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Huge Worries As Some Coinbase Customers Express Dissatisfaction Over $10 Maximum Daily Limit

According to ongoing reports and speculation from some quarters in the cryptocurrency world, as regard allegations being brought against Coinbase, the United States San Francesco based cryptocurrency giant exchange and wallet service of restricting some clients to a maximum withdrawal of $10 per day.

A Coinbase user first reported this issue on Reddit about the restriction from Coinbase on Feb. 2. The post on Reddit with the handle of the owner showing Unholy_Crab1 claiming that he reached out to Coinbase to ascertain the reason for the restrictions and to seek an increase for his withdrawal limits, which was duly turned down by the exchange giants.

While sharing proof to back up his claim via screenshot of his transactions and previous attempts to make a withdrawal, The screenshot clearly shows that the maximum withdrawal allowed to him in Bitcoin (BTC) gateway was actually $10.

As at the time the claim was reported,the thread of the post from the Redditor has garnered 40 plus comments, although the majority of comments from other Redditors seem to be tilted in support of the claim while also expressing doubts and skepticism towards Coinbase terms of service so far.

Some users are showing signs of inconvenience as they speculate Coinbase might put into place more related restrictions if prices of cryptocurrency continue to cross the all-time high (ATH) threshold. Other users commented that a withdrawal limitation capped at a meager $10 per day is quite outrageous and could be seen as a total rip off by customers or users of the titanic cryptocurrency exchange.

Coinbase has been duly asked to provide an official statement of their side of the stories to gain clarity into the matter. The Coinbase representatives are yet to respond as users continue to wait to bring the report to closure.

Image via Shutterstock

Binance Freezes Withdrawals and Suspends Core Services As Crypto Market Runs Hot

As the cryptocurrency market reaches all time high retail interest, exchange giant Binance has announced a temporary suspension of services for maintenance on its platform.

Altcoins are surging, Bitcoin is consolidating and the crypto markets remain hot, however, Binance has just announced on their site that it will be undergoing temporary system maintenance and has suspended a number of core services.

According to the official notice on Feb.11, the Binance team writes:

“Binance is undergoing temporary system maintenance. Binance has suspended deposits, withdrawals, spot and margin trading, P2P trading, OTC Portal trading, savings & redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts and fiat wallets.”

The post adds that Binance Futures trading will continue unaffected during the maintenance period and assures users that their funds are safe.

Along with an apology, Binance noted that users will be notified once the exchange’s system maintenance is complete and will have “30 minutes to cancel orders, make deposit and withdrawals, and make asset transfers, before trading resumes.”

As Binance suspends services the current cryptocurrency market cap sits at $1,36 Trillion with an astonishing 24 hours trading volume of $219 billion according to CoinMarketCap. There is currently no ETA given for the completion of the major global exchange’s resumption of services.

OKX to Halt Services in Canada Due to New Regulations

OKX is a cryptocurrency exchange that was launched in China in 2017 and facilitates trading in a number of different digital assets. Bitcoin, Ethereum, and Litecoin are some of the cryptocurrencies that are included in this category. As a result of the fact that its daily trading volume is more than $2 billion, it is regarded as being one of the most significant cryptocurrency exchanges in the whole world.

On February 22, 2023, the Canadian Securities Administrators (CSA) issued a notice requiring all cryptocurrency exchanges to make new legally enforceable undertakings while they wait to be registered with the regulatory body. The notification was published online. Due to the publication of this notification, the cryptocurrency exchanges have made the decision to put an end to their business activities in Canada. The new initiative makes it illegal to “purchase or deposit Value Referenced Crypto Assets (often referred to as stablecoins) via crypto contracts without the prior written authorization of the CSA.” This action is described as “purchasing or depositing Value Referenced Crypto Assets” in the original sentence.

The decision made by the CSA is a part of a bigger crackdown on trading cryptocurrencies in Canada, which is being carried out by authorities in an attempt to bring the sector under greater control. The authorities’ motivation for carrying out this crackdown is stated in the following sentence: At the present, cryptocurrency exchanges are obliged to first register with the regulating authorities of Canada in order to be able to accept new clients from inside the country’s borders. On June 22, 2022, after an investigation by the Ontario Securities Commission found that both ByBit and KuCoin were operating “non-compliant platforms” in the country, the commission fined both companies millions of dollars because they were “non-compliant platforms.” The investigation was conducted by the Ontario Securities Commission.

OKEx has said that it would only be temporarily withdrawing its services from the Canadian market and that it is now working with the relevant authorities in Canada to find a solution to the issue. The exchange has not issued any indication as to when it believes it will resume operations in Canada, and it has not specified a specific date either.

Ethereum staking volume surpasses withdrawal volume post-Shapella upgrade

The Ethereum blockchain underwent a critical Shapella upgrade on April 12, marking a milestone in the history of the blockchain. The upgrade enabled validators to withdraw their staked Ether (ETH) from the Beacon Chain after three years, opening up the possibility of mass selling. However, the latest data suggests that most validators are choosing to restake their unlocked Ether, contributing to an increase in staked ETH volume.

According to the on-chain analytics firm Nansen, as of April 17, the ETH staking volume of 124,000 ETH exceeded the withdrawal volume of 64,800 ETH for the first time since the Shapella upgrade. In the last 24 hours, the amount of staked ETH was 94,968 against 27,076 in withdrawals. Notably, the first round of withdrawals primarily consisted of partial withdrawals from Lido and old validators, and it takes approximately three days to get into the withdrawal queue.

The Shapella upgrade was a make-or-break situation for the Ethereum blockchain, with millions in unlocked ETH posing a risk of mass selling. However, the data shows that the majority of validators are choosing to restake their unlocked Ether. Crypto exchange Binance is set to open withdrawals on April 19, which could lead to further changes in staked and withdrawal volumes.

Out of the 1 million withdrawn ETH, three addresses restaked a total of 19,844 ETH, suggesting that validators are actively choosing to remain invested in the blockchain. Three addresses transferred ETH to centralized exchanges (CEXs) after withdrawal, with 71,444 ETH sent to different exchanges. Other whales did the same, with some sending it to Huobi staking addresses and a few others to CEXs, according to data shared by Lookonchain.

While some validators, like Kraken, had to exit to comply with a United States Securities and Exchange Commission ruling, the majority of early withdrawals are staking rewards. Currently, 22,231 validators have signed up for a complete exit out of 574,624, while 910,930 ETH of the 18.6 million staked ETH is slated to be withdrawn.

One of the reasons for the decrease in withdrawals could be attributed to the current price of ETH. The average price of staked ETH is about $2,137, which suggests that validators are choosing to hold their assets rather than selling them at current prices.

In conclusion, the Shapella upgrade has been a success for the Ethereum blockchain, with the majority of validators choosing to remain invested in the platform. While some early withdrawals were staking rewards, the majority of validators are restaking their unlocked Ether, which has contributed to an increase in staked ETH volume. As the situation continues to evolve, it will be interesting to see how the balance between staked and withdrawn ETH evolves over time.

Curve Founder Michael Egorov Withdraws Near 12 Million CRV Tokens

Michael Egorov, the founder of decentralized finance (DeFi) platform Curve Finance, withdrew nearly 12 million CRV tokens (11.85 million to be precise), equivalent to $5.08 million, from the platform’s vesting contracts. The disclosure was made by Scopescan on its official Twitter account at 3:05 PM. The detailed data regarding this withdrawal can be accessed via Scopescan’s entity dashboard.

Following the specified vesting schedule for CRV token holders, Egorov is now eligible to claim 548,600 CRV, which is valued at $235,000, on a daily basis. This amount aggregates to approximately 16.7 million CRV or $7.16 million monthly. The substantial withdrawal of CRV tokens by Egorov showcases the significant earning potentials embedded within the DeFi sector, particularly for founders and early investors of successful projects like Curve Finance.

The disclosure of this hefty withdrawal triggered a variety of responses within the cryptocurrency community. Many were astonished at the ease with which significant sums can be earned and withdrawn from DeFi platforms. A Twitter user, known as Daniel (@wasitzen), voiced the sentiment of many by commenting, “Jesus Christ, making money is just so effortless for some people,” two hours following the disclosure by Scopescan.

Before Michael Egorov substantial withdrawal of nearly 12 million CRV tokens, Curve Finance founder Michael Egorov has already showcased his financial acumen with a significant investment in Melbourne’s luxury housing market. On May 28, 2023, as reported by Blockchain.News, Egorov and his spouse acquired two prestigious mansions in the heart of Melbourne, amassing a sizable estate of 5663 square metres. While the exact financial details remain undisclosed, this acquisition reflects Egorov’s bullish stance on the Melbourne property market amid the cryptocurrency world’s volatility, possibly indicating an interest in exploring real estate-based blockchain initiatives or viewing the real estate as a stable investment avenue amid the crypto market’s fluctuations.

The withdrawal by Egorov warrants an examination of its potential implications on the Curve Finance platform and the broader DeFi ecosystem. While vesting schedules for founders and key stakeholders are common in the crypto space to incentivize long-term holding and project involvement, large withdrawals like this could potentially influence the market stability and the price of the CRV token. However, the market impact of this particular withdrawal remains unclear and may need further monitoring to understand its broader implications fully.

Curve Finance, known for its decentralized exchange liquidity pool on Ethereum, is a cornerstone in the DeFi landscape, facilitating low-cost, low-slippage trades between various stablecoins. The withdrawal event underscores the financial incentives inherent in DeFi platforms, which provide substantial returns for key stakeholders and early investors.