The latest news on digital currencies: Curated for you
We have picked the top four news for you. We have covered Binance, Bitcoin's uprising, ETF registration and withdrawal, and AVAX. In this weekend's daily dose of digital currency industry latest news in UK,wewill start the discussion with Binance. Although it is the world's largest cryptocurrency exchange, recently, it has faced severe criticism and scrutiny. And it is true for most of the world, including the UK. To ensure it does not happen in the future, Binance has amped up its security arrangements. For example, now all Binance users need to complete the new KYC procedures to comply with the new, globally standardized KYC (Know Your Customer), and AML (Anti-Money Laundering) norms. Those users who were previously allowed to have access to all the services will now have limited access. It includes withdrawal, canceling orders, closing positions, and redeeming, etc. However, this process will be rolled out in installments, to avoid any disruption, delay, and customer satisfaction. The verification process may take up to 20 days, according to an official. Binance has also taken other measures to minimize the repercussion, and criticism, like lowering the daily, and monthly transaction limit. The officials said that the exchange is looking forward to work with regulators all around the world. It is because that the organization was accused of operating without gaining proper permission, and operating grants. Now, let's move to the next news, Bitcoin's recent uprise. After quite a long time, it is actually moving up. The current graph shows patterns similar to that of 2020; however, we don't know the future. And it will be unwise to speculate this much in advance. Despite that, some experts are thinking that the currency will push through the existing psychological resistance bands, for example, the $50,000 resistance band.
The uprise can be contributed to the widespread adoption of this cryptocurrency, and some relaxation from the government's across the globe. Investors are now making plans with this cryptocurrency, and we hope to see more of its usage in our current life. Judging the current market scenario, it can be beneficial to invest in this currency right now. Like Bitcoin, other cryptocurrencies are also progressing quite fast, and we are hopeful about them. In other news, we have announcements regarding VanEck, and ProShares. Both of these companies applied to register their Ethereum ETFs (Exchange Traded Funds) with the US SEC ( Securities and Exchange Commission). Surprisingly, they decided to cancel the application, after just two days. Why? We don't exactly know the answers. It is said that their applications are similarly worded, and the ETFs were too. These companies forwarded their application after SEC announced that it might allow ETF registration applications, rather than cryptocurrencies. DeFi is also gearing up, which is showcased in the ever-increasing price of AVAX. So, if you are interested in DeFi, then you must keep an eye out on this space. In the cryptocurrency world, numerous events are happening every second. From those, we have handpicked these four for you in this digital currency industry latest news in UK blog. For more updates, stick around for the fastest information delivery.