Coming into the new week, we explore the recent happenings in the cryptocurrency sphere.
Binance.US Suspends USD Deposits
Amid ongoing challenges and regulatory developments, Binance.US, the esteemed branch of the world’s leading cryptocurrency exchange, has officially declared the temporary suspension of U.S. dollar deposits on its platform.
Furthermore, as a move to enhance customer protection, Binance.US will be temporarily halting its Fiat (USD) withdrawal channels starting June 13. This step has been prompted by “extremely aggressive and intimidating tactics” from SEC.
Vitalik Buterin Donates $10 Million to Covid Relief Funds
Ethereum co-creator, Vitalik Buterin has announced his contribution of $10 million to CryptoRelief, a coronavirus prevention initiative focused in India. The donations will be dedicated to improving indoor air quality and conducting research to combat the long-term effects of COVID-19.
Led by Polygon co-founder Sandeep Nailwal, CryptoRelief will add $90 million in USDC to the donation pool. These funds were generated from the sales of shiba inu tokens sent to them by Buterin in early 2021.
Meta Unveils New Consumer AI Tools
Facebook and Instagram Parent Company, Meta has internally unveiled several AI features that will be offered on its platform as reported by several sources over the weekend.
Smart help AI tools that allow for smart input of texts chatbot assistants and Facebook utility tools are among few AI tools set to be unveiled soon.
Scammers Steal Nearly $1M After Hijacking 8+ Prominent Crypto Twitter Accounts
In recent days, scammers have hijacked more than eight Twitter accounts belonging to prominent figures in the crypto space. The affected accounts have been used to promote phishing scams among a host of other crypto scams.
These accounts belonged to prominent crypto figures like NFT collector, Steve Aoki and Bitcoin Magazine editor, Pete Rizzo, and almost $1 Million worth of crypto currency has been stolen so far according to Blockchain data.
Binance Witnesses Over $2billion Outflow Amid Legal Battles
According to Nansen, there has been a net outflow of $2.36 billion from Binance over the past seven days, along with $123.7 million flowing out of Binance.US. Some analysts believe that the outflows reflect a loss of investor confidence and a desire to minimize counterparty risks amidst the SEC allegations.
Binance CEO Changpeng Zhao recently addressed these recent outflows of billions of dollars from the exchange, saying it is normal and healthy for the market. He also denied any connection to the FTX collapse
Biggest Russian Bank Offer Crypto Trading Services
Sberbank has received a license from the Bank of Russia to issue and exchange digital assets, making it the first major bank in the country to offer crypto trading
services to its customers. This is a huge milestone for the crypto industry and a testament to Sberbank’s innovation and vision.
Sberbank is opening up new possibilities and opportunities for its clients, especially in light of the sanctions that have limited some forex transfers in Russia.
Legislator Invites Coinbase to Establish In Hongkong
A local Legislator has invited global cryptocurrency exchanges like US-based Coinbase to set up operations in Hong Kong.
Johnny Ng, a member of Hong Kong’s legislative council and China’s advisory body, tweeted on Saturday calling on Coinbase and other exchanges to contact him for support in setting up in the country.