This week’s blockchain news covers a range of topics, including the decline of the Friend.tech app, Binance’s regulatory troubles, and the dominance of Hedera Hashgraph’s HBAR token. Here are the key points:
1. Friend.tech: The social marketplace that gained popularity on Coinbase’s Base blockchain is now losing steam. The number of users and trading activity has dropped, with complaints of high fees and slow load times. However, adult content creators from OnlyFans are flocking to the platform.
2. Binance: The popular crypto exchange is facing scrutiny from regulators and making changes to its services. It has cut ties with sanctioned Russian banks, discontinued its crypto-backed debit card in Bahrain and Latin America, and faced regulatory challenges in Belgium. Binance has also launched a new program called Send Cash for money transfers in Latin America.
3. Token Updates: Hedera Hashgraph’s HBAR token has seen significant gains in August after being added to the U.S. Federal Reserve’s instant payments platform. Ethereum’s native cryptocurrency, Ether (ETH), is up 44% in 2023 but has experienced a decline this month.
4. Magnate Finance Scam: The lending and borrowing platform on Coinbase’s Base blockchain, Magnate Finance, has been accused of rug-pulling users out of $6.5 million. This follows warnings from blockchain sleuths about its potential scam nature.
In conclusion, the blockchain industry continues to see ups and downs, with platforms and tokens experiencing varying levels of success and scrutiny from regulators.
Hot Take: The decline of Friend.tech serves as a reminder that not all crypto crazes are sustainable. It’s crucial to carefully evaluate platforms and tokens before investing or participating. Regulatory challenges for exchanges like Binance highlight the need for compliance and adaptation in the ever-changing crypto landscape. Hedera Hashgraph’s HBAR token’s success demonstrates the potential impact of partnerships with established financial institutions. Overall, the blockchain industry remains dynamic and requires constant vigilance.
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