Bitcoin traded below $76,000 on Sunday as Binance prepared to close certain European customer accounts. A card provider's data breach and a new EU task force added to regulatory and security concerns.
Bitcoin traded below $76,000 on Sunday as Binance prepared to close certain European customer accounts and authorities stepped up scrutiny of digital asset transactions. The pressure followed a difficult week for digital assets.
The largest cryptocurrency reversed course from earlier in the day to trade 0.3% higher at $75,908 at 15:20 ET. It stayed below the $80,000 mark as investors weighed regulatory developments and risks at major platforms.
Binance sets a December deadline for EU accounts
Binance confirmed plans to close affected European accounts by December 31 after the EU's Markets in Crypto-Assets transition period expired. Customers in France, Spain, Italy and Poland have reported receiving withdrawal notices.
Deposits are blocked for affected accounts, but withdrawals remain available. From November 29, Binance plans to charge remaining balances a monthly fee of 0.025%, or 10 USDC, whichever is higher, with another charge scheduled after December 24.
The restrictions follow Binance's failure so far to win authorization under the EU's unified licensing framework. The exchange withdrew its Greek license application in June and continues to pursue approval elsewhere in Europe.
Task force and card breach add pressure
Separately, the EU established a cryptocurrency task force to combat Russian sanctions evasion through digital assets. The 12-month initiative will coordinate enforcement among member states and target networks that facilitate prohibited transactions.
Security worries also grew after crypto debit card provider Gnosis Pay disclosed unauthorized access to its consumer system on November 3. Exposed data included customer addresses, payment card numbers and linked cryptocurrency wallets. Gnosis Pay said customer funds were unaffected and the breach was contained.
Altcoins trade mixed
Other major tokens moved in both directions early Sunday. Ether fell 0.57% to $2,233.99, XRP dropped 0.48% to $1.1634, Solana rose 0.4% to $89.510 and BNB edged up 0.33% to $696.99.
For Bitcoin investors, the developments add regulatory compliance, exchange accessibility and customer security to an already challenging market, with the cryptocurrency struggling to regain momentum above $80,000.
Source: Investing.com
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