June has been a challenging month for Binance, the leading centralized cryptocurrency exchange. The company faced regulatory scrutiny and obstacles around the world. The United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its leadership, triggering stress tests globally. Within the past 30 days, Binance encountered various setbacks, including being ordered by the Belgian financial regulator to cease all crypto services, failing to obtain a license in the Netherlands, facing a subpoena of its Brazil head by Congress regarding a Ponzi scheme investigation, and becoming the subject of an ongoing investigation in France. Additionally, Binance’s UK-based subsidiary canceled its registration with the Financial Conduct Authority, and the exchange still faces challenges with regulators in the United States. Despite these developments, Binance remains the top centralized exchange, with $58.11 billion in total value locked, according to DefiLlama data. The exchange now looks towards expanding its presence in the United Arab Emirates.
In Australia, Binance Australia experienced sudden debanking without any prior warning or consultation. During the Australian Blockchain Week, Ben Rose, Binance regional manager, revealed that the country’s banking system abruptly cut off the exchange’s team in the middle of the night. This move impacted approximately 1 million Australian-based customers, and Binance is now seeking an alternative payment provider to restore its dollar services in the country.
Bitcoin Miners Prepare for Halving
Meanwhile, Riot Platforms, a Bitcoin mining firm, is preparing for the next halving cycle. The company has purchased 33,280 “next-generation” rigs from MicroBT for its Texas facility, investing $162.9 million. Once installed in the first quarter of 2024, these miners will increase Riot Platforms’ self-mining capacity by 7.6 exahashes per second (EH/s) to a total of 20.1 EH/s. The purchase includes M56S+ and M56S++ models, with hash rates of 220 TH/s and 230 TH/s, respectively.
Bitfinex Expands in Latin America
Bitfinex, a digital asset exchange, has expanded its operations to Latin America. It launched a peer-to-peer trading platform in Venezuela, Argentina, and Colombia, enabling users in these countries to trade Bitcoin, Ether, Tether, Tether EURt, and Tether Gold. Bitfinex’s presence in Latin America strengthens further with its partnership with Chile-based crypto platform OrionX, aimed at supporting local education and financial literacy programs.