Signature Bank Won’t Support Transactions of Less Than $100K  for Binance Customers

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According to Binance, Signature Bank will no longer process transactions for users of cryptocurrency exchanges that are under $100,000. The New York-based bank was regarded as one of Wall Street’s most supportive of cryptocurrencies. As per Binance, 0.01% of its typical monthly consumers received services from Signature Bank. Financial services companies may transmit and receive information, including money transfer orders, rapidly and securely thanks to the SWIFT global messaging network. Although the crypto exchange’s deposits with Signature made up less than 0.1% of the bank’s total deposits, FTX was one of the bank’s clients. Nevertheless, the partnership between the two led to an almost 20% decline in the share price for Signature in November.

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People will be able to access funds that were previously allocated to the Beacon Chain using Shanghai Fork, which enables depositors to take part in transaction validation and get incentives in the form of newly produced Ethereum. After the Shanghai Fork, JP Morgan predicts that 95% of Coinbase’s retail investors would engage in staking, bringing in between $225 million and $545 million in annual revenue for the exchange. A sharp decrease in the cost of digital assets has coincided with a sharp decline in the stock price of Coinbase. The exchange also reduced its workforce twice in the previous year, firing about 1,100 workers in June of last year and about 950 workers earlier this month. The Shanghai Fork’s potential benefits for Coinbase are partially predicated on the exchange’s exposure to Ethereum, according to JP Morgan analysts.

On Sunday, Cardano had a brief outrage that was immediately resolved in a matter of minutes without a single root cause being identified. To fix a network standstill, Solana validators had to restart the network. Node failure can occur for a variety of reasons, such as an excess of transactional activity or faulty code. A speedy resolution, however, might signify solid fundamentals for the impacted network. The speedy recovery is being applauded by the Cardano community, who claims it is proof that Cardano is a superior blockchain to Solana, which took several hours to repair the network after numerous outages in 2022.

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