London-based credit card processing company Checkout.com announced today that it has terminated its contract with Binance. The second breakup came from the leading NFT platform Opensea.
Opensea ends support for Binance Smart Chain
OpenSea, one of the world’s largest NFT marketplaces, has announced that it will no longer support BNB Chain (BSC) due to its high maintenance cost. From August 19, users will no longer be able to create new listings or provide new offers for BSC NFTs. However, the platform will continue to allow users to view, search and transfer BSC NFTs.
Binance Smart Chain offers a more affordable alternative to Ethereum for NFT transactions. That’s why the company’s decision to leave the Binance network came as a surprise to the community. OpenSea has not made a statement about which Blockchain it will switch to from now on.
Last year we added several chains, including BNB Smart Chain (BSC), after seeing excitement from the wider NFT ecosystem.
But as our space evolves, we need to align resources with the most promising efforts. We’ve decided the cost to continue supporting BSC outweighs the impact.
— OpenSea (@opensea) August 18, 2023
As we reported as Kriptokoin.com, Binance received the first breakup news of the day from Checkout.com. The credit card company’s decision came after recent regulatory developments. The Binance lawsuits, which started in June 2023, led to a radical change in the course of the crypto market.
How much has the cryptocurrency market changed with stock market lawsuits?
About two months ago, the SEC filed a lawsuit, classifying 19 cryptocurrencies as “securities” that are not registered on platforms such as leading exchanges Binance.US and Coinbase. As a result of this move, the market value of the coins on the red list dropped by $ 20 billion. However, these altcoins have seen some improvement over time.
According to data from CCData, the total market value of 19 tokens, whose market value fell after the lawsuit was filed, dropped by around 20%. However, the trading volume of these tokens has increased. As a result of this increase, the share of trading volumes rose to 13%. As a result, volatility has been rising while volume has dropped since the Binance lawsuits.
Despite the drop in overall market cap, these cryptos are still recovering. The increased trading volume even resisted the delisting decision of some platforms. The largest centralized exchanges Robinhood, Bitstamp and Bakkt had delisted some of these cryptos.
Ripple lawsuit for Binance and Coinbase
Kyle Doane, one of the Arca analysts, says that the Ripple victory of July 13 caused investors to show interest in the cryptos in question again. According to Doane, tokens called “registered securities” are seen as an opportunity to overcome regulatory uncertainty. The outcome of the Ripple lawsuit was positive that XRP is not a security by nature. In summary, the latest positive news is attracting investors back to the market.
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