Cryptocurrency exchange Binance has announced that they will be discontinuing the DeFi Staking service for Bitcoin (BTC) and Ethereum (ETH). Users will be able to withdraw their BTC and ETH investments from the DeFi Staking service until 9:00 AM UTC on December 5th.
Binance has stated that BTC and ETH will be removed from the DeFi Staking service, and existing subscriptions will be terminated at 9:00 AM UTC on December 5th. Users’ staked BTC and ETH will be returned to their spot wallets.
Users have the right to withdraw their own BTC and ETH until 9:00 AM UTC on December 5th without waiting for Binance’s refund process. This change only applies to Binance’s DeFi Staking service and will not affect the Binance ETH Staking service.
Binance and its former CEO Changpeng Zhao recently admitted to money laundering allegations related to recent legal issues and the details of the defense agreement reached with US authorities were made public.
As a result of the allegations, Binance has agreed to pay over $4 billion in fines to US Treasury units. Binance has also become the subject of legal lawsuits initiated by the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC). These events are expected to have lasting effects on the company’s operations and the overall cryptocurrency market.