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Crypto trading halts after Binance outage

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The world’s largest cryptocurrency exchange platform, Binance Holdings briefly suspended withdrawals on Monday

Binance made the announcement on Twitter that the exchange was offline. The outage occurred for about half an hour before the service returned online.

What is Binance?

Binance is the world’s largest cryptocurrency exchange, where users can buy, swap and sell crypto.

The company is run out of Asia and has been attracting over 300 thousand new users every day.

Crypto faces technical difficulties

Trading disruptions are a common occurrence within the crypto-sphere, where exchanges operate without traditional regulations.

However, experts have raised concerns about the frequency of outages, particularly at a time when thousands of new users are signing up to platforms – like Binance and Coinbase.

This follows the Bank of England Governor issuing a warning to investors last week, saying “buy them only if you’re prepared to lose all of your money.”

SHIB coin joins crypto forces

Recently, Binance welcomed SHIB coin to their exchange platform.

The SHIB Token is an ERC-20, compatible with the Ethereum network. According to Shiba’s founders, they are currently ranked as the 15th currency with a market cap of about $35 billion.

It’s also been listed on many large crypto exchange platforms according to CoinMarketCap.

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Crypto

Bitcoin on the rise again

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Bitcoin is recovering after a very bad week

Bitcoin has surged 9.8 percent to over $39,000

The digital currency has once again proved how volatile it is, following another tweet from Elon Musk.

Musk stated that Tesla would restart transactions with the cryptocurrency when mining is done with more clean energy. 

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” 

– Musk sais in a tweet.

The crypto, which has been volatile in recent weeks, added $3,490 to its previous close.

The bounce follows El Salvador voting to make Bitcoin legal tender.

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Crypto

China crypto crackdown sees over 1,100 arrested

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Police in China have arrested over 1,100 people on money-laundering charges, claiming they used cryptocurrency to help them evade the law. 

The arrests come as authorities in China step up their crackdown on cryptocurrency trading.

Reports say the money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges.

Last month, three industry bodies banned crypto-related financial and payment services, and the State Council vowed to clamp down on Bitcoin mining and trading.

The public security ministry confirmed police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money.

The money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges.

China continues crackdowns

China’s State Council ordered a tough crackdown on telco fraud in October 2020.

Executives from two of the largest crypto exchanges that provide services to Chinese investors assisted police with their inquiries.  

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Crypto

Bitcoin becomes legal tender in El Salvador

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Earlier El Salvador’s President Nayib Bukele sent a law to the country’s congress proposing to make Bitcoin legal tender – that was then passed.

If approval makes El Salvador the first nation in the world to give cryptocurrency this status.

Under the legislation, prices can be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.

Salvadorian President Nayib Bukele announced in a video recording shown during the Bitcoin 2021 conference held in Miami that he has a strong belief in cryptocurrency.

“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,”

Bukele said in a tweet shortly before the vote in Congress, which is controlled by his party and allies.

Bukele added that the use of Bitcoin would not bring risks to users.

“The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,”

El Salvador’s dollarized economy relies heavily on money sent back from workers abroad. World Bank data showed remittances to the country made up nearly $6 billion or around a fifth of GDP in 2019, one of the highest ratios in the world.

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