Global Crypto Companies Adapt to Shifting Regulatory Landscapes While Binance Faces Withdrawal Issues in Europe
Summary:
Binance users in Europe face issues with fiat withdrawals as Paysafe ends support. Coinbase and Circle realign as Centre Consortium shuts down, with Coinbase taking an equity stake in Circle. Shopify adds Solana Pay to accept USDC payments, while China launches a blockchain-powered data exchange with over 300 enterprises participating. Stay updated on the latest news in the world of blockchain and crypto with Crypto Biz.
Binance Users Experience Issues with Fiat Withdrawals in Europe as Paysafe Support Ends
Customers of Binance, a popular crypto exchange, are encountering difficulties with fiat withdrawals in Europe due to problems related to SEPA transfers. This news follows Binance's previous announcement that its euro banking partner, Paysafe Payment Solutions, would no longer support the exchange after September 25. Users will need to update their banking information and may be required to accept new terms and conditions to continue using SEPA services. Meanwhile, Binance.US has formed a partnership with MoonPay, a crypto payments firm, making Tether (USDT) its new "base asset" for all transactions in the United States. Binance.US had faced banking challenges in the country, resulting in disabled fiat deposits since June.
Coinbase and Circle Realign as Centre Consortium Shuts Down
Coinbase and Circle, two prominent crypto organizations, are redefining their relationship as the Centre Consortium dissolves. The move is prompted by the need for more regulatory clarity on stablecoins in the United States. Coinbase and Circle jointly launched the USD Coin (USDC) stablecoin in 2018 and have governed it through the Centre Consortium. With the consortium coming to an end, Circle will assume additional responsibilities, including holding smart contract keys and ensuring regulatory compliance, while Coinbase takes an equity stake in Circle. The organizations will continue to share interest revenue based on their holdings of the stablecoin. Additionally, USDC plans to expand its reach to other networks such as Polkadot, Optimism, Near, Arbitrum, and Cosmos.
Shopify to Accept USDC Payments with Solana
E-commerce giant Shopify is adding Solana Pay to its payment options, allowing millions of merchants to accept crypto transactions. The integration will begin with USD Coin (USDC) stablecoin payments. In the future, Solana plans to include other altcoins on the platform, including its native SOL token and the meme token Bonk. Shopify estimates that its platform accounts for 10% of all e-commerce transactions in the United States, equivalent to $444 billion of the global e-commerce market. Solana's network offers low transaction fees, averaging $0.00025 per transaction, compared to credit card fees ranging from 1.5% to 3.5%. In the previous epoch, Solana users paid an average transaction fee of 0.000009664 SOL.
China Launches Blockchain-Powered Data Exchange
Chinese government officials have introduced a new data exchange powered by blockchain technology, with participation from over 300 enterprises, including Alibaba Cloud and Huawei. The Hangzhou Data Exchange aims to facilitate the trading of enterprise information technology data, ensuring that exchanges are immutable and traceable. Despite clampdowns on private blockchain companies, China strongly supports government-controlled Web3 initiatives.
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Published At
8/25/2023 9:30:00 PM
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