Visa enables crypto withdrawals to debit cards, Binance market share rebounds

Has Visa's new partnership with the web 3 firm transac created the greatest Off-ramp in Crypto good morning you're listening to The ryen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if you want to make sure you're In front of the bull rather than behind The bear you better click that follow Button okay grab yourself a coffee and Let's get into It we're going to cover some really big Stories today starting with Visa's Partnership with transac for crypto Withdrawals to a debit card new data Suggests that binance market share is Recovering quickly since the $4.3 Billion settlement China is targeting Crypto with its first anti-money Laundering regulation revisions in 15 Years and the SEC commissioner and Crypto mom Hester Pierce takes aim at The gag Roll right let's start with a bang shall We Visa is enabling a new method that Allows users to swap crypto for fear Currencies without using a centralized Exchange when I first heard this it Sounded too big to be true but it is True and there are surprisingly few Caveats okay let's go through exactly What this new service is yesterday Visa

Announced a partnership with the web 3 Infrastructure provider transac transac Is still a rather young company but Having completed a $20 million series a Funding round last year the firm is Looking to tackle onboarding well more Specifically it's looking at tackling on And off ramps in crypto with transac and Visas direct which is Visa's payment Platform users will be able to convert Cryptocurrencies such as Bitcoin to Fiat Directly onto their Visa debit card so Let's say you had some Bitcoin in your Metamask wallet and you wanted to sell It for fear you wouldn't need to send it To an exchange sell it for fear draw Down the fear to a linked bank account And so on you can simply withdraw the Bitcoin interfere on your Visa debit Card transacts marketing head and Investor relations lead harit gangar Said this is a major step towards Mainstream acceptance and utilization of Cryptocurrencies adding that metamask Users can now effortlessly off-ramp Directly from their wallet to the Visa Card which enhances the usability and Practicality of their digital assets as I've mentioned in a few recent episodes Crypto is meant to be used it's meant to Change hands hling is all well and good But we want it to be utilized if you've Ever had crypto in your metamask and you Wanted to convert it to fear you'll know

How many steps are involved Visa Direct's North American head yanila Gonzalez or said by enabling real time Card withdrawals through Visa direct Transac is delivering a faster simpler And more connected experience for its Users making it easier to convert crypto Balances into Fiat the only thing off Lag here is the term real time and you Could argue that's a little misleading As it's 30 minutes or less for the Transaction to process but I barely want To flag it up because that is still a Wild improvement over what we have now One of the major caveats I expected to See was the Restriction of this service Based on where you are in the world but It seems as if it has really wide Coverage transacts partnership with Visa Covers 145 different countries Furthermore it's not just Bitcoin either It covers 40 different cryptocurrencies That can be exchanged for fear including Ethereum salana Tron polygon and even Dogecoin this had me wondering about the Compliance side of the transaction but It seems as if that plus the kyc and so On is dealt with by transac on behalf of The likes of metamask so this really is A flagship announcement for transac but It's Visa that will draw the headlines Visa has been active in crypto for some Years at this point including a Partnership with circle and the support

Of usdc payments in some circumstances If this off-ramp from crypto to Fiat Sees use it has the power to be Significant over the years we have seen More and more bridges between crypto and Fiat but it is still a process that is Infamous for points of friction but Perhaps transac and Visa direct have Just created the path of least Resistance next up we have some Noteworthy data about binance it's no Secret binance has had a difficult 12 Months with the stepping down of CZ the Settling of the case with the United States Department of Justice and the Paying of a 4.3 billion dollar fine when The announcement of the case settlement Landed a lot of analysts immediately Looked at binance's outflows to see the Reputational damage done now I don't Only mean this in the sense that binance And CZ admitted wrongdoing but in that $4.3 billion is one hell of a fine to Swallow so was the exchange safe I will Hold my hands up and say that even I was Slightly uneasy about it binance had Started 2023 in an incredibly strong Position with a trading volume market Share of 55.2% but as legal woses were reported And fud snuck in this dropped as low as 34.3% by September that is a massive Market share still but that's also a Massive drop in a very small time frame

You might think that the settlement on The 11th of November would have marked The low point for the year but it didn't Though it did keep binance stagnating in Market share that is until this month According to data from the crypto Research firm kico binance's trading Volume market share is enjoying quite The uptick and could well be about to Flip the other 23 exchanges combined This hasn't happened since around July 2023 on the 29th of January Kao reported Bance's share to be 49.4% and trending in the right Direction and quickly in a statement Sent to cointelegraph a binance Spokesperson said at binance our Focus Has always been on putting users at the Center of every decision we make as a Result users can continue to have Confidence in our platform as we move Into a new chapter of binance's story That new chapter of course started with The new CEO of binance Richard tang tang Reposted kao's findings on X and why not It is a massive and early win for both Him and Binance China and crypto have not had a Blooming relationship and despite Embracing digital currencies in so far As the People's Bank of China created The digital when CB BDC cryptocurrencies Are not welcome in fact in 2021 China Imposed a blanket ban on crypto but it

Seems as if that isn't working any Longer the Chinese government including Prime minister Lee Chang held an Executive meeting of the state Council To discuss revising anti-money Laundering AML laws for the first time Since 2007 the scope of the AML laws and Regulations is said to be broad but it Is digital assets that appear to be the Thorn in their side Wang sin a professor At peing University law school was in The discussion group and pushed for Legal countermeasures to crypto AML sin Criticized current Chinese laws for a Lack of definition surrounding digital Assets and that even if the revised AML Policy tackles the prevention of money Laundering digital assets it lacks Operational guidance on the seizure Deduction freezing and confiscation of Them prant jar who covered this story Summarized why this is a key issue for Chinese authorities he wrote China Imposed a blanket ban on cryptocurrency Use in 21 prohibiting offshore exchanges From offering services and banning all Forms of mining however with Technological advancements and the Dentalized nature of cryptocurrencies Mainland users have found ways to access The crypto Market leading to money Laundering risks the new amended Regulations aim to impose stricter Guidelines to curb such

Activities last week we discussed a Person at the United States Security and Exchange Commission who is becoming an Unlikely hero of crypto lovingly dubbed Crypto mom tester Pierce an SEC Commissioner heavily criticized the Sec's handling of the spot Bitcoin ETF Applications which took a decade of Rejections and a major lawsuit to get Them over the line I covered an Interview she did last week with coinage Media it was on the 25th of January if You want to go back and listen to that Episode but Pierce said we shouldn't Need a court to tell us that our Approach is arbitrary and capricious in Order for us to get it right Pierce also Went on to blame the circus around the ETFs on the SEC themselves now Pierce is Looking to further improve the sec's Conduct by disagreeing with her agency's Denial of a petition to amend its 1972 Gag rule this rule has stood for more Than 50 years and it states that Defendants must agree that they will not And I quote make or permit to be made Any public statement denying directly or Indirectly any allegation in the Complaint or creating the impression That the complaint is without factual Basis essentially defendants who settle With the SEC cannot publicly criticize The settlement or deny or refuse to Admit the sec's allegations so you can't

Settle with the SEC and maintain your Innocence the issue is here and Pierce Highlights this settling with the SEC is Often the cheapest option and fighting The government agency in court can be Difficult timeconsuming and deathly Expensive even for the most Well-resourced corporate defendants as Pierce puts it she added that it is Unremarkable that nearly all defendants In commission actions settle and this is Where the next problem is the gag roll Is a mandatory and non-negotiable term In settlements according to pierce and a Settlement means the SEC does not need To prove its claims in court therefore The gag rule means that the SEC and I'm Quoting Pierce directly here gets a Benefit it could never obtain through Litigation the permanent Silence of the Defendant Pierce goes on to suggest that The SEC should be confident enough in Its investigative work to not demand Silence from the defendant I have Scarcely heard a fairer Point than that But Hester Crypton Pier's most powerful Observation was this the policy of Denying defendants the right to Criticize publicly a settlement after it Is signed is unnecessary it undermines Regulatory integrity and raises First Amendment concerns the SEC currently has Several cases open against crypto firms Including the flagship lawsuit against

Coinbase you might remember that the Regulator hit 10year highs in 2023 of Crypto related enforcement actions so This rule is most certainly pertinent to Crypto going Forward Pierce really feels like this Force of logic taking aim at everything That doesn't make sense and whether she Is truly Pro crypto or not I think we Can all agree that the SEC is better With her in it anyway that is it for Today consider yourself informed thank You for listening to the ryzen crypto Podcast by coin Telegraph if you're Enjoying these daily updates please make Sure you let us know by following Subscribing or leaving a review have a Great day let's do this again [Music] Tomorrow [Music]