Crypto Firms Navigate Global Regulatory Challenges

Binance Faces Fiat Withdrawal Issues in Europe

Customers of cryptocurrency exchange Binance are reportedly experiencing difficulties with fiat withdrawals in Europe due to problems with Single Euro Payments Area (SEPA) transfers. This comes after Binance announced earlier this year that its euro banking partner, Paysafe Payment Solutions, would no longer support the exchange. In the United States, Binance.US has partnered with MoonPay to use the US dollar-pegged stablecoin Tether (USDT) as its new "base asset" for transactions, providing users with a path to transact in US dollars.

Coinbase and Circle Realign as Centre Consortium Shuts Down

Coinbase and Circle have redefined their partnership as the Centre Consortium, which governed the USD Coin (USDC) stablecoin, is shutting down. Circle will now assume additional responsibilities, such as regulatory compliance and holding smart contract keys, while Coinbase will take an equity stake in Circle. Both companies will continue to share interest revenue based on their USDC holdings. Additionally, USDC is expanding its reach by launching on multiple blockchain networks.

Shopify Adds USDC Payments with Solana

E-commerce giant Shopify has added Solana Pay to its payment options, enabling merchants to accept cryptocurrency transactions. The integration will begin with the use of the USD Coin (USDC) stablecoin. In the future, Solana plans to add other altcoins, including its native token SOL and the meme token Bonk. Shopify estimates that 10% of all US e-commerce transactions are made through its platform, with Solana offering lower transaction fees compared to credit card payments.

China Launches Blockchain-Powered Data Exchange

China has introduced a new data exchange powered by blockchain technology, with over 300 enterprises participating in its debut. The Hangzhou Data Exchange aims to facilitate the trading of enterprise information technology data, ensuring that all transactions are immutable and traceable. Despite cracking down on private blockchain companies, China remains committed to government-controlled Web3 initiatives.

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