CoinBasics Newsletter #4 - No More Cash Withdrawals For Binance !?

Welcome to another edition of Coin Basics, your go-to source for the latest in web3 news and updates. Today, we're diving into the fall of Coin Telegraph and Coin Desk, Kevin O'Leary's predictions for the crypto market, and Binance's issues with Swift. Let’s cut right to the chase :

1. BINANCE & SWIFT. It's been reported that banks, including New York's Signature Bank, will no longer process fiat currency transfers to cryptocurrency exchanges with a value of less than $100,000 via the SWIFT network, effective from February 1, 2023. This move will have widespread implications for the crypto industry, as it will thwart cryptocurrency access to potentially thousands of customers. Binance was one of the first crypto giants to notify users of this development over the weekend. They confirmed that at this stage, it will only be Signature Bank customers who are affected by this move.

This news comes as a surprise, as SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the world's most critical financial network, facilitating trillions worth of international money settlements daily. The reason behind this move by banks to limit access to crypto is currently unclear, but it's speculated that it could be a primer for Central Bank Digital Currencies, with the European Central Bank set to begin testing a digital currency this year, with a full rollout planned by 2026.

It's worth noting that these restrictions on digital currency movements are currently just proposals by the ECB and its members, and have not been formalized. However, this move by banks to limit access to crypto is a cause for concern for millions of people who don't have the minimum $100,000.

1. Kevin O'Leary Predictions.Kevin recently made headlines for his predictions of more FTX-like collapses in crypto soon to come. However, it's important to note that O'Leary lost a lot of money in FTX and he's looking to buy cheaper. He's not ready for the bull run that's coming up. But, it's worth noting that crypto is a volatile market and price movements can be unpredictable.

2. The fall of Coin Desk. Coin Desk is owned by Digital Currency Group, which is currently in the process of selling off a lot of their companies due to Genesis declaring bankruptcy. This means Coin Desk is for sale, and it's ranging between $15 to $25 million, quite a bit cheaper than they would have hoped. With mainstream media companies potentially interested in purchasing Coin Desk, it's important to remember that this could change the narrative being produced by Coin Desk and Coin Telegraph. But don't worry, CoinBasics is here to rescue you! This is why we do a section to recommend independent news sources weekly for you guys in our newsletter & share the links with you where you can find extremely smart and well-informed sources who are able to do their own research.

We strive to provide you with accurate and unbiased information, so you can make informed decisions about your investments.

That's all for today, folks. Stay tuned for more web3 news and updates. And don't forget to drag this email into your primary inbox so you never miss an update.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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