Cryptocurrency exchange Binance has made a surprising announcement for Bitcoin (BTC) and Ethereum (ETH), revealing that BTC and ETH will be removed from its DeFi Staking service. Here’s what you need to know about the process.
Binance to Remove BTC and ETH from DeFi Staking
Leading cryptocurrency exchange Binance has announced the removal of BTC and ETH from its Binance DeFi Staking service. Accordingly, Binance DeFi Staking will close all pending Bitcoin and Ethereum Flexible DeFi Staking subscriptions on December 5th at 09:00 AM UTC, and the staked BTC and ETH will be returned to users’ spot wallets.
Users of Binance’s DeFi Staking service can withdraw their BTC and ETH at any time until December 5th at 09:00 AM UTC, without waiting for the exchange to return the funds to the spot wallet.
The removal process is only applicable to Binance DeFi Staking. The upcoming update will not affect the Binance ETH Staking service.
Legal Troubles Faced by Binance
Following recent legal issues concerning money laundering, Binance and its former CEO Changpeng Zhao have admitted guilt and the details of the defense agreement reached with US authorities last Tuesday were made public. Zhao acknowledged on a social media platform that he had violated anti-money laundering laws. Following his resignation, Richard Teng took over the leadership of Binance.
The plea agreement entails significant financial penalties for Binance, amounting to over 4 billion dollars to be paid to various US Treasury agencies. In addition to criminal charges, Binance faces legal lawsuits launched by both the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC), alleging insufficient anti-money laundering protocols and customer identification processes.
The repercussions of these legal issues mark a significant turning point for Binance, a leading player in the cryptocurrency market. As regulatory scrutiny intensifies, these events are expected to have a lasting impact on the company’s operations and the broader cryptocurrency market.
- Binance ends BTC and ETH DeFi Staking.
- Former CEO admits to legal violations.
- Legal outcomes may impact crypto market.
