84.3 Million XRP Moved To Binance
Whale alert shared via Twitter a report regarding a transfer of around 84.3 million XRP. Whale alert tracks transfers made by large holders, which is capable of affecting the crypto market. The transfer, which occurred hours ago, is worth over $49,000,000. XRP is still trading around the $0.5 range, which means that it is still quite far from its all-time high.
Despite having faced numerous challenges following its suit by SEC, the cryptocurrency has stabilized, and holders anticipate new highs. The recent news of the bulky transfer attracted attention from the crypto space as holders keep track of the new development.
Bybit Moves 84,346,655 XRP To Binance
The crypto tracker, Whale Alert, revealed how 84,346,655 XRPs were moved to Binance. Binance is one of the world’s largest exchanges, which makes it a sought-after platform for digital assets. The bot shared how Bybit made the significant move to Binance. Bybit is an exchange, which continues to hold XRPs despite the suit by US SEC. Other known trading platforms like Coinbase and Binace.US have suspended the asset listing since the news of the suit broke out late last year.
The transfer might cause more problems for Binance as the trading platform struggles to meet regulations set up by numerous countries. Many countries have created regulations for cryptocurrencies since bad actors use the medium to perpetrate illegal acts. Binance, which Changpeng Zhao heads, has received some warnings from numerous countries. Some of these countries are Italy, UK, and other countries that have insisted that Binance doesn’t have the authorization to operate within their region.
Binance Faces Scrutiny Over Regulations
Binance group has halted numerous projects, following the stringent regulations put up by countries to check the crypto industry. One of the projects halted due to regulation is the sales of tokenized stocks. A source explained that the company had to abandon the project due to rules laid down by Germany and Italy. The European Union has crypto regulations, which it strongly follows to regulate the industry. Many countries have become stringent with cryptocurrencies, while others have out rightly banned virtual assets based on numerous reasons.
The recent activities of hackers and other bad players in the industry mandated the regulation. Most of the hackers demand payment in cryptocurrencies, and this has made governments mandate KYC regulations. Financial organizations and crypto-related businesses have to properly register their customers before the latter would be allowed to use their accounts. This is a precaution to track down criminals.
The new KYC regulation has discouraged the use of cryptocurrencies for illegal acts but has changed the anonymity feature that cryptocurrencies give holders. Some believe that cryptocurrencies were created to secure anonymity, and the new regulation would change that narrative. The US government has also created new regulations regarding digital assets while mandating KYC requirements for all related businesses. The new transfer of XRP to Binance might attract some scrutiny by regulation, especially since Ripple is still in a legal battle with the US regulator, SEC.
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