People are once again pulling their money out of the US banking system. The latest data from the Federal Reserve Economic Data (FRED) system shows total deposits in all commercial banks fell $133.163 billion in seven days, from $17.580 trillion on April 10th to $17.446 trillion on April 17th. The new numbers have erased gains that […]
The post $133,163,900,000 in Deposits Exit US Banking System in One Week As Former Fed President Warns Lenders Are Vulnerable appeared first on The Daily Hodl.
A customer at Wells Fargo says he was shocked to discover $4,000 in cash had been taken out of his safe deposit box – and the bank refused to reimburse the funds. Jeffrey Temmer says he realized his safe deposit box was empty when tried to grab cash for Christmas shopping, reports Milwaukee-based FOX6 News. […]
The post Wells Fargo Refuses to Reimburse Client After $4,000 Vanishes From Safe Deposit Box – How the Customer Took Matters Into His Own Hands appeared first on The Daily Hodl.
Customers at a JPMorgan Chase branch say deposits aren’t showing up in their accounts, and the bank has been reluctant to address the issue. Carla Garling, a small business owner, says that despite having a deposit slip, her local Chase branch hasn’t confirmed a $13,478 deposit to her account, reports KFOR Oklahoma News 4. Since […]
The post JPMorgan Chase Customers’ Deposits Go Missing, Bank Says It Has No Idea Where Money Went: Report appeared first on The Daily Hodl.
An JPMorgan Chase customer says she’s practically homeless after the bank froze and then terminated her account when she deposited a government check. Lois White was thrilled when she found out she’s one of the 800,000 Americans who qualified for a one-time payment adjustment that forgave her student loans, reports the Atlanta-based ABC-affiliated news station […]
The post JPMorgan Chase Abruptly Freezes, Terminates Account After Customer Deposits $5,298, Refusing All Attempts To Verify Transaction: Report appeared first on The Daily Hodl.
Binance.US said the moves are part of efforts to protect customers and the platform amid "extremely aggressive and intimidating tactics" by the SEC.
Binance.US has announced the suspension of U.S. dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13.
On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the United States Securities and Exchange Commission.
The firm noted that, in an effort to protect its customers and platform, it is suspending USD deposits. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.”
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US (@BinanceUS) June 9, 2023
The company added that it plans to transition to a crypto-only exchange but maintains a 1:1 ratio for customer assets.
The notice also cautioned that any downtime in processing withdrawals going forward “may be the result of elevated volumes and weekend bank closures.”
Trading, staking, deposits and withdrawals in crypto remain fully operational, it confirmed.
As a result of the SEC’s “ideological campaign against the American digital asset industry,” Binance.US and its banking partners have faced increasing challenges, it said. Those banking partners have signaled their intent to sever fiat on-ramps to the exchange.
USD deposits will be suspended as of June 9 and USD trading pairs will be delisted next week, the firm stated, however, it will continue to support USDT (Tether) trading pairs. It stated that any USD left on the exchange may be converted into a stablecoin that can be withdrawn on-chain.
Binance.US delisted ten trading pairs on June 8, eight BTC pairs and two BUSD pairs, while noting that OTC Trading Portal services were paused. BTC traded at a premium on the U.S. exchange in early May.
Related: Buying a bank won’t solve crypto’s debanking issue — Binance CEO
The SEC issued an emergency order on June 6 to freeze the assets of Binance.US. The following day, the firm reassured customers that assets remained safe adding that the platform continues to be fully operational with deposits and withdrawals functioning as normal.
Cointelegraph reported on the struggles Binance.US was having securing banking partners in April.
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With the crypto economy experiencing significant gains over the past week and the price of ethereum rising 11.9%, the market capitalization of Lido’s staked ether has increased to $10.3 billion. This recent increase has propelled the token’s overall market valuation to the ninth-largest position, according to the crypto market capitalization aggregation website coingecko.com. Lido Finance’s […]
Binance has also had problems with SWIFT, its banking partner for USD transfers over the last few months.
Binance is scrambling to find a new service partner to process British Pound (GBP) transfers on its trading platform after its current partner, Skrill Limited announced it will soon cease providing services to the crypto exchange.
Binance explained in a Mar. 13 email to “Binancians” that Skrill would stop processing GBP deposits and withdrawals via bank transfer with its “Faster Payments Service” and card in May. 22.
“We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP fiat services, namely deposits and withdrawals via Faster Payments and card, to Binance users,” the statement read.
The trading platform added that they are “working hard to find an alternative provider” to provide GBP on and off-ramp services to users as soon as possible.
It has about nine weeks to find an alternative before Skrill terminates its services.
Binance however confirmed that the change would not impact Binance Accounts or any Binance.com products or services.
This isn’t the only service provider dilemma that Binance has dealt with of late either.
Binance temporarily suspended USD bank transfers on Feb. 8 but did not provide an explanation as to why, other than that it would work to restart the feature as soon as possible. At the time, the halt did not apply to the U.S.-based independent entity, Binance.US.
On Jan. 21, Binance also announced that its primary banking partner, SWIFT would ban U.S. Dollar transfers below $100,000 on the trading platform. This service ceased on Feb. 1.
Related: Binance banking problems highlight a divide between crypto firms and banks
Binance then announced on Jan. 23 that Binance users of 143 countries would no longer have access to the SWIFT USD bank deposit and withdrawal channel at all.
The United States, United Kingdom, Australia, France and Germany were some of the few countries that made the cut.
Cointelegraph reached out to Binance and Paysafe, the parent company of Skrill, but did not receive an immediate response.
Amid the demise of Silvergate Bank and the troubles faced by Silicon Valley Bank (SVB), market analysts believe Signature Bank (SBNY) may be a buy as it’s considered the “last game in crypto-town,” according to Wells Fargo equity analyst Jared Shaw. Silvergate’s liquidation caused SBNY shares to sink on Friday, dropping more than 13% as […]
During the past 30 days, the total value locked (TVL) in Lido Finance’s liquid staking protocol increased by 10.57%, with 7.56% of the increase occurring within the last seven days. The protocol’s dominance in decentralized finance (defi) has also increased, with its TVL accounting for 19.08% of the $49.66 billion locked in defi today. While […]
According to Lynette Zang, chief market analyst at ITM Trading, U.S. banks have the legal authority to confiscate people’s funds due to legislation passed by Congress. In a recent interview, Zang discussed how the purchasing power of the U.S. dollar has dwindled to “roughly three cents,” her belief that central bank digital currencies (CBDCs) will […]