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According to blockchain data, the amount of Bitcoin available on cryptocurrency exchanges has tumbled to a level not seen since February 2018. This decline comes hot on the heels of the U.S. Securities and Exchange Commission (SEC) suing leading cryptocurrency exchanges.

Leading cryptocurrency exchange Binance has lodged an application to cancel its registration in Cyprus, with the website of the Cyprus Securities and Exchange Commission verifying a pending “application for deregistration” of Binance Cyprus.

Delio, a prominent South Korean digital asset savings and lending platform, has temporarily halted withdrawals in an attempt to safeguard the assets of its remaining customers

Top stories in the Crypto Roundup today:

  • Bitcoin Supply on Exchanges Plummets to Three-Year Low
  • Binance Applies to Deregister From Cyprus Ahead of MiCA Regulations
  • South Korean Crypto Lending Service Delio Suspends Withdrawals

 
24 hours chart of the price of BTC
 

Bitcoin Supply on Exchanges Plummets to Three-Year Low

 

According to blockchain data, the amount of Bitcoin available on cryptocurrency exchanges has tumbled to a level not seen since February 2018. This decline comes hot on the heels of the U.S. Securities and Exchange Commission (SEC) suing leading cryptocurrency exchanges.

In the previous week, an abrupt descent was triggered when the SEC indicted two major exchanges, Binance and Coinbase, for allegedly offering unregistered securities to American consumers. This led to a 6.4% decrease in the supply of Bitcoin on exchanges, according to Santiment.

The data reveals that the supply of Bitcoin on exchanges has been falling since 2020, when it soared amid an abrupt market sell-off triggered by the COVID-19 pandemic.

This points to the increasing preference of traders and investors to transfer their Bitcoin holdings away from exchanges to adopt self-custody. These market participants appear to increasingly value the control and security offered by personal custody of their digital assets, in a trend that accelerated after the collapse of FTX.

 
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Binance Applies to Deregister From Cyprus Ahead of MiCA Regulations

 

Leading cryptocurrency exchange Binance has lodged an application to cancel its registration in Cyprus, with the website of the Cyprus Securities and Exchange Commission verifying a pending “application for deregistration” of Binance Cyprus.

The Binance subsidiary in the country secured regulatory approval in October 2022. In a statement, a Binance spokesperson outlined the company's efforts to align its operations with the Markets in Crypto Assets (MiCA) regulations slated to be enforced within the next 18 months.

The focus, they explained, would now shift to advancing their reach in prominent European markets where the firm has already established a robust presence, such as France, Italy, and Spain.

Binance Cyprus held a Class 3 registration as a Crypto Asset Services Provider (CASP) authorized by the Cyprus SEC. This allowed the company to render a range of services including spot transactions, custodianship, staking, and card services, while adhering to the strict anti-money laundering and counter-terrorism financing rules imposed by the regulator.

 
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South Korean Crypto Lending Service Delio Suspends Withdrawals

 

Delio, a prominent South Korean digital asset savings and lending platform, has temporarily halted withdrawals in an attempt to safeguard the assets of its remaining customers

According to the firm’s website, the move comes over the “sharp increase in market volatility and increased confusion among investors.” The firm added that it will “do its best to protect the assets of our customers while quickly grasping the facts and aftermath related to this situation.”

The announcement also alluded to the recent halt in deposits and withdrawals by Haru Invest, another South Korean platform, which encountered difficulties with one of its service providers earlier this week.

Haru Invest reportedly serves over 80,000 users across 140 countries and has roughly $1 billion in assets under management. The figures claimed on Delio’s website included 41,743 Bitcoin (valued at around $1.1 billion) and 118,083 Ethereum (worth approximately $206 million).

The withdrawal freeze comes after similar platforms including Celsius and BlockFi halted withdrawals and ultimately declared bankruptcy.

 
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