Cryptocurrency exchange Binance has announced that all sub-accounts created by Exchange Link account holders under the Binance Link program must undergo KYC. Otherwise, users risk losing access to them.

The new rules came into effect on March 20, 2024. Sub-account holders have until May 20, 2024 to complete the verification.

Otherwise, they will lose access to both their accounts and Binance Link services. Holders of Exchange Link accounts must provide the necessary data.

Among other things, this includes:

  • source of funds (salary, income from self-employment, dividends, payments, etc.);

  • source of wealth;

  • proof of residence (statement from the bank, management company, utility bills, etc.);

  • declaration of politically significant persons (PEP).

The press release states that sub-account holders who do not pass verification by May 20 will be able to withdraw funds, but will not be able to top up the account. They will also be limited in their access to trade.

In addition, the exchange announced the possibility of freezing funds without explaining the reasons. Also, owners of Exchange Link accounts can unilaterally close sub-accounts.

To note, Binance Link is an exchange affiliate program that allows you to trade crypto assets through the platform's API. Its members are actually brokers. You can learn more directly about the product itself and the requirements by following the link.

Ripple will launch its own stablecoin pegged to the US dollar

Ripple announced plans to launch its own "stable coin" pegged to the US dollar by the end of 2024.

"This move expands Ripple's capabilities in both the institutional and DeFi realms, diversifying use cases and enhancing our payment infrastructure to bring the worlds of traditional and decentralized finance closer together," the statement said.

According to the developers, the new asset will be 100% secured by dollar deposits, short-term US government treasury bonds and other cash equivalents. It will be launched on the XRP Ledger and Ethereum networks.

“Stablecoins serve as a key entry point to DeFi. "The introduction of a reliable, enterprise-grade stablecoin to the XRP Ledger will create more use cases, liquidity and opportunities for developers and users," the company said.

The technical director of the firm, David Schwartz, in a comment to Cointelegraph, said that he does not yet have an answer to the question of what the stablecoin will be called and what ticker it will receive.

According to him, the existing stablecoin ecosystem is not as diverse and reliable as it could be. He estimated the current value of the segment at $150 billion and suggested that there is "room for one more big player" in the market.

The Bitcoin Cash network has undergone a halving

On April 4 at 01:45 Kyiv time, the second halving in its history took place on block#840000in the Bitcoin Cash network. The block reward decreased from 6.25 BCH to 3.125 BCH. This is reported by ForkLog.

The block mined the ViaBTC pool with a reward of 3,156 BCH including fees.

The price of the coin on the eve of the halving experienced noticeable fluctuations. Following a sharp rise at the end of March, it has turned to a decline since the beginning of April. After the event, the BCH rate began to recover.

At the time of writing, the price of Bitcoin Cash is $685.

Galaxy Digital will launch a $100 million venture capital fund to invest in the cryptosphere

Galaxy Digital Holdings plans to create a $100 million venture capital fund for further investment in the field of digital assets. This was reported by CoinDesk.

The main focus will be on financial applications, software infrastructure and crypto-protocols.

The fund, called Galaxy Ventures Fund I, will invest in 30 different companies over the next three years. Each of the early-stage startups will receive $1 million or more. This will enable them to reveal their potential, the firm's representatives say.

“We have been investing our own capital in supporting innovators for many years. We are now launching Galaxy Ventures Fund I LP to partner with external investors, which will enable us to further support the digital asset ecosystem," said Mike Wursthorn, Head of Communications at Galaxy Digital.

According to the company, since 2018, the investment firm has invested more than $200 million in more than 100 different projects. Galaxy Digital now intends to attract external capital to increase the volume of financing, its representatives say.