June was a tough month for Binance as it faced stress tests around the world after the US Securities and Exchange Commission (SEC) sued the cryptocurrency exchange and its leadership.
In short, over the past 30 days, Belgian financial regulator Binance has ordered all crypto services to stop, an exchange has failed to obtain a license in the Netherlands, the head of Binance in Brazil has been summoned to appear before Congress over a Ponzi scheme investigation, and just a few days ago, an investigation was published. Another neighbor in France.
And there’s more: UK-based Binance has deregistered with the Financial Conduct Authority, and in the US, the exchange still has a long way to go in its struggle with regulators. Moreover, the exchange was denied a crypto custody license in Germany and lost its euro banking partner.
However, despite all these developments, Binance remains intact as the number one dog among centralized exchanges, closing $58.11 billion in total value, down from $63.8 billion on June 1, according To data from DefiLlama. The next big focus for the exchange is the UAE, which is purportedly a “key destination” for cryptocurrency companies looking for a clear path forward.
“We are continuing to build,” Changpeng Zhao, CEO of Binance, said He said In a tweet on June 28, after a long and busy month.
This week, Crypto Biz looks at the story behind Binance’s settlement in Australia, Bitcoin (BTC) miners preparing for the next halving, MicroStrategy’s latest Bitcoin purchase and Bitfinex’s expansion into Latin America.
The exec says that Binance Australia received 12 hours’ notice before it was forked
There was no advance warning, advice or compensation. In the middle of the night, the Binance Australia team was suddenly told that it would be “cut off” from the country’s banking system. Binance Regional Director Ben Rose shared details of the exchange’s settlement process in the country at Australian Blockchain Week on June 26. In May, the company announced that its dollar services had been suspended after payments provider Zepto was told to stop supporting Binance. According to Rose, the move affected about a million customers in Australia, as Binance is now looking for an alternative payment provider.
Riot Platforms Add 33,000 Bitcoin Miners Before 2024 Halving
Bitcoin mining company Riot Platforms is loading up for the upcoming halving cycle with the purchase of 33,280 “next-generation” rigs for its Texas facility, at a cost of $162.9 million. The miners, acquired from MicroBT, will increase the company’s self-mining capacity by 7.6 exahashes per second (EH/s) to 20.1 exahashes per second once the machines are installed in the first quarter of 2024. Of the machines, 8,320 The M56S+ models are at a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 M56S++ are slightly stronger at 230 TH/s.
MicroStrategy buys $347 million worth of Bitcoin amid market thaw
MicroStrategy announced the purchase of 12,333 bitcoins on June 28, worth $347 million at publication. MicroStrategy now holds 152,333 BTC worth $4.52 billion, with an average purchase price of $29.668 per coin. The coins were purchased between April 27 and June 27, the purchase funded in part by the issuance of new shares. MicroStrategy actively buys Bitcoin using cash and equity financing during the cryptocurrency market, sometimes regardless of the price. In the first quarter of 2023, the company reported its first profitable quarter since 2020 due to a one-time income tax benefit.
MicroStrategy acquires an additional 12,333 BTC for $347.0 million at an average price of $28,136 each. # Bitcoin. As of 6/27/23 @tweet 152,333 pools BTC dollars It was acquired for $4.52 billion at an average price of $29,668 per bitcoin. $MSTR https://t.co/joHo1gEnR0
– Michael Saylor (@saylor) June 28, 2023
Bitfinex has launched a P2P trading platform in Venezuela, Argentina and Colombia
Digital asset exchange Bitfinex is expanding its operations to Latin America. The crypto company has launched a peer-to-peer trading platform in Venezuela, Argentina and Colombia, allowing users in South American countries to buy and sell Bitcoin, Ether (ETH), Tether (USDT), Tether’s, Tether’s Stablecoin, Tether EURt (EURT) and Tether Gold (XAUT). ). In April, the El Salvadoran arm of Bitfinex received a digital asset service provider license from the National Digital Assets Commission. Last month, the exchange partnered with Chile-based crypto platform OrionX to support local education and financial literacy programs.
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