The Week in Crypto – Binance, Tether, and Bkex

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This week in the crypto world Binance lost its Australian dollar processor, Tether announced a plan to mine bitcoin in Uruguay, and Bkex halted withdrawals due to a police investigation.


Binance Australia Loses Bank Withdrawals

Binance Australia users were this week selling their holdings at a discount as the company announced that users would no longer be able to withdraw Australian dollars to their bank accounts. The exchange announced two weeks ago that bank deposits and withdrawals were to be suspended after the popular PayID network cut ties, and with the deadline for withdrawals mere hours away users were selling their coins at a discount in order to cash out while they could.

British users have faced similar withdrawal issues after Binance’s British payments partner, Skrill, pulled out last month, with no sign of a replacement coming any time soon.

Tether Starts Bitcoin Mining Operation in Uruguay

Stablecoin giant Tether surprised everyone this week by announcing its intention to build out Bitcoin mining operations in Uruguay. Tether said that it will be “investing resources into energy production and the launch of sustainable Bitcoin mining operations” in Uruguay, in collaboration with a local company, as part of its goal to become a “global tech leader”.

Tether plans to use Uruguay’s bountiful natural resources to keep running costs low and promised that every bitcoin it mines will leave a “minimal ecological footprint”.

Bkex Halts Withdrawals After Suspected Money Laundering

Crypto exchange Bkex became the first in history to halt withdrawals due to a police investigation into potential money laundering on the site. Bkex, which is headquartered in the British Virgin Islands, pledged to cooperate fully with law enforcement authorities and aid in their investigation by gathering crucial evidence.

The decision did not go down well with users, naturally, but with regulators breathing down their necks, it’s no surprise to see exchanges appeasing law enforcement wherever possible.