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Binance Chain Troubles with Euro Withdrawals
Recent accounts indicate that several Europe-based Binance users are encountering problems when trying to withdraw their money due to complications with Single Euro Payments Area (SEPA) transactions. A support representative from Binance posted a tweet, which has since been erased, suggesting a pause in SEPA operations. Later, Binance clarified that the tweet was an error, assuring that SEPA services will continue up to the previously announced date of September 25.
In a subsequent clarification, a Binance representative added that: "From time to time, routine compliance checks may require certain users to provide additional information, which could result in premature account closures".
The initial misapprehensions came from numerous European Binance users voicing their concerns about withdrawal glitches. Specifically, one user claimed he was unable to withdraw a significant amount of his fiat investments through Binance, attributing the issue to his Paysafe account being shut down. Paysafe, a crucial banking partner for Binance handling Euro transactions, had previously declared it will cease its support for the cryptocurrency exchange beginning in September.
Friend.tech Gaining Traction Despite Forecasts of Short Lifespan
The crypto community is currently abuzz about Friend.tech, a fresh face in the decentralized social media landscape built on Base. Since its soft launch on August 11, the platform has attracted over 64,000 users and witnessed more than 24,000 Ether (ETH) in trading volume. However, some are skeptical about the sustainability of this growth.
Data sourced from DefiLlama shows that Friend.tech has accumulated $4.2 million in fees since it started, with $1.42 million of those earnings gained in the past 24 hours. With total earnings already summiting to $1.88 million and with over 724,000 transactions by more than 64,500 unique traders, it shows a promising upward direction.
Yet, a few critics argue that the platform has grown too large, too quickly. One crypto analyst presumes that the application will last around six to eight weeks before its activity and share prices start to slide. Another user drew parallels with the potential downfall of Friend.tech to BitClout, a closely related platform from 2021.
Binance Mulls over Legal Steps against Checkout.com
Binance is considering taking legal steps against Checkout.com, its former payment service provider, alleging contraventions of regulations. Binance voiced its disagreement with Checkout's reasons for their dissolution of partnership and indicated it is pondering over legal redress.
The fallout is already affecting Binance. Earlier in the week, it made public the discontinuation of Binance Connect, a regulated fiat-to-crypto payments gateway, citing changes in market dynamics and user tastes. Binance is currently embroiled in various regulatory hurdles, including a lawsuit filed by the Securities and Exchange Commission.
