The main thing on the cryptocurrency market.
Owners of sub-accounts under the Binance Link program must undergo KYC
Cryptocurrency exchange Binance announced that all sub-accounts created by Exchange Link account holders under the Binance Link program must undergo KYC. Otherwise, users risk losing access to them.
The new rules came into force on March 20, 2024. Sub-account holders have until May 20, 2024 to complete verification.
Otherwise, they will lose access to both their accounts and Binance Link program services. Exchange Link account holders must provide the necessary data.
Among other things, this includes:
- source of funds (salary, self-employment income, dividends, payments, etc.); source of wealth; proof of place of residence (statement from a bank, management company, utility bills, etc.); declaration of politically exposed persons (PEP).
The press release states that sub-account holders who do not pass verification by May 20 will be able to withdraw funds, but will not be able to replenish their account. They will also have limited access to trading.
In addition, the exchange announced the possibility of freezing funds without explaining the reasons. Also, Exchange Link account owners can unilaterally close sub-accounts.
Binance Link is the exchange's affiliate program that allows you to trade crypto assets through the platform's API. Its members are actually brokers. You can learn more directly about the product itself and the requirements by following the link.
Ripple will release its own stablecoin pegged to the US dollar
Ripple announced plans to launch its own “stable coin” pegged to the dollar USA by the end of 2024.
“This move expands Ripple's capabilities in both the institutional and DeFi spheres, diversifying use cases and improving our payments infrastructure to bring the worlds of traditional and decentralized finance closer together,” it said. in the message.
According to the developers, the new asset will be 100% backed by deposits in dollars, short-term US government treasury bonds and other cash equivalents. It will be launched on the XRP Ledger and Ethereum networks.
“Stablecoins serve as a key entry point into DeFi. The introduction of a reliable enterprise-grade “stable coin” into the XRP Ledger will create more use cases, liquidity and opportunities for developers and users,” the company said.
The firm's technical director, David Schwartz, in a comment to Cointelegraph, said that he does not yet have an answer to the question of what the stablecoin will be called and what ticker it will receive.
According to him, the existing stablecoin ecosystem is not as diverse and reliable as could be. He estimated the current value of the segment at $150 billion and suggested that there is room in the market for another major player.
Halving took place on the Bitcoin Cash network
On April 4, Kyiv time at 01:45, the second halving in its history took place on block #840,000 in the Bitcoin Cash network. The block reward was reduced from 6.25 BCH to 3.125 BCH. ForkLog reports this.
The block mined the ViaBTC pool, receiving a reward of 3,156 BCH, including commissions.
The price of the coin experienced noticeable fluctuations on the eve of halving. Following a sharp rise at the end of March, it began to decline from the beginning of April. After the incident, the BCH rate began to recover.
At the time of writing the news, the price of Bitcoin Cash is $685.
Galaxy Digital will launch a $100 million venture fund to invest in the cryptosphere
Galaxy Digital Holdings plans to create a $100 million venture fund to further invest in the digital assets sector. This is reported by CoinDesk.
The focus will be on financial applications, software infrastructure and crypto protocols.
The fund, called Galaxy Ventures Fund I, will invest in 30 different companies over the next three years. Each of the early-stage startups will receive $1 million or more. This will allow them to unlock their potential, company representatives say.
“For many years, we have been investing our own capital in supporting innovators. We are now launching Galaxy Ventures Fund I LP to partner with external investors, which will allow us to further support the digital asset ecosystem,” said Mike Wursthorn, head of communications at Galaxy Digital.
According to the company, since 2018, investment the firm has invested more than $200 million in more than 100 different projects. Now Galaxy Digital intends to attract external capital to increase funding, its representatives note.
