Binance Will Stop Euro Trading Services for Paysafe Users on September 28. Users Are Advised to Convert Their Euro Balances to USDT or Withdraw Funds to Bank Accounts
September 28th, Binance announced that Paysafe Payment Solutions Limited (Paysafe) has unilaterally decided to stop processing Euro deposits for Binance users and advises Paysafe users to take appropriate action in advance. Paysafe users can convert their Euro balance in their Binance account to USDT before 8:00 on October 31, 2023.
Binance, the world's largest cryptocurrency exchange, has seen a decline in market share this year, dropping from 75% at the end of 2021 to under 51% in September 2022. This decline comes as Binance faces regulatory hurdles, including lawsuits from the SEC and CFTC in the US and an investigation in France. Other global rivals, such as Huobi and Upbit, have gained traction and market share as Binance's share has declined. Trading volumes across all exchanges have also decreased, with investors and traders increasingly seeking out licensed exchanges or decentralized trading venues.
According to data, at 04:42 today Beijing time, 10,682,836 MATIC (worth about $5,507,079) was transferred from an unknown wallet to Binance.
September 27th, Coinbase executive Conor Grogan posted on social media that Binance destroyed about $524 million worth of BETH after it announced the creation of over $500 million worth of WBETH on its trading platform last weekend.
DefiLlama data, Binance's total locked value (TVL) for Ethereum in their liquidity pool has reached $1.2 billion. In April of this year, Binance launched an upgraded version of BETH called WBETH, which is a liquidity staking derivative that allows investors to use tokens to lend and borrow on decentralized finance (DeFi) protocols outside of Binance, while also earning staking rewards. When users stake ETH by locking it in Binance, they receive derivative tokens that represent their staked assets. According to 21Shares' Dune dashboard, Binance has 1.2 million staked ETH, making them one of the largest participants in the Ethereum staking network, second only to Lido Finance and Coinbase.
Over the weekend, Binance's liquid staking ether experienced a sudden influx of $500 million, bringing its total locked value to $1.2 billion. This was due to the minting of 318,180 wrapped Binance ETH derivative tokens, worth $502 million, in five $100 million installments. These tokens were then sent to a cold wallet labeled as "Binance 8". This movement was part of Binance's plan to gradually convert the original Binance-issued staked ether (BETH) tokens to WBETH, an upgraded version of BETH that allows investors to use the tokens for borrowing and lending on decentralized finance protocols.
Binance Japan and Mitsubishi UFJ Trust and Banking Corporation collaborate on developing stablecoins for Web3 adoption in Japan
Binance's Japan unit is collaborating with Mitsubishi UFJ Trust and Banking Corporation (MUTB) to develop stablecoins that comply with local laws. The joint study aims to issue stablecoins pegged to sovereign currencies like the yen to drive Web3 adoption in Japan. The companies hope to start relevant operations by the end of next year, subject to regulatory approvals. MUTB's Progmat platform could help mitigate risks associated with stablecoins, and Binance Japan intends to use it to issue stablecoins on multiple blockchains.
Despite its ongoing legal battle with the SEC, Binance is looking to expand its presence in the overseas market by partnering with Mitsubishi UFJ Financial Group to launch stablecoins denominated in USD, EUR, and Japanese Yen in Japan's growing crypto industry by 2024. Japan recently passed a law allowing licensed companies to issue stablecoins, with MUFG engaging in discussions with various entities about using its blockchain platform to create stablecoins linked to foreign currencies.
DWF Labs Withdrew Approximately 300,000 FRONT From Binance, and the Total Holdings Increased to 700,000
September 26th, Lookonchain monitoring shows that DWF Labs withdrew 299,092 FRONT coins (approximately $127,000) from Binance 4 hours ago and currently holds 699,192 FRONT coins (approximately $300,000).
Binance announced on X platform that it has reopened registration and access in Belgium for users to use Binance's products and services. Previously in June, the Belgian market regulator, the Financial Services and Markets Authority (FSMA), ordered Binance to immediately stop providing services to local customers.