- UK's TSB is looking to block British customers from sending and receiving money to Binance.
- Security issues with e-wallets make it possible for hackers to easily steal money.
- The largest exchange for crypto across the world says it is making the necessary changes.
UK bank TSB announced the possible block on money flows to and from Binance. The crypto exchange's founder Changpeng Zhao already said Binance is addressing the security issues and we seek to stop the ban.
The bigger they get….
Zhao probably did not think he would ever have to tackle security issues with his platform when he founded Binance in 2017. The exchange quickly became the largest trading venue for crypto where users could set up an e-wallet, fund their wallet with native currencies, and trade those for stakes in Bitcoin, Ethereum and other well-known cryptocurrencies and assets.
However, there are now clouds hanging over Binance as TSB is looking to ban the service by blocking the possibility for British people to send and receive British pounds from the exchange. It would mean that just shy of 5 million users would suddenly be unable to use their Binance e-wallets
The restrictions come after a flood of complaints from more than 800 users who had been hacked or scammed and had lost most of their money. Binance says it will address the necessary security issues and is making improvements.
Binance Coin price under pressure
Binance Coin price is holding up quite nicely for now, however, although negative news is hanging over the exchange in general. By holding BNB on the exchange, traders can reduce their trading fees.
If you trade USD/BTC for example against BNB/BTC, you save 25% on trading fees when using the Binance Coin. This way the coin safeguards its value since it is used for buying and selling a number of other cryptocurrencies.
Binance Coin 12-hour chart
From a technical play, we see a consolidation forming. Seeing as the 55-day versus the 200-day Simple Moving Average (SMA) is not diverging further, a break of the downward trend line could signal higher Binance Coin prices toward $465.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.