Binance, the cryptocurrency exchange, has announced the discontinuation of its borrowing and lending services involving its native stablecoin, Binance USD (BUSD), effective from October 25th.
A class-action lawsuit against Binance and its CEO Changpeng Zhao for alleged market manipulation that jeopardized FTX's financial viability is pending.
On Thursday, Binance exchange revealed that Paysafe had ceased its EUR deposit processing services. This development was communicated by Binance early in the day.
Binance announced on Wednesday that it is poised to completely withdraw from the country through the sale and will not retain any ongoing revenue sharing.
After receiving a directive in June to cease operations in Belgium "with immediate effect," Binance redirected Belgian users to its Binance Poland subsidiary.
Binance has made the decision to discontinue its spot trading bot services. This move comes as the cryptocurrency exchange faces increasing regulatory scrutiny and legal challenges from authorities in various jurisdictions.
The European Union's forthcoming cryptocurrency regulation known as MiCA is scheduled to be implemented next year. It aims to establish a regulatory framework specifically for stablecoins operating within the EU.
In opposition to its demand for depositions, an inspection, and communication from the exchange, the regulator asked a U.S. judge to dismiss Binance's "half-hearted" objections.
The CEO of Binance has emphasized that challenges in converting traditional fiat currencies, such as the dollar, into cryptocurrencies pose a significant obstacle in attracting the next 100 million users to the platform.
Brian Shroder, the CEO of Binance.US, has departed from the cryptocurrency exchange, and the company has laid off one-third of its employees, as confirmed by a spokesperson.
Binance has been formally removed from the list of approved digital asset service providers in Cyprus by the Cyprus Securities and Exchange Commission (CySEC).