Binance Opens Up XTZ Deposit For US Customers, Trading Starts Today
- Deposits are already available on Binance US, withdrawals will be enabled when trading starts at 9:00 AM EST.
- At the time of writing, Tezos is the worst performer amongst the top 25 cryptocurrencies, dropping 28% within 24 hours.
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Despite decaying market conditions, Tezos (XTZ) are receiving a consolation price by Binance.
The cryptoasset has now achieved its highly anticipated addition to the US version of Binance, which is subject to stricter regulation and control. Last year’s dismissal of a class-action lawsuit against the Tezos Foundation did not mean the end of the project’s legal troubles – yet Binance US is joining Coinbase Pro by listing the controversial asset for US customers to trade, displaying full confidence in its legality and long term acceptance.
The exchange is already accepting XTZ deposits for customers eager to trade from the get go. Trading itself will begin shortly – on 9:00am EST. At that point, XTZ withdrawals will also be enabled.
This positive event did little to stabilise the price of the asset. At the time of writing, which is approximately one hour before trading begins, XTZ is the worst performing crypto among the top 25 cryptocurrencies in terms of market capitalisation. This is somewhat expected, as a correction for its massive bull run during the past few months was long overdue.
Unfortunately it did coincide with one of the worst total market crashes in crypto, meaning that people who bought it at $3.80 less than a month ago have seen XTZ’s price drop down to $1.18 as the free fall continues.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.