Binance Suspends Euro Withdrawals, Cites SEPA Technical Challenges

An X post by the Binance customer service department revealed that the world’s largest crypto exchange by daily trading volume will suspend the Euro withdrawals and deposits made through the Single Euro Payments Area (SEPA). The August 20 tweet stated that the Binance users could not withdraw fiat currencies in Europe due to technical issues facing SEPA.

Even though the Binance team did not specify when it will resolve the matter, the crypto exchange is exploring ways to restore the operation of SEPA. The Binance team admitted that its payment providers Paysafe cannot support SEPA transfers. In the report, the Binance team assures the customers to resolve the issue within the shortest time possible. 

Binance Fails to Overcome SEPA Technical Issues

Lately, the Binance users complained about the termination of the Paysafe partnership created inconveniences among the users. In a separate report, one of the Binance users in Europe stated that he had purchased a “large amount of EUR through the Binance platform.” After making the purchase, the affected customer could not transfer the Euros to the respective bank account or trade them on the crypto exchange.

Responding to the complaint, the Binance support team told the troubled customer it could not address the matter at the moment. The controversial crypto exchange requested the users to exercise patience as Binance sought for another payment provider.

The EUR limits imposed by Binance aim to prevent scams that could allow the user to access the platform and block them after completing the transactions.

A few weeks ago, the Binance team had hinted the crypto community plans to cut ties with its Euro banking partner Paysafe. In the announcement, the crypto exchange stated that from September 25, the Paysafe team will stop supporting Binance transactions. The report demonstrated that Binance plans to partner with a new payment provider to facilitate Euro deposits and withdrawals.

However, the Binance team plans to make changes on the platform with the new payment provider. The expected upgrades will require the Binance users to provide their banking information in the EUR deposits and withdrawals account. Also, the Binance customers must accept the terms and conditions for SEPA transactions.   

Binance Faces Regulatory Actions

In an interview with Cointelegraph, the Binance spokesperson stated that before September 25, when the crypto exchange will split ways with its payment provider, the users will be regularly requested to update their data. Before September, the Binance team plans to conduct a compliance check that could lead to the closure of some accounts.

In his final remarks, the spokesperson confirmed that Binance will have to develop alternative options before the end of SEPA service. The spokesperson added that the exit of Binance in several European Union jurisdictions is unrelated to the suspension of EUR deposit and withdrawal services.

Earlier in May, Binance indefinitely suspended withdrawals after experiencing heavy transaction backlog. Despite the technical challenges Binance failed to overcome, the crypto exchange has faced harsh regulatory actions in various jurisdictions.

In June, Binance exited the Netherlands market after failing to acquire the Dutch virtual assets service provider permit. Day after the Netherlands departure, the Belgium authority instructed Binance to suspend its services.

Before this, the Brazilian regulators had ordered Binance to appear before the Parliamentary committees after being alleged to be a pyramid scheme.

The post Binance Suspends Euro Withdrawals, Cites SEPA Technical Challenges first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/binance-suspends-euro-withdrawals-cites-sepa-technical-challenges/
via Bitcoin News
via Bitcoin News Today

Maple Finance Funding Round Nets $5M for Expansion to Asia

The Melbourne-based crypto lending company Maple Finance has yielded $5 million in a funding round led by Tioga Capital. An August 22 report revealed that other key players in the digital sector, including Blocktower Capital, Veris Ventures, GSR, and The Spartan Group, participated in the fundraising.

The $5 million investment will be rerouted towards widening the Maple market present to the Asian-Pacific (ASIC). The crypto lenders aims at entering Singapore and Hong Kong due to the suitability of the market.

Maple Finance Expanding to Asia

An announcement conveyed by Blocktower Capital head of venture Thomas Klocanas noted that Maple was well positioned to expand to the digital sector. The executive admitted that Maple has supported third-parties credit service providers to offer loan services. Klocanas confessed that the crypto lender has been supporting the growth of lending businesses and continues to add more value to institutions.

In a wide-ranging interview with the chief executive of Maple Finance, Sidney Powell, he restated that the investment will support the lending company to enter the vibrant Singapore and Hong Kong markets. The executive mentioned that the ASIC region has recently experienced an increase in business activities due to its market attractiveness.

Powell acknowledged the efforts made by the regulators in the ASIC to bring regulatory sanity to crypto assets. Therefore to tap to the endless opportunities in ASIC Maple group seeks to broaden its geographic presence.

Reflecting on the 2022 bearish crypto market, the executive stated that the fallout of best-performing lenders such as Genesis, Celsius, and BlockFi has left gaps in the market. The CEO announced that the exit of key players created more unutilized opportunities that Maple should pursue.

The crypto lender plans to provide Asia users with innovative products including an over-collateralized lending product. The official stated that the exit of the bankrupt crypto lenders in the industry had created opportunities for investors with a healthy appetite to risk their assets. Klocanas admitted that Maple Finance is ready to take risks and explore the viable opportunities.

Suitability of ASIC Crypto Market

In his report, the CEO argued that the Maple team had taken proactive steps to address risks. For instance, Maple does not reinvest borrowed but stores the collaterals on a licensed custodian to reduce the risks. However, in future the crypto lender plans to invent a new risk management approach. 

Moreover, Maple aims to develop the “clearest” products that perfectly meet the Asian market needs. The crypto lender confirmed that the intended product and service does not exist in Asia. The Maple team crypto lender remains positive that the proposed product will be in high demand.

In the latter the Maple team plans to open a shop in Asia before the next bull run. Besides the expansion efforts, the crypto lender introduced a new pool that allows US investors to access tokenized treasury bills.

Months after the launch of the Treasury facilities, Maple received $22 million in deposits. Additionally Maple established a lending platform early in June to transform the Web3 sector. The remarkable contributions made by Maple aims at cementing the firm at a considerable position to blossom in the crypto sector.

Maple also restarted the operation of the Solana network after being inactive for around eight months. The Maple team plans to expand its stablecoin cash management services before the end of 2023.

At present the total value locked (TVL) for Maple assets amounts to decreased to $88 million, from $938M in May 2022 according to DefiLama report.

The post Maple Finance Funding Round Nets $5M for Expansion to Asia  first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/maple-finance-funding-round-nets-5m-for-expansion-to-asia/
via Bitcoin News
via Bitcoin News Today

World Mobile Partners SingularityNET to Bring Blockchain-Based Loans to Users

UK-based mobile network operator World Mobile has entered a partnership with decentralized artificial intelligence (AI) marketplace, SingularityNET to bring blockchain-based loans to users.

The partnership will allow the two to develop credit ratings for a lending program that uses blockchain technology. It will also afford Word Mobile the opportunity to expand to new territories.

In addition, World Mobile will also upgrade its customer service by using AI technology to answer clients’ generic questions. Describing the partnership, World Mobile’s CEO, Micky Watkins said it demonstrates the company’s commitment to using cutting edge technology to solve real world problems.

“We are proud to partner with SingularityNet on the integration of AI technology for customer support and introducing blockchain-based data loans. This strategic partnership reflects our shared commitment of delivering cutting-edge innovations to solve real world problems,” Watkins said.

With AI-driven assistance, decentralized identifiers, and secure blockchain transactions, we are empowering users with seamless experiences and unlocking new possibilities in the mobile industry,” he added. 

The concept of blockchain–based loans is becoming increasingly popular. This is seen in cryptocurrency lending in which smart contracts are used to spell out the conditions for obtaining loans, to ensure a smooth lending and borrowing experience.

Also speaking about the partnership, SingularityNET Chief Operations Officer (COO) Janet Adams said the partnership is a key step towards realizing SingularityNET’s vision of democratizing technology and wealth.

“SingularityNET was founded with a vision to democratize access to technology and wealth. This partnership is a key component of this journey – it will allow us to get vital funds to those the traditional financial system has previously excluded. We look forward to collaborating more closely with World Mobile to pioneer a fairer, decentralized future.”

A gradual process

World Mobile will implement its new service in three phases in partnership with SingularityNET. First, the company will be provisioning their current user base credit to determine who’s eligible for more loans after successfully paying back the first loans. 

Next, more loans will be made available to customers with a good payment history, and lastly, the service will be expanded to cater to global users that are underserved by traditional financial institutions.

World Mobile’s past activities

World Mobile was created to connect everyone, everywhere while advocating for economic freedom and dignity. What sets it apart from other mobile networks is the fact that it is based on blockchain technology itself, and incentivizes people to be part of a sharing economy that taps into the trillion dollar global telecom market.

The company owns a crypto token, World Mobile Tokens (WMT) which it bought back from the open market in June to distribute rewards to some of its users. This was in a bid to advance the growth of its sharing economy. 

“By repurchasing World Mobile Tokens (WMT) from the open market, we aim to build a sustainable sharing economy for all our participants,” CEO Watkins said concerning the buyback at the time.

We believe that by executing on our business model and initiating buybacks from real-world revenue is a large step towards mass adoption and strengthens the overall stability and utility of the World Mobile ecosystem,” he concluded.

The company also expanded to Africa in June, completing DeWi technology field tests in Kenya, Mozambique and Nigeria, as part of efforts towards a full African rollout in the near future.

The post World Mobile Partners SingularityNET to Bring Blockchain-Based Loans to Users first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/world-mobile-partners-singularitynet-to-bring-blockchain-based-loans-to-users/
via Bitcoin News
via Bitcoin News Today

Fxonic Review – Online Trading With Zero Commissions

Introduction

Trading the markets with a trusted broker at your back is something that can truly put you in the right spot. Choosing a company to work with requires due diligence and understanding what your needs are, before you can check if that company can satisfy them.

Fxonic offers online trading, promising to address a broad range of trading styles and demands. It does so via diverse asset coverage, updated software and a generous account offering. If things look good thus far, then you can definitely read through our latest Fxonic review.

Market Coverage

Access to a diverse range of tradable assets puts you in a favorable position, as different categories are uncorrelated sometimes. With Fxonic, traders can buy or sell derivatives based on stocks, commodities, cryptocurrencies, indices and forex.

Crypto trading should be highlighted, since it gives you the ability to take advantage of the volatility in this space without having to worry about wallet security, hacking attempts and other threats. Additionally, the broker covers established crypto projects that have been around for a decent amount of time.

To create a favorable environment, Fxonic introduces two new platforms: WebTrader and MobTrader. These are both superb platforms with a user-friendly interface, tens of indicators, risk management tools and other customization features – all so you can apply your strategy accordingly.

Accounts

Another important highlight of Fxonic is its account types offer. This broker seems to have done its homework, and this offer addresses all types of traders. The list includes Starter, Basic, Standard, Premium, Exclusive and Pro accounts.

As its name suggests, Starter is the entry point, available in exchange for limited capital. You only need $250 to get started and see live trading conditions. Another option of choice for beginner traders is to open a demo account, in order to test the waters first.

As you progress with your trading journey, you will probably need a larger account. If you have the capital available, we definitely recommend looking at the other accounts offered, which include tighter swaps/spreads, dividend yield, access to exclusive assets, etc.

Notable Features

Since the retail trading space is more and more competitive, brokers are constantly looking for ways to stand out. On the flip, you as a trader would like to trade like a pro, backed by tried and true features and tools.

With Fxonic, traders can access Fxonic School, a comprehensive pack of educational content that includes eBooks, webinars, trading videos and financial news. Additionally, you can enter the VIP Room, where additional benefits await, including:

• Personalized mentorship and tailored guidance
• Advanced trading tools and technologies
• Exclusive real-time market analysis
• Curated educational resources
• Networking with experienced professionals

Bottom Line

Fxonic looks like a proactive brokerage, trying to always stay one step ahead of the rest of the industry – and, to be honest, succeeding. Its trading offer looks sharp, and we believe it is able to satisfy both beginners and seasoned traders. You don’t need a lot of capital to get started with this brand, which is a big plus. Our bottom line? This brand looks reliable.

The post Fxonic Review – Online Trading With Zero Commissions first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/fxonic/
via Bitcoin News
via Bitcoin News Today

Oman Set to Digitize the Economy by Launching $350M Crypto Mining Center

On Tuesday, August 22, the Oman Ministry of Transport, communication, and information technology (MTCIT) officially launched an innovative data hosting and crypto mining center. The launching event was preceded by Hamoud al Maawali, an engineer at MTCIT.

The new mining center is in Salalah Free Zone, a special economic area that links Oman to other viable markets. Surprisingly Salalah Free Zone offers investors 100% ownership at zero tax. 

Oman Opens News Mining Facility

The report demonstrated that Exahertz will operate the crypto mining center in partnership with the Moonwalk system. The new mining facility aims at digitizing the Oman economy by adopting advanced technology, including crypto and blockchain.

Primarily the oil businesses constitute a bigger share of Oman’s exports. The attempt to digitize the Oman economy influenced the launching of a similar mining center last November. At that time, it was reported that the existing mining facility costed $389 million, which equates to 150 million Oman rials to launch.

In contrast, the authority incured $350 million to establish the Salalah mining center. A breakdown of the construction cost revealed that the new mining facility will utilize the advanced hardware developed by Bitmain Technologies.

The newly launched mining center will deploy 15000 machinery in October. At present, the mining center is powered by 2000 digital machines that generate 11 megawatts. 

Oman to Introduce New Crypto Regulations

Despite the launching of the mining facility, Omani policymakers are seeking to create a friendly environment for crypto. In July, the regulator introduced a consultation report outlining the national regulatory framework for digital assets.

Under the proposed legislation, digital assets service providers (DASPs) will be required to set up shops in Oman to comply with the regulations. A review of the consultation paper indicated that DASPs would be needed to store some assets on the hot wallet.

Also, the new legislation will require crypto firms to conduct audits and reveal the proof of reserves to improve transparency in the crypto industry.

Overview of Consultation Paper

In the report, the Sultanate of Oman requested the public to share their valuable input before August 17. The Omani regulators have urged the public to provide insights on licensing requirements, risk management, corporate governance, and risk management that should be enacted. Beyond this, policymakers in the Arabic country plan to ban the issuance of private tokens.

The public comment will later guide the regulators to formulate the final draft of the crypto regulation. The proposed law aims at reducing market abuse in the crypto industry.

Interestingly, the development of the crypto regulatory regime started in 2020, aiming at supervising the crypto activities in Oman. At the initial rule-making process, the capital market authority (CMA) agreed to work with National Committee for Combating Money Laundering and Terrorist Financing and the country’s central bank to formulate policies that will improve the attractiveness of the digital sector.

The post Oman Set to Digitize the Economy by Launching $350M Crypto Mining Center first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/oman-set-to-digitize-the-economy-by-launching-350m-crypto-mining-center/
via Bitcoin News
via Bitcoin News Today

Hive Digital to Leverage AI and Blockchain Technologies for Web3 Development

An announcement conveyed by the chief executive officer of Hive Digital, Aydin Kilic, revealed that artificial intelligence and blockchain technology have massive potential to transform the Web3 sector. The CEO stated that AI and blockchain are the core pillars of Web3 development.

In his August 21 announcement, the executive explained the difference between Web2 and Web3. He affirmed that AI technology will be critical in supporting Web3 developments.

Significance of AI in Crypto Mining

The announcement came when the crypto mining company renamed itself Hive Digital Technologies. The rebranding efforts aimed at expanding its revenue streams in AI, cloud computing, and GPUs. Also, to position itself outside the digital mining sector, Riot Platforms changes its name from Riot Blockchain.

 Kilic stated that Web2 lacks data privacy since tech firms leverage the internet to harvest critical information without the user’s consent. He added that most of the data gathered by the tech firms is used to bring more income to the firm.

Addressing the media, the CEO confessed that despite the name change; the crypto miner will continue to explore viable opportunities in Bitcoin and the crypto mining sector. The executive told Cointelegraph that Hive’s latest development aimed at improving the adaptability of Web3 through AI.

In light of the announcement blockchain technology will improve data ownership, control, and privacy. The Hive team anticipates that AI technology to complement metadata and enhance the Web3 experience.

Hive Digital Set to Improve Hash Rate

Kilic believes AI is more adaptable and will work well with blockchain. He recognized that most Web3 developments are in their early stages. Furthermore AI would play a vital role in developing Metaverse and decentralized autonomous organization (DAO).  

In his intriguing report, Kilic acknowledges that Ethereum mining has supported Hive’s operations. He stated that Ethereum mining is like driving a Porsche, a more advanced machinery. The executive indicated that Ethereum mining requires 1 to 2 personnel to work on the ASIC.

Recently the Hive team has invested heavily in purchasing advanced mining chips that support dual processing. It implies that the new chips will support mining and high-performance computing.

In July, the Canadian crypto miner purchased Nvidia chips with $66 million to support the mining operations. Under the purchase agreement, Nvidia agreed to supply the graphic processing units (GPUs) this year with monthly shipments.

Hive Digital Purchase New Mining Chips

A statement from Hive chairman Frank Holmes revealed that the new purchase aimed at improving the performance of the crypto miner. The chairman confessed that in late 2020 the crypto miners agreed to establish a high-performance center for mining activities. The attempt to established the proposed high performance site has challenge the firm to explore viable oppeortunities in the mining sector.

Despite the upgrades, the crypto miner will focus more on Bitcoin and crypto mining. According to Kilic, Bitcoin monthly exahash ranks top in the mining industry.

The CEO stated that Hive generated four monthly exahash and targets to reach six exahash in December 2023. The executive shared a brief report on how the mining company has strengthened its operations using the 38000 GPUs acquired from Nvidia.

At present the Hive team has implemented 500 GPUs to underpin AI computing. While 37500 GPUs are used to support proof of work for mining altcoins. The CEO stated that the Hive team utilizes the hash rates from the GPUs to mine the most profitable token each day.

The efforts made by the crypto miner aim at positioning the firm in a pivotal position to blossom. In 2017 the Hive team became the first publicly traded crypto miner. The firm established a Bitcoin mining site in 2014 to support the firm’s daily activity. 

In an earlier report, Hive’s chairman stated that the lesson learned from mining Bitcoin and Ethereum had enabled the company to adopt emerging technologies. From the lessons, Holmes explained that the mining company has leveraged advanced technology to promote product development and knowledge sharing.

The post Hive Digital to Leverage AI and Blockchain Technologies for Web3 Development first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/hive-digital-technologies-to-leverage-ai-and-blockchain-technologies-for-web3-development/
via Bitcoin News
via Bitcoin News Today

Crypto Market Crashes as Investors Flee Risk Assets

The crypto market has been interesting in the last few weeks. After sustaining a bearish momentum for weeks, the market turned green recently, with assets experiencing a short relief. The relief rally is however long over, and the bearish momentum has kicked in again.

This time, the bearish condition has worsened because of investor sentiment which is moving against the crypto market in general. Bitcoin broke below $26,000 for the first time since mid-March, a situation that seems quite extreme.

YouHolder chief of markets, Ruslan Lienkha told The Block that this is as a result of investors withdrawing from risk assets.

“We are experiencing an outflow from risk assets, but not so critical at the moment as the market expects even higher yields for long-term bonds in the near future,” he said.

As usual, the crash hasn’t only affected Bitcoin, but largely the entire crypto market. Most of the top crypto assets are already in the red, but Lienkha said the situation will intensify with time, “and put additional pressure on bitcoin despite some possible positive internal factors in the crypto market.”

Meanwhile, Ethreum has also lost a significant percentage of its value as its co-founder and CEO, Vitalik Buterin transferred 600 ETH valued at about $1 million to Coinbase. This has sparked speculation that Buterin may be planning to sell, causing further sell-off of the asset.

All hope is not lost

There are many reasons why Bitcoin’s price may fall further, the most probable of which is more selling pressure that Lienkha anticipates. However, all hope is not lost. According to the analyst, there are other factors that can still revive the price of Bitcoin, and by extension the whole crypto market in the short to medium term.

“Bitcoin could benefit from the halving next year, broader adoption of crypto, the growing institutional interest and more jurisdictions with proper transparent regulation,” he noted.

Bitcoin halving is the reduction of Bitcoin’s miner rewards by 50% roughly every four years. The next halving is expected in 2024, and as usual, Bitcoin supporters and investors eagerly look forward to its effect on the price of the asset.

The crypto industry also looks forward to wider adoption of Bitcoin and cryptocurrencies in general as more institutional investors continue to come into the space. As this happens, and especially if a Bitcoin spot ETF is approved, the price of the asset is expected to increase dramatically.

Regulation is another challenge that faces the crypto industry, particularly in the U.S. where there is no proper regulation but severe clampdown on the industry.

However, things could change soon as the lawmakers are working on legislation for regulating the industry, which could increase the positive perception of the industry.

Market overview

At the time of writing this story, Bitcoin is down 10.98% in the last seven days and a marginal 0.12% in the last 24 hours. This suggests a sign of recovery already, which is similar to what most top altcoins are showing, including Ethereum.

As mentioned by Lienkha, the crash in the market may worsen, bringing the price of Bitcoin to lower levels and the entire market together with it, or there could be a short relief in the short term before a further dip. Whatever the case, it is better to proceed with caution for now.

The post Crypto Market Crashes as Investors Flee Risk Assets first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/crypto-market-crashes-as-investors-flee-risk-assets/
via Bitcoin News
via Bitcoin News Today