The measure applies from September 29th. Users will be able to withdraw funds in USDC, USDP and TUSD de Binance if they wish, but these cryptocurrencies can no longer be used for trading operations within the platform.
- Binance will withdraw support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for USDC, USDP and TUSD
- The measure applies from September 29th.
- Users will be able to withdraw funds in these cryptocurrencies
- However, they may not be used for trading operations (SPOT, Futures, Leverage).
- The measure does not include Tether (USDT)
The international exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. with the highest trading volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. worldwide, Binance, announced today that it will no longer offer support for several stablecoins through its platform, including USD Coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. (USDC) the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. issued by the team of Circle.
Binance will withdraw support for USDC and other stablecoins
This was reported by the team of Binance in a publication through its Blog Oficial,where they indicate that the platform a place to buy, sell and store cryptocurrency will no longer offer support to USDC, USDP and TUSD so from September 29th these will be exchanged by BUSD, the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. issued and backed by the company.
An important detail clarified by the team of Binance is that after September 29th users will have the option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. to withdraw tokens from the exchange. USDC, USDP and TUSD only now the totality of your stablecoin funds will be mainly denominated in BUSD.
In this regard, the Binance reitera:
“This will not affect users’ withdrawal choice: users will still be able to withdraw funds in USDC, USDP and TUSD at a ratio of 1:1 to their BUSD-denominated account an account is essentially a whose purpose is to track the financial activities of a specific asset/ balance.”
No support for business operations
Although so far there doesn’t seem to be any major difference, Binance clarified that this measure will have an impact on trading operations for users.
In the first instance, one of the notable changes is that trading pairs will be removed from circulation to make exchanges associated with the aforementioned cryptocurrencies. That is to say, these stablecoins cannot be used to trade other digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies on the exchange, so the trade orders will be closed, and the users will have the possibility to reopen them with BUSD.
The measure also applies to futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. markets and leveraged operations, so that trading options will no longer be available with the aforementioned stablecoins. In this regard, Binance recommends that interested parties refrain from opening new positions with USDC and the other currencies, as they will be closed abruptly from September 29th.
In relation to the nature of this measure, Binance indicated that it is focused “ in improving liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. and capital capital is most commonly defined as the large sum of money you would use to invest. efficiency for users”. Critics and analysts argue that the idea is to further promote BUSD’s adoption among people by making it one of the few stablecoins available for trading operations within its platform.
An interesting detail is that the measure does not apply toTether (USDT),the stablecoin with the largest market an area or arena, online or offline, in which commercial dealings are conducted. capitalization today. Therefore, the operations with this cryptocurrency will continue as normal, although Binance made it clear that it can modify the list of digital currencies to which these changes would apply.
USDC, the most affected
An important aspect to note is that the measure represents an inconvenience to USDC, the cryptocurrency issued by Circle which ranks second among the stablecoins with the largest market capitalization.
This comes as no surprise given the controversy in which it has been immersed. USDC in recent weeks. Let’s keep in mind that because of what happened with Tornado Cash, the stablecoin admin team decided to block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. the addresses and freeze the funds of the service reiterating “their social commitment”. following the accusations made by the U.S. Department of the Treasury.
The move was called arbitrary and damaging by many other traders, who claimed that such actions compromise the integrity of the crypto market, while undermining the freedom and decentralization the handover of control from a central authority to several different custodians. of the ecosystem. This also led to MakerDAO, cryptocurrency administrators DAI, to consider untying its reserves in USDC to protect your project.
According to CoinMarketCap, currently USDC manages a market capitalization of USD $51,858,515,905 at the time of publishing.
- MakerDAO considers disassociating from USDC after Circle’s action against Tornado Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term.
- Circle blacklists addresses linked to Tornado Cash and freezes USDC funds
- U.S. agents asked Binance for internal records on its anti-money laundering controls
Article by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash