Summary

European users have experienced difficulties withdrawing funds from cryptocurrency exchange Binance due to problems with Single Euro Payments Area (SEPA) transfers. Meanwhile, decentralized social media app Friend.tech has gained attention within the crypto community, generating significant trading volume and fees. However, there are concerns about the sustainability of Friend.tech’s model. Additionally, Binance is considering legal action against former partner Checkout.com following the termination of their business relationship.

Binance limits European withdrawals over payment processing issues

Binance has limited withdrawals for some European users due to problems with SEPA transfers. A customer support representative initially announced the suspension of euro withdrawals via SEPA but later clarified that the service will continue until September 25 as originally planned. Binance stated that the earlier message was sent in error. The confusion arose from the closure of Paysafe, Binance’s euro banking partner, which prevented some users from withdrawing fiat funds.

Friend.tech generates $1M in fees, critics warn it won’t last

Decentralized social media app Friend.tech has gained popularity in the crypto community, attracting over 64,000 new users and generating $1.42 million in fees within 24 hours. Since its public launch, it has accumulated $4.2 million in fees and witnessed over 724,000 transactions from more than 64,500 traders. However, some critics believe that the app’s rapid growth is unsustainable, drawing comparisons to a previous app called BitClout that collapsed during a bear market. Others, though, remain optimistic about Friend.tech’s potential for further growth and adoption in the Web3 space.

Binance considers legal action against Checkout.com

Binance is contemplating taking legal action against Checkout.com, its former partner and payment provider. Checkout.com ended its business relationship with Binance due to potential regulatory actions, which Binance disagrees with. The fallout has led to the closure of Binance Connect, a regulated fiat-to-crypto payment platform. Binance is currently facing various regulatory challenges, including a lawsuit from the U.S. Securities and Exchange Commission against the exchange and its CEO, Changpeng Zhao.

FAQ

Why are European users experiencing difficulties withdrawing funds from Binance?

European users are facing withdrawal issues on Binance due to problems with Single Euro Payments Area (SEPA) transfers. The suspension of euro withdrawals via SEPA has caused inconvenience for some users.

What is Friend.tech?

Friend.tech is a decentralized social media app that has gained popularity in the crypto community. It operates on the Base platform and has attracted a significant number of users and trading volume since its beta version launch. However, there are concerns about the app’s long-term sustainability.

Why is Binance considering legal action against Checkout.com?

Binance is considering legal action against Checkout.com after the termination of their business relationship. Checkout.com ended their partnership with Binance due to potential regulatory actions, but Binance disagrees with their reasoning for the termination.

What regulatory challenges is Binance currently facing?

Binance is currently facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) against the exchange and its CEO, Changpeng Zhao. The regulatory challenges add to the legal complexities surrounding Binance’s operations.

Source

https://cointelegraph.com/news/here-s-what-happened-in-crypto-today