In response to a sharp drop in trading volumes that have hit a four-year low, crypto exchanges have launched promotions to bolster their revenue streams.
The crypto exchange is implementing a 'risk management initiative' focused on certain cryptocurrency projects that possess a relatively modest market capitalization or whose tokens are involved in trading pairs with lower liquidity.
The cryptocurrency exchange has announced that card services will be discontinued in the Middle East on August 25 and in Latin America on September 21.
Unless the world's leading cryptocurrency exchange improves its corporate communication, it's essentially undermining itself with FUD.
The service was launched in March of the previous year with the aim of preparing traditional financial institutions to 'crypto-ready.'
The release of the report had an immediate impact, causing both Bitcoin (BTC) and Binance's BNB token prices to plummet.
Binance has successfully fulfilled all pre-conditions since obtaining a preparatory license in September 2022.
Binance has sought the dismissal of a CFTC lawsuit that accuses the company of providing unlawful commodities trading products to residents of the U.S..
The decision comes in the wake of news indicating its rejection by financial regulators and a withdrawal from markets, including Austria, Belgium, and the Netherlands.
In March, the CFTC filed a lawsuit against Binance, along with its founder Changpeng Zhao and compliance officer Samuel Lim, in a U.S. court located in Illinois. The lawsuit accused the exchange of running a derivatives trading operation within the U.S.