The cryptocurrency exchange FTX, which was in financial difficulty, reached an agreement to settle a dispute related to its European division. As a result, the company was returned to its previous owners.

According to a Reuters report, FTX agreed to sell FTX Europe to its founders for 32.7 million US dollars. This agreement suggests that the company had difficulty finding other interested buyers.

It is important to remember that FTX Europe was originally acquired in 2021 by Swiss startup Digital Assets AG (DAAG) in a deal that amounted to 323 million dollars.

Before accepting the sale, FTX attempted to recoup the funds it had invested in the acquisition. The exchange filed a lawsuit alleging that the purchase had been financed with client funds and arguing that the purchase price was a “massive overpricing”.

The founders of the startup, Patrick Gruhn and Robin Matzke, denied the allegations and counterattacked, requesting $256.6 million from FTX. According to Reuters, the dispute was finally resolved on February 21.

FTX Europe was also part of FTX’s presentation at Chapter 11 in the United States in November 2022. Several cryptocurrency exchanges showed interest in acquiring the European division after its bankruptcy, hoping to gain a share of the regional market that FTX had left.

K. Tovar

Source: iHold

(Reference image source: Kachanara, Unsplash)

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La entrada FTX to sell its European subsidiary apareció primero en Bitfinance.

Over the past few months, the flight of investment capital from crypto funds has been a growing concern in the sector. Indeed, in the last nine weeks, it is estimated that around $500 million has been withdrawn.

According to data provided by CoinShares, a specialized analysis site, this trend of massive withdrawals has continued for five consecutive weeks. In the past week alone, there was an outflow of funds worth $54 million, of which 85 % is attributed to Bitcoin.

These numbers contrast with the recent legal successes achieved by several crypto companies and projects in the face of accusations from the United States Securities and Exchange Commission (SEC).

Despite these legal achievements, the general sentiment among cryptocurrency investors remains predominantly pessimistic regarding the digital asset market.

K. Tovar

Source: Criptotendencia

(Referential image source: Aleksi Räisä, Unsplash)

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La entrada Withdrawals in cryptocurrencies amount to about $500 million apareció primero en Bitfinance.

Users in Colombia of the Solain cryptocurrency buying and selling platform have reported blocks when trying to withdraw their assets. They suspect that they have been victims of a scam.

According to a report by the RedMas media, the Solain platform promised dividends between 2 and 3 % daily. However, this week in the town of Salento, Quindio, the alarm was raised.

Solain is preventing clients from trading cryptocurrencies, they have also not received the promised profits. It is an average of 2,000 people who have been waiting for the dividends on the first of July.

The reports indicate that “the platform would be requesting the investment of more money, so that people can withdraw their savings.” This makes us suspect a scam under the pyramid model.

Meanwhile, the Solain website displays the message to users that “in order to allow more members enough time to activate their accounts, they will extend the activation deadline from July 5 to July 10 at 23:59”. As if that were not enough, Solain customers also “must complete the top-up in accordance with the minimum conditions for activating the account balance.”

The platform asks them to verify the client’s real name, change the withdrawal password, link to their smartphone, and wait for the account to be activated.

M.Pino

Source: beincrypto

(Reference image source: Maliha Mannan, Unsplash)

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La entrada Crypto platform users in Colombia denounce scam apareció primero en Bitfinance.

Reserve, the digital wallet, issued a statement announcing the indefinite suspension of deposits and withdrawals in national currencies for several Latin American countries, including Venezuela, Argentina, Colombia, Peru, Ecuador and Panama.

The measure, according to the platform, will take effect from August 3, 2023, at 12:00 PM, Venezuela time. As of that date, users will only be able to transact using stablecoins, supporting cryptocurrencies, and Mexican pesos.

In the statement, the company explained that this decision is due to the increasing difficulties that American crypto companies face in offering financial services. Likewise, Reserve indicated that they are implementing this change due to their intention to expand their operations in the United States. To achieve this, US banking institutions are demanding greater transparency, reliability and compliance with financial regulations from the company.

As a result of this measure, Reserve announced that it will adopt a model in which banking institutions will be the only intermediaries in monetary transactions. Once these changes have been made, the platform will seek to establish links with the banking systems of Latin America to offer its services again.

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Source: Bancaynegocios

(Reference image source: Gilles Lambert, Unsplash)

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La entrada Reserve will no longer provide services in several Latin American countries apareció primero en Bitfinance.

After the SEC filed a lawsuit against Binance, the popular cryptocurrency exchange, significant withdrawals by users have been observed within the first 24 hours. According to data from blockchain analytics firm Nansen, it is estimated that more than $3 billion has been withdrawn on various blockchains supported by the platform.

Nansen highlighted in a Twitter thread the negative net flow, which represents the sum of deposits and withdrawals on Binance. This metric revealed a remarkable number of withdrawals made by users after the announcement of the lawsuit by the SEC.

It is important to mention that this is not the first time that Binance has experienced large withdrawals from its platform. For example, in December 2022, net outflows exceeded $2 billion due to concerns in the market about the solvency of the platform.

Despite these withdrawals, Nansen also reported that the net flow following the SEC lawsuit against Binance US was positive, with a total of $78 million deposited in the first 24 hours after the announcement.

On the other hand, the Australian subsidiary of Binance has suspended Australian dollar services due to a decision by a third-party payment provider. In addition, the US subsidiary has experienced a negative variation in data, with a total of -123.6 million dollars, after the SEC requested a temporary restraining order to freeze the assets of Binance US.

Additionally, on-chain metrics firm Glassnode has noted an outflow of 10,500 BTC from Binance following the SEC’s lawsuit. However, it is important to note that this value is still small compared to the maximum net outflow recorded on the exchange, which was -40,300 BTC at the highest point of all-time outflows.

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Source: Cointelegraph

(Reference image source: Kanchanara, Unsplash)

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La entrada Users withdraw more than $3 billion from Binance in 24 hours apareció primero en Bitfinance.

Binance Australia, a cryptocurrency exchange, announced the suspension of its Australian Dollar (AUD) services after its local payment service provider, Zepto, stopped supporting the exchange.

On May 18, Binance Australia tweeted that PayID AUD deposits were suspended and bank transfer withdrawals would also be affected “due to a decision made by our third-party payment service provider”.

“We understand from our third-party payment service provider that bank transfer withdrawals will also be affected and we will notify users once this is confirmed”, they said.

Binance stated that they are working to find an alternative provider so that they can continue to offer Australian dollar deposits and withdrawals to their users. The option to buy and sell cryptocurrency using credit or debit cards remains available, they added.

K. Tovar

Source: Cointelegraph

(Reference image source: Joshua Hoehne, Unsplash)

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La entrada Binance suspends Australian dollar withdrawals apareció primero en Bitfinance.

Binance, the world’s largest cryptocurrency exchange, announced a temporary suspension of US dollar (USD) bank transfers effective February 8.

The news came without any explanation, although the company added that they are working to resume service as soon as possible. According to Binance CEO Changpeng Zhao, dollar bank transfers are used by only 0.01 % of monthly active users, but they appreciate that this is still a bad user experience.

Binance has had banking problems in the United States recently. Its transfer partner SWIFT Signature Bank said on January 21 that it would only process transactions from users with bank accounts in dollars of more than 100,000 as of February 1st. The exchange responded by seeking a new SWIFT partner, noting that dollar trades using credit or debit cards and all SWIFT trades in other currencies would continue to be accepted.

According to CNBC, citing Arkham Intelligence, there was an immediate withdrawal of Tether stablecoins and dollar-pegged USD Coin to other exchanges. However, the withdrawals were “minuscule” compared to Binance’s $42.2 billion in crypto assets.

In addition to the temporary suspension of USD bank transfers, Binance has launched Binance Tax to help cryptocurrency users prepare for tax season.

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Source: Investing

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La entrada Binance temporarily suspends dollar transfers apareció primero en Bitfinance.

The Wyre platform implemented an asset withdrawal limit for its users, just days after a rumor about a possible closure surfaced.

As indicated by those in charge of the cryptocurrency platform, this limit arises to protect the interests of the community. Now users can withdraw up to 90% of their funds as the company explores strategic options to weather the prolonged bear market.

News reports suggest that a collapse of Wyre caused its partnership with crypto wallet, MetaMask, to break. On Jan 5, the processor announced that it would remove Wyre from its mobile aggregator, which used to allow users to purchase cryptocurrency directly from the digital wallet.

“We are currently working on removing the extension and appreciate your patience,” MetaMask said, asking users not to use Wyre on the mobile aggregator.

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Source: Decrypt

(Reference image source: Forbes Mexico, via web)

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La entrada Wyre implements a limit on withdrawals apareció primero en Bitfinance.

The Robinhood platform is conducting tests on a digital wallet, which would allow sending and receiving cryptocurrencies.

Several specialized portals claim to have seen evidence regarding the development that the retail platform would be carrying out.

Currently, Robinhood users can only buy cryptocurrencies with US dollars and trade digital assets on the platform, as the application does not support cryptocurrency deposits and withdrawals.

For some time, users of the platform have demanded the incorporation of this functionality, which allows trading with bitcoin, ethereum, dash, among others.

Robinhood first launched bitcoin and ethereum trading services in 2018 for customers in five US states. Since then, the company has expanded its support for altcoins and currently allows traders based in all but four of the US states to access its cryptocurrency features.

K. Tovar

Source: Cointelegraph

La entrada Robinhood will allow withdrawals in cryptocurrencies apareció primero en Bitfinance.