regulator has also considered customers and asked the court to approve a temporary restraining order. This is to allow the exchange to continue processing withdrawal requests in the meantime.
Despite this, the regulatory pressure has created a difficult working terrain for the banking partners of Binance.US. Hence, the reason the so-called banking partners “signalled their intent to pause USD fiat channels”, from as early as next week.
Nonetheless, Binance has encouraged its customers to take appropriate action with their USD. It also assures them that their funds are safe. That is, even if they are unable to withdraw their money by the due date, they could still convert it to a stablecoin such as Tether (USDT), and then withdraw that. Thereafter, they may then convert the stablecoin back to dollars elsewhere.
The exchange said it had preemptively disabled customers’ ability to buy and deposit US dollars.
The proactive measures taken by Binance.US to stop customers from buying and depositing US dollars may have positioned it as a crypto-only exchange. But that may be only until its case with the SEC is cleared up.
Presently, however, Binance.US has taken other measures to ensure that its US-focused platform continues functioning even without the banks. To this end, the exchange has also announced the de-listing of ten different trading pairs in light of the ongoing lawsuit.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.