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Crypto Flipsider News – Crypto.com Suspends Withdrawals, Loses $15 Million, Binance’s Thai Exchange, $792 Million in BNB Burnt, EIP-1559 Live on Polygon, Spain and Singapore Crypto Ad Ban, Bulgaria and U.K. Top Crypto Holding

Read in the Digest:

  • Crypto.com suspends withdrawals as unauthorized activity leads to $15 million loss.
  • Binance to set up exchange in Thailand, burns $792 million in BNB.
  • Polygon to begin burning MATIC with the launch of EIP-1559 on its mainnet.
  • Spain and Singapore to ban crypto ads. Bulgaria and the U.K. top crypto holding charts.

Crypto.com Suspends Withdrawals as Unauthorized Activity Leads to $15 Million Loss

Singapore-based cryptocurrency exchange Crypto.com announced the suspension of withdrawals on its platform on Monday, January 17th, after users reported “unauthorized activity.”

According to the exchange, it was pausing withdrawals only for a short while to investigate reports of suspicious activities. After about 14 hours, Crypto.com notified users that withdrawals had resumed and all funds were safe.

Flipsider:

Why You Should Care

While hacks and scams are running rampant in decentralized finance, it remains unclear how a centralized exchange of such renown was defrauded of $15 million.

Binance to Set Up Exchange in Thailand, Burns $792 Million in BNB

Binance, the world’s largest cryptocurrency exchange, has continued with its mission of expanding its crypto services, with Thailand as its newest entry. Binance has teamed up with Gulf Energy Development to set up a digital asset trading platform in Thailand.

According to the Bangkok-based firm, its MoU with Binance will help further push the “rapid growth” of digital infrastructure in Thailand over the next few years. A Binance spokesperson remarked that this MoU represents “the first step” for Binance in exploring opportunities in Thailand.

Flipsider:

  • In July 2021, Binance found itself on bad terms with Thailand’s regulator when it was sued for operating without a license.

Following its 18th quarterly burn, making the Binance Coin (BNB) a deflationary asset, Binance has reduced the BNB in circulation by 1.68 million, or $792 million USD. In addition to this, Binance has assured users that 50% of its initial 200 million BNB will be burnt.

The latest burn represents an amount equal to 0.84% of Binance’s initial supply. The 18th quarterly burn was the first such burn carried out using the platform’s new “Auto-Burn” feature, which automatically calculates how much BNB should be burnt based on market prices and the number of blocks.

Why You Should Care

While Binance pursues global expansion of its crypto services, the exchange has made a commitment to being more regulatory compliant.

Polygon to Begin Burning MATIC with the Launch of EIP-1559 on Its Mainnet

The Ethereum Improvement Proposal (EIP) 1559 upgrade, which introduced a network fee-burning mechanism to Ethereum in August 2021, is now live on layer-two scaling network Polygon.

The much anticipated network upgrade went live at block 23,850,000 following its successful deployment on the Mumbai testnet. With the upgrade, Polygon plans to improve “fee visibility” on the network. 

The upgrade introduced a fee-burning mechanism to Polygon, meaning that MATIC will become a deflationary asset by destroying MATIC tokens. The Polygon team has predicted that 0.27% of the total supply of 10 billion MATIC will be burned every year.

Flipsider:

  • In the last 24 hours, MATIC’s value has fallen by 9.2%, which is contrary to the effect holders had been anticipating would accompany the upgrade.

Why You Should Care

In addition to introducing deflation, the upgrade seeks to solve the rising concerns of Polygon’s skyrocketing gas fees, which led to some validators failing to submit blocks earlier this month.

Spain and Singapore to Ban Crypto Ads. Bulgaria and the U.K. Top Crypto Holding Charts

Joining the United Kingdom, Spain and Singapore have taken steps to regulate the ever increasing number of crypto related advertisements. In Spain, crypto firms are now required to inform the CNMV about the content of campaigns targeting over 100,000 people at least 10 days in advance.

Singapore has taken a harsher stance, completely prohibiting any and all ads or marketing of services related to cryptocurrencies. The country has termed cryptocurrencies “high-risk assets” and prohibits their advertisement on public transport, websites, social media, broadcasts, and printed media.

Flipsider:

  • Despite its strict regulations, the U.K. has become the third-largest “Ethereum holding” country after Singapore and Australia.
  • According to a study by Kraken, the Bulgarian government currently holds the most Bitcoin of any country at 213,519 Bitcoins, or 1% of all Bitcoin, worth over $10 billion USD.

Why You Should Care

With the increasing popularity of digital assets, the IMF has called for a unified global regulatory framework to guide the crypto industry’s growth.

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