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Say Goodbye to Binance’s Lending Services for BUSD by October 25

Crypto exchange Binance recently announced that it will be discontinuing its lending and borrowing services for its local stablecoin BUSD by October 25. This news comes as a surprise to many in the cryptocurrency community, as Binance had been offering these services for over a year. While it is not yet known what led to the decision, this shift could have major implications for those who use BUSD for trading and other activities on the Binance platform.

https://twitter.com/NuBraveIN/status/1696695457412788395

Why Binance is stopping borrowing and lending services for BUSD


Crypto exchange Binance has made the surprising decision to discontinue its borrowing and lending services for its local stablecoin, Binance USD (BUSD), effective October 25. This move has left many in the cryptocurrency community wondering why Binance is taking such a drastic step.
While Binance has not provided a specific reason for this decision, there could be several factors at play. One possibility is that Binance is reassessing its business model and shifting its focus towards other areas of growth within the cryptocurrency space. Another factor could be regulatory concerns or changing market conditions that have prompted Binance to reevaluate its lending and borrowing offerings.
This decision will undoubtedly have a significant impact on the users of the Binance platform who rely on BUSD for trading and other activities. Without the ability to borrow or lend BUSD, users may need to seek alternative options to meet their financial needs. This could include turning to other lending platforms or exploring different stablecoins that offer similar services.
Overall, Binance’s move away from BUSD borrowing and lending services raises questions about the future direction of the stablecoin market and the broader cryptocurrency industry. It will be interesting to see how this decision unfolds and what implications it will have for both Binance and its users moving forward.

How this decision affects users of the platform


Binance’s decision to stop borrowing and lending services for BUSD will have a significant impact on users of the platform. With this change, users will no longer have the option to borrow BUSD for trading or lending it to earn interest. This means that those who rely on these services will need to find alternative ways to meet their financial needs.
For traders, the removal of borrowing services means they will no longer have the option to leverage their trades by borrowing BUSD. This could limit their ability to take advantage of market opportunities and potentially decrease their profits. Additionally, without the option to lend BUSD, users will miss out on the opportunity to earn passive income through interest.
Furthermore, the discontinuation of these services may also disrupt the liquidity and trading volume of BUSD on the Binance platform. The availability of borrowing services often encourages users to trade and hold the stablecoin, increasing its usage and value. Without this feature, there could be a decrease in demand for BUSD, potentially affecting its stability and attractiveness as a trading pair.
Overall, the decision by Binance will require users to adapt and explore alternative options. This could involve turning to other lending platforms or exploring different stablecoins that offer similar services. The exact impact of this change remains to be seen, but it is clear that it will have a substantial effect on the way users interact with the Binance platform and the BUSD stablecoin.

Alternatives to Binance’s borrowing and lending services for BUSD


If you’re a user of Binance’s borrowing and lending services for BUSD, you might be wondering what alternatives are available to you now that Binance will stop offering these services. While it’s unfortunate that Binance is discontinuing these services, there are still a few options you can explore.
One alternative is to turn to other lending platforms that offer similar services. There are several lending platforms in the cryptocurrency space that allow you to borrow and lend stablecoins, so you can look into those and see if they meet your needs. Keep in mind that each platform might have its own set of terms and conditions, so make sure to do your research before choosing one.
Another option is to explore different stablecoins that offer borrowing and lending services. Binance may be discontinuing these services for BUSD, but that doesn’t mean you have to give up on stablecoins altogether. There are other stablecoins in the market that offer similar features, so you can consider diversifying your portfolio and exploring what other stablecoins have to offer.
While Binance’s decision may be disappointing for some users, it’s important to remember that there are still alternatives available. It may take some time to adjust, but with a little research and exploration, you can find new ways to meet your financial needs within the cryptocurrency space.

Implications for the stablecoin market


Binance’s decision to stop borrowing and lending services for its stablecoin BUSD has significant implications for the stablecoin market as a whole. As one of the largest cryptocurrency exchanges, Binance plays a crucial role in shaping the industry, and its move away from BUSD lending services could influence other exchanges and stablecoin providers.
One immediate implication is that users who rely on BUSD for borrowing and lending will need to find alternative platforms or stablecoins to meet their financial needs. This could lead to increased competition among lending platforms and other stablecoins, as users seek out similar services elsewhere.
Furthermore, Binance’s decision could also impact the overall demand and liquidity of stablecoins in the market. Stablecoins are designed to maintain a stable value, often pegged to a fiat currency like the US dollar. The availability of borrowing and lending services for stablecoins can help increase their usage and trading volume. However, without Binance’s support for BUSD lending, there may be a decrease in demand for BUSD, potentially affecting its stability and attractiveness as a trading pair.
Overall, Binance’s move away from BUSD borrowing and lending services highlights the evolving nature of the stablecoin market. It raises questions about the future direction of stablecoins and their role within the broader cryptocurrency industry. As users adapt to this change, it will be interesting to see how other exchanges and stablecoin providers respond, and what innovations and developments will arise in the stablecoin market moving forward.

Final thoughts on Binance’s move away from BUSD borrowing and lending services


Binance’s decision to stop borrowing and lending services for BUSD is a significant move that will undoubtedly have implications for the cryptocurrency industry. As one of the largest crypto exchanges, Binance plays a crucial role in shaping the market, and its decision to discontinue these services could potentially influence other exchanges and stablecoin providers.
While it’s unclear why Binance is making this change, users of the platform will need to adapt and explore alternative options. This could involve turning to other lending platforms or exploring different stablecoins that offer similar services. While Binance’s move may be disappointing for some users, it’s important to remember that there are still alternatives available.
This decision also raises questions about the future of stablecoins and their role within the industry. Stablecoins are designed to maintain a stable value, but without Binance’s support for BUSD lending, there may be a decrease in demand for BUSD, potentially affecting its stability and attractiveness as a trading pair.
Overall, Binance’s move away from BUSD borrowing and lending services highlights the evolving nature of the stablecoin market. It will be interesting to see how other exchanges and stablecoin providers respond, and what innovations and developments will arise in the stablecoin market moving forward. Crypto enthusiasts will undoubtedly be keeping a close eye on this development and its potential impact on the industry.

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Crypto

Bybit Hack Thief Launders 18M of 1.4B Haul in 60 Hours

Bybit Hack Thief Launders

In a shocking development, the hacker behind the recent Bybit breach has successfully laundered 18m stolen in the 1.4 billion in just 60 hours. This rapid money laundering operation has sent shockwaves through the crypto community, raising serious concerns about digital asset security and the effectiveness of blockchain forensics.

The Bybit Hack: A Quick Recap

Bybit, a leading crypto derivatives exchange, recently fell victim to a sophisticated cyberattack. Hackers stole a staggering $1.4 billion in various cryptocurrencies, marking one of the largest heists in crypto history. For a detailed breakdown of the initial breach, visit Daily Crypto Press.

$18M Laundered in Record Time

Recent reports reveal that the hacker has already begun laundering the stolen funds. Blockchain analytics firms tracked $18 million of the loot being moved through multiple wallets and mixing services within 60 hours. This speedy laundering process highlights the challenges authorities face in tracing and recovering stolen crypto assets.

How the Funds Were Laundered

The hacker used a combination of decentralized exchanges (DEXs), privacy coins, and mixing services to obscure the trail. By converting the stolen assets into privacy-focused cryptocurrencies like Monero (XMR) and using mixers such as Tornado Cash, the thief made it nearly impossible to trace the transactions.

Implications for the Crypto Industry

This incident highlights the urgent need for stronger security measures across crypto exchanges. While platforms like Bybit have implemented robust protocols, hackers continue to exploit vulnerabilities. Additionally, the rapid laundering of funds raises questions about the effectiveness of current regulations in combating crypto-related crimes.

What’s Next for Bybit?

Bybit has assured users that it is working closely with law enforcement and blockchain forensics firms to recover the stolen funds. The exchange has also pledged to reimburse affected users, a move that could set a precedent for how crypto platforms handle future breaches.

Stay Informed with Daily Crypto Press

For the latest updates on this story and other breaking news in the crypto world, visit Daily Crypto Press. Our team is committed to delivering timely and accurate coverage of all things crypto.

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Crypto

Binance Pay Transactions Hit $72.4 Billion

binance payment hit b

The use of cryptocurrency for payments has absolutely skyrocketed! Just look at the expanding user base and transaction volume of Binance Pay in 2024.


According to data provided by Binance and analyzed by CryptoQuant, the number of Binance Pay users has tripled from the previous year, reaching a whopping 41.7 million! This rapid adoption is a clear sign of the increasing role of crypto in everyday transactions.

Stablecoins Lead the Charge

The report found that the total transaction volume processed through Binance Pay in 2024 stood at $72.4 billion, a notable rise from $2.5 billion in 2021.

Stablecoins, particularly Tether (USDT), dominated Binance Pay transactions, accounting for 80% of the total payment volume, which equated to $57 billion. Top crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) followed suit, contributing $6.6 billion, $2.4 billion, and $2.2 billion, respectively, and representing 9%, 3%, and 3% of the total transaction value, respectively.

Another popular stablecoin, USD Coin (USDC), exhibited notable year-over-year growth, with a 1,338% increase in transaction count and a 48% rise in transaction volume.

Broader market trends indicate a rise in high-frequency token transactions on Binance Pay, with Solana (SOL) leading the surge. CryptoQuant found that SOL payments reached $724 million in 2024 and represented a 656% year-over-year increase. During the same period, Bitcoin transactions rose by 73% to $6.6 billion, while Ethereum payments grew by 69% to $2.4 billion. USDC and BNB also recorded notable growth, increasing by 48% and 29%, respectively.

Binance Pay

Binance Pay’s expansion aligns with the overall growth of the crypto market and Binance’s increasing role in facilitating transactions. This trend is further validated by a significant rise in Binance’s cryptocurrency reserves. The USD value of its Bitcoin, Ethereum, USDT, and USDC reserves exceeded $100 billion in 2024, marking a 137% increase from the start of the year when reserves stood at $43 billion.

The surge in Binance Pay usage is a testament to the growing global trend of cryptocurrency adoption.

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Altcoins

Is Pi Network a Scam? Unveiling the Truth Behind the Crypto

PI network

The Pi Network has been a hot topic in the crypto world, sparking debates about its legitimacy. With over 35 million users, this mobile-mined cryptocurrency has raised eyebrows and questions alike. Is Pi Network a scam, or is it a revolutionary project? Let’s dive in and uncover the facts.

What is Pi Network?

Pi Network is a cryptocurrency project that allows users to mine coins directly from their smartphones. Unlike Bitcoin or Ethereum, which require expensive hardware, Pi Network uses a consensus algorithm called the Stellar Consensus Protocol (SCP). This makes mining accessible to anyone with a smartphone, eliminating the need for energy-intensive processes.

How Does Pi Network Work?

Pi Network operates on a unique model where users earn Pi coins by simply opening the app daily. The project is currently in its Testnet phase, meaning the coins mined are not yet tradable on exchanges. The team behind Pi Network claims that the cryptocurrency will transition to the Mainnet phase soon, enabling real-world transactions.

Is Pi Network a Scam?

The question on everyone’s mind is whether Pi Network is a scam. Here are some key points to consider:

  1. No Financial Investment Required: Unlike many crypto scams, Pi Network doesn’t ask for money upfront. Users only need to download the app and start mining.
  2. Transparent Team: The project is led by Stanford graduates, and their identities are publicly available. This adds a layer of credibility.
  3. No Real-World Value Yet: Since Pi coins are not tradable, their value remains speculative. This has led to skepticism among crypto enthusiasts.
  4. Community Trust: With millions of active users, Pi Network has built a strong community. However, the lack of tangible results has caused some to question its long-term viability.

Pi Network vs. Traditional Cryptocurrencies

Unlike Bitcoin or Ethereum, Pi Network focuses on accessibility. While traditional cryptocurrencies require significant computational power, Pi Network’s mobile-friendly approach democratizes mining. However, this also raises concerns about security and scalability.

What’s Next for Pi Network?

The success of Pi Network hinges on its transition to the Mainnet phase. If the team delivers on its promises, Pi could become a game-changer in the crypto space. Until then, users should remain cautious and avoid investing time or resources without clear returns.

Why Pi Network Matters for Crypto Enthusiasts

Pi Network represents a shift in how cryptocurrencies are mined and distributed. Its user-friendly approach could pave the way for mainstream adoption. However, until the project achieves real-world utility, it remains a speculative venture.

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Final Thoughts

While Pi Network shows promise, it’s essential to approach it with caution. The lack of tradable coins and reliance on future developments make it a high-risk, high-reward project. For more insights on cryptocurrencies like Pi Network, visit Myweb3News, your go-to source for the latest in crypto news and trends.

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