Indian crypto exchange WazirX on February 7, 2023 said that its users do not have to be concerned over Binance’s announcement.
Here are some of the latest developments from the world of crypto
Indian crypto exchange WazirX on February 7, 2023 said that its users do not have to be concerned over Binance’s announcement.
“We have made arrangements to ensure that WazirX’s digital assets are stored in accordance with industry-leading standards,” Binance said in the statement.
Earlier this week, Binance gave WazirX’s parent company an ultimatum to stop spreading “false claims” and stop using Binance wallets by February 3, 2023.
WazirX said that its users can continue to trade, deposit, and withdraw their funds as usual.
“The allegations made by Binance in their blog are false and unsubstantiated. As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights,” it added.
Kazakhstan Enacts Law Limiting Energy Usage of Crypto Mining
Kazakhstan President Kassym-Jomart Tokayev has signed into law a legislation limiting the use of energy by domestic cryptocurrency miners.
A great deal of pressure has been placed on the electricity grid infrastructure in recent years as Bitcoin miners, including illegal operators, flocked to the Central Asian country.
Kazakhstan has been struggling to meet its electricity demand. Though still hoping to develop its broader ecosystem, the country is tightening regulations for miners, CoinDesk said in a report.
The new law puts a check on energy usage by allowing miners to only consume electricity from the national grid when there is a surplus. Surplus power will be distributed to licensed operators through a bidding process. Miners using renewable energy, imported electricity, or their own energy generation capacity not connected to the grid are exempt from this cap.
The government will also approve a list of mining pools that firms may use. The Kazakhstan government wants miners to sell their mined crypto to crypto exchanges registered with the Astana International Finance Centre, the country’s special economic zone (SEZ). Miners are required to sell half of their crypto to such exchanges by 2024, and 75 per cent by 2025.
Turkey Receives Millions In Crypto Donations After Devastating Earthquakes
In response to the massive earthquakes that struck Turkey and Syria early Monday morning, several cryptocurrency companies, including Binance, Tether, Bitfinex, OKX, and Kucoin, have pledged over $9 million in donations to help the victims.
“The recent earthquakes in Turkey have had a devastating impact on so many people and communities. We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis,” Binance CEO Changpeng Zhao said in a press release.
More than 7,000 people have been killed and over 20,000 were injured in the earthquake. As part of the fundraising efforts, Avalanche Foundation donated $1 million in AVAX tokens.