Withdrawals Financial News

It appears that embattled crypto lender Celsius is wasting no time in shifting its Ethereum staking tokens from liquid staking platform Lido which has just enabled withdrawals.

The Lido liquid staking protocol has enabled Ether withdrawals for the first time, according to May 15 data from Parsec Finance. Over 260 Lido Staked Ether (stETH) was redeemed for its underlying Ether (ETH) in the first three hours, worth about $500,000.

The US and Maltese arms of crypto exchange Bittrex have processed $425 million in withdrawals since the platform announced plans to wind down US operations. 

The recent announcement by Binance, the world's biggest cryptocurrency exchange, of temporarily halting bitcoin withdrawals, citing high volumes and a surge in processing fees, has spooked traders and raised questions about Bitcoin's future price direction. 

Binance has moved a large stash of Bitcoin between its crypto wallets over the weekend as the platform halted BTC withdrawals citing network congestion. 

Bitcoin (BTC) withdrawals on Binance have again been temporarily shuttered, with the crypto exchange claiming it was due to a large backlog of pending withdrawals.

Crypto exchange Binance closed Bitcoin (BTC) withdrawals on May 7 due to an alleged overflow of transactions on the Bitcoin network. 

Ethereum staking withdrawals have entered their third "round," but most of the Ether (ETH) has been re-staked according to the data from the analytics platform Nansen.

Ethereum blockchain underwent a successful Shapella upgrade on April 12, making way for validators to withdraw their staked Ether (ETH) from the Beacon chain after three years. After seeing over a million ETH in withdrawals in the first week, the amount of staked ETH has now surpassed the number of ETH being withdrawn for the first time after the Shapella upgrade.

Over 1 million Ether (ETH) worth $2.1 billion has now been withdrawn from Ethereum’s Beacon Chain within the first four days of the Shapella hard fork and Ether has pushed over $2,100 for the first time in 11 months.

Despite some fears of a new supply of Ether (ETH) hitting the markets after the much anticipated Shapella update, ETH surpassed the $2,000 price point almost a day after the upgrade. 

Ethereum mainnet successfully completed the Shapella upgrade on April 12. The successful execution of the Shapella upgrade means Ethereum validators can finally withdraw their staked Ether on the Beacon chain.

The price of Ethereum (ETH) has risen by 6% in the past 24 hours, with the successful rollout of the Shanghai upgrade pushing the altcoin to $1,984.

JPMorgan employees internally flagged Jeffrey Epstein’s large cash withdrawals two years before he was convicted of soliciting a minor for prostitution, according to new court papers filed on 12 April.

Amid the ongoing uncertainty around the global banking turmoil, Binance’s United States-based arm Binance.US is halting some services.

ANZ, one of Australia’s “Big Four” banks, will cease facilitating withdrawals and deposits from a number of its Australian branches as it looks to push its customers toward using an ever-dwindling number of ATMs and deposit machines.

On March 28, Ethereum core developers confirmed the Shapella upgrade would take effect at 10:27 pm UTC on April 12. According to the announcement, Ethereum Improvement Proposal (EIP) 4895 will allow withdrawals after moving the staked Ether (ETH) from the Beacon Chain to the Ethereum Virtual Machine (EVM) — the execution layer. This will allow full and partial withdrawals with some mechanisms set in place to make sure that a flood of ETH will not disrupt the market.

Kraken will suspend automated clearinghouse (ACH) deposits and withdrawals beginning March 27 due to the recent closure of its banking partner Silvergate Bank. 

Major cryptocurrency exchange Kraken is experiencing difficulties with the withdrawal and deposit channel related to the automated clearing house (ACH) via Silvergate.

In an email to customers, Binance says it will suspend sterling deposits and withdrawals via card and Faster Payments from 22 May. The exchange says the move has been forced by Paysafe subsidiary Skrill's decision to stop offering fiat services. Less than one per cent of Binance customers are affected and those that are can still access their GBP balances. The sterling news comes shortly after Binance had to suspend all dollar bank transfers and amidst growing regulatory scrutiny of the exchange in the wake of the FTX collapse. Th US Justice Department is investigating the firm over suspected money laundering and sanctions violations while the SEC is eying its BUSD stablecoin. Binance says it is working to find an alternative to Paysafe but a partner could be hard to come by. In 2021, the exchange lost access to Faster Payments after the FCA ordered it to stop regulated activities in the UK. The following year, it regained access via Paysafe but even then the FCA raised concerns about the move while conceding that is had "limited powers" to object. Now, Skrill says it has "concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time".

Bitcoin custodian and licensed private bank Xapo Bank has partnered with financial technology company Circle to integrate USD Coin (USDC) payment rails as an alternative to SWIFT. Payment rails refer to the infrastructure and technology used to facilitate the movement of funds between parties in a financial transaction. Payment rails come in many forms, including traditional bank wires, credit card networks, and blockchain-based platforms.