|World’s largest crypto exchange Binance temporarily halted withdrawals of Stablecoins USDC on Tuesday.
While the complete crypto world held their breath, USDC withdrawals were resumed about 8 hours after the first notification of Binance.Meanwhile, Binance CEO Changpeng Zhao on Wednesday said that the situation has “stabilized” at his cryptocurrency exchange, in a bid to assuage investors’ fears.It isn’t normally good news when a crypto firm has to pause withdrawals.
Pausing USDC withdrawals in this particular case, came as investor concerns grew about Binance’s stability following the collapse of rival exchange FTX.Furthermore, investors are also keeping tabs on a report from Reuters that U.S. Department of Justice prosecutors are delaying the conclusion of a criminal investigation into Binance. The news outlet reported that the investigation is focused on Binance’s compliance with anti-money laundering laws.The arrest of Sam Bankman Fried, earlier this week, wasn’t doing any good for confidence in crypto either, as crypto investors worldwide are on edge with fears of further contagion across the industry.
Today’s #FinTechReport gives a better picture of the market entry of N26. What strategy did they use, and what are the milestones along the way? C-innovation tried to figure that out in an analysis worth reading.And last, but not least; while FinTech has been facing mass layoffs in the last few months, it’s nice to mention money transfer giant Wise is setting out plans to add 250 new employees across its three US offices in the next year. Perhaps a sign of better times to come…
On to the other FinTech news!
BREAKING NEWS Small banks warn they might have to drop Zelle over scam payment costs.
Community banks and credit unions might drop out of partnerships with apps like Zelle if required to reimburse customers who fall victim to scams, two industry trade groups said.
NEWS HIGHLIGHTPayU takes Central America with latest expansion. PayU will offer card processing for US dollars and local currencies including Lempira, Colon and Quetzal. This is in addition to full PCI compliance. Link hereVisa pledges to invest $1 billion in Africa over the next five years to advance resilient, innovative, and inclusive economies across the continent; and accelerate digital transformation. Link here