Binance to Delist Privacy Tokens in Europe
Binance, a major cryptocurrency exchange, is set to delist privacy tokens in several European countries including France and Italy. From June 26, customers in France, Italy, Poland, and Spain will no longer be able to trade privacy tokens such as Monero and Zcash on the platform. A total of 12 coins will be affected by the new restrictions, including Decred, Dash, and Verge. Binance stated that it is required to comply with local laws and regulations regarding the trading of privacy coins. The exchange has reached out to affected users to notify them of the upcoming changes.
Binance Has Initiated Layoffs, With Market Rumors Suggesting a Reduction of Approximately 20% in June
According to relevant sources, Binance has initiated layoffs, but the exact proportion is not yet determined. Binance has a total of about 8,000 employees and the compensation plan will be formulated based on different situations in various regions. There are rumors in the market that the layoff proportion in June is about 20%, but as of the time of writing, Binance has not responded to this. It is understood that a few departments of Binance are still recruiting. This layoff may be related to the overall poor market conditions and the significant expansion of Binance's workforce in the past.
Binance Supports Optimism (OP) Network Upgrade and Hard Fork
Binance has announced that it will support the Optimism (OP) network upgrade and hard fork. To facilitate the upgrade, Binance will temporarily suspend OP token deposits and withdrawals on June 6, 2023, at 11:30 PM (GMT+8). The network upgrade and hard fork are set to take place on June 7, 2023, at 12:00 AM (GMT+8).
Binance Adds New TUSD Trading Pairs As Volume of ADA and LTC Increases
Binance has announced that TrueUSD (TUSD) will have three new trading pairs on the exchange, including Litecoin (LTC), Cardano (ADA), and Binance USD (BUSD).
Binance Considers Letting Institutional Clients Keep Trading Collateral at Banks: Report
Binance, the world's largest cryptocurrency exchange, is reportedly considering a proposal to allow some institutional clients to keep their trading collateral at a bank instead of with the exchange. The proposal would enable clients to use bank deposits as collateral for margin trading in spot and derivatives. The exchange has reportedly spoken to some of its professional customers about the setup, with Swiss-based FlowBank and Lichtenstein-based Bank Frick mentioned as potential intermediaries. The move comes as crypto exchanges face increased scrutiny from regulators, with concerns raised about the commingling of various functions and potential risks for investors.
Binance to Launch Specialized Platform for Japanese Users to Comply with Local Regulations
Binance is creating a specialized local platform for Japanese users of its international crypto exchange to comply with local regulations. The new platform will be available this summer and will only support 30 crypto trading pairs, compared to the 600 available on the main branch. Japanese users will gradually lose access to spot trading services until November 30, after which they can fully access the local Japanese platform. Binance's Japanese entity is licensed by the Japan Financial Services Agency and will be the company's first compliant entity in East Asia.
Binance Reopens TORN Deposits Following Tornado Cash DAO Attack
Binance has reopened TORN deposits via the Ethereum network and Binance's own BNB Smart Chain following the recent attack on Tornado Cash DAO. The exchange suspended deposits on May 21 but has now resumed them after the proposal to restore the state of governance in the TORN DAO was passed and executed. Binance has also decided to move Tornado Cash into the Innovation Zone by May 30, which will closely monitor the project's developments. The recent hack on Tornado Cash DAO saw an attacker take control of the DAO and withdraw and sell 10,000 votes as TORN, maliciously minting over 1 million TORN tokens valued at over $4 million.
Binance Adds Cardano and Litecoin Trading Pairs Against TUSD, Offers Zero Maker Fees
Binance, the biggest cryptocurrency exchange globally, has included trading pairs for Cardano (ADA) and Litecoin (LTC) against TUSD stablecoin. The exchange will offer zero maker fees for the ADA/TUSD and LTC/TUSD spot and margin trading pairs to attract traders and increase liquidity. Positive developments such as whale accumulation and advancements in core developments, wallets, and ledger for Cardano, and the upcoming halving event for Litecoin are expected to boost ADA and LTC prices. Binance has also added support for Cardano and Litecoin on its debit card, allowing users to spend their ADA and LTC at over 60 million merchants worldwide.
Bitcoin Futures Volume Continues to Diminish, Most Contracts Closed at Binance
The volume of Bitcoin futures contracts traded in the last 24 hours, which is crucial to understanding the market, has decreased to its second lowest point this year at 767,000 BTC, worth around $20 billion. Binance is currently holding the majority of futures volume contracts, although its overall share is gradually decreasing. In the past 24 hours, around $10 billion less of futures volume was traded, with most contracts closed at Binance. CryptoSlate's latest market report examines the history of US debt and the potential impact of a default on the crypto market.
Binance Australia's Bitcoin Prices Drop Amidst Crypto Cash Out Rush and Impending Service Suspension
Binance Australia is currently selling one Bitcoin for approximately $22,000 in Australian dollars, which is significantly lower than the global rate. Traders are rushing to liquidate their crypto assets back into AUD before local bank withdrawal services become inaccessible within days. Binance Australia has announced the suspension of AUD services due to a decision made by the exchange's third-party payment provider, causing a drop in Bitcoin's trading value. The exchange is actively searching for alternative providers to resume offering AUD deposit and withdrawal services, while also warning users of the inherent trading risks.
