The 2-year-old exchange, already the largest in the world by volume, revealed in June that it would stop serving U.S. customers on September 12 as it plans to formally enter the American market with a regulated fiat-to-crypto exchange.
DeFi and NFT expert Rio Rocket told The Sun that he is hearing "rumblings" from investors noting that they are "unable to take large-scale profits."
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Binance.US was founded in 2019 in response to regulations that impacted Binance’s business in the United States. U.S. regulators believed some of the crypto assets that Binance’s trading platform allowed a user to trade were essentially securities. A security is a category of financial products which includes stocks, bonds, and specialized derivatives like futures. Trading in securities in the United States requires extensive licensing. Rather than change its main exchange to suit U.S. regulations, Binance instead created a separate exchange for U.S. customers, called Binance.US.
“I believe everyone should have a diversified portfolio,” says Daniel Johnson, a financial advisor and founder of RE|Focus Financial Planning in Asheville, North Carolina. Any investment you make should be appropriately weighted against the rest of your portfolio as well as the overall market. Just as you wouldn’t invest all your money in one company, it’s unwise to put every dollar you have into crypto.
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As its name suggests, you can use cryptocurrency to make purchases. But your purchasing power is limited; crypto isn’t yet widely accepted among retailers and other businesses.
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It might be time to remind the millennials that all that glitters is not gold. At least some cryptocurrencies — the new-age investment asset class — are on the verge of extinction. After all, not all tokens are created equal.
His appointment with Binance was seen as a sign that Binance was seeking an image of greater transparency through hiring well-regarded regulators to senior roles.
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Musk’s decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.
But while it’s based on sound, democratic principles, cryptocurrency remains a technological and practical work in progress. For the foreseeable future, nation-states’ near-monopoly on currency production and monetary policy appears secure.
US cryptocurrency exchange Coinbase Global Inc on Tuesday reported a nearly 30% fall in third-quarter trading volumes on a sequential basis, hit by lower volatility and declining prices of Bitcoin and other cryptocurrencies.
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