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Binance Delists Top BTC and ETH Pairs, New Binance CEO's Connection With Ripple Uncovered, SHIB Rep Teases 'Testing That Will Shape Future of Ecosystem': Crypto News Digest by U.Today

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Fri, 24/11/2023 - 16:15
Binance Delists Top BTC and ETH Pairs, New Binance CEO's Connection With Ripple Uncovered, SHIB Rep Teases 'Testing That Will Shape Future of Ecosystem': Crypto News Digest by U.Today
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U.Today presents the top three news stories over the past day. Take a closer look at the world of crypto!

Major exchange delists top Bitcoin (BTC) and Ethereum (ETH) pairs amid regulatory firestorm

Yesterday, Nov. 23, Binance crypto exchange notified its users about its plans to delist BTC/BUSD and ETH/BUSD cross margin and isolated margin pairs. The exchange pointed out two key dates - Nov. 28, when isolated margin borrowing on these pairs will be suspended, and Dec. 7, when auto-settled user positions will be closed and pending orders on the aforementioned pairs will be canceled. The decision comes after allegations made by the SEC, which previously categorized BUSD as a security. In response, Paxos (the company that helped launch BUSD) and Binance swiftly halted further minting and circulation of the stablecoin. This demonstrates how crypto exchanges are constantly adjusting their operations to conform to new legal requirements.

Related
Bitcoin (BTC) Gas Skyrocketing as Trader Spends $3.14 Million in Fees

New Binance CEO's connection to Ripple and XRP uncovered

According to recent findings by crypto enthusiasts, newly appointed Binance CEO Richard Teng, has a noteworthy connection with Ripple fintech giant. The crypto community closely examined Teng's career history and revealed that he was once a key member of the Board of Directors at LuLu Finance. During Teng's tenure, the company established a partnership with Ripple, making a major development in the history of cross-border blockchain money transfers. In addition to this, in May 2023, Ripple partner Tranglo started its expansion into the Middle East by partnering with Lulu Money, a subsidiary of LuLu Financial Holdings. Also, before leading Binance Singapore, Teng worked at the Monetary Authority of Singapore for more than 10 years. Interestingly, Ripple obtained a license to operate in Singapore from the same financial regulator in October of this year.

Related
XRP Case: SEC Announces Private Meeting, Investors Await Ripple Lawsuit Settlement

SHIB rep teases "testing that will shape future of this ecosystem," community excited

In a recent X post, Lucie, Shiba Inu's prominent team member who is active on social media, shared that the SHIB community or, more particularly, a certain part of it, is actually part of "testing," which will "shape the future of the entire ecosystem." As explained by Lucie, anyone who has claimed an NFT of the Shib Magazine cover and signed up for a subscription to receive a crypto wallet contributes to the SHIB network getting through the initial stage and becoming sustainable for many years to come. Lucie also stated that there are many big blockchains and ecosystems, but to become successful, they need to have hard working people behind them - those "who don't have time to talk trash on socials, who face hundreds of challenges every day." One day, these individuals will be able to create a successful product and fulfill their goal.

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