Shortly after Ripple, the US-based cross-border payment firm received 800 million XRP in its wallet and locked 700 million at escrow, data showed that nearly 500 million XRP have been shifted among top exchanges and unknown wallets within 24 hours. 

Details of the Latest XRP Large Transfers

According to data collected by Timestabloid from the Whale Alert, the leading crypto tracking platform, about 493,042,004 XRP have been cumulatively moved in the last 24 hours between several unknown whale wallets and top cryptocurrency exchanges including Binance, Bitstamp, Bitso, and Sam Bankman-Fried’s FTX.

Out of these 493 million XRP token movements, 136,270,829 XRP were processed by Binance, the leading blockchain ecosystem and largest digital assets exchange by trading volume.

23,771,272 #XRP (10,749,746 USD) transferred from #Binance to unknown wallethttps://t.co/GTcJgDX7hE

— Whale Alert (@whale_alert) November 2, 2022

22,487,973 #XRP (10,172,485 USD) transferred from #Binance to unknown wallethttps://t.co/Glc1LWZ0da

— Whale Alert (@whale_alert) November 2, 2022

To note, 67,509,674 units of the XRP tokens were transferred from unknown whale accounts on FTX to Binance while 68,761,155 XRP were sent by users on Binance to separate wallets. 

22,487,697 #XRP (10,172,360 USD) transferred from #FTX to #Binancehttps://t.co/2KS5U4AWj8

— Whale Alert (@whale_alert) November 2, 2022

22,487,697 #XRP (10,166,886 USD) transferred from #FTX to #Binancehttps://t.co/aPDoird90b

— Whale Alert (@whale_alert) November 2, 2022

Read Also: Coinbase Requests to File Amicus Brief in Support of Ripple and XRP Against the SEC

The Bitstamp crypto exchange was also involved in this round of hefty XRP transfers where it processed a total of 73,371,175 XRP in three separate transactions. In part of the transactions where XRP flowed into the Ripple ODL-partner exchange, 25 million XRP were sent to Bitstamp in two transfers from unknown wallets. 

25,000,000 #XRP (11,513,950 USD) transferred from unknown wallet to #Bitstamphttps://t.co/U9Abnweh4N

— Whale Alert (@whale_alert) November 2, 2022

25,000,000 #XRP (11,299,944 USD) transferred from unknown wallet to #Bitstamphttps://t.co/jzv1wUE8dZ

— Whale Alert (@whale_alert) November 2, 2022

Subsequently, Whale Alert reported that 23,371,175 XRP worth approximately $10.6 million at the time of execution were moved from Bitstamp to a certain whale wallet. 

23,371,175 #XRP (10,563,718 USD) transferred from #Bitstamp to unknown wallethttps://t.co/X2j64gfjVU

— Whale Alert (@whale_alert) November 2, 2022

The advanced tracking platform which reports large crypto movements in the industry also revealed that a whopping 60 million XRP flowed into Bitso exchange from a whale wallet while 83.4 million XRP worth about $37.8 million at the time of transfer, were sent out of Bitso. 

60,000,000 #XRP (27,347,323 USD) transferred from unknown wallet to #Bitsohttps://t.co/Hc8jTygn15

— Whale Alert (@whale_alert) November 2, 2022

83,400,000 #XRP (37,820,802 USD) transferred from #Bitso to unknown wallethttps://t.co/aeG1EcqVYA

— Whale Alert (@whale_alert) November 3, 2022

In another transaction, Whale Alert reported a wallet-to-wallet transfer where 140,000,000 XRP tokens were shifted. 

140,000,000 #XRP (62,973,690 USD) transferred from unknown wallet to unknown wallethttps://t.co/xujjXYTHdP

— Whale Alert (@whale_alert) November 2, 2022

Read Also: Top Analyst Stresses How XRP Could Thrive On Bitcoin (BTC) Stability

While XRP whales continue to move massive amounts of the XRP Ledger native token, top crypto analysts and XRP proponents believe that a bullish season is in sight for the digital token. Notably, the XRP token is currently the 6th largest crypto with a market cap of $22.89 billion and is trading for $0.457 at the time of writing.

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Since the infamous implosion that took place in May, the Binance exchange has been showing support for a possible recovery of the Terra Classic ecosystem.

Read Also: TerraClassicUSD (USTC) Surges over 33% As Lead Dev Releases Re-peg Proposal

The exchange has implemented the 1.2% tax burn proposal and over 9 billion LUNC tokens have been taken out of the Terra Classic circulating supply by the exchange alone.

USTC Added as a Borrowable Asset on Binance Loans Platform

In an announcement today, Binance stated that Terra UST Classic (USTC) has been added to the list of digital currencies users on the platform can borrow to engage in spot and margin trading.

The announcement reads:

“Binance has added USTC as a new borrowable asset on the Binance Loans platform.”

According to the report, Binance Loans provides a large range of options for supported crypto assets, interest rates, collateral assets, and maximum loanable limits based on market conditions and internal risk management.

Read Also: New Terra Classic Update: A Bold Plan to Restore USTC and Bring Utility to LUNC

The crypto assets on the Binance Loans platform include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and BUSD.

It should be noted that users are required to tender collateral in any of the supported collateral assets before users can borrow USTC and others alike.

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To back up his proposition, CZ, as he is popularly known, shared some calculations which validated the statement he made during the Sunday Ask Me Anything (AMA) on Twitter Space. Recall that CZ had earlier said that high fees signify greed just before Binance extended the implementation of the LUNC tax burn proposal to cover spot and margin trading.  

The Binance Chief stated that high charges only discourage users, especially whales from executing LUNC trades, stressing that if the LUNC community intends to burn a greater volume of the Terra Classic native token then a minimal tax levy should be adopted.

According to CZ, high fees don’t lead to high income for the exchange as perceived by some, revealing also that sticking with the community-approved 1.2% charge on LUNC spot and margin trades will not lead to the burning of more LUNC tokens. 

Read Also: Terra Classic (LUNC) Gains New Support in a Bid to Make the Dream Recovery a Reality: Details

It is worth noting that the Binance exchange, which destroyed around 5.5 billion LUNC tokens worth about $1.8 million in just one burn event and 3 billion LUNC recently, is charging a lower fee on LUNC trading activities (0.1%), contrary to the approved 1.2% tax by the Terra Classic community. As stated by the Binance exchange CEO, Changpeng Zhao during the Sunday AMA session:

“To burn more and more LUNC, we need to have a minimal fee so that our LUNC fee revenue becomes the highest, and then we burn all of our revenue,” said CZ explaining that higher fees discourage trading activity. “Just charging more fees does not mean we have more income. Very often, charging more means you have less income. I think most of LUNC members think that if we charge 1.2%,  Binance will burn more LUNC, but it is a mistake.” More so, he stressed that his crypto exchange burns all revenue derived from LUNC trading fees as earlier announced. 

#LUNC community, here is a small important recap from the AMA with @cz_binance in regards to #LUNC.
We'd like to hear your #perspective from this AMA with #Binance.

See link for original post: https://t.co/hG5fNJg9Hd pic.twitter.com/xoMRlUW3AA

— Terra Rebels (@TerraRebels) October 11, 2022

Although a few exchanges like MEXC have implemented the 1.2% LUNC tax burn, CZ encouraged more exchanges to implement the burning of LUNC tokens and support the teeming community in their mission to reduce the total supply of the token to 10 billion. “I also encourage other exchanges to do it… But I and LUNC community do not control other exchanges. So it’s up to everybody else; we have done our part,” he said.

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Binance responded to the harsh criticism by claiming that it has just followed the proposal’s guidelines, which call for a 1.2% tax burn on on-chain transactions like withdrawals and deposits. Binance remarked that because most of its transactions are handled off-chain, it is difficult to impose the 1.2% fee.

But Binance said it would keep an eye on the results of the most recent changes to decide whether to change its mind and impose the tax on spot and margin trading of Terra Classic Network tokens.

“Hi! According to the proposal, we introduced a 1.2% tax burn for on-chain transactions. We settle most transactions off the chain, making it difficult for the tax to be levied. Yet, we would closely monitor the effect of the change and might review the decision.”

Hi! We introduced a 1.2% tax burn for on-chain transactions exactly according to the proposal. We settle most transactions off the chain and this makes it difficult for the tax to be levied. Yet, we would closely monitor the effect of the change and might review the decision.
AG

— Binance Customer Support (@BinanceHelpDesk) September 9, 2022

Terra Investors Are Up in Arms Over Binance’s Recent Decision

A 1.2% tax burn will be implemented for all on-chain transactions of Terra Classic tokens, including LUNC and USTC, according to a statement made by Binance earlier this week. However, it would not affect spot or margin trading; rather, it would only apply to withdrawals and deposits.

Upset Terra investors, who would like the tax applied on spot and margin trading, have blasted Binance for not imposing the 1.2% tax burn on spot and margin trading.

Apply 1.2% tax as required by the community. If you don't know how, ask other exchanges. Don't make us question Binance's credibility. You promised us before.

— arucnak arucnak (@arucnak) September 10, 2022

Changpeng Zhao, the founder of Binance, was criticized by LUNC DAO, a member of the Terra community, for not applying the 1.2% tax burn for spot and margin trading of LUNC and USTC.

Notably, investors of LUNC and USTC believe that the 1.2% tax burn plan is the perfect means of making up for the losses they suffered in May 2022.

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According to Binance in an official announcement a couple of hours ago, Terra Classic (LUNC) network upgrade will take place at the block height of 9,109,990, or approximately at 2022-08-26 22:00 (UTC).

Read Also: Old Terra Tokens Surging: Meteoric Rise in Price of LUNC and USTC to Boost Investors’ Interest –Santiment

The exchange stated that due to this upgrade, deposits and withdrawals for LUNC will be suspended at approximately 2022-08-26 at 21:00 (UTC).

However, Binance noted that the trading of LUNC will not be affected during the network upgrade. It’s also assured that the exchange will handle all technical requirements involved for all users holding LUNC in their accounts.

Additionally, Binance will reactivate deposits and withdrawals for Terra Classic (LUNC) as soon as the upgrade is successfully concluded and the network becomes stable. Users’ will also be officially informed once everything is brought back to normalcy.

Abandoned Terra Classic (LUNC) Chain Is Back

Through the unity of the determined Terra Classic community members, the chain left for dead is coming back alive once again.

It can be recalled that Do Kwon and his team abandoned the blockchain following the launch of an entirely new chain codenamed Terra 2.0 back in late May 2022.

After the unpreventable crash of Terra (LUNA), a lot of Terra community members suggested an effective burn of the token in order to recover a portion of its lost values, but Do Kwon’s mind was occupied with something entirely different.

However, a fraction of the community members chose to keep holding the old Terra token, which was subsequently renamed Terra Classic (LUNC).

Read Also: Number of Terra Classic Holders Surges 525% in a Month As Investors’ Interest in LUNC Grows

A number of proposals were launched for its resurrection. And considering the current development, with the support of the Binance exchange, the future of the digital asset looks somewhat promising.

According to a Twitter account named LUNC Burn, once the 1.2% tax/burn becomes effective, the LUNC burn rate will massively skyrocket, and the joining to $1 per coin will begin. Recall that a proposal was launched and approved back in June to this effect.

In a tweet a few hours ago, LUNC Burn tweeted, “The volume traded in the last 24hrs from now is $253m, 1.2% of that is $3m at these prices and volume we would have burned 23.5b LUNC. This is just taking a snapshot and its constantly changing minute to minute.”

The volume traded in the last 24hrs from now is $253m, 1.2% of that is $3m at these prices and volume we would have burned 23.5b $lunc

This is just taking a snapshot and its constantly changing minute to minute #lunc #lunaclassic

— LUNC Burn (@LunaBurn_13) August 26, 2022

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During this campaign period, all users of the crypto exchange will be able to trade this Ethereum (ETH) pair without being charged transaction fees. This development comes after the exchange previously enabled zero-fee trading for limited Bitcoin (BTC) pairs.

Per a Tuesday update, the top and widely used crypto marketplace, Binance, will launch a one-month feeless spot trading program for the ETH/BUSD pair. “The ETH/BUSD spot trading pair will be excluded from BNB fee discounts, fee rebates, or any other form of fee adjustments or fee promotions,” the exchange wrote. 

Enjoying 0 fee #BTC trading?

Well, we've got more good news for you. $ETH trading will soon be free on #Binance too!

Starting from August 26, you'll pay 0 fees when trading the $ETH/#BUSD spot trading pair.

https://t.co/FeELJnBu0P pic.twitter.com/rdydMACG60

— Binance (@binance) August 23, 2022

Read Also: Binance Temporarily Suspends Withdrawals to Resolve an Issue, Says Funds are SAFU

Going by the report, this offer will become effective starting from August 26, 2022, and will remain valid until September 26, 2022. 

According to the announcement, all Binance customers will then enjoy zero maker and taker fees for the ETH/BUSD spot trading pair throughout the validity period. 

Part of the announcement revealed;

“VIP users: Trading volume on the ETH/BUSD spot trading pair will be excluded from the 30-day volume calculation toward Trading Fee Level.

“Spot Liquidity Providers: Maker volume on the ETH/BUSD spot trading pair will be excluded from the maker volume calculation toward Spot Liquidity Provider Program.”

Related: Binance Announces Support For the Upcoming Ethereum Merge

As certain players may try to take advantage of this zero-fee program, Binance stated clearly that trades from ‘illegally bulk registered accounts’ and those considered as wash trades will be disqualified from enjoying the offer. 

More so, the exchange wrote that trades attempting to manipulate the market will not be considered eligible to enjoy the zero-fees benefit. Overall, the exchange said it reserves the right to disqualify fraudulent trades.

Earlier this month, the exchange disclosed that it is closely monitoring and will support the Ethereum Merge upgrade. The Merge is the biggest upgrade on the largest smart contract platform designed to transition Ethereum to proof-of-stake

The exchange added that in the case of new forked tokens, it will evaluate the support for distribution and withdrawal of the forked tokens.

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The new development was announced via Binance’s official Twitter handle a few hours ago. According to the report, the action may not affect all networks, but it should be expected that withdrawals will be suspended for the majority of networks on the trading platform.

Read Also: CZ: Despite Spending Over $1 Billion on Compliance, Binance Market Share Increased

The particular issue with the third party in question was not disclosed, but the exchange said its team is responding accordingly and withdrawal should be restored for all networks within one hour.

Binance tweeted, “Earlier today, around 07:00am UTC, Binance temporarily closed withdrawals for multiple networks due to an issue with a third-party technical provider. Our team responded quickly, resolving the issue within 1-hour. Funds are SAFU. Thank you for your patience and understanding.”

Earlier today, around 07:00am UTC, #Binance temporarily closed withdrawals for multiple networks due to an issue with a third-party technical provider.

Our team responded quickly, resolving the issue within 1-hour.

Funds are SAFU. Thank you for your patience and understanding.

— Binance (@binance) August 17, 2022

When Last Did Such a Pause Happen?

Back in June, such a withdrawal suspension was placed on Bitcoin (BTC) by Binance. Back then, the CEO of the exchange, Changpeng Zhao (CZ), said the decision was necessary because a stuck transaction was causing a backlog.

Read Also: Binance Announces Support For the Upcoming Ethereum Merge

Although CZ initially said that the issue would not last more than 30 minutes, he later stated that it might take longer than expected. Back then, normal withdrawals of Bitcoin (BTC) resumed after several hours of keeping users waiting.

So, considering the past experiences with withdrawals, the current pause may last for more than an hour, contrary to what was stated in the announcement.

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Per a Friday statement, Binance Visa Card has expanded its services to incorporate the second-largest decentralized meme token Shiba Inu (SHIB) alongside Ripple’s native token, XRP, and Avalanche (AVAX). 

#Binance Card has added $XRP, $SHIB and $AVAX to the list of supported cryptocurrencies.

Find out more https://t.co/NF53ujOceN pic.twitter.com/xLmuUrB9N8

— Binance (@binance) August 5, 2022

Read Also: You Can Buy Hublot and Tag Heuer Watches with Shiba Inu (SHIB), Bitcoin (BTC), and Others Via BitPay

Users can now spend the underlisted cryptocurrencies; ADA, AVAX, BNB, BTC, BUSD, DOT, ETH, LAZIO, PORTO, SANTOS, SHIB, SXP, USDT, and XRP using their Card. These selected cryptos can also be converted to EUR currency.

As of 8 August 2022, the Binance Visa card supports only 14 digital currencies while there is a likelihood of many other cryptocurrencies being added to the list.

How Users Can Leverage Binance Visa Card

The virtual version of the Binance Visa Card can be used for online payments and is supported by Google Pay and Samsung Pay.

Part of the announcement read;

“To spend the newly supported cryptocurrencies with Binance Card, please go to Card Dashboard > Payment Priority > Edit to add, remove or rank cryptocurrencies for spending according to your own preference.”

“There will be no changes to the current Payment Priority preferences of existing Binance Card users with the addition of XRP, SHIB, and AVAX to Binance Card.”

Read Also: Shiba Collectible Card Game (CCG) Name Finally Revealed as Shiba Inu Enters its 3rd Year

According to Binance, the Visa card allows for the real-time conversion of cryptocurrency to EUR currency, when users make transactions. It is worth noting that users can spend EUR directly from their Binance Funding Wallet.  

The financial entity, Swipe is the sole distributor of the Binance Visa Card. The debit card is available to Binance users living in the selected countries including Spain, Italy, Germany, Austria, Belgium, France, and many others.

Shiba Inu has recorded numerous listings and strategic adoptions as a payment method recently. The support of SHIB on the Binance Visa card would further increase the exposure of the dog-themed token. And Significant developments, such as the Shiba Eternity game, are also coming to complement the current growth of the Shiba Inu ecosystem.

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Binance CEO made this known in a tweet on Monday 1st of August 2022. According to Zhao, despite the whopping spending on compliance, the market share of the company keeps increasing.

We Are On Twitter: Follow Us

CZ Binance tweeted, “Just checked. Binance spent more than $1 billion on Compliance efforts, with a high % pass rate. It’s fine. Binance’s market share increased, not decreased. The blockchain & 3rd party data shows it.”

Just checked. Binance spent more than $1 billion on Compliance efforts, with a high % pass rate. It's fine. Binance's market share increased, not decreased. The blockchain & 3rd party data shows it. https://t.co/Zuega2hMjU

— CZ Binance (@cz_binance) August 1, 2022

Read Also: Binance CEO Highlights What Would Drive the Next Bitcoin (BTC) Enormous Rally

This is also a part of his response to the headline of a recent CoinDesk interview with Binance’s investigations team, claiming the exchange lost 90% of customers following the implementation of know-your-customer (KYC).

Although CoinDesk later corrected the interview’s misrepresented headline, it’s already gone far and wide.

The first headline says “Binance Compliance Officer Says KYC Cost Exchange Billions in Revenue.” It was later understood that the loss of users was not from KYC, but rather the anti-money-laundering (AML) measure of removing sanctioned accounts for failing to undergo KYC.

To show that the crypto media giant got it all wrong and succeeded in spreading misinformation, CZ took to Twitter on Monday to call out CoinDesk for publishing sensitive information wrongly for clicks.

Read Also: Binance CEO Highlights What Would Drive the Next Bitcoin (BTC) Enormous Rally

Changpeng Zhao tweeted, “It’s a complete mis-quote. Look at the numbers… But the fact is, this type of headlines sell more clicks… Sad, but true.”

It's a complete mis-quote. Look at the numbers…

But the fact is, this type of headlines sell more clicks… Sad, but true. https://t.co/Zuega2hMjU

— CZ Binance (@cz_binance) August 1, 2022

A Binance spokesperson who recently spoke with Forkast in an email also said, “90% of users from one specific entity on our platform were lost after we offboarded that organization for being in violation of our terms of use,” adding that “those users represented less than 0.001% of our daily trading volume.”

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The exchange made the announcement via its official Twitter handle a couple of hours ago.

“Binance will support the Terra LUNA network upgrade.”

#Binance will support the Terra $LUNA network upgrade.https://t.co/o1a3dcvgxY

— Binance (@binance) July 28, 2022

According to the announcement on Binance exchange’s official website, the Terra (LUNA) network upgrade will take place at the block height of 890000. In terms of date and time, the upgrade will play out on the 29th of July 2022, at 00:00 (UTC).

Read Also: Binance Announces Terra (LUNA 2.0) Listing and Completion of LUNA Airdrop Distribution: Details

The exchange stated that deposits and withdrawals of the digital token LUNA will be suspended starting from the 28th of July, at 22:00 (UTC).

As shared by the exchange, users are to take note of the following:

1. The trading of LUNA will not be affected during the upgrade.
2. The Terra (LUNA) network upgrade will take place at the block height of 890,000. The estimated time is for users’ reference only.
3. Binance will handle all technical requirements involved for all users holding LUNA in their Binance accounts.
4. We will reopen deposits and withdrawals for LUNA once we deem the upgraded network to be stable, and we will not notify users in a further announcement.

Terra Network Upgrade to Introduce New Major Updates

On the 20th of July 2022, a proposal to upgrade the Terra blockchain, which will introduce three new updates went live for voting on Terra station.

The voting process lasted for a week. As expected, it gained the maximum support of the Terra community members.

According to the report, Prop 890 is a proposal that requires the Terra blockchain to be paused at a specific block height for nodes to update their software.

Read Also: Terra Team Shares Update on Airdrop, Says LUNA 2.0 Token Will Be Listed On Holders’ Favorite Exchanges

As stated in the proposal, the first update will enable the creation of vesting accounts via transactions to remove the limitations related to LUNA airdrop execution.

The second update is targeted at correcting a discrepancy that occurred during the launch of the new Terra blockchain. It’s said in the proposal that an exchange with the wallet address terra1chq5ps8yya004gsw4xz62pd4psr5hafe7kdt6d was incorrectly whitelisted during the launch of the new chain.

This implies that the update is centered on adjusting the vesting period for the Pre-Attack LUNC allocation for this wallet address.

The third and last update is to enable any user to send their vesting LUNA tokens to the community Pool via transaction.

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