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Binance Suspends Direct Deposits And Withdrawals In Brazil

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Binance Suspends Direct Deposits And Withdrawals In Brazil

Binance announced this week that the direct withdrawal and deposits were suspended in Brazil. The exchange issued a statement where it announced that this was the result of a change in the payments partner in the country and that it will be taking legal steps against it. However, the partner states that Binance did not adapt to provide the new KYC information required by Brazil’s central bank.

Binance Stops Real Related Movements

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Binance stopped real-based direct deposits and withdrawals in Brazil this week as a result of a change in its secondary payments provider. The exchange announced that it was making the necessary changes to fix this problem in the future to keep offering these services to its customers in Brazil. In a blog post explaining the situation, Binance stated:

[Binance] will promote a smooth transition in the coming weeks and that it is taking all necessary steps, including legal related to Capitual, to ensure that users are not adversely affected by the change.

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Furthermore, the exchange stated that Brazil was “an extremely relevant market for the company,” and that it would continue to invest and expand services in the country.

Capitual Answers

Capitual, the bank that provides payments services for Binance and other exchanges in the country, clarified that this situation had to do with the new requirements that the Central Bank of Brazil is asking from participants of its Pix payments platform. According to statements from Capitual, the bank updated its technological platform to adapt to these changes and asked its partners to adapt their platforms to these new changes too.

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The company stated:

The partner exchanges Kucoin and Huobi have adapted their systems to the changes that have taken place on the Capitual platform and the services provided to their users in transactions with reais happen regularly,

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This means that according to them, only Binance has failed to adapt its technological platform to comply with the new requirements asked by the central bank of Brazil. The bank concluded by stating that these requirements could not be sidestepped, with these being “mandatory for its operation and that of its commercial partners.”

Binance’s new payments partner will be announced soon, and the company just referred to it as a “local payment provider with extensive experience.” In the meanwhile, Binance is directing its users to alternative withdrawal and deposit methods. The exchange recently had to pause bitcoin (BTC) withdrawals globally due to hardware wallet failures on wallet consolidation.

What do you think about the suspension of withdrawals and deposits of Binance in Brazil? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

57% down

Tornado Cash Governance Token TORN Shudders More Than 57% Since The US Government Ban

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Tornado Cash Governance Token TORN Shudders More Than 57% Since The US Government Ban

Amid the crackdown against Tornado Cash, associated addresses, contributing developers, and anyone who uses the mixing platform, the project’s governance token called TORN has shuddered in value. TORN is an ERC20 with a fixed supply that is leveraged for governance proposals and voting. During the last seven days, the Tornado Cash governance token has lost 57.6% in value against the U.S. dollar.

Tornado Cash Token Loses More Than Half of Its Value This Week

It seems that everything Tornado Cash touched is tainted and during the last week, the project’s governance token tornado cash (TORN) has lost more than half of its USD value. TORN is an ERC20-based token that was launched in February 2021, and 5% of the supply was airdropped to users who had leveraged the mixing application before the snapshot.

There’s approximately 1,511,065 TORN tokens and 500,000 TORN was airdropped to the Tornado Cash community. Since the U.S. government cracked down on Tornado Cash and banned the mixing application alongside associated ETH-based addresses, TORN has taken a severe market beating.

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TORN has seen $43.4 million in global trade volume and a lot of it stems from selling. Popular crypto exchanges that list TORN include Binance, Bingx, and Bitget. 69.93% of all TORN trades today are paired against USDT, which is followed by BUSD (24.73%), BTC (3.92%), WETH (1.18%), and USDC (0.24%).

Additionally, 30% of the TORN stash was reserved for devs and contributors, and vested for a three-year linear vesting period with a one-year cliff. TORN is down 97.2% from the crypto asset’s all-time high on February 13, 2021.

TORN tapped an all-time low hours ago on Saturday morning (EST) hitting 11.81 per unit on August 13. If the TORN market rout continues, vested stashes of the ERC20 will be worth less and less as time passes. The U.S. government’s sanctions against the mixer Tornado Cash may cause TORN investors to continue dumping after losing faith in the project.

Tags in this story

57% down, Binance, Bingx, Bitget, crypto assets, ERC20, ERC20-based token, ETH mixing service, ETH token, Exchange, governance coin, Markets, pairs, Token, TORN, TORN governance, TORN holders, Tornado cash, tornado cash coin, trading, USDT Pair, Voting

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What do you think about the tornado cash (TORN) coin losing significant value this past week? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$450 Million

Binance CEO Says Exchange Recovered $450 Million From The Curve Finance Attack

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Binance CEO Says Exchange Recovered $450 Million From The Curve Finance Attack

Following the recent Curve Finance attack, Binance CEO Changpeng Zhao announced that the exchange had recovered $450 million from hackers. The decentralized finance (defi) platform Curve saw roughly $570 million siphoned from the application on August 9.

Binance Boss Says Exchange Froze 83% of the Curve Finance Hack Funds, Domain Provider Says Exploit Was DNS Cache Poisoning

Four days ago, the crypto community was made aware that the Curve Finance front end was exploited. Curve fixed the situation but $570 million was removed from the defi protocol. The attackers, however, decided to send the funds to crypto exchanges. Binance CEO Changpeng Zhao (CZ) tweeted about the exploit the day it happened.

“Curve Finance had their DNS hijacked in the past hour,” CZ wrote. “Hacker put a malicious contract on the home page. When the victim approved the contract, it would drain the wallet. Damage is around $570K so far. We are monitoring.” In addition to Binance monitoring the situation, the exchange Fixedfloat managed to freeze some funds.

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“Our security department has frozen part of the funds in the amount of 112 [ether]. In order for our security department to be able to sort out what happened as soon as possible, please email us,” Fixedfloat wrote the day of the hack. Then three days after the hack, on August 12, CZ explained at 1:07 a.m. (EST) that Binance recovered roughly 83% of the funds.

“Binance froze/recovered $450K of the Curve stolen funds, representing 83%+ of the hack,” CZ tweeted on Friday. “We are working with [law enforcement] to return the funds to the users. The hacker kept on sending the funds to Binance in different ways, thinking we can’t catch it,” CZ added.

Curve Finance retweeted CZ’s statement and noted earlier in the day that the team has a brief report from the domain provider [iwantmyname.com] and said: “In brief: DNS cache poisoning, not nameserver compromise,” Curve Finance explained while sharing the report. “No one on the web is 100% safe from these attacks. What has happened STRONGLY suggests to start moving to ENS instead of DNS.”

The domain provider iwantmyname.com’s report confirms Curve’s statements. “It appears that one customer’s domain was targeted,” iwantmyname.com’s disclosure report details. “Our external provider’s hosted DNS infrastructure was apparently compromised and the DNS records for this domain were changed to point to a cloned web server. Further investigation together with the external provider indicates that it was DNS Cache poisoning rather than any nameservers compromised.”

Tags in this story

$450 Million, $570K, Binance, Binance CEO, Changpeng Zhao, Curve, Curve fi frontend, Curve.finance, CZ, DeFi, Defi exploit, DNS Cache poisoning, ETH, Ethereum, Ethereum (ETH), Fixedfloat, Funds, Hack, hacker’s funds, iwantmyname.com, USDC, USDC funds

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What do you think about Binance recovering $450 million from the Curve Finance hack? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Altcoins

Did BNB escape inflation headwind to emerge as crypto big boy

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Did BNB escape inflation headwind to emerge as crypto big boy

The BNB token is emerging as a great performer even though the top crypto assets fell on 10 August.

With growing fears surrounding U.S. inflation news, Bitcoin lost a crucial $23k support albeit briefly.

The broader market followed suit which resulted in far more reds in the crypto market. However, the BNB token has shaken off the news after recording the lowest dip among the top 10 crypto assets.

BNB at press time was trading at $317.92 after falling by just 0.8% in the past 24 hours. This still put the weekly gains for the token at 9.2% according to CoinMarketCap.

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And there’s more

Interestingly. Binance has been able to build a very strong ecosystem in the past few months. It is now the third biggest blockchain by NFT sales volume in the past 30 days.

After accumulating $16.9 million in the last 30 days, BNB ranked just below Ethereum and Solana. More so, the BNB network has two collections in the top 30 NFTs in the past week.

Fitr Gym Bags has totaled over $1.95 million while Amazy Sneaker amassed $1 million in the past week alone. The following data chart further sheds light on the growing BNB NFT sector.

Source: Dune

Many on-chain data points are also suggestive of BNB’s growth in August. In the past week, the BNB Chain recorded over 25 million transactions.

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This was an uptick from the 22.1 million transactions recorded the week before. Furthermore, the chain announced several important developments on the network in recent days.

This included the announcement of the Binance Account Bound (BAB) token while also adding XRP, SHIB, and AVAX to the Binance Card.

Not everything is good here

There is, however, a legal battle that has centered on Binance CEO Changpeng Zhao in the media. Beleaguered crypto exchange WazirX has made claims that it is owned by Binance, a claim which has since been declined.

Nevertheless, BNB Chain has recorded some resounding performances in recent days which reflects on the coin’s strength.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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