On November 8, Bitcoin held below $76,000 as European regulatory pressure and security concerns at cryptocurrency platforms continued to weigh on market sentiment.
As of 14:06 Beijing time, Bitcoin fell 0.34% to $75,776.7, extending the weak trend seen over the previous week.
At the same time, Binance, the world's largest cryptocurrency exchange, confirmed that with the European Union's Markets in Crypto-Assets Regulation (MiCA) transition period nearing its end, it plans to close some affected European user accounts before December 31.
Some Binance users in France, Spain, Italy and Poland have already received withdrawal notices, with deposits suspended on the relevant accounts, though funds can still be withdrawn.
Starting from November 29, Binance plans to charge a monthly fee of 0.025% on the remaining balances of affected accounts, with a minimum charge of 10 USDC.
The adjustment is mainly because Binance has not yet obtained the relevant license under the EU's unified crypto asset regulatory framework. The exchange withdrew its Greek license application in June and is still seeking regulatory approval in other European countries.
The EU recently set up a dedicated cryptocurrency task force, which plans to coordinate enforcement actions among member states over the next 12 months, focusing on cracking down on transaction networks that use digital assets to evade sanctions on Russia, further tightening oversight of cryptocurrency trading activity.
On the security front, crypto debit card provider Gnosis Pay disclosed that its consumer systems suffered unauthorized access on November 3, exposing some customer addresses, payment card numbers and linked cryptocurrency wallet information, which could allow malicious actors to link user identities to their digital asset holdings. The company said customer funds were unaffected and the security breach had been contained.
Other cryptocurrencies showed mixed moves on Sunday. Ethereum fell 0.57% to $2,233.99, XRP dropped 0.48% to $1.1634, Solana declined 1.21% to $89.16, while BNB edged up 0.33% to $696.99.
With tightening European regulatory restrictions and rising platform security risks, the cryptocurrency market remains under pressure, and Bitcoin has yet to reclaim the $80,000 mark.
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