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Bitcoin drops to $26K as the result of Binance whales selloff - CryptoSlate

On Friday, Binance, the largest crypto exchange, announced on Twitter that it would be proactively withdrawing from Canada.

We had high hopes for the rest of the Canadian blockchain industry, the company wrote in a tweet. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.

While Canada is a small market for crypto globally, its noteworthy as the one-time home of Changpeng Zhao, commonly known as CZ, the cofounder and CEO of Binance. Zhao moved to Vancouver, British Columbia, with his mother and sister from China in 1989 to join his father, who was enrolled in a doctoral program to study geophysics.

Binance joins a longer list of crypto companies that have chosen to leave Canada due to its regulatory environment, including Paxosthe former issuer of the Binance-branded stablecoin BUSDand the decentralized exchange dYdX.

The decision comes on the heels of February guidance issued by Canadas securities regulator to compel exchanges to register with the agencyfailure to meet preregistration requirements would mean an exchange can no longer operate. It is unclear whether this decree contributed to Binances decision. A spokesperson did not immediately respond to a request for comment.

Not every crypto company has chosen the same strategy. Binances competitor, the U.S. exchange Kraken, signed a pre-registration undertaking with the Ontario Securities Commission on March 30 as a step toward complying with the national guidance.

The Canadian Securities Administrators have laid out clear expectations of the rules they expect crypto trading platforms to follow, said MarkGreenberg, Krakens managing director for Canada, in a statement shared with Fortune. It is for individual companies to make informed decisions on whether they want to play by the stated rules of the game, or leave.

Binance has faced regulatory difficulties globally as it reckons with its heightened status following Novembers collapse of FTX, including investigations by U.S. agencies into money laundering violations. In March, the Commodity Futures Trading Commission sued Binance and Zhao, alleging the exchange was illegally offering services to U.S. customers, along with a raft of other charges.

On Thursday, The Information reported that Binance.USwhich the parent company claims operates independently of its international exchangewas exploring ways to reduce Zhaos stake in order to reduce additional scrutiny. Binance representatives maintain that the company has turned a new leaf from its early days in 2017when it rapidly grew into the worlds largest exchangeand has made efforts to come into compliance, such as hiring the former Department of Justice and Drug Enforcement Agency lawyer Noah Perlman as its chief compliance officer.

In its tweet on Friday, Binance expressed optimism that it would be able to return to Canada when the regulatory environment improves.

Read this article:

Binance to leave Canadathe one-time home of cofounder CZclaiming market conditions are no longer tenable - Fortune

Binance CEO Changpeng Zhao speaking at a press conference during Web Summit 2022.

Ben Mcshane | Sportsfile | Getty Images

Cryptocurrency exchange Binance halted bitcoin withdrawals for several hours on Monday, citing heavy volumes and a surge in processing fees, before clearing them at a higher cost.

Late on Sunday and again early on Monday the world's biggest crypto exchange shut bitcoin withdrawals saying there was a glut of pending transactions because it hadn't offered so-called miners a high enough reward to log the trades on the blockchain.

The halt pushed bitcoin lower though its losses were marginal, with the cryptocurrency last down about 1% to $28,162, its lowest in nearly a week.

"Our set fees did not anticipate the recent surge in (bitcoin) network gas fees," Binance said in a tweet. "We're replacing the pending bictoin withdrawal transactions with a higher fee so that they get picked up by mining pools."

Gas fees refer to payments made to crypto miners whose computing power processes transactions on the blockchain.

"If the withdrawal amount is large, the gas fee required to process the transaction may also be large, especially during times of high network congestion," Joshua Chu, group chief risk officer at blockchain technology group XBE, Coinllectibles and Marvion.

"We need more information as to what has led to the large withdrawals." After an hour-long stoppage late on Sunday and several hours on Monday, Binance said withdrawals resumed.

"To prevent a similar recurrence ... our fees have been adjusted." In a separate tweet Binance denied there had been large outflows from the platform.

In March, Binance hadsuspendeddeposits and withdrawals citing tech issues. Twenty-four hour trading volume on Binance was $6.9 billion according to analytics site CoinMarketCap, more than eight times the next-largest venue, Coinbase.

Excerpt from:

Binance lifts block on bitcoin withdrawals amid heavy volumes - CNBC

The FUD induced by false alarm of U.S. government selling its Bitcoin [BTC] holdings took a profound impact on the exchange token of the Binance[BNB] ecosystem as well. At one point, BNB plunged to $301, recording the biggest drop in nearly two months.

Is your portfolio green? Check theBNB Profit Calculator

The coin regained some lost ground as it reached $305 at the time of writing, still 1.98% down in the last 24 hours, as per CoinMarketCap.

What could possibly aid BNB on its way to normalcy was the new feature Binance unveiled to improve strategy trading on the platform.

Binance, the worlds largest cryptocurrency exchange, announced the launch of Trading Bots. This signaled a shift away from traditional trading strategies and towards automated trading.

Crypto trading bots are automated software that helps you buy and sell cryptocurrencies at the correct time.

Binance also listed out functions that will be released to users by June 2o23 as part of the implementation.

In addition, Binance said that the Rebalancing Bot account will be renamed as Trading Bots. Under Trading Bots new spot and futures grids could be created.

Furthermore, users will have the option of running futures grids through their Trading Bots account while trading on the same symbol through their futures account at the same time.

Moreover, users will earn hourly trading fee savings for the Trading Bots account when they use their BNB balances.

The announcement of the new trading feature catalyzed trading activity on the BNB Chain. After the dip recorded on 10 May, daily active users rebounded to a 5-week high in the last 24 hours.

The surge in the number of users boosted the number of transactions processed on the chain.

While increased network traffic was a matter of joy for BNB enthusiasts, the chains liquidity continued to tumble.

The total value locked (TVL) on the BNB Chain fell by more than 3% in the last 24 hours to $5.22 billion, extending its month-long winless streak.

How much are1,10,100 BNBs worth today?

The development activity on the chain remained tepid after recording a steep fall earlier in the week. This was a worrying sign as it indicated that future enhancements on the chain might be delayed.

Unsurprisingly, this impacted the sentiment of investors as they turned strongly bearish on BNB. However, the supply held by large addresses, which was stagnant until 10 May, showed an uptick in the last 24 hours.

Link:

Binance announces new feature to bolster trading as BNB continues to record losses - AMBCrypto News

Read U.TODAY on

Google News

Top crypto exchange Binance has made an important announcement as regards ETH Staking withdrawals.

The crypto exchange says that following feedback from the community, it will reduce the processing time for ETH Staking withdrawal requests to five days, starting from May 18 at 8:00 a.m. (UTC). This is a major reduction from the initial processing time required, which is 15 days.

To better meet the needs of users, Binance says it will actively work to further cut the processing time for ETH Staking withdrawal requests.

The Ethereum (ETH) network's Shapella upgrade, which enabled staked ETH withdrawals to take place on April 12, marking Ethereum's final transition to proof of stake (POS).

After a successful upgrade, Binance enabled Ethereum staking withdrawals, wherein ETH Staking participants would be able to redeem ETH with their BETH holdings on April 19.

Per the initial announcement, it will take 15 days to several weeks before users' ETH withdrawal requests can be fully processed.

Now, this is set to change as this time has now been reduced to five days. However, Binance maintains that the time required to fully process ETH Staking withdrawal requests would be determined by the overall amount of ETH withdrawals requested by participants and the Ethereum network and is, therefore, subject to change.

Binance, however, noted that there would be no further announcement on changes to the processing time for ETH Staking withdrawals, if required.

In late April, Binance rebranded ETH 2.0 Staking to ETH Staking and introduced Wrapped Beacon ETH (WBETH) on the ETH Staking service. WBETH represents a liquid staking token, where 1 WBETH represents 1 BETH, and the total staking rewards accrued by the BETH token on ETH Staking will allow users to participate in DeFi projects outside Binance.

Follow this link:

Binance Makes Important Announcement on Ethereum (ETH) Staking Withdrawals - U.Today