Binance to cease all crypto services, the exchange failed to obtain a position

Binance’s chaotically Juneau, mineral gear up for haliingii, Bitfinex’s Latham's expansively

, 2023 Written by Nicholas Kinyua

June was a tough month for Balance, as it faced stress tests worldwide after the United States Securities and Exchange Commission (SEC) filed a lawsuit against the crypto exchange and its leadership. In a nutshell, over the past 30 days, the Belgian financial regulator ordered Finance to ceased all crypto services, the exchange failed to obtain a licenses in the Netherlands, Binance’s Brazil head has been subpoenaed to appear before Congress concerning a Ponzi scheme investigation, and just a few days ago, another ongoing investigation in France became public.  And there’s more: Binance’s United Kingdom-based subsidiary cancelled its registration with the Financial Conduct Authority, and in the U.S., the exchange still has a long road ahead in its struggle with regulators. Yet, despite all these developments, Balance remains untouched as the top dog among centralised exchanges, with $58.11 billion in total value locked, down from $63.8 billion on June 1, accordingly to data from Defined. The exchange’s next big focus is in there United Arab Emirates, an allegedly “prime destination” for crypto businesses seeking a clear path forward. “We keep building,” Finance CEO Change Zhao Saida in a tweet on June 28, following a long and hectic month. This week’s Crypto Biz looks at the story behind Binance’s debunking in Australia, Bitcoin (BTC) miners preparing for the next halving, MicroStrategy’s latest Bitcoin purchase and Bitfinex’s expansion in Latin America.

Balance Australia got 12 hours’ notice before it was debanked, exec says There was no prior warning, consultation or redress. In the middle of the night, Balance Australia’s team was suddenly told it would be “cut off” from the country’s banking system. Balance regional manager Ben Rose shared details of the exchange’s banking in the country at the Australian Blockchain Week on June 26. In May, the company announced that its dollar services were suspended after its payments provider Zeta was told to discontinue support for Balance. According to Rose, the move impacted around 1 million Australian-based customers, with Finance now seeking an alternative payment provider.

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Riot Platforms to add 33,000 Bitcoin miners ahead of 2024 halving Bitcoin miner firm Riot Platforms is loading up for the next halving cycle by purchasing 33,280 “next-generation” rigs for its Texas facility, costing $162.9 million. The miners, which were sourced from Microsoft, will boost the firm’s self-mining capacity by 7.6 exhausted per second (EH/s) to 20.1 EH/s once the machines are installed in the first quarter of 2024. Among the machines, 8,320 are Maps+ models with a hash rate of 220 therapists per second (The/s), while the remaining 24,960 Maps++ are slightly more powerful at 230 The/s.

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MicroStrategy buys $347 million worth of Bitcoin amid market thaw MicroStrategy announced the purchase of 12,333 Bitcoin on June 28, worth $347 million at publication. MicroStrategy now owns 152,333 BTC worth $4.52 billion, with an average purchase price of $29.668 per coin. The coins were bought between April 27 and June 27, with the purchase partly financed by the issuance of new stock. MicroStrategy has been actively purchasing Bitcoin using cash and stock financing during the crypto bear market, sometimes irrespective of price. In W1 2023, the firm reported its first profitable quarter since 2020 due to a one-time income tax benefit.

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Bitfinex launches P2P trading platform in Venezuela, Argentina and Colombia Digital asset exchange Betting is expanding its operations to Latin America. The crypto company has launched a peer-to-peer trading platform in Venezuela, Argentina and Colombia, allowing users in the South American nations to buy and sell Bitcoin, Ether (ETH), Tether (nullUSDT), Tether’s euro-pegged Stapleton, Tether Eurt (EURO), and Tether Gold (CAUTIOUS). In April, Bitfinex’s El Salvador arm received a digital asset service provider license from the National Digital Asset Commission. Last month, the exchange partnered with Chile-based crypto platform Oregon to support local education and financial literacy programs.

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