2023-10-20 21:20

In an effort to fortify its presence in Europe, Binance has entered into strategic partnerships with numerous fiat service providers. This move aims to provide a comprehensive range of Euro (EUR) services to its European users, despite ongoing regulatory challenges. The collaborations are intended to enhance user accessibility and streamline crypto transactions. The newly integrated services include EUR deposit and withdrawal options via innovative platforms such as Open Banking and SEPA/SEPA Instant. These partnerships align with Binance's vision of global financial empowerment, simplifying crypto adoption and expanding access to Web3 ecosystems. The platform has also introduced EUR spot pairs to amplify trading opportunities and bolster liquidity. Among the regulated fiat partners Binance has teamed up with are TrueLayer and Nuvei. These partnerships enable EUR payments, deposits, withdrawals, and crypto transactions via the Open Banking and SEPA/SEPA Instant systems. These moves are seen as pivotal for global digital asset adoption. This strategic shift comes after Paysafe, Binance’s former euro service provider, discontinued its support. This resulted in withdrawal issues for some users. Following a strategic review, Paysafe ceased its embedded wallet for Binance’s EU customers and discontinued British pound support for new users. In May 2023, amidst legal inquiries from various countries, Binance suspended GBP deposits and withdrawals until a new banking partner was secured. Furthermore, due to licensing issues, Binance ceased operations in Germany, Netherlands, and Cyprus, reducing its European footprint. These changes occurred alongside the departure of the CEO of Bifinity UAB, a Binance subsidiary in Lithuania focusing on fiat payments. To further enhance user experience amidst these changes, the platform has introduced bank card transactions. https://www.investing.com/news/cryptocurrency-news/binance-strengthens-european-operations-with-strategic-alliances-amid-regulatory-hurdles-93CH-3204795

2023-10-20 20:57

Ethereum [ETH] saw a 2% price drop on Friday, slipping below the $1,600 threshold and trading at $1,549.76 with a market cap exceeding $186 billion. This decrease followed an October 16 pump and subsequent price correction. Despite this recent slip, analysts suggest that Ethereum may be on the brink of a bull rally. Crypto analyst Mag pointed out that Ethereum is at a pivotal point, and if it manages to maintain above its long-term support trendline, it could trigger a significant value surge. The ETH/BTC pair reached a 0.055 target while testing the long-term trendline support zone, lending weight to this prediction. Data from CryptoQuant shows high net deposits on exchanges and dominant selling sentiment in the derivatives market, indicating heightened selling pressure for ETH. However, data from Santiment reveals that Ethereum's supply outside exchanges has surpassed its supply on exchanges, suggesting increased token accumulation. In other developments related to Ethereum, Binance announced routine wallet maintenance scheduled for October 24, 2023, at 7:00 a.m. UTC. This will briefly halt deposits and withdrawals on the Ethereum network, while trading activities will continue without interruption. A similar maintenance was carried out on the Tron network earlier in the week. Furthermore, Ethereum is seeing record accumulation by whale addresses holding over one million ETH. These addresses now control 32.3% of the total ETH supply - a first since July 16. Additionally, October 16 marked a significant day for Ethereum as transactions exceeding $1 million recorded their second highest frequency within a month. https://www.investing.com/news/cryptocurrency-news/ethereum-price-slips-amid-signs-of-potential-rally-93CH-3204790

2023-10-20 20:01

Copyrighted Image by: Reuters Binance, a leading cryptocurrency exchange, announced on Friday that it will discontinue its Visa (NYSE:V) debit card services across the European Economic Area (EEA) from December 20, 2023. This move is expected to impact approximately 1% of Binance's global user base, including users in about 40 European countries such as Austria, The Netherlands, Cyprus, Germany, France, Italy, Spain, and Poland. The Visa debit cards, issued by Contis Financial Services under Solaris Group, allowed crypto conversion into local currencies for transactions across EEA's 27 EU countries plus Iceland, Liechtenstein, and Norway. Since their launch in September 2020, there were plans to extend these services to Russia and the US. The discontinuation also affects the Ukrainian Refugee Crypto Cards program for verified refugees. Despite this change, the company assures that European users' main accounts will remain unaffected. Transactions can continue via the Binance Pay app, albeit with less acceptance than the Visa cards that had support from 60 million global merchants. Users are allowed to order replacement cards until December 6 and cashback rewards will continue. This decision follows a series of challenges faced by Binance. The company experienced a suspension of euro transactions after Paysafe's withdrawal and ongoing restrictions on new UK user registrations due to the loss of a third-party service provider. In addition, Binance.US suspended US dollar deposits in June with warnings about potential withdrawal suspensions. Nevertheless, recent developments have provided some relief to US users. A partnership with MoonPay now enables them to purchase Tether (USDT) on the platform and a workaround for dollar withdrawals via stablecoin conversion has been provided. However, regulatory scrutiny has led to Mastercard (NYSE:MA) ending its partnership with Binance in Argentina, Brazil, Colombia, and Bahrain in September 2023. The company has also limited card services in Latin America and the Middle East. https://www.investing.com/news/cryptocurrency-news/binance-to-halt-visa-debit-card-services-in-eea-from-december-93CH-3204733

2023-10-20 19:59

Copyrighted Image by: Reuters. The global cryptocurrency market saw a significant surge on Friday, buoyed by optimism surrounding potential Bitcoin ETF approvals and comments from Federal Reserve Chair Jerome Powell indicating no imminent rate hikes. Bitcoin, the largest cryptocurrency by market capitalization, rose by 3.33% to trade at $29,215.25. Its one-day trading volume and market cap increased by 24.88% and 3.31% respectively. This surge in Bitcoin's price contributed to its dominance in the global crypto market, which stood at 51.47%. Ethereum, the second-largest cryptocurrency, gained 2.23% and was trading at $1,584.31. The volume of Ethereum traded over the past 24 hours rose by 10.73%. Other major cryptocurrencies such as XRP and Solana also experienced growth, with increases of 7.05% and 9.81% respectively. In the realm of meme coins, Dogecoin, Shiba Inu, and Pepe Coin saw increases of 2.11%, 3.07%, and 2.66% respectively. However, not all cryptocurrencies experienced gains; ApeCoin (APE) dropped by 2.94%. The total global crypto market capitalization surged by 2.97% to reach $1.11 trillion, while the global crypto market volume soared by 3.77%. Despite these notable gains, the overall market sentiment remained neutral with a fear & greed index reading of 49. In addition to the major cryptocurrencies, some altcoins also recorded significant gains on Friday. Bitcoin SV (BSV) rose by an impressive 26%, while Stacks (STX) increased by 13%. These movements in the crypto market highlight the impact of external factors such as regulatory developments and macroeconomic statements on digital asset prices. The market's reaction to Powell's comments and the anticipation of Bitcoin ETF approvals underscore the sensitivity of crypto prices to these influences. https://www.investing.com/news/cryptocurrency-news/crypto-market-surges-on-bitcoin-etf-optimism-and-powells-noratehike-stance-93CH-3204731

2023-10-20 19:58

BitPay, a leading cryptocurrency payment processor, has expanded the use of XRP tokens for the payment of air travel and luxury car purchases. The announcement, made on Friday, has sparked excitement among digital asset investors. The new development enables XRP holders to utilize their tokens to pay for AirX's bespoke services. AirX, a renowned private jet operator, now accepts BitPay as a payment method for customers booking private jets. The move is seen as a significant step in recognizing XRP as a currency, rather than merely a bridge asset for CBDCs (Central Bank Digital Currencies). Luke Thomas, an American XRP enthusiast, expressed his pleasure at the growing recognition of XRP as a legitimate currency. "This is a big win for XRP and its holders," Thomas said. In addition to air travel, BitPay's announcement also extends to the luxury car market. Ferrari (NYSE:RACE) now accepts XRP for purchases, as reported by Crypto Basic. This adds to the increasing number of services and products that can be paid for with XRP in the United States, including electricity and broadband bills and mortgages. While BitPay's announcement specifically highlighted XRP, it was suggested that other cryptocurrencies supported by BitPay might also be accepted for private jet bookings with AirX in the future. This expansion of XRP usage is seen as a positive development for cryptocurrency adoption more broadly. As more industries accept digital currencies for payment, it suggests a growing trend towards mainstream acceptance of cryptocurrencies. https://www.investing.com/news/cryptocurrency-news/xrp-acceptance-expands-to-air-travel-and-luxury-car-purchases-93CH-3204723

2023-10-20 19:57

Copyrighted Image by: Reuters. Legal expert Fred Rispoli has projected a potential settlement between Ripple and the Securities and Exchange Commission (SEC) following the recent dismissal of charges against Ripple's top executives. The ongoing discussions surrounding settlement amounts are reportedly taking place among the lawyers representing both parties. Rispoli offered two possible reasons for the SEC's decision to drop charges: a recognition of its weak case or a loss of credibility in court. In the event that the case is deemed weak, an extended briefing during the remedies phase and an appeal of the July 13 summary judgment could follow. However, if the SEC's credibility is at stake, a settlement may be on the horizon. Despite settlement discussions having been ongoing since the inception of the lawsuit, no agreement has been reached to date. The court has suggested three potential dates for a settlement conference, but no updates have been made public yet. The SEC has suffered three losses since July, which may indicate a leaning toward a settlement. While retaining the option to appeal to the Second Circuit following the remedies phase, a loss could potentially set a precedent impacting its future cryptocurrency enforcement agenda. https://www.investing.com/news/cryptocurrency-news/ripplesec-settlement-prospects-rise-following-dismissal-of-charges-93CH-3204736