- 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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.